- Write by:
-
Monday, November 16, 2020 - 11:20:01 PM
-
599 Visit
-
Print
Mining News Pro - Resource Generation (Resgen) has reached an in-principle agreement with Noble Group for it to provide additional working capital to Resgen’s partly-owned subsidiary Ledjadja Coal.
The agreement is effectively an extension to a facility agreement between the companies dated March 2014.
Extending the facility agreement by up to an additional $920 000, to a total of $50.7-million, will cover an austerity operating budget for the subsidiary through to February 28, 2021.
During this period, measures to ensure the continued solvency of the Resgen Group and alternatives for progressing development of the Boikarabelo project will be considered in cooperation with Noble.
Resgen clarifies that the additional funds are only to be used for amounts provided in the austerity operating budget and are not to be used to engage external consultants in connection with securing alternative project financing without express approval.
The first date for repayment of the facility agreement had been moved from September 30 to February 28, 2021.
Resgen approached Noble for an extension of funds after being advised of the withdrawal of the Industrial Development Corporation of South Africa from a mine funding package that was approved by shareholders on April 7.
The Boikarabelo coal resource stands at 995-million tonnes, and is located in Magaliesburg, South Africa.
Short Link:
https://www.miningnews.ir/En/News/608367
BHP Group can’t cherry pick Anglo American assets without paying a hefty premium, Anglo investors told Reuters, ...
When former boss Mark Cutifani left Anglo American Plc in mid-April 2022, things had rarely looked better for the ...
Teck Resources, Canada’s largest diversified miner, saw its copper production jump by 74% in the first three months of ...
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
BHP Group Ltd. proposed a takeover of Anglo American Plc that values the smaller miner at £31.1 billion ($38.8 billion), ...
China’s state planner on Friday finalized a rule to set up a domestic coal production reserve system by 2027, aimed at ...
The world’s coal-fired power capacity grew 2% last year, its highest annual increase since 2016, driven by new builds in ...
Peabody Energy Corp. shares sunk to the lowest in seven months after the biggest US coal miner warned that first-quarter ...
No comments have been posted yet ...