Jubilee Metals Group PLC Jubilee Hernic PGM Project (1347B)
06 January 2018 - 1:45AM
UK Regulatory
TIDMJLP
RNS Number : 1347B
Jubilee Metals Group PLC
05 January 2018
Jubilee Metals Group PLC
Registration number (4459850)
AltX share code: JBL
AIM share code: JLP
ISIN: GB0031852162
("Jubilee" or "Company")
Jubilee Hernic PGM Project
Jubilee notes recent media speculation regarding operations at
Hernic Ferrochrome Proprietary Limited ("Hernic") and wishes to
issue a clarification.
Jubilee operates a chrome and platinum recovery plant at
Hernic's ferrochrome mine in South Africa.
On Friday 29 December 2017 a tailings spill occurred, which
caused a V-shaped failure of the side wall of compartment 2 of the
tailings dam. The failure in the wall was resealed the same day by
Hernic. The spillage was contained on the adjacent property, which
was previously used as an opencast mining area. Hernic has
commenced with the clean-up of the spill and expects to resume
depositing of final processed tailings in compartment 2 before the
end of the month. Compartment 2 of the tailings dam was used by
Hernic for depositing the final chrome and PGM processed tailings
from Jubilee's Hernic Project operation. During this interim
period, compartment 1 of the tailings dam will be used for
depositing the final processed tailings. Jubilee will continue
operating its PGM processing plant and will reduce throughput only
during the interim period by approximately 30% to allow Hernic to
fully restore compartment 2.
Jubilee is targeting the release shortly of its Q4 2017 Hernic
project results which are expected to record a further increase in
PGM ounce production in excess of 25% over Q3 2017.
5 January 2018
Contacts
Jubilee Metals Group 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 member of Sasfin group
Sharon Owens
Tel +27 (0)11 809 7500
Nominated Adviser
SPARK Advisory Partners Limited
Mark Brady/Andrew Emmott
Tel: +44 (0)203 368 3551
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
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