SA Minerals Department executes amended Atlatsa mining rights
TORONTO (miningweekly.com) – Emerging platinum junior Atlatsa Resources on Wednesday announced that the South African Mineral Resources Department (DMR) had executed amended mining rights in favour of its subsidiary, Bokoni Platinum Mines, and Anglo American Platinum’s (Amplats’) subsidiary, Rustenburg Platinum Mines.
The amended mining rights would allow Atlatsa and Amplats to implement the key transactions of the R3.5-billion revised restructuring, recapitalisation and refinancing plan for Atlatsa and the Bokoni group of companies.
The transactions would result in a material reduction in Atlatsa's balance sheet debt position and its cost of borrowing.
The restructuring followed a detailed strategic review in March, which exposed Atlatsa’s likely inability – as a result of the tenuous current market environment – to repay a R3.3-billion debt to Amplats in the medium term.
The companies would now conclude and implement the new debt and working capital facilities and Atlatsa would sell and transfer to Amplats the eastern section of the Ga Phasha platinum group metals (PGM) project, together with its entire interest in the Boikgantsho PGM project for R1.7-billion (about $165-million).
Atlatsa would use the proceeds from the asset sales to reduce its debt owing to Amplats.
Implementation of these transactions will result in a material reduction in Atlatsa's balance sheet debt position and its cost of borrowing.
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