JOHANNESBURG (miningweekly.com) – Johannesburg- and Toronto-listed junior Atlatsa Resources said on Friday that it expected to complete Phase 2 of its restructure plan by the first half of this year.
The group entered discussions with Anglo American Platinum (Amplats) regarding a restructuring, recapitalisation and refinancing plan for its Bokoni operations, which would significantly lower its cost of borrowing.
The mine’s future operational plan, capital budgeting and financing strategy, as well as its intended strategy going forward were re-examined, following a month-long illegal strike in October that resulted in the loss of 35 500 oz of platinum-group metals during the fourth quarter.
Under the first phase, which was completed in September last year, Atlatsa and its subsidiaries Plateau Resources and the Bokoni group of companies consolidated outstanding debt and preference shares into its existing senior-term loan facility with Amplats.
Atlatsa said it would publish the financial effects of the restructure plan and obtain shareholder approval after all the necessary internal and regulatory approvals for Phase 2 were obtained.
Operations at Bokoni mine restarted in mid-December and post-festive-season reopening was implemented according to plan, with the mine and processing operations having normalised.