Australian mining vehicle Xceed Resources has obtained project finance totalling A$19.5mn from Standard Bank.

The facility will be used for the development of the Moabsvelden thermal coal project in South Africa’s Witbank coal field. It has a tenor of five years from drawdown and it will cover 67% of total project cost. The bulk of the remainder will be covered by an A$7mn equity injection from Thebe Mining Resources.

Xceed managing director Ian Culbert says: “‘It is gratifying that two highly regarded institutions like Standard Bank and Thebe, following their own exhaustive due diligence processes, have decided to fund the development of Moabsvelden. It is a testament to the quality and simplicity of the project and affirms the directors’ view that Moabsvelden is an excellent platform from which to grow the company.”