6th May 2014 07:14
LONDON (Alliance News) - Jubilee Platinum PLC Tuesday said the third ARC furnace at its Middelburg smelter had been commissioned after it reached the targeted design ferroalloy metal production rate, the last stage of the smelter's revamp.
In a statement, the company said the targeted output for the furnace is 400 tonnes of metal a month or 4,800 tonnes a year.
"This concludes the final phase of our smelter renewal programme and the critical step in establishing a sustainable operation with positive earnings," Chief Executive Leon Coetzer said in a statement.
"Our key next target is to bring into operation the platinum containing Dilokong Chrome Mine surface tailings, which is in line with the company's strategy of bringing into production our acquired surface platinum-bearing material and ultimately to migrate our smelter onto processing platinum concentrates," he added.
Jubilee Platinum shares were up 3% at 1.725 pence early Tuesday.
By Steve McGrath; [email protected]; @SteveMcGrath1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Jubilee Metals