Jubilee’s shares rise as it secures funding to advance metals recovery strategy
JOHANNESBURG (miningweekly.com) – The share price of dual-listed Jubilee Platinum rose by as much as 9.23% on the JSE on Thursday morning, after announcing it had secured $50-million in project funding to support the growth strategy for its metals recovery business.
The company has executed a funding agreement with RiverFort Capital Group, with the funding structure modelled on Jubilee’s successful Hernic platinum and chrome recovery project, which was also financed through RiverFort.
Jubilee’s metals recovery strategy is aimed at securing low-risk, low capital intensive and long-term commodity production from mine waste at an attractive point on the global cost curve by using advanced, environmentally sustainable metal recovery techniques.
The company also plans to diversify across multiple commodities, including platinum, cobalt, copper and gold.
“The execution of the funding provision is a key enabler towards unlocking a significant portion of the very large global potential that exists in the reprocessing of surface materials. The metals contained in these various surface stocks have no mining costs attached to their recovery and offer the potential of significant return on investment.
“The key to unlocking this potential, is the combination of our specialists’ team with our historical expertise in metals extraction technology. This enables us to implement suitable mineral and metal extraction solutions through the use of state-of-the-art, environment-friendly and sustainable technologies, for which [subsidiary company] Jubilee Processing is renowned,” commented CEO Leon Coetzer.
He added that the company had identified a significant pipeline of resources with cash-generative potential and that it was “carefully ranking” these projects to pursue them in the short term.
Under the terms of the agreement with RiverFort, funding will be provided at project level and directly to the Jubilee project subsidiary.
The funding commitment is for an initial 33-month period, but may be extended by mutual agreement.
In recognition of the funding, RiverFort has been granted the right to exercise a 2.5% maximum preference equity stake in Jubilee Platinum’s Jubilee Processing subsidiary.
Jubilee’s share price rose to a high of 71c a share on the JSE on Thursday, up 9.23% on Tuesday’s close of 65c a share.
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