Jubilee Platinum Sells Non-platinum Assets

Jubilee Platinum plc (LSE:JLP) announced that it’s executed a sale and purchase agreement under which it will sell its non-platinum assets. The assets will be sold Main Street 1347 Proprietary Ltd., a special purpose vehicle “established for the purposes of the Disposal.”
Highlights include:

• Jubilee executes binding cash sale agreement, in, aggregate of ZAR110.5 million (approximately GBP5.8 million) for its Middelburg operational assets (“Disposal”), subject to shareholder approval

• Jubilee retains right to 5MW platinum furnace at the Middelburg operations with secured power as well as all intellectual property relating to the development of the Platinum in Waste processing strategy valued at ZAR 100 million (approximately GBP 5.2 million)

• Proceeds from the Disposal capable of fully funding the capital required for the construction and commissioning of the Dilokong Chrome Mine platinum surface processing project

• Funding required for the construction and commissioning of both platinum surface processing projects have been offered by a number of large financial institutions

Leon Coetzer, CEO of Jubilee, commented:

The Disposal is in keeping with our stated mission of processing own PGM production. Jubilee retains the right to a 5MW ConRoast smelting facility at Middelburg and receives significant cash to assist in the financing of its future surface platinum processing operations. Terms for further funding, required to simultaneously execute both platinum surface processing projects, have been offered by a number of financial institutions. I am delighted with the outcome of the Disposal and remain committed to further growth of all of our platinum activities.

Click here to read the full Jubilee Platinum plc (LSE:JLP) press release.