Jubilee Processing completes project funding in South Africa

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UK-based Jubilee Platinum and its subsidiary Jubilee Processing have completed the project funding for the execution and commissioning of its two surface platinum processing projects in South Africa.

The funding consists of a combination of senior secured debt to a maximum of $10m, unsecured debt to a maximum of $5m and an equity placing of GBP2.5m ($3.6m).

Using the package, Jubilee will be able to execute the two projects simultaneously targeting the processing of 80 000t per month of surface material.

The company can also pursue the acquisition or secure further surface or shallow platinum-bearing opportunities.

“The project funding structure combines both debt and equity, recognising the future profitability of the projects while securing funding to pursue further such surface or near surface platinum opportunities,” says Leon Coetzer,¬†Jubilee Platinum Chief Executive Officer.

“The successful funding demonstrates the confidence of investors in Jubilee’s robust business model.”

Together, the two projects target an annual design capacity for the recovery of about 33 000oz of platinum group metals.

The second project is targeted for ramp-up by December 2016 and will complement the first project’s processing capacity of 25 000t per month of feed.

Jubilee said that the chromite recovery section of the first project is already commissioned and operational completely.

The unsecured debt will provide Jubilee’s Processing Subsidiary with access to funding of another $5m to provide working capital during the ramp-up of the second project.

The debt will be staggered over two equal tranches with the final tranche scheduled for February 2017.

 

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Thabo Mphahlele is the BizNis Africa Head of Sales and Marketing. Mphahlele was previously MultiChoice Production Support Analyst responsible for developing and monitoring applications. In addition, Mphahlele develops and automates batch scripts and is responsible for the daily infrastructure maintenance at MultiChoice. As a Production Support Analyst, he is responsible for incident analysis solving , developing and constructing business reports for SQL and Oracle and implement change controls for the business. Additional responsibility includes monitoring system performance via SOA, Kibaba (Elasticsearch), H.P BSM, HP Sitescope. Mphahlele is responsible for creating infrastructure performance reports through HP Ops Analytics, monitoring payments via Splunk and in-house built-in tool and disaster recovery simulation and testing. At Nashua Mobile, he was responsible for application development and enhancing the web sites At South West Gauteng College, he was the IT Technician and Network Administrator. During his tenure at Double Digit Media, he was he focused on application and web site development for new and existing clients Mphahlele contributes as a Content Manager for BizNis Africa.

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