Jubilee to start processing Dilokong tailings
JOHANNESBURG (miningweekly.com) – The processing of platinum-group element (PGE) tailings at the Dilokong chrome mine, near Burgersfort, in Limpopo, is expected to start within the next three months after dual-listed Jubilee Platinum secured sufficient funding for the project.
The mine-to-metals specialist, which was awarded the rights to recover the metals from an estimated 800 000 t of high-PGE-bearing dumped chromite tailings on the mine, last year, embarked on the $750 000 processing plant recommissioning, after concluding the funding arrangement, which included a $10-million debt offering.
“Jubilee has targeted an initial processing rate of 10 000 t/m, ramping up to a targeted 25 000 t/m within four months of operation. Jubilee is currently in discussions with the community to access a second road link to allow the targeted processing capacity to increase to 35 000 t/m,” CEO Leon Coetzer said on Monday.
The funding arrangement comprised both debt and equity and included a £625 000 subscription agreement, which would see YA Global Master subscribe for 14.2-million shares in Jubilee at £0.044 apiece.
Jubilee also issued more than 700 000 shares to YA Global in lieu of a $50 000 facility fee.
The placement remained subject to the listing of the shares on the JSE and the admission of the shares to trading on the Aim market on November 5.
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