Minority shareholders in Resource Generation (Resgen) may be forgiven for questioning the apparent lack of progress in getting final funding approval from a club of lenders for a loan to build its flagship coal mine, but a lot of work is being done to satisfy lenders’ requirements.

Resgen is developing a substantial coal mine, Boikarabelo, in the Waterberg that will produce about 6mt/year in its first phase. Though work on preparing the site began in 2011 when previous management said lenders were queuing up to provide the US$552m needed to build the mine, there’s still no financing and no coal.

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