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Atlatsa Resources Announces Update on Delay in Filing of Unaudited Interim Financial Statements
Oct. 10, 2017 08:50AM PST
Precious MetalsAtlatsa Resources (“Atlatsa” or the “Company”) (TSX: ATL; JSE: ATL) announced on August 14, 2017 (the “Default Announcement”) that, due to its recently announced financial restructure plan (the “Restructure Plan”) with Anglo American Platinum (“AAP”), it was not in a position to file its unaudited interim financial statements for the three and six months ended June 30, 2017, …
Atlatsa Resources (“Atlatsa” or the “Company”) (TSX: ATL; JSE: ATL) announced on August 14, 2017 (the “Default Announcement”) that, due to its recently announced financial restructure plan (the “Restructure Plan”) with Anglo American Platinum (“AAP”), it was not in a position to file its unaudited interim financial statements for the three and six months ended June 30, 2017, the related management’s discussion and analysis, and the related CEO and CFO certificates by the filing deadline. At this time, it is uncertain as to when the Company will be able to finalize its financial statements and related disclosures.
As previously announced, one of the salient features of the Restructure Plan is that AAP and Atlatsa have determined to place Bokoni Mine on care and maintenance, owing to continuing operational losses in a depressed platinum market.
In order to maintain medium to longer term optionality for production to re-commence at Bokoni Mine, AAP has agreed to fully fund a care and maintenance strategy for the operations up until December 31, 2019. The care and maintenance strategy for Bokoni Mine will be reviewed on an ongoing basis during this period, having rfegard to macro and micro economic fundamentals relating to Bokoni Mine.