Last checked at 19 May 2020 11:30
Jubilee Metals Group PLC
Registration number (4459850)
Altx share code: JBL
AIM share code: JLP
ISIN: GB0031852162
("Jubilee" or "the Company" or "the Group")
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR). Not for release, publication or distribution in whole or in part in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction.
Relocation of chrome plant to maximise earnings
Jubilee Metals Group ("Jubilee" or the "Company"), the AIM and Altx traded metals processing company, wishes to provide an update relating to its fine chrome operation currently situated at the Dilokong Chrome Mine ("DCM") in South Africa.
Following a review to further optimise Group earnings it was concluded that the leading fine chrome facility could contribute more significantly to earnings if implemented at the Company's much larger Inyoni or Windsor chrome operations. Currently all Jubilee's processing facilities are fully operational with the exclusion of DCM. DCM has further indicated that they have no immediate plans to restart mining operations.
The potential roll-out of the fine chrome solution across Jubilee's operations has been impacted by current restrictions on the importing of goods and services as well as supply chain disruptions. With this in mind the Company has agreed terms with DCM under which the fine chrome operation will be terminated affording the Company the opportunity to immediately commence with the relocation of the facility to Jubilee's other significantly larger operations. The relocation process is targeted to be completed towards the end of August 2020 and is expected to significantly enhance Jubilee's chrome operational outputs. Key terms of the termination includes DCM contributing to the disassembling cost of the fine chrome facility and the Company committing to complete the disassembly before end of August 2020. The Company expects no material impact on its earnings during the relocation phase of the fine chrome facility.
The relocation of the fine chrome facility and termination of the chrome operations at DCM, in no way impacts on the Company's continued rights to the PGMs contained in the DCM tailings.
Leon Coetzer, CEO says: "The manner in which Jubilee is able to react and find solutions to the current challenges faced as a result of the COVID-19 pandemic is testimony to the ingenuity of the Jubilee team and lies at the heart of 'the Jubilee Way'.
"The remarkable success of our fine chrome facility has proven itself as a leading solution for the recovery of chrome previously regarded as unrecoverable and I look forward to seeing the success replicated at our other operations.
"It is this ingenuity that has lead Jubilee to implement ground breaking solutions in the mining and metal industry which creates sustainable opportunities from what others regard as waste."
United Kingdom
19 May 2020
**ENDS**
For further information visit www.jubileemetalsgroup.com or contact:
Jubilee Metals Group PLC
Colin Bird/Leon CoetzerTel +44 (0) 20 7584 2155 / Tel +27 (0) 11 465 1913
Nominated Adviser - SPARK Advisory Partners LimitedAndrew Emmott/James KeeshanTel: +44 (0) 20 3368 3555
Broker - Shard Capital Partners LLPDamon Heath/Erik WoolgarTel +44 (0) 20 7186 9900
Joint Broker - WHIreland
Harry Ansell/Katy Mitchell
Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618
JSE Sponsor - Sasfin Capital (a member of the Sasfin group)
Sharon OwensTel +27 (0) 11 809 7500
PR & IR Adviser - St Brides Partners Limited
Catherine Leftley/Beth Melluish
Tel +44 (0) 20 7236 1177