Atlatsa’s Bokoni forced into restructuring as losses mount

Atlatsa Resources was forced into restructuring last week on the back of low recoveries and depressed platinum and chrome ore prices. The company has an agreement Rustenburg Platinum Mine, a subsidiary of Anglo American Platinum for a two-phased restructure plan, including putting its Bokoni mine/slimes dam on care and maintenance.

Altatsa had an operating loss of C$59.4-million in the third quarter of 2017 vs. an operating loss of C$8.3-million in the same 2016 period. The UG2 head grade was 4-5 g/mt but, according to insiders, need at least 4 to even break even.

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