16th Jul 2015 12:11
LONDON (Alliance News) - Jubilee Platinum PLC on Thursday said it has struck a deal to sell its non-platinum assets at Middelburg in South Africa for ZAR110.5 million, or around GBP5.8 million.
Jubilee said it has sold the assets to Main Street 1347 Pty Ltd, a special purpose vehicle created to acquire the assets. Main Street will acquire Jubilee Smelting and Refining Pty Ltd, a Jubilee-owned subsidiary which owns the Middelburg Smelter Complex, and Power Alt Pty Ltd, which owns the power plant at the site.
The proceeds from the sale will be used to fund the capital required for the construction and commissioning of Jubilee's Dilokong chrome mine platinum surface-processing project, also in South Africa.
Shares in Jubilee were up 12% to 2.16 pence on the news, one of the best performers in the AIM All-Share in early afternoon trade.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Jubilee Metals