JOHANNESBURG (miningweekly.com) – Triple-listed platinum miner Atlatsa Resources on Wednesday said it was in talks with platinum major Anglo American Platinum (Amplats) regarding the future sustainability of the Bokoni mine, in Polokwane, as well as potential alternative financial support for the company.
This followed after some terms and conditions in a letter of support had not been met.
In November, 2014, Amplats committed to providing Atlatsa financial support of up to R422-million until March 31, 2016, if Bokoni did not meet its planned cash forecasts, subject to certain terms and conditions.
Further to various interactions between Atlatsa, Amplats and the Department of Mineral Resources, Atlatsa noted on Wednesday that definitive agreements in respect of the purchase by Rustenburg Platinum Mines of at least a further 25% in the Kwanda North prospecting rights and at least 60% in the Central Block prospecting rights, had not been executed.
Further, given the depressed price of Atlatsa shares and potential dilution to existing shareholders as a result of the share subscription, Atlatsa executives had been restricted from subscribing for R60-million of equity in Atlatsa.