TSX- and JSE-listed Atlatsa Resources Corporation on Monday announced that its basic and diluted loss a share had narrowed to $0.17 for the financial year ended December 31, 2018, compared with the loss of $0.36 reported for 2017.

The basic and diluted headline loss a share was $0.16 for 2018, on par with that reported in the prior year.

Atlatsa earned $5.5-million in revenue from treating ore for Rustenburg Platinum Mines (RPM) at its Mototolo joint venture operation; however, no revenue was generated in the second half of the year owing to the expiration of the Mototolo sale agreement in May 2018.

Total care and maintenance costs for 2018 reached $43.3-million, and included shaft and plant maintenance costs, pumping to prevent the flooding of working areas, safety inspections, as well as general and administrative expenses necessary to safeguard the Bokoni mine assets.

Owing to impairment indicators that existed at December 31, 2018, and Bokoni mine being on care and maintenance, the company recognised an impairment loss of $12.5-million with respect to plant and equipment for the year.

Meanwhile, Atlatsa said it and Anglo American Platinum (Amplats) have agreed to a debt standstill agreement, pursuant to which the repayment of all debt facilities to RPM have been suspended until December 31, this year.

However, the debt standstill applies to current and future drawdowns under these facilities.

As at December 31, 2018, the total value of loans owing by the group to RPM and subject to the standstill amounted to $440.2-million.

As of Monday, $43.1-million had been drawn against this facility, the majority of which was used to fund the section 189A retrenchment costs in terms of the South African Labour Relations Act.

The $4.7-million transaction costs of the term loan facility with RPM is included in the debt standstill arrangement.

Atlatsa confirmed that, so far, $2.4-million had been drawn against this facility, with repayments relating to value-added tax refunds on the transaction costs of $200 000.

Additionally, Atlatsa also confirmed that it was seeking to implement interconditional transactions by way of a plan of arrangement, and includes the prospecting rights disposal, the buyback, the tender option, the RPM debt write-off, as well as the Atlatsa Holdings (ATH) debt write-off.

This follows after the company announced in December 2018 that a comprehensive restructuring and going private transaction would represent Phase 2 of the restructuring plan, whereby the company had entered into a suite of transaction agreements with RPM and ATH.