(Alliance News) - Jubilee Metals Group PLC on Friday said it had acquired a further 944,000 tonnes of surface tailings containing platinum group metals in the eastern limb at its Bushveld complex in Mpumalanga.
This comes after the London-based metals processing company said Thursday it had entered a long-term PGM feed supply agreement in the eastern limb as well as the acquisition of 255,000 tonnes of PGM-containing material.
The material will be initially processed at Jubilee's expanded Inyoni PGM facility.
"This transaction, together with the recently announced PGM supply agreements, ensures that the expanded Inyoni PGM capacity is fully committed with current arising tailings alone which excludes the existing historical tails already secured by Jubilee which offers the opportunity to further expand the PGM processing capacity," Jubilee said.
Chief Executive Leon Coetzer said: "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."
Jubilee shares were up 4.8% at ZAR3.72 each in Johannesburg on Friday afternoon and were up 3.8% at 19.00 pence in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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