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Bokoni strike contributes to Atlatsa’s $18.7m 2012 operating loss
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28th March 2013
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JOHANNESBURG (miningweekly.com) – Toronto- and New York-listed Atlatsa Resources Corporation recorded an operating loss attributable to shareholders of $18.7-million, translating into a basic and diluted loss of 4c a share, for the 2012 financial year.

This was in large part owing to the negative financial impact of an unprotected strike in October last year at the company’s Bokoni mine, on the northeastern limb of South Africa’s Bushveld Complex, which led to almost no production at the operations during the fourth quarter of the year.

Atlatsa recognised a fair value gain at year-end of $90.6-million arising from the implementation of Phase One of the revised restructure plan of its Bokoni group of companies, which took place in September last year and had a material positive impact on the company’s earnings for the period under review.

Atlatsa Resources Corporation and mining major Anglo American Platinum (Amplats) on Wednesday concluded a R3.5-billion revised restructuring, recapitalisation and refinancing plan for Atlatsa and the Bokoni group of companies.

The came as a strategic review suggested that Atlatsa was likely to be unable to repay a R3.3-billion debt to Amplats in the medium term.

Edited by: Chanel de Bruyn

 

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Bokoni mine
 

Bokoni mine