Jubilee Platinum, the AIM and AltX-listed mine-to-metals company, announced on Tuesday that it has secured further interim funding to the tune of R11.1 million to ensure that it can continue its platinum surface processing projects in South Africa.
The company did so through a placing of 37.5 new ordinary shares at a price of R29.60 per share.
Jubilee said in a statement that its platinum surface projects are “rapidly progressing”, with the design phase having already been executed and the principal engineering appointed.
Progress made in project engineering has accelerated the execution program, bringing forward the requirement for final execution engineering drawings and potential order placement of long lead items.
The indicative project funding terms received from various financial institutions are currently being considered by the Company’s board, as is the potential sale of the Company’s non-platinum operational assets.
‘’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,” says Jubilee CEO Leon Coetzer.
Jubilee’s platinum surface projects target the processing of an estimated 4.4 million tons of platinum containing surface material, while further current arisings are deposited onto the surface material at an estimated rate of 27 000 tpm.
The company has targeted the construction of two chrome and platinum group metals processing plants capable of processing the surface material at a combined rate of 80 000 tpm.