Jubilee Platinum has announced that it has secured further interim funding to ensure that no momentum is lost in current business development activities with particular attention to the simultaneous execution of the company’s platinum surface processing projects.
With the design phase executed and principal engineering firms appointed, progress made in project engineering has accelerated the execution program, bringing forward the requirement for final execution engineering drawings and potential order placement of long lead items.
Jubilee said the indicative project funding terms received from various financial institutions are currently being considered by the board of directors, as is the potential sale of Jubilee’s non-platinum operational assets.
CEO Leon Coetzer said in a statement, ‘’I am delighted with the progress made on our platinum surface processing projects and I am looking forward to the execution phase ahead and delivering the Company’s transformational projects.”
The Platinum Surface Projects target the processing of an estimated 4.4 million tons of platinum containing surface material. Further current arisings are deposited onto the surface material at an estimated rate of 27 000 tons per month. Jubilee said it has targeted the construction of two chrome and platinum group metals processing plants capable of processing the surface material at a combined rate of 80 000 tons per month.