Share Name Share Symbol Market Type Share ISIN Share Description
Jubilee Platinum LSE:JLP London Ordinary Share GB0031852162 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.05p +0.96% 5.25p 5.15p 5.35p 5.275p 5.025p 5.20p 9,058,328.00 14:18:35
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 1.5 -3.6 -0.4 - 54.48

Jubilee Platinum PLC DCM Operations update and Exercise of warrants

06/03/2017 9:45am

UK Regulatory (RNS & others)


Jubilee Platinum (LSE:JLP)
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1 Month : From Feb 2017 to Mar 2017

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RNS Number : 6017Y

Jubilee Platinum PLC

06 March 2017

Registration number (4459850)

AltX share code: JBL

AIM share code: JLP

ISIN: GB0031852162

6 March 2017

Jubilee Platinum PLC

("Jubilee" or "Company")

DCM Operations update

Exercise of warrants

Mine-to-Metals specialist Jubilee Platinum plc (AIM: JLP, AltX: JBL) is pleased to provide, on behalf of its subsidiary, Jubilee Tailings Treatment Company Pty Ltd ("JTTC"), a quarterly performance, operational and financial update of its chrome recovery section of the Dilokong Chrome mine tailings project ("DCM Tailings" or "DCM Project") for Q4 2016 as well as a project update for the platinum processing project at Hernic Ferrochrome Pty Ltd ("Hernic").

Highlights

DCM Project Q4 2016

-- Construction of the new tailings, post chromite removal, storage facility commenced and the first phase of the expansion has been successfully commissioned on 25 January 2017. These tailings contain the enriched platinum material.

-- The DCM Project continued production of chromite concentrate at a reduced rate during the construction period. The production rate has been restored to previous levels during February 2017.

-- Chromite concentrate production during Q4 was lowered to 19 108 tons for Q4 2016 compared with 28 559 tons for Q3 2016.

-- Chromite project earnings increased on the back of a significantly higher chromite price to GBP 1, 837 million (ZAR 31, 792 million) for Q4 2016 compared to Q3 2016.

-- Earnings attributable to Jubilee for Q4 2016 from chromite concentrate production reduced due to the lower concentrate production and loss of incentives to GBP 0,465 million (ZAR 8, 033 million,) compared with Q3 2016.

-- The first 3(rd) party chrome and platinum containing material is scheduled to be processed at DCM during Q1 2017.

Leon Coetzer, Chief Executive commented:

"The operating results are satisfactory against the constraints of the expansion of the tailings storage facility. The DCM Project performed to maintain production output during this challenging construction period. The expansion of the tailings facility was completed on time allowing the project to restore its operational throughput.

The commissioning and ramp-up of the Hernic chromite and platinum recovery plant remains a key focus. We will provide an update on the Hernic project shortly as we start delivering product from the operation.

The significant milestone reached with the Tjate platinum project continues to demonstrate our aggressive pursuit to continuously advance the Company's mission of a Mines to Metals Company while growing shareholder value. As stated before we are confident that we will shortly conclude a further acquisition with discussions progressing favourably in other areas of acquisition and joint venture."

 
                  Chromite      Project      Project      Project      Project        Jubilee         Jubilee 
                 concentrate     revenue      revenue     earnings     earnings     attributable    attributable 
                    tons        (GBP'000)    (ZAR'000)    (GBP'000)    (ZAR'000)      project         project 
                  produced                                                            earnings        earnings 
                                                                                     (GBP'000)       (ZAR'000) 
-------------  -------------  -----------  -----------  -----------  -----------  --------------  -------------- 
   Q2 2016         15 188        1,002        19,137        744         14,203          456            8,710 
  (May, June 
     2016) 
-------------  -------------  -----------  -----------  -----------  -----------  --------------  -------------- 
   Q3 2016         28 559        2 086        37 360       1 548        27 702          888           15 887 
    (July, 
    August, 
   September 
     2016) 
-------------  -------------  -----------  -----------  -----------  -----------  --------------  -------------- 
   Q4 2016         19 108        2 754        47 662       1 837        31 792          465            8 033 
   (October, 
   November, 
    December 
     2016) 
-------------  -------------  -----------  -----------  -----------  -----------  --------------  -------------- 
   % change 
   Q3 on Q4       (33.09%)       32.01%       27.57%       18.68%       14.77%       (47.60%)        (49.43%) 
-------------  -------------  -----------  -----------  -----------  -----------  --------------  -------------- 
  YTD since 
   start of 
    project 
    in May                                     104 
     2016          62 855        5 842          159        4 128        73 697         1 809          32 630 
-------------  -------------  -----------  -----------  -----------  -----------  --------------  -------------- 
 

DCM OPERATIONAL AND FINANCIAL PERFORMANCE

As announced previously, further increases in operational throughput requires the expansion of the new tailings (post chromite removal) storage facility. The expansion of the facility has commenced and the first phase of the expansion project completed on 25 January 2017 allowing the production rates to be restored to previous levels. The DCM Project team managed to continue production throughout the construction phase at a reduced production rate. Production rates have been restored during February 2017 on the back of the successful first phase tailings storage expansion. The further expansion phases of the project will not directly impact the production rates at the DCM Project.

All chromite production to date at DCM continues to be from the processing of surface tailings alone. The first 3(rd) party chrome and platinum containing material is scheduled to be processed at DCM during Q1 2017. Stated Project earnings are net of operational cost and cost of chromite concentrate sales.

Jubilee also announces that it has received notification to exercise 10 000 000 warrants at a price of 4.725p (ZAR75.65c) per warrant share. This exercise leaves 8 244 825 outstanding warrants priced at 4.725p. The exercise of the warrant shares amounts, in aggregate, to a cash value of GBP472,500 (ZAR 7,564,725).

The warrant shares are expected to be admitted to trading on AIM and listed on the AltX of the JSE Limited on or about 10 March 2017 and will rank pari passu with the ordinary shares of the Company in issue.

The Company's total issued share capital, after the issue of the warrant shares, will be 1 052 360 942 ordinary shares. As the Company does not hold any shares in Treasury, this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company following Admission.

Contacts

Jubilee Platinum plc

Colin Bird/Leon Coetzer

Tel +44 (0) 20 7584 2155 / Tel +27 (0) 11 465 1913

Andrew Sarosi

Tel +44 (0)1752 221937

JSE Sponsor

Sasfin Capital, a division of Sasfin Bank Limited

Sharon Owens

Tel +27 (0)11 809 7500

Nominated Adviser

SPARK Advisory Partners Limited

Sean Wyndham-Quin/Mark Brady

Tel: +44 (0)203 368 3555

Broker

Beaufort Securities Limited

Jon Belliss

Tel: +44 (0) 20 7382 8300

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

March 06, 2017 04:45 ET (09:45 GMT)

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