Jubilee Platinum, the AIM/AltX-listed mine-to-metals company, has commenced with construction of its first surface processing plant.
The company is due to commission the front end of the new processing facility, which includes the classification and chrome beneficiation section by 31 January 2016.
“The company successfully ran an extensive production scale beneficiation trial of approximately 4 000 t of the platinum containing surface material which confirmed the design basis of the targeted platinum processing project,” says CEO Louis Coetzer.
“On the back of this successful trial, Jubilee concluded to place firm orders for the manufacturing and delivery of the processing equipment. [We are] excited to take this next step towards delivering two operational platinum surface processing projects within the near term.”
The plant will target processing 30 000 tpm of platinum-containing surface material. “Together, the company’s two platinum surface processing projects target a combined processing of 80 000 tpm of tailings with an estimated production of 42 000 ounces PGM per year in concentrate.”
The ASA Processing of Tailings Dam Agreement set in place for the project further enhances and expedites the projected profitability, as both the platinum containing concentrate as well as the chrome concentrate will now contribute to the overall profitability of the project.
Jubilee projects that it will be able to commission the initial processing step of the overall platinum processing project up to five months earlier than first anticipated, thereby resulting in earlier-than-planned cash flows from this first of the two projects.
The total projected capital for the completion of the project is estimated at £4.9 million (or R 105 million) of which £1.1 million (R 23.6 million) has been committed towards the construction and commissioning of the initial processing step.