Jubilee Platinum (JLP:AIM)
First delivery of chromite concentrate product targeted within the next 2 weeks, after integrating the Recovery Plant into Hernic’s current operations. The tailings from the Chromite Recovery Plant forms the feed to the PGM Recovery Plant. The integration of the two circuits will commence during February 2017. The PGM benefaction plant is expected to process 55,000 tons per month at full production; making it the largest of its kind, in South Africa. Project capital expenditure from commencement to commissioning will be £10m or 85% of the projected total capex, which is in line with targeted milestones. The recovery plants will consist of 71 unit processes operated through 108 control loops supporting material transfer systems totalling 7.10km.
Leon Coetzer, CEO commented: “We are excited with the progress as we complete the testing and commissioning of our Hernic project. The complexity of bringing such a large project into operation has been well managed through a disciplined commissioning program and the support of our contracted engineering and project management partners. ”
Jubilee also received notification from a warrant holder to exercise 10,550,581 existing warrants at a price of 3.23p for an aggregate cash value of £340,784. After the warrant issue the company’s issued capital will be 1,033,285,942 ordinary shares.