Renergen secures R200m investment from Ivanhoe

Domestic natural gas and helium producer Renergen will acquire funding to the tune of R200.6 million from mining development company Ivanhoe Mines towards the upscaling of the Virginia Gas Project in the Free State. In a Sens statement released by Renergen on Monday, the group announced that Ivanhoe will hold a 4.35% initial stake through the placement of over 5.6 million shares at R35.625 per share.

Ivanhoe’s executive co-chair, Robert Friedland said: “In Ivanhoe Mines’s journey toward net zero carbon emissions, liquified natural gas is a compelling transition fuel to provide base-load power for our Tier-One Platreef palladium, rhodium, nickel, platinum, copper, and gold mine. “Renergen’s Virginia Gas Project has the potential to provide clean, reliable electricity to augment our own solar-generated power for a 24-hour-a-day alternative to the coal-fired national electrical grid.

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