ATLATSA Resources, the Johannesburg-listed company that owns the mothballed Bokoni Mines in joint venture with Anglo American Platinum (Amplats), reduced the second quarter net loss to $33.6m (Q2 2017: -$192.7m) and said a plan to restructure the company’s balance sheet would be in place by the fourth quarter of this year.
The restructuring plan calls for funding for care and maintenance of the mine whilst an agreement has already been reached with Amplats for a debt standstill. As part of the debt standstill, there are plans to sell the Bokoni Mines assets. Once completed, the debt will be written off by Amplats totalling just over R4bn.
Once it has disposed of its 49% stake in Bokoni Mines, Amplats will have completed all of its proposed restructuring which have seen it sell a number of assets in Rustenburg as well as a joint venture with Lonmin – a process that began around 2012.
