| Thu 16 Feb 2012, 13:00 | | JBL - Jubilee Platinum Plc - Jubilee operations update |
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JBL
JUJLP
JBL - Jubilee Platinum Plc - Jubilee operations update
Jubilee Platinum Plc
AIM: JLP JSE: JBL
Registration number: 4459850
ISIN GB0031852162
("Jubilee" or the "Company")
JUBILEE OPERATIONS UPDATE
Jubilee, the AIM and JSE quoted mine to metal specialist is pleased to
report an update on its Middelburg ferroalloy smelting operation (70% owned
by Jubilee Smelting and Refining (Pty) Ltd.) and development on its
Leinster nickel tailings project (the "Nickel Tailings Project" or
"Project") in Western Australia.
HIGHLIGHTS
- Middelburg smelter achieved record 774 tonnes ferroalloy production in
January 2012, with continued ramp up of its new furnace;
- Jubilee Smelting and Refining (Pty) Ltd ("JSR") received its
environmental permitting to implement both the ConRoast smelting
process as well as the refining of the produced PGM (platinum group
metal) alloy at its Middelburg Smelting facility; and
- Jubilee`s Australian subsidiary, Braemore Nickel (Pty) Ltd
("Braemore") concluded a drilling program on the Leinster nickel
sulphide tailings to obtain fresh samples for testwork at Mintek South
Africa, in order to refine the scoping flowsheet on the Nickel
Tailings Project.
Leon Coetzer, CEO of Jubilee Platinum commented: "We are pleased with the
continued improved performance at our Middelburg smelting operation. We
have met our set throughput targets for January and will continue to ramp
up production through this quarter as we target full production. We have
continued acquiring PGM containing feed material as we migrate our smelter
capacity from ferroalloy smelting to PGM smelting.
"With regard to our Australian nickel tailings project, we are pleased to
have reached this stage on the project and look forward to the outcome of
the confirmation testwork at Mintek with a view towards the potential
development of the tailings".
Middelburg Smelter
JSR ramped up production from its new 5MW AC furnace with a record total
774 tonnes of ferroalloy output for January for the smelter operation.
JSR remains focussed, in the short term, on ramping up the new furnace to
its planned combined ferroalloy production of 1,100 tonnes per month in
order to maximise cash flow. The extended ramp-up of the furnace was due
mainly to initial refractory lining concerns and the nature of the
stainless steel material, which prevented running the furnace at full
capacity. This has now been resolved.
The Department of Economic Development, Environment and Tourism issued JSR
with an Atmospheric Emission Licence in respect of its current and
submitted new planned operations. JSR`s smelter operation is now fully
permitted for the implementation of the ConRoast process and associated
refining of the PGM containing alloy. This, together with maximising cash
flow from the ferroalloy smelting process, significantly advances JSR`s
medium term mission for the implementation of the complete ConRoast
platinum smelting process and further strengthens its position in
negotiations in sourcing PGM-rich chromite tailings.
Nickel Tailings Project
Braemore drilled and obtained fresh samples in January this year from the
tailings in Western Australia ("Tailings") for further testwork. The
samples have been despatched to Mintek, South Africa`s national mineral
research organisation, which has been contracted to carry out the testwork.
This testwork is towards completion of an Engineering Study and Economic
Evaluation (ESEE) of the Project, currently being carried out by Bateman
Engineering Projects of South Africa ("Bateman").
Bateman`s technical-economic review of the Project recommended testwork
comprising pre concentration of the Tailings using a combination of
classification and flotation methods in order to refine the Project scoping
flowsheet and demonstrate from the ESEE the potential of the Project to
meet the criteria stipulated in the Tailings Supply Agreement ("TSA
Criteria"). Should the testwork and the ESEE demonstrate the potential to
meet the TSA Criteria, the Company would anticipate progressing to a
Definitive Feasibility Study on the Project thereafter.
Contacts
Colin Bird/Leon Coetzer
Jubilee Platinum plc
Tel +44 (0) 20 7584 2155 / Tel +27 (0)11 465 1913
Andrew Sarosi
Jubilee Platinum plc
Tel +44 (0) 1752 221937
Matthew Robinson/Rose Herbert - corporate finance
Joanna Weaving - corporate broking
finnCap Ltd
Tel +44 (0) 20 7600 1658
Shore Capital Stockbrokers Limited (Joint Broker)
Jerry Keen/ Edward Mansfield
Tel: +44 (0) 20 7 408 4090
Leonard Eiser /Sharon Owens
Sasfin Capital
Tel +27 (0) 11 809 7500
Nick Rome/Shabnam Bashir
Bishopsgate Communications Ltd
Tel +44 (0) 20 7562 3350
Johannesburg
16 February 2012
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 16/02/2012 13:00:02 Produced by the JSE SENS Department.
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