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Boikarabelo update: port access and project finance
Resource Generation Limited
Registered in Australia under the Corporations Act, 2001 (Cth) with registration number ACN: 059 950 337
ISIN: AU000000RES1
Share Code on the ASX: RES
Share Code on the JSE: RSG
("Resgen" or the “Company”)
ASX Release
Boikarabelo update: port access and project finance
Resource Generation’s BEE Boikarabelo project has signed a port access contract with
Bulk Connections which operates a multi-purpose terminal at the Port of Durban. Under
the take or pay contract, Bulk Connections, which is part of the Bidvest Group, will
allocate Boikarabelo sufficient stockpile capacity to ship coal at least once per week,
enabling the company to meet its Stage 1 export targets from early 2015.
The financing syndicate’s credit approval processes are taking longer than expected due
to a substantial backlog of other credit approvals. It is also possible that the approval
process will be delayed due to festive season interruptions. Resource Generation is
continuing to work with the financing syndicate to try to obtain binding offers as soon as
possible for the project finance of the Boikarabelo mine.
Contacts
Paul Jury, Managing Director on (02) 9376 9000 or
Steve Matthews, Company Secretary on (02) 9376 9000
Media enquiries
Anthony Tregoning (02) 8264 1000
Resource Generation is developing the Boikarabelo coal mine in the Waterberg
region of South Africa where there are probable reserves of 744.8 million tonnes of
coal on 35% of the tenements under its control. Stage 1 of the mine development
targets saleable coal production of 6 million tonnes per annum.
Sydney
13 November 2012
JSE Sponsor:
Macquarie First South Capital (Proprietary) Limited
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