Atlatsa shareholders approve R1.7bn sale of Ga-Phasha to Amplats
JOHANNESBURG (miningweekly.com) – The shareholders of triple-listed platinum group metals (PGMs) miner Atlatsa Resources Corporation have confirmed their support for the company’s revised restructuring plan by approving all resolutions proposed at the company’s special general meeting on June 28.
In accordance with the approved resolutions, Atlatsa would now dispose of 31.4-million attributable PGM ounces, comprising the eastern section of the Ga-Phasha mineral property, to Anglo American Platinum (Amplats) for R1.7-billion.
The western section of the tenement would be consolidated into the company’s broader existing Bokoni mine lease area, where opencast mining operations on the Merensky reef had started.
Shareholders had further approved the issue of 125-million new Atlatsa common shares to Amplats for an aggregate cash subscription consideration of R750-million, or R6 a share.
The proceeds from the asset sale and new share subscription would be used to reduce the company’s historical debt by 75%.
In addition, Atlatsa would now have access to a new debt drawdown facility from Amplats worth up to R1.55-billion, at a weighted average effective interest rate of 2% a year through to 2020.
Chief commercial officer Joel Kesler said in a statement that the resolution would allow the company to significantly reshape its balance sheet and place it on a sound financial footing to deliver its 2020 operational strategy on a fully financed basis.
“This, together with continuous operational improvements at the Bokoni platinum mine, places us in an advantageous position to continue reducing unit operating costs and improving the company’s financial position and performance going forward,” he commented.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Sweet-Orr, established in 1871, is a global leader in superior protective workwear, known for quality, innovation, and performance.
VISIT SHOWROOM
ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
