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Resource Generation non-executive chairman increases shareholding

Resource Generation (ASX: RES) non-executive chairman Brian Warner bought 50,000 shares in the company on-market on 7 December 2011 for a consideration of A$19,450, or $0.389 per share.

Warner now holds 100,000 shares, valuing his shareholding at $39,500 based on the last traded share price.

Resource Generation recently signed a memorandum of understanding with Transnet Freight Rail allowing Resource Generation’s BEE subsidiary, Ledjadja, to haul Boikarabelo coal on a take or pay basis.

Half of the coal will be hauled to export ports with the remaining half to the Mpumalanga Highveld, which is where Eskom’s power stations are located.

The Boikarabelo coal mine is located in the Waterberg region of South Africa, which hosts 744.8 million tonnes of coal on 35% of the tenements under the company's control.