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Jubilee continues ramp-up at Hernic project

By BFN News | 09:18 AM | Tuesday 09 May, 2017


Jubilee Platinum has continued to ramp up production at Hernic project and expected to reach full design capacity of 45 000 tonnes per month of feed material by June. Jubilee issued an update on Hernic along with the Dilokong chrome mine platinum and chrome tailings operation; the PlatCro platinum and chrome tailings project; the Resilience Mining Australia copper tailings project and the Tjate developing mine project. Chief executive Leon Coetzer said he was very pleased with the progress being made in all aspects of the company's performance including project build, operations and new business development. He said: "I am particularly gratified with the way our team tackled the Hernic project, which was delivered on time and budget. "The scale of the Hernic project represents a real challenge as a small developing company and the outcome demonstrates our readiness to embark on other similar size or larger projects. "The commissioning and ramp-up of the Hernic chromite and platinum recovery plant has shown great progress reaching 74% of designed throughput. We look forward to ramping up production to full capacity over the coming weeks as we bring on-line the final processing unit which is the hydraulic mining of the feed material. "Already the platinum and chrome processing plants have met the commercial specifications for both the platinum and chrome concentrates produced. "The DCM project is again producing back at its previous levels following the commissioning of the expanded tailings storage facility for the enriched platinum material. "Our new PlatCro PGM project has advanced with the first upfront payment being made for the PGM' related royalties. "The payment secures Jubilee the sole right to future earnings from the platinum-bearing material. "The final payment will fall due once regulatory approval is received to commence processing of the platinum-bearing material. "Our due diligence of the Australian-based surface copper project is concluding soon with final review of the schedule bulk trials under way. "The project offers the potential of a rapid project start-up to commence producing copper from at and near surface resources, leveraging off Jubilee's processing expertise. "The significant milestone reached with the Tjate platinum project continues to demonstrate our aggressive pursuit to continuously advance the Company's mission of a Mines to Metals Company while growing shareholder value. "The project scope and linked mine work program for the Tjate project is being updated which will define the development strategy for the project. "Our new business development is advancing at an encouraging pace and we are confident that we can make further acquisitions to complement our existing projects and extend our brand and capabilities into other global surface projects." At 9:18am: (LON:JLP) Jubilee Platinum PLC share price was -0.03p at 4.48p Story provided by StockMarketWire.com

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