Surface Mining
Advertisement




Advertisement




Advertisement




Advertisement




Advertisement




Advertisement




Advertisement




Jubilee Metals Group Acquires PlatCro Chrome Operation, South Africa

Published: December 11, 2018 |

[Click image to enlarge]

Jubilee Metals Group PLC is acquiring rights to all the chrome at the PlatCro project in South Africa, where it already controls the platinum group elements.

The operation is already in production and is currently processing 75,000 tonnes of ore per month from a resource base of over 1.8mln tonnes.

It will more than double Jubilee’s existing chrome processing capacity

The consideration is £8.6 million.

“This transaction repositions Jubilee in the chrome/platinum arena in South Africa,” said Chief Executive Leon Coetzer.

“Our integrated processing hub offers leading processing access to the various independent mines free of the capital and regulatory burden associated with own build. With the integration of our PlatCro PGM project, we anticipate the processing of 65 000 tonnes of PGM rich materials and 80,000 tonnes of chrome materials per month of processing capacity.”

The PlatCro chrome operation currently achieves annual earnings from chrome alone in excess of US$5.5mln before the contribution of PGMs, and will add further strength to Jubilee’s ever-expanding revenue stream.

“I am particularly pleased that this acquisition has been enabled by our current cash and project finance, with minimal dilution to our shareholders,” added Coetzer.

The project will be funded via secured project financing to the value of US$6mln, a cash payment of US$2.83mln, and the issue of just over 52mln new Jubilee shares at a price of 2.5p.

Source:  Proactive Investors


About Jubilee Metals Group
Jubilee Metals Group Plc is a diversified metals recovery company with a focus on reprocessing of historical surface mine waste and materials. The Company has secured surface platinum-bearing tailings to recover PGMs and chromite, lead, zinc and vanadium bearing tailings in Zambia and holds the mining right (granted March 2017) to a primary PGM project in the Eastern Bushveld complex.

Jubilee’s shares are traded on the AIM Market of the London Stock Exchange and the South African Alt-X of JSE Limited.

To stop by Jubiliee’s website, CLICK HERE


Be in-the-know when you’re on-the-go!

FREE eNews delivery service to your email twice-weekly. With a focus on lead-driven news, our news service will help you develop new business contacts on an on-going basis.
CLICK HERE to register your email address.

Advertisement




Advertisement




Advertisement




Advertisement




Advertisement




Advertisement




Advertisement