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EPIC: JLP
Market: AIM
52-week High/Low: 3.88p / 2.68p
Sector: General Mining - Platinum Group Metals
Market Cap: 36.14M
Phone: +44 (0)20 7584 2155
Address: 4th Floor, 2 Cromwell Place, London SW7 2JE.
Website: www.jubileeplatinum.com
Jubilee Platinum PLC

Jubilee Platinum PLC

Jubilee Platinum plc is a platinum focused mining and exploration company with world-class platinum assets. The Company’s exclusive rights to a unique process for the smelting of high chrome-bearing platinum concentrates gives the Company a strategic competitive edge over its peers. Jubilee’s shares are traded on the AIM Market of the London Stock Exchange and the JSE Limited

Jubilee Platinum PLC

www.jubileeplatinum.com

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Big picture - Why invest in Jubilee Platinum PLC


Jubilee Platinum PLC Snapshot

Jubilee Platinum plc is a mining exploration and development company with a primary focus on platinum group elements (PGE). Jubilee also has various operational exposures to ferroalloys and chromite. Through recent acquisitions, the Company has added PGE and ferroalloy smelting and refining to its capability.

Jubilee’s corporate mission in the metals industry is straightforward. The Company aims to create an integrated mine-to-metals company with a primary focus on platinum. This mission is based on modern and thoroughly-proven smelting technology to process the Company’s own and other’s high-chrome PGE concentrates and, importantly, to improve mining environments by reprocessing mine tailings dumped by other miners.

The Company’s prime asset in South Africa is the Tjate platinum project, in which it has a 63% beneficial interest. The project’s exploration area is judged to host the world’s largest undeveloped block of defined platinum ore, covering some 5,140 hectares to a potential target of some 65 million oz (41 million oz attributable) of PGEs and gold, net of geological losses.

Tjate Platinum Corporation (Pty) Ltd (Tjate), received a formal offer from a major mining company to acquire the Quartzhill farm portion of its Tjate Platinum Project for ZAR75 million (c.£5.95 million at current exchange rates) in cash.

In October 2009, Jubilee acquired Braemore Resources plc, which holds an exclusive licence to the ConRoast process for the smelting of high chrome-bearing PGE concentrates and has acquired extensive process development expertise. Jubilee’s first goal is to complete the establishment of commercial ConRoast operations to recover platinum group metals from difficult-to-treat concentrates, residues and tailings.

To this end the Company has letter of intent from Northam Platinum Ltd (Northam) to sole fund and establish a commercial ConRoast plant at its mine operations. Jubilee will have proportional rights to smelt its own platinum concentrates in the plant at no charge. A one-off upfront fee is payable by Northam for the right to use the ConRoast process.

Jubilee has been awarded the right to recover PGEs contained in the dumped and current tailings (Tailings) of the Dilokong Chrome Mine (DCM) in the eastern Bushveld. In this regard, the Company has concluded a formal agreement, with Corridor Mining Resources (Pty) Ltd, who holds the PGE mining rights. The Tailings, which are estimated at 800,000 tonnes, are believed to assay between 3.5 and 4.0 g/t PGEs and to contain between 90,000 and 100,000 ozs PGEs.

In Australia, Jubilee is evaluating the recovery of nickel from the tailings of the Leinster mine in Western Australia. The Company has rights through a tailings supply agreement with BHP-Billiton (BHPB) to test and, if appropriate, to process the nickel tailings from BHPB’s Leinster mine and conditionally thereafter, from its Kambalda and Mount Keith operations.

In Madagascar, the Company’s main asset is the nickel-copper-PGE Ambodilafa project located 160km south east of the capital Antananarivo. The project area also includes a 6 km long high intensity aeromagnetic anomaly related to iron ore, which has been sampled in outcrop. The Company has entered into a Farm-In-Agreement on this prospect with Australian incorporated (unlisted) Indian Pacific Resources Limited (IPR). Under the terms of the agreement IPR can earn in up to a 90% interest with the Company having participation rights. Iron ore is not focal to the Company’s operations.

Jubilee is dedicated to sustainable and socially responsible development and, as a company, ensures its projects adhere to the highest environmental standards. The Company is also a firm proponent for the role of foreign direct investment as a key form of social development in developing African countries.

 

 

Tjate

 

Jubilee’s 63%-owned Tjate project on the eastern limb of the Bushveld Complex is independently judged to contain the world’s largest undeveloped defined block of platinum ore. The property covers 5,140 hectares on three farms and the area has been independently judged to contain a potential net 65 million ounces of platinum group elements (PGEs) and gold. This represents the resource targeted by future exploratory drilling.

For more information please click here

 

ConRoast

 

Jubilee’s unique access to the ConRoast process enables Jubilee to unlock the inherent PGE (platinum group element) values in the traditional chrome ores via the extraction of PGEs and chrome from near- or at-surface platinum containing chrome reefs. These ores were traditionally only mined for its in-situ chrome with the PGEs either lost as part of the run-of-mine ore sale or trapped within the tailings from the chrome beneficiation process and deposited on surface. The ability of the ConRoast process to recover the PGEs from this chrome dominant ore structure affords Jubilee an unique opportunity to unlock the inherent PGE values. Jubilee’s medium-term plans envisage constructing PGE concentrator plants capable of producing up to 15 000oz of PGEs in concentrate annually and targeting growth to reach an annual production of 50 000oz of PGEs in concentrate within five years through access to near or at-surface platinum containing chromite reefs. The company has applied to the DMR for PGE mining rights to its Elandsdrift and Bokfontein chrome bearing farms near Brits in the western limb of the Bushveld Igneous Complex (BIC). The Company also, has applied for the PGE and chrome prospecting rights to 69 other farms in the area.

For more information please click here

 

 

PGE (platinum group elements)-bearing mined chromite tailings and dumps

Jubilee (the "Company") is implementing a near- to medium-term strategy to capitalise on its unique processing ability ("ConRoast" ) to smelt high chrome-containing platinum (PGE) concentrates. To this end, Jubilee through its various subsidiaries has:

entered into a Treatment of Tailings Agreement with Corridor Mining Resources (Pty) Ltd and an Access agreement with ASA Metals (Pty) Ltd' (ASA) for the right to recover PGE's contained in an estimated 1.1 million tonnes (January 2015) of PGE-bearing chrome tailings from ASA's Dilokong Chrome Mine tailings dump in the eastern limb of the Bushveld igneous Complex;
entered into a Heads of Agreement (HoA) with Hernic Ferrochrome Proprietary Limited ("Hernic") (19 January 2015), for the beneficiation of chrome and PGEs from its surface tailings. In terms of the HoA, Hernic, the world's 4th largest integrated ferrochrome producer has targeted to appoint Jubilee as the exclusive party to beneficiate its PGE-bearing chrome tailings. The HoA facilitates the processing of approximately 1.7 million tonnes of tailings, which have been fully drilled and assayed for chrome and PGE content to produce a SAMREC compliant resource statement, and of which approximately 90% is classified within the measured category. In addition to this SAMREC compliant resource, Hernic has identified a further 1.6 million tonnes (Hernic estimate) of at-surface secondary stocks, which through additional drilling could augment the current SAMREC resource to a total 3 million tonnes;
secured the funding for the detail design and engineering for both its chrome and PGM's surface processing operations, in order to allow the construction of the beneficiation processing plants (concentrators) at both Hernic and ASA . The detail design and engineering studies are expected to be completed by April 2015; and
targeted project funding for the construction of both PGE tailings processing projects and in the interim, engaged with targeted financial institutions while the detail design and engineering studies are completed.
Jubilee is targeting to commence, in H1, 2016, processing of up tp 85,000 tonnes tailings per month from Hernic and ASA to produce an estimated 3,000 oz of 3PGE+Au (

 

PGM containing chrome reefs

 

Jubilee’s unique access to the ConRoast process enables Jubilee to unlock the inherent PGE (platinum group element) values in the traditional chrome ores via the extraction of PGEs and chrome from near- or at-surface platinum containing chrome reefs. These ores were traditionally only mined for its in-situ chrome with the PGEs either lost as part of the run-of-mine ore sale or trapped within the tailings from the chrome beneficiation process and deposited on surface. The ability of the ConRoast process to recover the PGEs from this chrome dominant ore structure affords Jubilee an unique opportunity to unlock the inherent PGE values. Jubilee’s medium-term plans envisage constructing PGE concentrator plants capable of producing up to 15 000oz of PGEs in concentrate annually and targeting growth to reach an annual production of 50 000oz of PGEs in concentrate within five years through access to near or at-surface platinum containing chromite reefs. The company has applied to the DMR for PGE mining rights to its Elandsdrift and Bokfontein chrome bearing farms near Brits in the western limb of the Bushveld Igneous Complex (BIC). The Company also, has applied for the PGE and chrome prospecting rights to 69 other farms in the area.

For more information please click here

 

Australian Nickel

 

The Australian strategy is founded on the reclamation and processing of large tonnages of nickel sulphide tailings at the Leinster nickel tailings property in Western Australia. The Company has the right to access the tailings through a tailing supply agreement (TSA) with the owners, BHP Billiton. The Company has the potential to access other similar tailings depending inter alia on the viability, independently assessed, of the Leinster tailings for development.

For more information please click here

 

 

Madagascar

 

The Company’s Ambodilafa project in Madagascar forms part of the Vohipaha ultramafic/mafic complex and is an arcuate layered mafic-ultramafic intrusion. The prospect area covers some 98km2 and is located 160km south east of the capital. Access is by way of a 90km road from the eastern coastal port of Nosy Varik.

For more information please click here

 

PROSPECTS

 

South Africa

 

Maude Mining & Exploration

 

Maude Mining & Exploration, Jubilee’s 91% owned South African subsidiary, has had its application for new order Mining Rights accepted by the Department of Mineral Resources on various portions of the farms Bokfontein JQ448 and Elandsdrift JQ467 and the chrome rights to one portion on Elandsdrift in the western Bushveld Complex. These two properties are located to the west of the town of Brits and cover in total some 600 hectares.

 

Earlier exploratory shallow drilling identified the UG1 low-PGE bearing chromitite reef on Bokfontein but did not find a similar shallow chromitite layer at its first line of drilling along dip on Elandsfontein.

 

Following a recent review of the strategic value of the properties, Jubilee has entered into informal discussions with other entities in the area that hold the chrome mining rights on these properties with a view to exploiting the PGEs present in both the chromite ore and the waste arising from their mining and processing of the chromite.

 

Braemore Platinum Resources

 

Braemore Platinum Resources (Pty Ltd) (BRR) (a subsidiary of Jubilee) has applied for the prospecting rights to both PGE and chrome containing reefs on 69 farms in the western Bushveld Igneous Complex. The majority of the farms are located near the town of Brits located in the western BIC. BRR is a Black Empowered entity (BEE) with the BEE entity, Sub Sahara Resources (Pty) Ltd, holding 51% and Jubilee 49% interest in the company.

Colin Bird - Non-executive Chairman

Colin is a Fellow of the Institute of Materials, Minerals and Mining and a UK Chartered Engineer. He has extensive coal mining experience in Zambia, South Africa, the UK, Venezuela and Spain, in addition to his involvement in the management of nickel, copper, gold and other diverse mineral operations. On 1 August 2010 Colin relinquished his position as Chief Executive Officer of Jubilee and was appointed Non-executive Chairman of the Company.

 

Dr Mathews Phosa - Non-executive Deputy Chairman

Dr Phosa, an attorney by profession, was one of the first four members of the African National Congress (ANC) to return to South Africa in 1990 from exile to progress negotiations on the change to majority rule with the then ruling National Party. Dr Phosa is a former Premier of Mpumalanga, and currently serves on the national Executive Committee of the ANC, is Treasurer General of the ANC and holds chairman, vice-chairman and board member positions for over 10 prominent companies and organisations. Dr Phosa plays a vital role in realising companies’ business strategies, particularly with regards to the integration of previously-disadvantaged persons into the economic framework of South African businesses.

 

Leon Coetzer - Chief Executive Officer

Leon is a qualified chemical engineer. He joined Jubilee in August 2009 as Managing Director Refining and Smelting from Braemore Resources, where he was CEO. He has previously worked for 20-years with mining companies in the Anglo American group, including 16 years with Anglo Platinum. His last position at Anglo Platinum was as Head of Process Control and Instrumentation, and he was a member of the Executive Process Committee, the Research and Development Council, and advisor to the asset optimisation initiative at Anglo Platinum. He is a member of the South African Institute of Mining and Metallurgy and of the South African Institute of Directors. In 2010 Leon relinquished his former position at Jubilee and was appointed Chief Executive Officer.

 

Andrew Sarosi - Executive Director

Andrew is a mineral processing engineer and consultant with 35 years’ experience in developing, managing, commissioning and troubleshooting in gold and silver ore, tungsten, tin, copper and zinc ore processing plants in Saudi Arabia, Ethiopia, South Africa and the United Kingdom. He is currently a consultant to the mineral resources industry and an advisor to Lion Mining Finance Limited. Andrew has previously been employed by Gold Fields, Amax Hemerdon, and Mackay and Schnellmann. Andrew joined Jubilee in 2002 and became an Executive Director in 2010.

 

Christopher Molefe - Non-executive Director

Christopher is the former Chief Executive Officer of Royal Bafokeng Resources and is currently the Non- executive Chairman of Merafe Resources and a Non-executive Director of Capital Oil, both in South Africa. He has held several positions in corporate banking and industry for the past 20 years, including Manager of Corporate Affairs at Mobil Oil Southern Africa. Christopher joined the Jubilee Board September 2004.

Johannesburg

7 Einstein Street,

Highveld Techno Park

Centurion

0157

Tel: +27 11 465 1913

Fax: +27 11 465 1895

[email protected]

 

London

Fourth floor

2 Cromwell Place

London

SW7 2JE

Tel:  +44 (0) 20 7584 2155

Fax: +44 (0) 20 7589 7806

[email protected]

 

Company Secretary

Capita Company Secretarial Services
40 Dukes Places
London
EC3A 7NH

Nominated Adviser (AIM listing)

SPARK Advisory Partners Limited
5 St John’s Lane
London EC1M 4BH
Tel: +44 (0)203 368 3550

Broker

Beaufort Securities Limited
Elliot Hance / Jon Belliss
131 Finsbury Pavement
London EC2A 1NT

Solicitor

Fladgate LLP
16 Great Queen Street
London WC2B 5DG

AJH Attorneys
Ground floor, Kingston House,
Hampton Park
20 Georgian Cresent East,
Bryanston,
South Africa 2152

Auditors

Saffery Champness
Lion House
Red Lion Street
London
WC1R 4GB
United Kingdom

NEXIA SAB&T
119 Witch-Hazel Avenue
Highveld Technopark
Centurion
South Africa

Financial Public Relations

Shard Capital Partners LLP
23rd Floor
20 Fenchurch Street
London
EC3M 3BY

Sponsor (JSE listing)

Sasfin Capital
Sharon Owens/Leonard Eiser - Corporate Finance
29 Scott Street,
Waverley, Johannesburg
South Africa 2090

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