LONDON (Alliance News) - Jubilee Platinum PLC Thursday said it has completed the sale of the Middleburg smelter and power plant to Siyanda Resources Proprietary Ltd for a total of ZAR110.5 million, around GBP5.3 million.
The miner struck a deal in mid-July, when it agreed to sell the non-platinum assets to Sibanya through Main Street 1347 Pty Ltd, a special purpose vehicle created to acquire the assets.
Sibanya has acquired Jubilee Smelting and Refining Pty Ltd, a subsidiary which owns the Middelburg Smelter Complex, and Power Alt Pty Ltd, which owns the power plant at the site.
Jubilee retain the right to construct a 5 megawatt platinum furnace at the Middleburg site in the future and also has the right to participate in any expansion of the power plant at the site.
The proceeds from the sale will be used to fund the capital required for the construction and commissioning of Jubilee's Dilokong chrome mine platinum surface-processing project, also in South Africa.
"The company continues on its mission to seek further low cost platinum opportunities," said Chief Executive Leon Coetzer.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Jubilee Metals (JLP)