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Jubilee Platinum jumps on sale of smelter

Published: 15:27 16 Sep 2015 BST

Platinumingot
Ownership will transfer on 30 September with final settlement on 9 October.

Jubilee Platinum (LON:JLP) has met the sale condtions for its Middelburg Smelter and 70% of power generator Power Alt.

Ownership will transfer on 30 September with final settlement of the £5.3mln consideration on 9 October.

Jubilee retains a right to construct a 5Mw platinum furnace at Middelburg, in South Africa, and to participate in any expansion of the power plant at the site. 

Leon Coetzer, chief executive, said: the sale was an important milestone as Jubilee switches focus to become a significant platinum producer. 

From its Platinum Surface Projects, Jubilee wants to process 80,000 tons per month of platinum producing 42,000 ounces of PGMs in concentrate each year.

Shares rose 19% to 4.4p.

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