Jubilee completes funding for surface platinum-processing projects
Dual-listed Jubilee Platinum has successfully completed project funding for the execution and commissioning of its two surface platinum processing projects.
Funding comprises a combination of senior secured debt to a maximum of R153-million, unsecured debt to a maximum of R76.5-million and an equity placing of R55.2-million.
The funding package allows for Jubilee to simultaneously execute the two projects, which target 80 000 t/m of processed surface material. It will also be able to pursue the acquisition of further surface or shallow platinum-bearing opportunities.
The senior debt between Jubilee’s processing subsidiary and an established financial institution was arranged by RiverFort Capital. Under a loan agreement, the institution has agreed to advance up to R153-million to Jubilee, with an initial advance of R49.5-million.
The two processing projects target a combined processing capacity of 80 000 t/m of surface material, with a yearly design capacity for the recovery of about 33 000 oz of platinum-group metals.
Ramp-Up
The agreement links the debt repayment obligation of Jubilee’s processing subsidiary with the commissioning and ramp-up of the platinum processing projects, with the second project targeted for ramp-up in December.
The second project will complement the first project’s processing capacity of 25 000 t/m of feed, while the chromite recovery section of the first project has already been commissioned and is fully operational.
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