Jubilee Metals Group PLC (LON:JLP) acquired rights to a further 944 000 tonnes of platinum-rich tailings in the Eastern Limb of the Bushveld Complex in South Africa.
Earlier this month, Jubilee bought 255,000 tonnes of PGM-containing material in the Bushveld Complex’s Western Limb.
The AIM-listed group said it intends to start processing the material during June at a minimum rate of 30,000 tonnes per month or the equivalent of 1,600 PGM ounces.
The additional material will fully uitilise the expanded Inyoni PGM capacity prior to commissioning commencing in July 2021, said Jubilee.
Leon Coetzer, Jubilee’s chief executive, added; "I am thrilled we have been able to secure a further significant amount of PGM containing surface material in the Eastern Limb, in such quick succession to the PGM Supply Agreements we announced on 3 June 2021.
“The Eastern Limb has been a key focus of Jubilee to expand our PGM reach and operational capacity and this material further solidifies our presence there.
"Our reputation as the go-to partner in an ever-expanding operational footprint is just another example of our ability to outpace competitors and drive growth in the region".