Business
Execution of Platinum Tailings Agreement
Execution of Platinum Tailings Agreement.
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n \nRNS Number : 7809Z Jubilee Platinum PLC 17 March 2017 \n\nJubilee Platinum PLC\nRegistration number (4459850)\nAltX share code: JBL\nAIM share code: JLP\nISIN: GB0031852162\n(\"Jubilee\" or \"Company\")\n \nExecution of Platinum Tailings Agreement\nEquity Financing\n \nHighlights\n· Jubilee acquires rights to 1.25 million tonnes of new platinum-bearing surface material at estimated grade of 2.7 g/t 4E PGMs (platinum, palladium, rhodium and gold) as well as all future platinum bearing material processed\n· The acquisition is targeted to add 14 000 oz PGMs annually to Jubilee's existing PGM production from tailings and 3rd ore\n· The acquisition places the Company's production trajectory at stable operations at 50 000 oz PGMs per annum with no exposure to deep level mining\n· New material processing rate targeted at 25 000 t/m \n· Projected PGM grade of new tailings is exceptional compared with other similar material \n· New tailings location within near trucking distance of Hernic Project's PGM processing plant but option is available to Jubilee to construct dedicated PGM plant adjacent to new material\n· Acquisition cost of £3.13 (ZAR 50) per tonne of upgraded platinum surface material remaining after the on-going further recovery of chromite\n· Financing for the acquisition secured via Placing. \n \n \nMine-to-Metals specialist Jubilee Platinum plc (AIM: JLP, AltX: JBL) is pleased to announce that it has executed a Framework and Processing of Tailings Agreement (\"the Agreement\") with PlatCro Proprietary Limited (\"PlatCro\"). The Agreement provides for the acquisition of the platinum, palladium, rhodium and gold (\"4E\"or \"PGMs\") contained in the existing surface material as well as all future material at the PlatCro. Existing surface material is estimated to be 1.25 million tonnes at an estimated grade of 2.7 g/t 4E PGMs. \n \nLeon Coetzer, Chief Executive Officer, says: \"I am particularly pleased with this acquisition which together with our existing platinum and chrome projects demonstrates that our long-term efforts ar...