Business
Relocation of chrome plant to maximise earnings
Relocation of chrome plant to maximise earnings.
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 3620N\n Jubilee Metals Group PLC\n 19 May 2020\n \n \n \n \n Jubilee Metals Group PLC\n \n \n Registration number (4459850)\n \n \n Altx share code: JBL\n \n \n AIM share code: JLP\n \n \n ISIN: GB0031852162\n \n \n (\"Jubilee\" or \"the Company\" or \"the Group\")\n \n \n \n \n \n \n \n \n \n \n \n \n Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).\n \n \n Not for release, publication or distribution in whole or in part in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction.\n \n \n \n \n \n \n Relocation of chrome plant to maximise earnings\n \n \n \n \n \n Jubilee Metals Group (\"Jubilee\" or the \"Company\"), the AIM and Altx traded metals processing company, wishes to provide an update relating to its fine chrome operation currently situated at the Dilokong Chrome Mine (\"DCM\") in South Africa. \n \n \n \n \n \n Following a review to further optimise Group earnings it was concluded that the leading fine chrome facility could contribute more significantly to earnings if implemented at the Company's much larger Inyoni or Windsor chrome operations. Currently all Jubilee's processing facilities are fully operational with the exclusion of DCM. DCM has further indicated that they have no immediate plans to restart mining operations.\n \n \n \n \n \n The potential roll-out of the fine chrome solution across Jubilee's operations has been impacted by current restrictions on the importing of goods and services as well as supply chain disruptions. With this in mind the Company has agreed terms with DCM under which the fine chrome operation will be terminated affording the Company the opportunity to immediately commence with the relocation of the facility to Jubilee's other significantly larger operations. The relocation process is targeted to be completed towards the end of August 2020 and is expected to significantly enhance Jubilee's chrome operational outputs. Key terms of the termination includes DCM contributing to the disassembling cost of the fine chrome facility and the Company committing to complete the disassembly before end of August 2020. The Company expects no material impact...