Jubilee receives R110.5m payout for Middleburg operations
JOHANNESBURG (miningweekly.com) – Mine-to-metals company Jubilee Platinum has received the R110.5-million cash consideration from Siyanda Resources in relation to the disposal of Jubilee Smelting and Refining (JSR) and its 70% stake in Power Alt (PA).
The remaining 15% was held in escrow, with a further 10% to be released from escrow after 90 days and the remaining 5% after 12 months.
JSR was the owner of the Middelburg smelter, while PA owned and operated Jubilee’s on-site 11 MW gas-fired electricity generation plant.
Ownership and associated risk of the operations passed to Siyanda on September 30.
“Receipt of the cash payment for the transfer of ownership and related risks of the Middelburg operations now concludes the disposal.
“The proceeds from the disposal, together with debt funding being concluded with a major institution and, for which credit committee approval has already been secured, will be used for the simultaneous execution of our two platinum surface projects,” said Jubilee CEO Leon Coetzer.
Jubilee was now set to become a fully operational platinum producer in 2016 with the two surface platinum projects offering significant earnings potential to the company.
The company said it would, meanwhile, continue to seek further low-cost platinum opportunities.”
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation