LONDON (Alliance News) - Jubilee Platinum PLC, a mining and exploration company, on Tuesday said it has executed a final agreement to process surface platinum-bearing chrome tailings.
Jubilee agreed the deal with Hernic Ferrochrome Proprietary Ltd. The platinum containing surface chrome tailings currently stockpiled and generated by Hernic will be used to produce chromite and platinum group metals.
Jubilee said its pre-work programme facilitates a "fast track programme" for early construction and commissioning.
The combined platinum surface projects are targeting an annualised processing capacity in excess of 900,000 tons.
The platinum projects enter construction with ASA Metals chrome plant on-line for commissioning February 2016, the company said.
"I am delighted that we have concluded this final agreement and we are honoured to be appointed as exclusive partner in what will be the largest PGM beneficiation plant of surface chrome tailings in South Africa," Chief Executive Leon Coetzer said in a statement.
Shares in Jubilee Platinum were up 0.6% at 3.22 pence on Tuesday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Jubilee Metals (JLP)