blumont no show, page-11

Will be interesting to see how this plays out.

Publisher : Singapore Press Holdings
December 6th, 2013

It is one pit of another for mining company Blumont Group.

Yesterday, South African coal miner Resource Generation said it was taking action to obtain funds the Blumont has not yet paid the firm.

Blumont was to have paid the firm A$22.6 million (S$25.6million) for a placement of about 102 million Resource Generation shares at 22 Australian cents per share. This was said to have been due on Wednesday.

"There is an agreement which is legally binding so we'll be taking action as we see fit," said Resource Generation managing director Paul Jury when contacted by The Business Times, adding that he was not able to get in touch with the group.