19th Jan 2015 08:47
LONDON (Alliance News) - Jubilee Platinum PLC shares rose Monday morning after the company said it has secured heads of agreement with ferrochrome producer Hernic Ferrochrome Proprietary Ltd to process chrome and other platinum group metals from its surface tailings plant in South Africa.
The deal will cover the processing of approximately 1.7 million tonnes of chrome tailings material and Hernic said the total tailings material may exceed 3 million tonnes after additional drilling programmes.
Jubilee did not provide any financial details on the contract.
"We are very proud as a company, to be selected as the exclusive partner to execute Hernic's PGM processing project following an extensive selection process by such a prestigious entity as Hernic. The envisaged project will be the largest PGM beneficiation plant of chrome tailings re-claimed from a surface chrome tailings dam in South Africa," said Jubilee Chief Executive Leon Coetzer.
Shares in the company were up 9.7% to 1.7 pence on Monday morning, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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