DMR approves Boikgantsho mineral rights transfer
JOHANNESBURG (miningweekly.com) – Platinum group metals (PGM) miner Atlatsa Resources on Monday stated that the Department of Mineral Resources (DMR) had consented to the sale and transfer of mineral rights relating to its Boikgantsho platinum project to Anglo American Platinum (Amplats).
The sale of the project, which is located on the northern limb of the Bushveld Complex, adjacent to Amplats’ Mogalakwena operations, formed part of Atlatsa’s R3.5-billion restructure plan, which was expected to be finalised this month.
In terms of the plan, Amplats would acquire the eastern section of Atlatsa’s Ga-Phasha and Boikgantsho projects for R1.7-billion, the proceeds of which would be used by Atlatsa to reduce its existing debt to Amplats.
Atlatsa commented that the DMR’s consent with regard to Boikgantsho fulfilled an important condition precedent for the implementation of the restructure plan.
The transfer of the Ga-Phasha mineral property was approved by the DMR in August.
The restructure plan further entailed Amplats subscribing for 125-million new common shares in Atlatsa for an aggregate subscription price of R750-million, the proceeds of which would be used by Atlatsa to further reduce the existing debt owing to Amplats.
After taking the transactions into account, Atlatsa’s remaining debt to Amplats would be about R830-million.
Moreover, Amplats would provide Atlatsa with an additional debt facility up to a limit of R1.55-billion that would be repayable between 2018 and 2020.
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