The government is buying a stake in the Virginia Gas Project, which could potentially become the world’s biggest helium extraction plant.
The government’s Central Energy Fund will invest R1 billion for a 10% stake in Tetra4, the Renergen-owned gas producer developing a massive project near Virginia in the Free State, estimated to be worth over R1 trillion.
Its investment mandate is focused on contributing to the energy security of South Africa through exploration, acquisition, development, marketing, and strategic partnerships. “Importantly, during this time, Renergen has successfully grown Virginia in size and scale, highlighted by the growth both of our helium and methane reserves, which have finally reached the critical mass to enjoy CEF’s involvement.”
Renergen added that should binding contracts between the parties not be executed after 141 days, the purchase price shall be renegotiated in good faith.with Canadian company Ivanhoe Mines, owned by billionaire financier Robert Friedland. But their initial tests at the site showed high concentrations of helium that were substantially better than the average recorded at other extraction facilities around the world.
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