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Johannesburg - Anglo Platinum (Amplats) [JSE:AMS] said on Wednesday it would acquire two mining assets and inject capital into Atlatsa Resources as part of a R3.5bn restructuring of the debt-laden miner.
Atlatsa, a platinum miner 26% owned by Amplats, will sell two assets - the eastern section of the Ga-Phasha project and the Boikgantsho project - to Amplats for R1.7bn.
It will also sell 125 million new shares for R750m to Amplats.
The proceeds from both deals will be used to reduce Atlatsa debt owed to Amplats by 75%.
Amplats will also provide a new loan of R720m to the company and a working capital facility of R90m.
In order to simplify Atlatsa's capital structure, which currently includes preference shares, Amplats will sell some of its stake in Atlatsa back to the company, reducing its share holding to 22.6%.
It added that its Bokoni platinum mine will be expanded to increase its mining operations from 100 000 tonnes per month to 160 000 tonnes per month.
Bokoni is 49% owned by Amplats in a joint venture with Atlatsa.
Shares of Amplats, a unit of global miner Anglo American, fell nearly 4%.
Atlatsa, a platinum miner 26% owned by Amplats, will sell two assets - the eastern section of the Ga-Phasha project and the Boikgantsho project - to Amplats for R1.7bn.
It will also sell 125 million new shares for R750m to Amplats.
The proceeds from both deals will be used to reduce Atlatsa debt owed to Amplats by 75%.
Amplats will also provide a new loan of R720m to the company and a working capital facility of R90m.
In order to simplify Atlatsa's capital structure, which currently includes preference shares, Amplats will sell some of its stake in Atlatsa back to the company, reducing its share holding to 22.6%.
It added that its Bokoni platinum mine will be expanded to increase its mining operations from 100 000 tonnes per month to 160 000 tonnes per month.
Bokoni is 49% owned by Amplats in a joint venture with Atlatsa.
Shares of Amplats, a unit of global miner Anglo American, fell nearly 4%.
