Resgen pushes toward stronger interest in Waterberg One Coal

By

Resource Generation is driving toward upgrading its stake in Waterberg One Coal, according to a published report.

Also known as Resgen, the firm is looking to push up its interest to 74 percent, which leaves the remaining 26 percent to be purchased by Fairy Wing Trading, Mining Weekly reports. Seventy percent of Waterberg One Coal is owned by Resgen while the remaining 30 percent stake is held by Lukale Mining.

“This ownership change and alignment will enable a practical consolidation of our mining tenements to occur and make it easier to manage the operations of Boikarabelo,” managing director Paul Jury with Resgen said, according to the publication. “Our expectation is to open a separate pit at Waterberg One to supply domestic grade coal to Eskom and the independent power stations intended to be developed by Valu Investments.”

Lukale is set to take on 25 million in South African rand in shares of Resource Generation, which breaks down to $0.40 per share, according to a press release.

But that is not yet finalized as shareholders are slated to convene at the Annual General Meeting, the press release states.

0
GEOVIA

GEOVIA

When mining companies seek to increase mine productivity, they turn to Dassault Systèmes for technology and services. It is home to world-renowned and award-winning mining solutions and to industry thought leaders who are pushing the boundaries of what’s possible in mining, through the GEOVIA brand. The largest global supplier of mining software, GEOVIA delivers comprehensive solutions in all major mining centers in more than 130 countries at over 4,000 sites.
GEOVIA

Latest posts by GEOVIA (see all)