AFTER a year of sliding prices, mining policy uncertainty and labour unrest, the JSE’s coal mining index has taken a severe bruising. It was 5,102 on Tuesday, 60% down from 12,643 at the beginning of the year.
Following a successful board spill by three major shareholders last month, dual-listed Resource Generation (Resgen) says its new executive management and board, which included a new chairperson, deputy chairperson, interim CEO and company secretary, have reviewed the project architecture of the Boikarabelo coal mine in a bid to reduce the capital cost of the North West-based project.
THE new management team at coal developer Resource Generation (Resgen) is following up urgently on the €480m loan that previous management announced it had secured from Swiss entity HAB & JPR Privee, says interim CEO Robert Lowe.
A new chairperson, deputy chairperson, interim CEO and company secretary have been appointed to dual-listed Resource Generation (Resgen) following a successful board spill earlier this week.
SA’s junior coal miners are grappling with boardroom disputes, funding issues and takeover offers, as the collapse in global coal prices has intensified the urgency to find Eskom supply contracts to survive.
Dual-listed Resource Generation (Resgen) has approached the Australian government’s Takeovers Panel for orders to prevent its three largest shareholders Altius Investments Holdings, Noble Group and the Public Investment Corporation (PIC) from voting at a shareholder meeting requisitioned by Altius.
In another twist to the fight between management and a group of large shareholders of ASX- and JSE-listed Resource Generation (previously covered on Mineweb here), the company has now accused three shareholders of “illegal collective action”. The accusations came by way of a stock exchange release on the ASX dated October 1.
An apparent disagreement over how the funding for the development of the Boikarabelo mine should proceed has led to conflict between the board and a group of shareholders of ASX and JSE-listed coal company Resource Generation (Resgen).
RESOURCE Generation (Resgen) has written to the Australian Securities and Investments Commission to complain that three of its shareholders, including the Public Investment Corporation (PIC), had engaged in illegal collective action and misused confidential information, it said on Thursday.
TROUBLED mining group Glencore’s share price has bounced back a bit after last week’s fall of nearly 30%, following an announcement that the group remains committed to reducing its debt burden by $10bn.