Jubilee Metals : enters long-term PGM feed supply agreement

Jubilee Metals Group PLC

08:12 03 Jun 2021

Jubilee Metals enters long-term PGM feed supply agreement

Jubilee Metals Group PLC (LON:JLP) said it has entered into long-term PGM (platinum group metals) feed supply agreement with a chrome mining customer.

The supply agreement signals Jubilee's PGM expansion into the Eastern Limb of the Bushveld Complex in South Africa, the metals processing company said.

The 10+ years of mine life agreement is projected to deliver an additional 16,500 tonnes per month of PGM rich feed, equivalent to the production of an additional 14,500 PGM ounces a year.

Jubilee has also acquired outright 255,000 tonnes of PGM containing chrome tailings (equivalent to production of about 12,300 PGM ounces), further increasing its existing surface PGM tailings.

"To date, Jubilee's current PGM operational footprint has been largely limited to the Western Limb of the mineral rich Bushveld complex, a single area of the two main PGM areas in South Africa," said chief executive Leon Coetzer.

"This new long term PGM Supply Agreement announced today are of significant strategic value to Jubilee and expand our operations onto the Eastern Limb which provides the platform to source further growth opportunities.

Jubilee said it plans to initially process the increased PGM feed at its expanded Inyoni PGM operations, although it is also considering implementing a dedicated processing facility in the Eastern Limb.

Construction of the expanded Inyoni operations is well underway targeting to increase the processing capacity by 45% to 75,000 tonnes per month with commissioning targeted to start by the end of July 2021.

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Price:18

Market Cap:

£404.18 m

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Share Information

Code:		JLP
Listing:		AIM
52 week	High	Low
	22	3.203
Sector:	Platinum group metals
Website:	jubileemetalsgroup.com
Company Synopsis:

Jubilee Metals Group PLC is an industry-leading metal recovery business focussed on the retreatment and metals recovery from mine tailings, waste, slag, slurry and other secondary materials generated from mining operations.

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The company also announced progress at its South African chrome and PGM operations where it expects its new chrome beneficiation plant to completed on time, by the end of this month.

The new 80 000 tonnes per month chrome beneficiation facility, near the Inyoni PGM operations, has entered the final stages of commissioning to reach full production.

"The new supply agreement also demonstrates our ability to win and form partnerships with key chrome mining clients, added to which we are excited to replicate the success of our Inyoni operation in the Eastern Limb region," said CEO Coetzer.

"We have already demonstrated that the improved efficiencies across our chrome and PGM operations resulted in record production and sustained earnings growth at the South African operations and we expect this to continue at pace.

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"With a total processing capacity of 250,000 tonnes per month of chrome ore and tailings, this will play a key role in providing a continued sustained chrome and PGM feed," he said.

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