Jubilee Platinum PLC Jubilee Processing Operational Update (4418A)
June 07 2016 - 5:30AM
UK Regulatory
TIDMJLP
RNS Number : 4418A
Jubilee Platinum PLC
07 June 2016
Registration number (4459850)
AltX share code: JBL
AIM share code: JLP
ISIN: GB0031852162
7 June 2016
Jubilee Platinum PLC
("Jubilee" or "Company")
Jubilee Processing Operational Update
Mine-to-Metals specialist Jubilee Platinum plc (AIM: JLP, AltX:
JBL) is pleased to provide, on behalf of its subsidiary, Jubilee
Tailings Treatment Company Pty Ltd ("JTTC"), an operations
performance and financial update up to end May 2016; May being the
first full month's operation since commissioning of its chrome
recovery plant ("Chrome Plant") on its PGM-bearing tailings
processing project on the Dilokong Chrome mine ("DCM Tailings" or
"Project").
DCM Project Highlights
ü Sustainable Chrome Plant feed rate capacity reaches 75 tonnes
per hour (tph) exceeding design capacity by 50% (50tph)
ü 6 675 tonnes of chromite concentrate produced up to end of May
2016
ü Equivalent to ZAR 9.2 million (GBP 0.427 million) revenue
generated from chromite concentrate sales alone to end of May
2016
ü Equates to operational earnings at project level of
approximately ZAR 6.5 million (GBP 0.301 million)
ü Production target for June 2016 set at 6 500 tonnes of
chromite concentrate
ü Processing of 3(rd) party run-of-mine ore targeted to commence
soon offering the potential to increase chromite concentrate
production to more than 25 000 tonnes per month (tpm)
ü The enriched platinum containing material continues to be
stockpiled with an estimated earnings potential of ZAR 130 million
(GBP 6 million). Jubilee is in advanced discussions to conclude the
dedicated processing route of the platinum material.
Leon Coetzer says;
"The DCM Tailings team and Chrome Plant continue to outperform
the original design numbers as the Project starts to generate
revenues and earnings from chrome concentrate sales. The Project
continues to exceed the enrichment targets for platinum, increasing
the value of this stream and drawing the interest of a number of
established platinum producers looking to accelerate the production
of a saleable platinum product. We are working to implement the
platinum component of the Project and are reviewing the shortlisted
platinum processing options with a view to implement the platinum
component of the Project as soon as possible.
"We also continue to drive towards increasing the chrome
concentrate production rate as we look to commence processing of
platinum containing run of mine chrome reef from 3(rd) party mines.
The introduction of the 3(rd) party chrome reef with the chrome
tailings offers the potential to the Project to significantly
increase the chrome production rate to well in excess of 25 000
tons per month of saleable chrome concentrate.
"This exponential growth potential of the Project with its
associated earnings further ratifies Jubilee's decision to sell its
interest in the ferro-alloy smelting operation offering limited
growth and investing into the processing of platinum and
chrome.
"The construction of Jubilee's second platinum and chrome
tailings project targeting the processing of 55 000 tons per month
of feed material remains on schedule with both the platinum and
chrome plant targeting commissioning by the end 2016.
"We look forward to providing shareholders with continued
updates on the implementation of Jubilee's platinum and chrome
processing projects."
Contacts
Jubilee Platinum plc
Colin Bird/Leon Coetzer
Tel +44 (0) 20 7584 2155 / Tel +27 (0) 11 465 1913
Andrew Sarosi
Tel +44 (0)1752 221937
Nominated Adviser
SPARK Advisory Partners Limited
Sean Wyndham-Quin/Mark Brady
Tel: +44 (0)203 368 3555
Broker
Beaufort Securities Limited
Jon Belliss
Tel: +44 (0) 20 7382 8300
JSE Sponsor
Sasfin Capital, a division of Sasfin Bank Limited
Sharon Owens
Tel +27 (0)11 809 7500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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