Transnet has signed a R10bn deal to rail export coal to Richards Bay in a move that will help unlock the coal potential of the Waterberg in Limpopo.
As coal production from the Mpumalanga coalfields dwindles, the Waterberg region is becoming the next focus area for prospective coal miners as it is known to hold significant reserves. Until now, however, logistics have been a key hurdle in unlocking mining investment in the area. The transportation agreement with Transnet was a condition that had to be met in order for the project to reach financial close. The 3.6-million tons of export coal is above 3-million tons, which will be produced for the local market. Boikarabelo’s first coal production is expected in the second quarter of 2022.
The project has credit approval for R4.2bn from a syndicate of three lenders. One is the government’s Industrial Development Corporation while the other two are yet to be announced.
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