Resource Generation
Resource Generation Limited (ASX: RES) is developing one of South Africa’s largest remaining coal deposits. The Boikarabelo tenements, in the Waterberg region of South Africa have probable saleable reserves of 603 million tonnes, an indicated resource of 570 million tonnes and an inferred resource of 1.7 billion tonnes, which are expected to increase following further drilling. Production is forecast to commence in January 2013.
Resource Generation to raise $31 million for Waterberg coal project development in South Africa
Resource Generation (ASX: RES) will raise $30.7 million via a 1 for 1 non-renounceable entitlement issue at 40 cents per share. The issue is fully underwritten.
Funds raised will be used to continue development of the Waterberg One Coal and Ledjadja Coal projects in South Africa, in particular to secure land for mine infrastructure and to assist in the completion of a bankable feasibility study.
RES aims to develop its open cut coal mine in the Waterberg and the raising is designed to secure title to the most important properties where the future mine and its related infrastructure will be sited.
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Other Resource Generation articles
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19/02/10 Resource Generation on-track developing a massive coal mine in South Africa
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04/02/10 Resource Generation to lodge mining rights application for Boikarabelo Project
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01/10/08 Resource Generation Limited is developing energy for power-strapped South Africa
Other Resource Generation news
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18/03/10 Resource Generation to list on Johannesburg Stock Exchange
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25/02/10 Resource Generation land acquisition update
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15/02/10 Resource Generation acquires more land in Waterberg
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11/02/10 Resource Generation lodges South African mining rights application
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22/01/10 Resource Generation announces increase in resources and reserves
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02/06/09 Resource Generation generates more excitement at Waterberg-adjacent coal tenements in South Africa
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27/04/09 Resource Generation upgrades Waterberg #1 coal resource to 1 billion tonnes
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19/11/08 Resource Generation director buys 69.5k shares