Jubilee Platinum
Jubilee Platinum plc (the “Company”) is a mining exploration and development company with a focus on platinum group elements (PGE) and nickel/copper. The Company’s prime asset in South Africa is the Tjate project, in which it has a 63 % beneficial interest. The project covers some 5140 hectares and is downdip of existing Anglo Platinum’s Twickenham and Impala Platinum’s Marula operations. The project’s exploration area has been independently estimated to be a target for potentially some 65 million oz (41 million oz attributable) of PGEs (platinum group elements) and gold net of geological losses.
Jubilee is also looking to capitalise on the vast untapped mineral wealth of Madagascar, where it is exploring a number of nickel/copper/PGM projects, Londokomanana, Lavatrafo and Ambodilafa, the latter in joint venture with a major Impala Platinum Holdings (Implats) the second largest PGM producer in the world. Jubilee is dedicated to sustainable development and adhering to the highest environmental standards and is also a firm proponent for the role of foreign direct investment as a key form of social development in developing African countries.
Jubilee Platinum chairman Burne and CEO Bird buy more shares in company
Jubilee Platinum PLC (AIM: JLP; JSE: JBL) said its chairman Malcolm Burne and chief executive Colin Bird have acquired further shares in the company.
Bird bought a total of 92,237 shares for Rand 411,414 in several deals this week, while Burne acquired 50,000 shares for Rand 197,950 in one transaction.
On its website, Jubilee puts Bird’s holding in company shares as of June 30 32009 at 3,732,756, or a 3.15 percent stake, while Burne had 300,000 shares, or 0.25 percent of the capital.
Last week, Jubilee announced the plan of entering a strategic partnership with Sylvania Resources Ltd (AIM, ASX: SLV) to smelt Sylvania's platinum group metal (PGM) concentrates from its tailings retreatment projects that are not tied into other contracts using Jubilee’s ConRoast smelter in South Africa.
The ConRoast process, acquired by Jubilee through its acquisition in summer 2009 of Braemore Resources PLC, enables mining companies to treat currently large stockpiles of unviable converter slag and revert tailings and to receive PGMs not in concentrate but as a high grade PGM product suitable for final metal refining. The technique can process PGMs and base metals that contain high levels of chrome, which is a major issue for most smelters in South Africa who apply a penalty to concentrates containing it.
In a joint statement, the groups said the alliance will provide Sylvania with access to Jubilee's smelting experience and technology and allows Jubilee to benefit from Sylvania's secondary PGM recovery experience. It will allow processing chrome tailings and northern limb Plat Reef deposits for PGM concentrate previously considered uneconomic or challenged by conventional smelting routes.
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Other Jubilee Platinum news
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04/02/10 Jubilee Platinum and Sylvania Resources formalise ConRoast PGM smelting partnership, create 2 new JVs
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11/01/10 Jubilee Platinum appoints former Braemore CEO and chairman to the board
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23/12/09 Jubilee Platinum CEO Bird buys 185,000 more shares in company
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07/12/09 Jubilee Platinum successfully smelts Sylvania’s low grade platinum concentrate
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10/11/09 Jubilee Platinum says Prudential/M&G Investments increases stake to 14.28 pct
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02/11/09 Jubilee Platinum and Sylvania Resources in PGM tailings smelting alliance
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22/09/09 Jubilee Platinum issues shares to fund Braemore Resources obligations
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12/08/09 GE&CR raises stance on Jubilee Platinum to ‘strong buy’
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03/07/09 Jubilee Platinum stuns market with all share offer for Braemore Resources
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06/02/09 Jubilee Platinum finds significant gold anomalies at Ambodilafa