Coal producer Resource Generation’s (Resgen) subsidiary Ledjadja Coal has secured ZAR5.52bn ($403m) to complete construction of the Boikarabelo coal mine in Limpopo, South Africa.

Ledjadja Coal agreed on the commercial terms with FirstRand Bank, Industrial Development Corporation of South Africa; Public Investment and Noble Resources International.

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Resgen CEO Rob Lowe said: “This is an extremely important milestone towards the construction and commissioning of the mine, which will be the second largest in the Waterberg region and will have a marked impact on the opening up of the Waterberg coal field.

“This is an extremely important milestone towards the construction and commissioning of the mine.”

“Transnet Freight Rail has also worked supportively with us in order to develop a viable logistics solution for the transportation of our domestic and export coal production.

“This is a major contribution towards the realisation of Strategic Infrastructure Project (SIP 1) under the National Development Plan, by providing for the unlocking of the northern mineral belt using the Waterberg as a catalyst.”

Noble is also providing a cost overrun facility, in addition to a portion of the other debt.

Credit approval and the closing of financial agreements is scheduled for the end of October, while the mine’s construction is slated for completion by September 2018.