Business
Voluntary update on the Binding MOU on Acquisition
Voluntary update on the Binding MOU on Acquisition.
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n \nRNS Number : 7202E Jubilee Platinum PLC 12 April 2011 \n \n\n \nAIM: JLP\nJSE: JBL\nRegistration number: 4459850\nISIN: GB0031852162\n \n \nJubilee Platinum plc\n(\"Jubilee\" or the \"Company\")\n \nVoluntary update on the Binding MOU on Acquisition of Target Company\n \n\nHighlights\n \n· Jubilee secures near term platinum concentrate for its Middelburg smelter facilities through the acquisition of Chemstof (Pty) Ltd (\"Chemstof\")\n \n· The acquisition includes a majority interest in Chemstof and all associated subsidiaries \n \n· Chemstof subsidiaries includes near surface platinum containing chromitite reefs, an operating chrome ore beneficiation plant producing saleable chrome concentrate and an estimated 500 000 tons platinum-rich surface stockpile\n \n· Jubilee is to construct a platinum concentrator to beneficiate PGE's from the surface stockpile and current platinum containing tailings from the chrome beneficiation plant\n \nThe Board of Jubilee, the AIM traded and JSE quoted platinum mine to metal specialist, is pleased to announce further details on the binding Memorandum of Understanding (\"MOU\"), announced on 5 April 2011, for the acquisition of an operating company that treats near-surface chrome ore bodies containing platinum group elements (\"PGE\").\n \nUnder the MOU Jubilee is purchasing majority interests in Chemstof and Chemstof's associated companies (\"Chemstof Group\"), which include an operating chrome ore beneficiation plant, prospecting, mining rights to near surface platinum containing chromitite reef and the rights to the 500,000 tons surface stockpile. \n \nThe Chemstof Group has a 500,000 tons surface stockpile of PGE-rich chrome ore tailings, containing potentially in excess of 40,000 ounces of PGEs. The Chemstof Group operates a 70,000 tons per month capacity chrome ore beneficiation plant producing a chromite concentrate for the chrome industry while continuing to deposit PGE-bearing chrome ore tailings onto the current surface stockpile. Additionally, the Chemstof Group holds the mining rights to a small open pit operation on MG (Middle Group) chromitite reefs and prospecting rights for ground which is prospective for UG...