JOHANNESBURG (miningweekly.com) – South Africa’s Department of Mineral Resources (DMR) has accepted dual-listed Jubilee Platinum subsidiary, the Tjate Platinum Corporation’s, mining right application for its 63%-owned Tjate platinum project.
Jubilee was now consulting with the DMR regarding the timing and deadlines for the submission of a scoping report and an environmental management programme to expedite site development.
“The acceptance of the mining right application for Tjate brings us one step closer to progressing the project, which has been independently appraised to contain a potential 70-million ounces of platinum-group metals (PGMs) and gold,” commented Jubilee CEO Leon Coetzer.
Meanwhile, Jubilee had made application to the Aim and the JSE to list in aggregate 12.7-million ordinary shares of 1p each, comprising 11.1-million ordinary shares, to Corridor Mining Resources (CMR).
The shares, which were being issued at the 30-day volume-weighted average price of R0.90, were in lieu of a R10-million payment under the terms of a treatment of tailings agreement with CMR in November for the right to recover PGMs contained in an estimated 800 000 t of Dilokong chromite mine tailings.
“This payment includes all future royalties payable to CMR for the next 18 months of operations, enabling the company to start processing of the Dilokong tailings,” Jubilee said in a statement.
“On that front, we are now in a position to start processing the Dilokong tailings and ramp up production over the coming months. We remain focused on creating a platinum company that combines strongly complementary assets,” added Coetzer.
In addition, Jubilee was planning to list a further 1.6-million ordinary shares to YA Global Master pursuant to a standby equity distribution agreement advance notice, dated September 24, for an equivalent amount of R1.3-million.
Following the listing and admission of the ordinary shares, which is expected to occur on or around October 7, the total issued share capital of the company would be 370-million shares.