Atlatsa remains in financial filing default

28th August 2017 By: Henry Lazenby - Creamer Media Deputy Editor: North America

VANCOUVER (miningweekly.com) – South Africa-focused miner Atlatsa Resources remains in default of filing its mandatory interim financial statements, owing to 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, however, management is now subject to a cease-trade order.

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.