JOHANNESBURG (miningweekly.com) – Aim- and JSE-listed mine-to-metal specialist Jubilee on Tuesday said it had entered into an agreement for the toll processing of 800 000 t of Dilokong chrome mine platinum-bearing tailings using the concentrator at Platinum Australia’s Smokey Hills mine.
Jubilee said newly formed subsidiary company Pollux Investment Holdings entered into a binding and exclusive memorandum of understanding (MoU) with Platinum Australia subsidiary Phokathaba Platinum, which would see the tailings being processed at the Phokathaba concentrator.
Jubilee was awarded the right to recover the platinum-group metals contained in ASA Metals Dilokong mine’s tailings in June.
“This MoU enables Jubilee to accelerate bringing to production its own high-chrome platinum concentrate for minimal capital investment, allowing Jubilee to leverage off its exclusive ConRoast process. The MoU further endorses the company’s strategy to acquire in the short to near term, surface stocks of platinum-bearing waste materials,” CEO Leon Coetzer said.
The company would be targeting a tailings processing rate of up to 50 000 t/m.
The MoU is subject to final due diligence by Jubilee, the approval of Platinum Australia’s senior finance provider and, to the extent necessary, regulatory approvals. The parties have agreed to a timeline of 45 days to satisfy the conditions precedent.
Pollux would be renamed Jubilee Tailings Treatment Company.