| Wed 21 Jul 2010, 8:00 | | JBL - Jubilee - Update On Conroast |
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JBL
JUJLP
JBL - Jubilee - Update On Conroast
JUBILEE PLATINUM PLC
AIM: JLP
JSE: JBL
Registration number: 4459850
ISIN: GB0031852162
("Jubilee" or "the Company")
UPDATE ON CONROAST
Jubilee is pleased to provide an update regarding progress of the planned
development of its first fully commercial ConRoast DC arc furnace. The Company
is also pleased to provide interim results of pilot scale refining trials using
the Chemical Vapour Metal Refining Inc. ("CVMRRegistered") (carbonylation)
process for the recovery of platinum group metals ("PGM") and base metals
(nickel, iron and cobalt) from ConRoast iron-rich alloy.
HIGHLIGHTS
- Engineering and design study fast-tracked for the installation of the
Company`s first commercial ConRoast DC arc furnace utilising existing
infrastructure and equipment at the newly acquired Middleburg processing
facility;
- Four-phase feasibility study ("FS") commissioned for the refining of metals in
ConRoast PGM alloy using the CVMRRegistered process;
- Phase 1 - pilot scale CVMRRegistered process trials achieved exceptional
results in the extraction of base metals: 99.5% of nickel and 95.6% of iron
from ConRoast alloy as separate potentially premium grade nickel and iron
products and a high grade PGM residue; and
- Phase 2 commenced comprising additional refining testwork and preparation of
feasibility study documents.
Colin Bird, CEO of Jubilee Platinum, commented "We are pleased to report
positive progress with the ConRoast furnace installation programme and the
exceptional interim pilot refining results from testwork on ConRoast alloy. The
interim results have demonstrated the applicability of a relatively simple but
proven and potentially low energy route for refining of ConRoast alloy to
produce separate high value PGM and potentially premium priced nickel and iron
products. We look forward to increasing the momentum for the development of
ConRoast and Jubilee`s total capability."
CONVERSION AC TO FIRST DC ARC FURNACE
The company has commissioned Environmental & Process Solutions (Pty) Ltd, to
undertake an engineering and design study ("EDS"), in order to fast track the
commissioning of the new 5MVA ConRoast DC ARC furnace. The EDS will maximise the
use of existing infrastructure at the newly acquired Middleburg site.
The EDS will require 4 weeks to complete. A further estimated 6 weeks is planned
for concluding a procurement and management contract to install the furnace and
associated equipment, the completion and commissioning of which is expected in
early 2011.
The company has secured all required funding for this first fully commercial
ConRoast DC arc furnace.
REFINING TESTWORK
The company commissioned CVMRRegistered of Toronto, Canada earlier this year to
undertake a four-phase FS for the extraction and refining of metals in ConRoast
alloy utilising the CVMRRegistered process, which in essence extracts nickel,
iron, and cobalt as gaseous metal carbonyls (carbonylation) using carbon
monoxide gas (see below for description of process).
Phase 1, comprising 3 pilot-scale campaigns has been completed on samples of
ConRoast alloy, which was produced during ConRoast R&D trials at Mintek in 2007.
Excellent results have been obtained with extraction yields (carbonylation) of
99.5% for nickel and 95.6% for iron. After extraction, followed by condensation
and fractional distillation, at low pressure, of the nickel-iron carbonyls, the
separate distillates were decomposed to produce high purity nickel and iron
powders. A PGM-rich copper residue, unaffected by carbonlylation, remained after
the extraction stage of the base metals. Preliminary calculations indicate that
nickel powder with levels of iron below 50ppm and iron powders with nickel
levels below 100ppm are achievable and could command potentially premium metal
prices. The interim report noted that the low-pressure distillation system
should have positive implications for both capital and operating costs of the
process.
These results warranted progress to phase 2, which has now commenced. This
comprises additional testwork to address cobalt recovery and residual iron
sulphide contamination in the PGM residue product, and the preparation of
feasibility study documentation.
CVMRRegistered PROCESS
The CVMRRegistered process, based on the Mond (carbonyl) process, makes use of
the fact that carbon monoxide gas reacts readily (carbonylation) with nickel,
iron and cobalt under mild conditions to give gaseous metal carbonyls. The
carbonyl gases are then condensed, the condensates separated by fractional
distillation and the distillates decomposed to produce separate high purity
metals and carbon monoxide gas for reuse. PGMs and copper are unaffected by the
carbonylation. Thus this process is eminently applicable to the refining of the
ConRoast iron-rich nickel-copper-PGM-bearing alloy.
Colin Bird/Leon Coetzer
Jubilee Platinum plc
Tel + 27 (0) 11 235 3280 +44 (0) 20 7584 2155
Andrew Sarosi
Jubilee Platinum plc
Tel +44 (0) 1752 221937
Matthew Robinson/Edward Frisby
finnCap Ltd
Tel +44 (0) 20 7600 1658
Sharon Owens/Leonard Eiser
Sasfin Capital
Tel +27 (0) 11 809 7500
Michael Kinirons/Nick Rome
Bishopsgate Communications Ltd
Tel +44 (0) 20 7562 3350
Johannesburg
21 July 2010
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 21/07/2010 08:00:03 Produced by the JSE SENS Department.
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