Resource Generation's up contract sales

Resource Generation (ResGen), which for sale knelson gold concentratorsis developing one of South Africa's largest remaining coal deposits, has signed an agreement with Integrated Coal Mining (ICM), part of India's RPG Group, to extend ICM's purchases of thermal coal from Resource Generation's planned Boikarabelo mine to 139 million tonnes from 37 million tonnes.

The purchases will take place over 38 years, up from 20 years in the original contract signed in September 2010, ResGen said on Wednesday. The initial off-take of 37 million tonnes has increased to 73 million tonnes and will begin when the Boikarabelo mine commences production, which is currently scheduled for late 2013. The balance of the additional off-take of 66 million tonnes will begin after the mine's stage two expansion. The price of each shipment will be based on the international market price at the time. Stage two of the mine's development envisages doubling production to around 40 million tonnes per annum of run-of-mine coal. Beneficiating this to maximise production of export quality coal will also generate an equivalent volume of domestic product...