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Natural gas and helium producer Renergen says an independent assessment of its Virginia Gas Project in the Free State has resulted in its proven reserves of helium rising sevenfold — news that sent its shares above R40 for the first time on Wednesday.

New reserves confirmed Renergen’s potential as a major global supplier, CEO Stefano Marani told Business Day, and was the “last piece of the puzzle” as the group gears up for an estimated $800m (R12.2bn) spend on phase 2 of the project. ..

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