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Jubilee Platinum executes US$50mln project funding

Pre-approved debt funding is being injected at project level directly, by investment group RiverFort Capital Group
mining trucks
Jubilee shares were up about 14% on Wednesday

Jubilee Platinum PLC (LON:JLP) told investors that it has executed a US$50mln project funding agreement to support its metals recovery business.

The company highlighted that the deal is structured at project level to minimise dilution and enhance shareholder value.

Pre-approved debt funding is being injected at project level directly, by investment group RiverFort Capital Group. The funding commitment is for an initial 33-month period.

READ: Jubilee Platinum well on track at South African platinum and chrome projects

“The execution of the funding provision is a key enabler towards unlocking a significant portion of the very large global potential that exists in the reprocessing of surface materials,” said Leon Coetzer, Jubilee chief executive.

“The metals contained in these various surface stocks have no mining costs attached to their recovery and offer the potential of significant return on investment.”

He added: “The key to unlocking this potential, is the combination of our specialists' team with our historical expertise in metals extraction technology.

“This enables us to implement suitable mineral and metal extraction solutions through the use of state-of-the-art, environmentally friendly and sustainable technologies, for which Jubilee Processing is renowned.”

Coetzer highlighted that Jubilee has identified a significant pipeline of these resources with cash generative potential, and the company is carefully ranking these projects to pursue them in the short term.

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