Jubilee Platinum raises R11m to fund surface projects

26th May 2015 By: Natalie Greve - Creamer Media Contributing Editor Online

JOHANNESBURG (miningweekly.com) – Dual-listed Jubilee Platinum has completed a placing of 37.5-million new ordinary shares at a price of 1.6p apiece to raise some R11.1-million to fund the continued development of its surface platinum processing projects in South Africa.

The company said in a statement on Tuesday that its surface projects were developing “rapidly”, with the design phase executed and principal engineering firms appointed.

Progress made in project engineering had accelerated the execution programme, bringing forward the requirement for final execution engineering drawings and the potential order placement of long-lead items. 

The indicative project funding terms received from various financial institutions were currently being considered by the company’s board, as was the potential sale of the company’s nonplatinum operational assets.

“I am delighted with the progress made on our platinum surface processing projects and I am looking forward to the execution phase ahead and delivering the company’s transformational projects,” commented CEO Leon Coetzer.

The projects targetted the combined processing of an estimated 4.4-million tons of platinum-containing surface material, while further current arisings were deposited onto the surface material at an estimated rate of 27 000 t/m.

The company had targeted the construction of two chrome and platinum group metals processing plants capable of processing the surface material at a combined rate of 80 000 t/m.