TIDMJLP
RNS Number : 1331F
Jubilee Metals Group PLC
11 July 2019
Jubilee Metals Group PLC
Registration number (4459850)
AltX share code: JBL
AIM share code: JLP
ISIN: GB0031852162
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
Jubilee Metals Group PLC
Projects Update
Jubilee Metals Group PLC ("Jubilee" or the "Company"), the AIM
and AltX traded metals processing company, is pleased to provide an
update on its various projects in South Africa and Zambia,
including confirmation of completion of the acquisition of the
Sable Zinc Kabwe refinery in Zambia.
Highlights
-- All conditions precedent for the acquisition of the Sable
Zinc Kabwe refinery have been fulfilled with final competition
commissioning approval received for the transaction from the
Zambian Competition and Consumer Protection Commission
("ZCCPC")
-- Circuit upgrades ready to commence integration with the Sable
Zinc Kabwe refinery to process lead, zinc and vanadium
-- Commissioning of Eland Platinum's recovery plant ("Eland
Plant") is progressing well, reaching flow stability on the
floatation circuit with the grinding circuit targeted to be
introduced into the circuit by mid-July 2019
-- Production of the first saleable PGM* concentrate at the
Eland Plant expected during August 2019
-- DCM fine chrome project continues to increase throughput
achieving production levels of 5,000 tonnes of on spec chrome
concentrate for June 2019
* 6 Element Platinum Group Metals including platinum, palladium,
rhodium, ruthenium, osmium and gold
Leon Coetzer, Jubilee Chief Executive Officer, says: "Jubilee
continues to demonstrate progress with the implementation of its
strategy to diversify earnings through both widening our existing
metals exposure with the implementation of additional projects as
well as expanding our geographic footprint with our Kabwe project
in Zambia.
"I am delighted that we have successfully achieved all
conditions precedent for the implementation of the Sable Zinc Kabwe
acquisition with the final approval from the ZCCPC being ratified
and completion formalised. With the design process near finalised,
this allows Jubilee to commence with the circuit upgrade and
expansion of the Sable Zinc Kabwe refinery for the processing of
the Kabwe tailings to produce zinc, vanadium and lead. The first
phase of the project targets the production of Vanadium Pentoxide
(V2O5) and a zinc concentrate with phase two bringing the zinc
metal refining step and lead concentrate online.
"The PlatCro PGM project, which has the potential to add 30,000
ounces per annum of PGM production to our existing 30,000 ounces,
has reached its first phase commissioning targets achieving stable
flow rates through the Eland PGM Plant. The next commissioning
target is to bring online the grinding circuit set for mid-July
2019. We expect to achieve saleable PGM concentrates during August
2019.
"Our ground-breaking DCM Fine Chrome project continues to
deliver on expectation producing in excess of 5,000 tonnes of
chrome concentrate during the month of June 2019. With this
success, we now target to integrate the fine chrome solution into
our other operations. "
Kabwe zinc, vanadium and lead project - Zambia
As previously announced on 5 June 2019, the completion of the
acquisition of Sable Zinc Kabwe refinery in Zambia (the
"Acquisition") from Glencore PLC ("Glencore"), was conditional upon
the fulfilment of certain conditions precedent ("CPs") as contained
in the share purchase agreement, of which approval for ratification
from the ZCCPC remained the only outstanding CP.
Jubilee is pleased to announce that the ZCCPC has granted final
authorisation for the Acquisition with both Jubilee and Glencore
acknowledging that all CPs to the Acquisition have been satisfied.
The final administrative process for the Sable Zinc Kabwe refinery
handover and share transfer has commenced with the parties agreeing
to target completion by the end of July 2019.
Having already progressed the project with the finalisation of
the detail process design, Jubilee's engineers are ready to
commence the process upgrade to integrate the Kabwe Tailings
project. The project targets to integrate the process over two
phases with the first phase targeting the production of vanadium
pentoxide (V2O5) and an intermediate saleable zinc concentrate,
while phase two is targeting production of refined zinc and a lead
concentrate. Phase one implementation is expected to deliver its
first production within four months of taking effective control of
the Sable Zinc refinery.
During the integration of the new process for phase one of the
project, Jubilee intends to commence production of copper from the
Sable Zinc Kabwe refinery utilising the existing refinery
infrastructure. This affords Jubilee the opportunity to maintain
both the sulfuric acid plant as well as the copper refinery circuit
in production while integrating the new circuit required for the
vanadium and zinc refining.
PlatCro PGM project - (South Africa)
The PlatCro PGM project has achieved its first phase
commissioning targets by reaching stable flow rates through the
Eland PGM Plant. It is expected that that the grinding circuit will
be brought online by mid-July 2019 with saleable PGM concentrates
achieved during August 2019.
The PlatCro PGM project holds the potential to add a further
30,000 ounces per annum of PGM production, which doubles Jubilee's
current 30,000 ounces per annum of PGM capacity.
DCM operation - chrome (South Africa)
Jubilee's ground breaking DCM fine chrome recovery plant,
constructed during Q4 2018, has continued to successfully increase
its production in-line with expectations achieving the production
of 5,000 tonnes of chrome concentrate during the month of June
2019. Jubilee intends to integrate the fine chrome recovery process
into its remaining chrome operations. The fine chrome recovery
circuit targeted 25,000 tonnes of chrome processing per month, and
already achieved close on 25,000 tonnes for the month of June
2019.
10 July 2019
**ENDS**
For further information visit www.jubileemetalsgroup.com or
contact:
Jubilee Metals Group PLC
Colin Bird/Leon Coetzer
Tel +44 (0) 20 7584 2155 / Tel +27 (0) 11 465 1913
Nominated Adviser - SPARK Advisory Partners Limited
Andrew Emmott/Vassil Kirtchev
Tel: +44 (0) 203 368 3555
Broker - Shard Capital Partners LLP
Damon Heath/Erik Woolgar
Tel +44 (0) 20 7 186 9900
JSE Sponsor - Sasfin Capital (a member of the Sasfin group)
Sharon Owens
Tel +27 (0) 11 809 7500
PR & IR Adviser - St Brides Partners Limited
Catherine Leftley/Juliet Earl
Tel +44 (0)20 7236 1177
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END
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