Jubilee Platinum (LSE:JLP,JSE:JLP) announced updates on its operations including the Tjate platinum project.
As quoted in the press release:
On 23 July 2012, Tjate Platinum Corporation (Pty) Ltd.’s (“Tjate”) board approved the acceptance of the ZAR75M cash offer (announced 4 October, 2011) from a major mining company for the Quartzhill farm portion of its Tjate Platinum Project. This approval clears the way for the Offeror to proceed with a binding agreement.
Separately, Tjate still awaits acceptance from the Department of Mineral Resources (“DMR”) of its application for a Mining Right.
Jubilee’s CEO, Leon Coetzer said:
In all aspects of the Group’s business we are moving to or increasing revenues, while employing further cost cutting measures. We are making good progress in consolidating our mines to metals strategy. We are being afforded more opportunities to progress this strategy based on the general issues surrounding the South African platinum industry. Simplistically, our strategy takes full advantage of mid-term difficulties, since all our projects are short term to production, relatively less capital intensive and utilize the benefits of ConRoast and our small-scale mining capability.