WESIZWE Platinum said on Thursday its audited annual financial statements would be delayed as it recovered from cyber-attack sustained last year.
The attack was “sophisticated” and resulted in unauthorised access to the firm’s computer systems,” which had “a significant impact on the availability of company’s financial reporting systems,” it said in an announcement to the JSE.
As a result, “alternative manual processes and controls” were undertaken in order to verify financial information for the audit.
Audit opinion of Wesizwe Platinum is of particular interest to the market after SNG Grant Thornton in October “expressed a disclaimer of review conclusion” on the firm’s interim results in October. SNG declined to verify the miner’s going concern status.
This was after Wesizwe was unable to provide proof of future funding from its controlling 45% shareholder, China Africa Jinchuan. Wesizwe had exceeded a funding cap of about $1.5bn. Procuring additional funds requires the approval of the China National Development and Reform Committee.
“The company is working diligently with its auditors and remains firmly committed to
publishing the AFS (annual financial statements), IAR (integrated annual report) and Notice of AGM as soon as possible”, the company said in its announcement. It would keep shareholders “duly informed” of developments, it added.
Wesizwe Platinum ran into problems commissioning its Bakubung project which was initially scoped to produce 420,000 ounces of platinum group metals (PGMs) a year. In September, Wesizwe said it would ramp up production from the North West province mine in the first quarter.
