Atlatsa management subject to cease trade order on late Q2 results filing

15th August 2017 By: Henry Lazenby - Creamer Media Deputy Editor: North America

VANCOUVER (miningweekly.com) – The British Columbia Securities Commission will on Tuesday issue the management of Johannesburg-headquartered miner Atlatsa Resources with a cease trade order, rather than an issuer cease trade order, owing to the company’s inability to file its second-quarter financial and operational results.

The late filing is the result of the recently announced financial restructure plan with Anglo American Platinum (Amplats).

Atlatsa said it was uncertain when the company would be able to file its documents with the Canadian securities regulator.

Atlatsa, which has stock listings on the TSX and JSE, in July announced plans to implement a two-phase restructure plan that will see its joint venture (JV) Bokoni mine idled, with JV partner Amplats acquiring the resources specified in the Central Block and Kwanda North prospecting rights.

A letter agreement between the JV partners outlined the Phase 1 care-and-maintenance strategy for the embattled mine, with Amplats funding all costs associated with the process up until December 31, 2019, and suspending the servicing and repayment of the current R4.2-billion and future debt owing by Atlatsa until then.