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Jubilee platinum tailings agreement

By BFN News | 08:48 AM | Friday 17 March, 2017


Mine-to-Metals specialist Jubilee Platinum has executed a framework and processing of tailings agreement with PlatCro Proprietary Limited. Jubilee said it had acquired rights to 1.25 million tonnes of new platinum-bearing surface material at estimated grade of 2.7 g/t 4E PGMs (platinum, palladium, rhodium and gold) as well as all future platinum bearing material processed at the PlatCro. Existing surface material is estimated to be 1.25 million tonnes at an estimated grade of 2.7 g/t 4E PGMs. Jubilee said the acquisition was targeted to add 14 000 oz PGMs annually to its existing PGM production from tailings and 3rd ore and placed the company's production trajectory at stable operations at 50 000 oz PGMs per annum with no exposure to deep level mining. Jubilee said it would acquire PlatCro's existing surface material for a total consideration of £3.13 per tonne of surface material remaining after the on-going further recovery of chromite from the surface material by PlatCro. Chief executive Leon Coetzer said: "I am particularly pleased with this acquisition which together with our existing platinum and chrome projects demonstrates that our long-term efforts are accruing credibility within our industry and adding to shareholder value. "At stable operations the combined projected output from our projects is now targeting 50 000 oz PGMs per year from tailings resources, which do not attract the burden and risk of hard rock mining. "Our object is to process the material in the short-term and utilise the cash flow from these operations to further advance our mission. "We continue to aggressively pursue further similar opportunities." At 8:48am: (LON:JLP) Jubilee Platinum PLC share price was -0.4p at 5.33p Story provided by StockMarketWire.com

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