JOHANNESBURG (miningweekly.com) – Dual-listed mine-to-metals company Jubilee has formally transferred ownership, related risk and benefit in 100% of the issued shares in Jubilee Smelting & Refining (JSR) and 70% of the issued shares in Power Alt (PA) for R110.5-million to Siyanda Resources.
The company advised shareholders on Thursday that it expected cash settlement on October 9.
JSR was the owner of the Middelburg smelter, while PA owned and operated Jubilee’s on-site 11 MW gas-fired electricity generation plant.
Jubilee would retain the right to construct a 5 MW platinum furnace at the Middelburg operations, as well as participate in any expansion of the power plant.
“Jubilee can now fully focus on the execution of its surface platinum projects,” CEO Leon Coetzer said, adding that an addendum to its ASA platinum processing agreement enabled Jubilee to bring the project into operation much sooner than initially scheduled.
The addendum incentivised the acceleration of the construction and commissioning of the surface processing facility, with the start of the commissioning of the chrome beneficiation section expected by January 31, 2016,
“The company continues on its mission to seek further low-cost platinum opportunities,” Coetzer noted.
Jubilee’s platinum surface projects targeted the processing of 80 000 t/m of platinum-containing surface material and the production of an estimated 42 000 oz/y of platinum group metals.