Jubilee Platinum’s surface projects are progressing rapidly

Jubilee Platinum Plc has secured additional interim funding to ensure that current business development activities and the platinum surface processing projects continue to operate at optimum levels. 

The platinum surface projects continue to progress with the design phase having been executed and the principal engineering companies being appointed. The Company reported that progress made in project engineering has accelerated the execution programme, therefore bringing forward the deadline for the required final execution engineering drawings and possible order placement of long lead items. 

The target for the platinum surface project is an estimated 4.4 million tonnes of platinum containing surface material. Furthermore current arisings are deposited onto the surface material at an estimated rate of 27 000 tonnes per month.  Jubilee Platinum is considering the construction of two chrome and platinum group metals processing plants with the capacity of processing surface material at a combined rate of 80 000 tonnes per month. 

The Company was able to complete a placing of 37 500 000 new ordinary shares of 1 pence each at a price of 1.60 pence to raise approximately GBP 600 000. An application has been submitted for the shares to be admitted for trading on AIM and to be listed on the AltX. 

The Board is currently considering funds received from various financial institutions as well as the potential sale of the Company’s non-platinum operational assets.

Chief Executive Officer of Jubilee Platinum, Leon Coetzer, commented, “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.”

Jubilee Platinum is an JSE and AIM listed exploration and development company with platinum and power operations in South Africa as well as nickel, iron and copper interests in Madagascar.