Resource Generation (Resgen) is hoping to raise USD178 million within six months to undertake a new large-scale coal mining project in Limpopo. This was according to a report published by Business Day Live.

At present, Resgen's cash on hand amounts to USD79 million. This reduces the remaining USD257 million the company has yet to come up for the USD480 million project, the report said. Of the total amount being raised, the firm needs to secure USD97 million to complete its coal plant. In addition, the company needs USD81 million for the remaining capital expenditure, the report explained.

Chief Executive Officer Paul Jury said on Friday, "We are currently in negotiations and will hopefully close those over the first quarter of next year in terms of a project funding arrangement with several banks. Currently, nine banks are still in the process of evaluating the information we have before them to put in place funding offers."

Jury also said the company hopes to complete the project in two years. For at least 10 years, the mine will generate 25 million tons of saleable coal, Business Day Live reported.