Renergen’s losses increase after impairing Ivory Coast project
Gas developer Renergen plunged deeper into the red, after impairing its hydro-electric project in Ivory Coast. On Friday, the company, which is listed on the JSE’s AltX, reported a net loss of R40.6m in the year to end-February, up from a loss of R18.7m. The company said in a statement that no economic benefits were expected to be recovered from the hydro-electric project, which cost it R12.2m in investment. There were also higher expenditure costs channelled to its natural gas and liquefied helium company, Tetra 4, which is located in the Free State. About R9.6m was spent on plant, machinery and equipment on engineering of Tetra4’s Virginia operating plant expansion, according to the results statement. Renergen has previously announced that Tetra4 will become the first company to produce liquefied natural gas (LNG) in SA and among the first to sell LNG locally. In May, Tetra4 concluded an off-take deal with South African Breweries to supply natural gas for use in its trucks. The sh...
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