Leon Coetzer, CEO of Jubilee Platinum said: “We are pleased that the Tjate platinum project has received the mining right. The mining right is a major milestone in the development of the Tjate project and is in line with Jubilee’s mine-to-metals strategy.
“The mining right confirms the significant potential value the project offers to Tjate and contributes to the company’s resource portfolio. The timing of the mining right also coincides with the continued global recovery supporting the anticipated improvement in the platinum markets. The Tjate platinum project is one of the world’s largest undeveloped block of platinum and we look forward to unlock its full potential.”
Tjate platinum project now has the right to mine and process all platinum group metals, chrome, nickel, copper, gold and certain associated metals and minerals from the project mining area, subject to Tjate complying with the terms of the Mining Right and the requirements of the Mining Charter.
The Mining Right is significant not only to the Tjate platinum project and Jubilee, as largest shareholder, but also for South Africa’s mining industry as a whole and is a culmination of Tjate’s exploration on the Bushveld for the past 10 years.
Based on boreholes and mine resource and geological data, Jubilee Platinum believes an exploration target of some 368 Mt containing 70 million oz 6PGE+Au is possible for the three farms of the Tjate project.