Jubilee concludes Pollux deal with issuance of 1.51m shares
JOHANNESBURG (miningweekly.com) – Concluding its acquisition of Pollux Investment Holdings from Lipsoset Proprietary, mines-to-metals company Jubilee Platinum has made the third and final tranche payment of R1-million through the issuance of 1.51-million shares at a price of 3.06p apiece.
Pollux held the exclusive rights to beneficiate platinum-group metals (PGMs) from the platinum-containing surface material at ASA Metals’ DCM platinum project, in Limpopo.
Jubilee announced last year that it had acquired a 25% interest in Pollux, represented by 25 ordinary shares of R1 each for a total consideration of R10.9-million.
The consideration payable by the company was to be satisfied by the issue of ordinary shares of 1p each in the company, payable in three tranches.
The tranche one consideration shares, equivalent to the value of R5.3-million, were issued and notified to the market on November 3, 2014, while the company announced in June that the tranche two consideration of R4-million had been satisfied through the issuance of 9.87-million shares at a price of 2.1p apiece.
Jubilee had, meanwhile, targeted the construction of a new processing plant for the recovery of chrome and PGMs capable of processing up to 35 000 t of surface material a month.
The company executed an addendum to the processing agreement whereby it was incentivised to accelerate the construction and commissioning of the plant by targeting commissioning of the front end of the plant by early 2016.
Jubilee said in a statement that the addendum “significantly” enhanced and expedited the projected profitability of the project, as both the chrome concentrate and platinum-containing concentrate would now contribute to the overall profitability of the DCM project.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Sulzer South Africa, established in 1922, partners with critical industries like power, oil & gas, water, mining, and chemicals to boost...
VISIT SHOWROOM
The Aluminium Federation of South Africa (AFSA), is the voice of the South African aluminium industry.
VISIT SHOWROOM
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
