Jubilee Platinum PLC Final proceeds from Middelburg and DCM update (4430Z)
15 March 2017 - 12:15AM
UK Regulatory
TIDMJLP
RNS Number : 4430Z
Jubilee Platinum PLC
14 March 2017
Registration number (4459850)
AltX share code: JBL
AIM share code: JLP
ISIN: GB0031852162
Jubilee Platinum PLC
("Jubilee" or "Company")
Final proceeds from Middelburg Disposal received and DCM
commences with 3rd party Ore
Mine-to-Metals specialist Jubilee Platinum plc (AIM: JLP, AltX:
JBL) is pleased to announce that the final purchase consideration
relating to the disposal of 100% of the issued shares in Jubilee
Smelting and Refining Proprietary Limited, and 70% of the issued
shares in Power Alt Proprietary Limited ("Middelburg Disposal") has
been received. The Company also announces that Dilokong Chrome Mine
("DCM"), through Jubilee's subsidiary Jubilee Tailings Treatment
Company ("JTTC"), has entered into an agreement for the acquisition
and processing of 3(rd) party ore containing chrome and PGM's to
bolster the production at DCM.
Leon Coetzer, Chief Executive of Jubilee, said:
"Negotiations for the acquisition of 3(rd) party ore at DCM have
been ongoing and we are pleased to announce that this objective has
been reached. The first 5 000 tonnes of material will be processed
to determine the economic contribution to the project with the
option to increase the material up to 15 000 tonnes per month. The
much higher mineral content of the 3(rd) party ore compared with
the current tailings material offers the potential to significantly
increase the production rates for the project.
We are equally pleased that the outstanding payments relating to
the sale of our Middelburg operations have been settled with all
moneys now received. "
As previously announced on 31 March 2016, the remaining purchase
consideration of the Middelburg Disposal was calculated at
approximately GBP 0.390 million (ZAR 8.9 million*) net of closing
adjustments including stock and supplier adjustments. The final
settlement amount of GBP 0.463 million (ZAR 7.4 million) has been
received by Jubilee.
At DCM, an initial 3(rd) party tonnage of 5 000 tonnes of ore
has been received at the plant with the option to extend this up to
15 000 tonnes of ore per month. The 3(rd) party ore will be
processed in addition to the current tailings material. The ore
contains a much higher grade of chrome with similar PGM content
than the current tailings material being processed by the operation
and is expected to significantly increase the output of chrome
concentrate. Under the terms of the Framework Agreement, JTTC, is
incentivised on both a rand per tonne of product produced as well
as participating in the earnings generated from the processing of
3(rd) party ore.
*conversion at the time of the announcement
14 March 2017
Contacts
Jubilee Platinum plc
Colin Bird/Leon Coetzer
Tel +44 (0) 20 7584 2155 / Tel +27 (0) 11 465 1913
Andrew Sarosi
Tel +44 (0)1752 221937
JSE Sponsor
Sasfin Capital, a division of Sasfin Bank Limited
Sharon Owens
Tel +27 (0)11 809 7500
Nominated Adviser
SPARK Advisory Partners Limited
Sean Wyndham-Quin/Mark Brady
Tel: +44 (0)203 368 3555
Broker
Beaufort Securities Limited
Jon Belliss
Tel: +44 (0) 20 7382 8300
This information is provided by RNS
The company news service from the London Stock Exchange
END
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