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Resource Generation (RES) has entered into non-binding term sheet agreements to finance a key rail link to its Boikarabelo Coal project in South Africa
The rail-line would link the proposed mine to South Africa’s Transnet Main Line, which would, in turn, connect through to key shipping ports.
The company entered the agreements with the Pan African Infrastructure Development Fund (PAIDF2), which is managed by Harith General Partners.
The proposed $32.84 million senior loan facility has a term of nine years, but will not be considered binding until finally approved by the Harith’s Investment Committee and Board
The proposed Boikarabelo Coal Mine would be located in South Africa’s Waterberg region and Resource Gen estimates the site could generate up to six million tonnes of coal a year.
Interim Managing Director and CEO of Resource Gen, Leapeetswe Molotsane, believes this is another step forward for the project, after securing a finance plan early last month.
“Execution of these terms sheets is very significant and marks another important milestone in our pursuit of full funding for the construction of the Boikarabelo Mine," Leapeetswe noted.
“The Mine Funding Package approved by Shareholders on 7 April 2020 includes a number of conditions precedent including finalisation of the rail link funding arrangements and execution of these term sheets brings us a step closer to financial close of the funding packages,” he said.
Leapeetswe went on to say that all the parties involved with the deal wish to execute legally binding agreements as soon as possible.
Resource Generation closed 2.17 per cent higher today, trading for 4.7 cents per share.
This article first appeared on themarketherald.com.au
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