Business
Joint Venture
Joint Venture.
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n RNS Number : 3814H Jubilee Platinum PLC 04 November 2008 \n \n\n04 November 2008\n \nAIM: JLP\nJSE: JBL\n\nRegistration number: 4459850\nISIN: GB0031852162 \n\n \nJubilee Platinum Plc \n ('Jubilee' or 'the Company')\n\nJubilee enters into a Joint Venture ('JV') with Benhaus Mining (Pty) Ltd\n\n\nJubilee, the AIM quoted and JSE listed mining exploration and development Company is pleased to announce a strategic alliance between Jubilee's 65% owned subsidiary Maude Mining and Exploration (Pty) Ltd ('Maude') and Benhaus Mining (Pty) Ltd ('Benhaus') in the form of an unincorporated joint venture ('JV') in respect of farms located in the western limb of the Bushveld complex.\n\nMaude will hold a 54.5% stake and Benhaus a 45.5% stake in the JV. Benhaus will vest all its Chrome and PGM rights on portions 22 and 23 of the farm Elandsdrift 497JQ ('Elansdrift') and Maude will vest all its Chrome and PGM rights on the farm Elandsdrift and its PGM rights on the farm Bokfontein 448jQ into the JV. The two farms are located in the western limb of the Bushveld complex. The JV will establish operations on the surface expressions of the chrome ores while establishing facilities to extract the PGM's from the tailings. \n\nThe initial work will focus on metallurgical testwork, plant design and financial modelling to construct a tailings re-treatment plant. The JV presents the opportunity for both primary mining for chrome coupled with tailings re-treatment for PGM's. In the short term, studies will be undertaken following which a decision will be taken whether to progress the projects.\n\nColin Bird, Chief Executive of Jubilee comments, 'We are particularly pleased to have entered i...