Jubilee Platinum (LON:JLP) shares nudged higher as it reached a key milestone in selling its Middelburg smelter and power operations in South Africa - the transfer of ownership to buyer Siyanda.
The sale of Middelburg smelter and 70% of power generator Power Alt for around £5.3mln was announced in July.
The final cash settlement will take place on October 9 and Jubilee retains the right to construct a 5MW platinum furnace at the Middelburg operations and the right to participate in any expansion.
Leon Coetzer, chief executive, said: "Jubilee can now fully focus on the execution of its surface platinum projects."
He added: "The company continues on its mission to seek further low cost platinum opportunities."
The Platinum Surface Projects target processing 80,000 tons per month of platinum-containing surface material and delivering an estimated production of 42,000 ounces of PGMs in concentrate per annum."
Earlier this month, Jubilee struck a new agreement, which will see it speed up the commissioning of its ASA tailings dam processing facility and gain earlier cash flows.
Last year, Jubilee secured a contract to process material at a tailings dam at ASA Metal’s Dilokong chrome mine.
If Jubilee accelerates the construction of the facility to target commissioning of the chrome beneficiation section by the end of January next year, it will be paid up to 25% more for every ton of chrome concentrate produced.
Jubilee shares rose 2.31% to 3.325p.