Coal miner seeks payment from Blumont

IT is one pit after another for mining company Blumont Group.

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

Blumont was to have paid the firm A$22.6 million (S$25.6 million) 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 con…