https://www.miningweekly.com

Jubilee concludes second tranche payment for DCM rights

30th June 2015

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Dual-listed Jubilee Platinum’s share price on the JSE surged nearly 8% on Tuesday as the mine-to-metals specialist announced the receipt of funding offers for two of its surface projects and firm offers for its noncore nonplatinum assets, while it concluded the second of three share-payment tranches for the acquisition of Pollux Investment.

The company paid out R4-million through the issue of 9.9-million ordinary shares, at 39.9c apiece, in tranche two of the three-phased R10.9-million acquisition of Lipsoset’s 25% share of Pollux, CEO Leon Coetzer said in an update to shareholders on Tuesday.

The acquisition would bring Jubilee’s interest in the owner of the exclusive rights to beneficiate the platinum-group metals from the platinum-containing chrome tailings from ASA Metals’ Dilokong chromite mine, in Middelburg, to 100%.

This had followed the share-payment of tranche one, in November, of shares equivalent to the value of R5.3-million.

A further 17-million new ordinary shares were also issued at an average price of 39.9c a share to settle R6.8-million of debt on behalf of Jubilee’s subsidiaries.

The payment of the final tranche would be announced in due course.

Meanwhile, Jubilee received a credit-approved project-funding offer from a financial institution to bring its two platinum surface tailings projects, with a targeted production of 42 000 oz, into production in 2016.

“The company is currently reviewing the finance offers received and will conclude a decision shortly and update the market accordingly,” Coetzer said, adding that firm cash offers from undisclosed potential buyers for its noncore, nonplatinum operational assets were also under review.

The funding from the sales of these assets, if completed, would be injected into the company’s surface projects.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (15/03/2024)
15th March 2024 By: Martin Creamer
Gold, hydrogen, mining boost make headlines
Gold, hydrogen, mining boost make headlines
15th March 2024
Magazine round up | 15 March 2024
Magazine round up | 15 March 2024
15th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.097 0.127s - 90pq - 2rq
Subscribe Now