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Financial support for Boikarabelo project agreed

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World Coal,

Resource Generation has appointed Rand Merchant Bank (RMB) as lead arranger and co-lender for the financing of its Boikarabelo coal mine project in South Africa.

The agreement follows a review of the project and various financing options by interim CEO Rob Lowe and from the board’s Technical Committee.

The report from the technical committee also suggested changes to the recommended development of the Boikarabelo mine, including a revised mining plan based on selective mining and in-pit dumping, the appointment of a small number of EPC contractors to undertake mine construction, managed by a small in-house specialist team, and the appointment of a contract miner.

“The work undertaken by the Technical Committee has given the board confidence in the execution of the project post-completion of the debt funding and the economic viability of the project after first production of coal,” said Danis Gately, Resource Generation’s Chairman.

Additionally, the board approved a two-year contract with Lowe to continue as CEO and approved to appointment of Brendan O’Regan as Chief Financial Officer.

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