13th Mar 2014 13:36
LONDON (Alliance News) - Mine-to-Metals specialists Jubilee Platinum PLC Thursday said it mothballed plans to acquire Platinum Australia after failing to reach an agreement on how to structure the deal.
The company's started discussions around 15 months ago, but rising debt at Platinum Australia has hindered the deal. This meant any funding raised would not have been used to re-commission Platinum Australia's operations but to pay off debt against lower than expected platinum metal price.
AIM-listed Jubilee said it is continuing discussions with Platinum with a view of targeting terms that are more mutually beneficial and are more focus towards the funding of the recommission of mining and processing operations, which includes the processing of Jubliee's platinum containing chrome tailing material.
The stock was trading at 1.97 pence Thursday afternoon, down 0.03 pence .
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Jubilee Metals