Advertisement

Proposed transaction paves way for Jubilee to reinstate operations at Phokothaba

Exploration and development company Jubilee Platinum will secure the terms of a funding package to reinstate operations at the near surface Phokothaba Mine, under a proposed transaction with Platinum Australia, the mining company disclosed in a statement today.

Exploration and development company Jubilee Platinum will secure the terms of a funding package to reinstate operations at the near surface Phokothaba Mine, under a proposed transaction with Platinum Australia, the mining company disclosed in a statement today.

Further to an announcement made on December 14th regarding a proposed business combination or merger with Platinum Australia, Jubilee Platinum announced that the parties had agreed to extend the binding and exclusive terms of the heads of agreement to January 28th.

Advertisement - Article continues below

Under the proposed transaction, Jubilee will be able to reinstate operations at the Phokothaba Mine, which is currently placed under the case and maintenance of Platinum Australia.

Jubilee stated that it had secured indicative terms sheets for the project financing structure from financial institutions and would work towards concluding the funding structure within the extension period.

Leon Coetzer, Chief Executive Officer of Jubilee, said: "We are pleased with the progress made towards effecting the proposed transaction with Platinum Australia.

"The targeted enlarged group would include the combination of shallow and at-surface mining and exploration assets together with a fully operable shallow mining operation and smelters, underpinned by the very large Tjate mining exploration asset."

Jubilee's share price was up 6.85% to 9.75p at 13:39 on Wednesday afternoon.

MF

Advertisement
Advertisement

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

House price crash: UK property prices are falling – so where next?
Property

House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020
The end of the bond bull market and the return of inflation
Inflation

The end of the bond bull market and the return of inflation

Central bank stimulus, surging post-lockdown demand and the end of the 40-year bond bull market. It all points to inflation, says John Stepek. Here’s …
30 Jun 2020
How “support” and “resistance” can help you spot trading opportunities
Sponsored

How “support” and “resistance” can help you spot trading opportunities

Technical analysis can help traders manage risk and decide where to enter and exit a trade. One simple form of technical analysis is the concept of “s…
6 Jul 2020