The Resource Generation coal project Boikarabelo, which represents one of South Africa’s largest remaining coal deposits in the Waterberg coal fields, can now proceed with construction owing to a resolution regarding a lack of funding.
RESOURCE Generation (Resgen) has signed a €480m ($539m) agreement with a Swiss private equity firm to finance Boikarabelo, a thermal coal project in South Africa’s Limpopo province.
THE directors of Resource Generation (Resgen) have agreed to hold a meeting requisitioned by a 10.7% shareholder, Shinto Morii, which will propose that the board be replaced including CEO, Paul Jury.
A struggle is underway between ASX and JSE-listed coal junior Resource Generation (Resgen) and one of its major funders – the Noble Group – concerning greater influence by Noble over the Resgen board.
JSE- and ASX-listed Resource Generation (Resgen) has turned down a request by funding partner the Noble Group to appoint additional directors to the boards of the company and its black economic-empowerment subsidiary Ledjadja Coal, citing Noble’s inability to elucidate how the board additions would benefit shareholders or the operations of the company.
ASX and JSE – listed Resource Generation (Resgen) is continuing its uphill battle to source the US$400 million required to build its proposed Boikarabelo coal mine in the Waterberg.
SEVERAL new coal mines came into production in SA last year or were due to start up this year.