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Company Statement
Jubilee Platinum plc (the “Company”) is a mining exploration and development company with a focus on platinum group elements (PGE) and nickel/copper.
The Company’s prime asset in South Africa is the Tjate Platinum project, in which it has a 63 % beneficial interest. The project covers some 5140 hectares and is downdip of existing Anglo Platinum’s Twickenham and Impala Platinum’s Marula operations. The project’s exploration area has been independently estimated to be a target for potentially some 65 million oz (41 million oz attributable) of PGEs (platinum group elements) and gold net of geological losses.
Jubilee is also looking to capitalise on the vast untapped mineral wealth of Madagascar, where it is exploring the Ambodilafa nickel/copper/PGM project , which is held in a deferred joint venture with a major Impala Platinum Holdings (Implats) the second largest PGM producer in the world.
The Company recently acquired Braemore Resources plc a company which holds an exclusive licence to the ConRoast process for the smelting of high chrome PGM concentrates and has rights to process nickel tailings in Australia via a supply agreement with BHP Billiton.
The Company is investigating several brown-field sites for commercial scale smelter and refining operations.
The Company has entered into a framework agreement with Sylvania to use its synergies of Jubilee’s ConRoast smelting expertise and Sylvania’s flotation technology on PGM tailings.
Jubilee is dedicated to sustainable and socially responsible development and adhering to the highest environmental standards and is also a firm proponent for the role of foreign direct investment as a key form of social development in developing African countries.
Current Operations
SOUTH AFRICA
Tjate
The Company has a 63 % beneficial interest in Tjate Platinum Corporation (Pty) Ltd, which holds new order prospecting rights on three contiguous farms in the eastern Bushveld: Dsjate, Fernkloof and Quartz Hill, all being down dip of Implats’ operating Marula platinum mine and Anglo Platinum’s Twickenham platinum project.
In June 2009, an independent SAMREC compliant mineral resource statement for the “First mine” area showed a combined Indicated and Inferred Mineral Resource of 22 million oz 3PGE (platinum, palladium and rhodium) + Au (Gold) (attributable 14 million oz). This resource is based on the completion of 42 diamond drilled boreholes containing 154 reef intersections over the “First mine” target area.
Based on the resource estimate the company believes an exploration target of 70 million oz (44 million attributable) 6PGE+Au before geological losses is possible for the three farms of the Tjate project.
The Company is progressing the bankable feasibility study of the First mine.
Maude Mining and Exploration (Pty) Ltd
Maude Mining & Exploration, the Company’s 90% owned South African subsidiary, holds new order prospecting rights for PGEs on various portions of the farms Bokfontein JQ448 and Elandsdrift JQ467 and the chrome rights to one portion on Elandsdrift. These two properties in the Bushveld Complex are are located to the west of the town of Brits and cover in total some 600 hectares.
Earlier exploratory shallow drilling identified a low-PGE bearing chromitite reef on Bokfontein but did not find a similar shallow chromitite layer at its first line of drilling along dip on Elandsfontein.
The Company has recently reviewed the strategic value of the properties and as a result has entered into an unincorporated joint venture (UJV) with Benhaus Mining (Pty) Ltd, whereby Benhaus, will fund at its cost, further exploratory drilling on the properties. In return the parties have agreed to pool their respective PGE and chrome rights on Elandsrdrift and the potential rights to the PGEs in those chromite tailings generated from the chrome mining by others of the low PGE bearing chromitite reefs on Bokfontein. The UJV intend to recover PGEs from these tailing and any future tailings generated in mining of the chromitite reefs on the two properties. The UJV has commenced shallow exploratory drilling on both properties.
Braemore Acquisition
Jubilee has recently made an offer by way of a scheme of arrangement to acquire Braemore Resources plc, a company that holds ineter alia the exclusive licence to a proven DC arc furnace smelting process - "ConRoast Process" - that is particulary suitable for the smelting of inter alia high chrome bearing PGE concentrate. This takeover will create an enlarged entity that will be an emerging platinum producer in South Africa with an exposure to the whole spectrum of activities within the PGE-industry including exploration, mining, dump re-treatment, processing and metal sales. The acquisition is expected to be completed by the end of October 2009.
Braemore also has the rights via a supply agreement with BHP Billiton to nickel bearing tailings in Australia, containing 485 000 tonnes nickel, of which some 60 % is recoverable by atmospheric acid leaching.
MADAGASCAR
The Company's main nickel-copper-platinum projects in Madagascar, include the Ambodilafa, Londokomanana and Lavatrafo projects.
Ambodilafa Ni-PGE
The Ambodilafa concession, some 160km south of Madagascar capital Antananarivo, comprises a largely unexplored 40km x 17km mafic/ultramafic intrusion in the Vohipaha complex. The Company's exploration, which included soil sampling, airborne magnetic survey and drilling has identified PGE, and gold in-soil anomalies in various sectors of the concession. Modest infill soil sampling targeting these PGE and gold anomalies are in progress.
Drilling results in the south of the concession has shown patchy nickel copper sulphide mineralisation in the western area whilst in the eastern area two boreholes along dip of each other intersected PGEs of 0.89 metres assaying 3.99 g/t 4E (platinum, palladium, rhodium and gold) 200m down hole and 1.02m assaying 1.04g/t 3E (platinum, palladium and gold) 92m down hole respectively. Further drilling in these areas is under review.
Londokomanana (Antsahabe Ni-Cu) and Lavatrafo Ni-Cu-PGE
The Company's exploration drilling has a delineated a modest 450m strike length of nickel-copper mineralisation in Londokomanana and intersected sporadic nickel - PGE mineralisation on Lavatrafo. Further exploration on these projects is under review.
AUSTRALIA
Braemore’s Australian strategy is founded on the reclamation and processing using new technology of large tonnages of nickel sulphide residues at existing mines owned by BHP Billiton.
Braemore’s agreement with BHP Billiton began in 2005 when Braemore Nickel, our wholly-owned subsidiary, was granted exclusive rights to evaluate and run pilot plant tests on nickel tailings at BHP Billiton’s three Western Australian mines – Leinster, Kambalda and Mount Keith.
Subject to the satisfactory outcome of the feasibility study, Braemore Nickel will establish and operate a plant to process Leinster’s nickel tailings, with an initial capacity in excess of 5,000,000 t.p.a. BHP Billiton has agreed to sell the tailings to Braemore Nickel as they are processed at 5% of the value of the contained nickel. Subject to compliance with certain concentrate quality standards, BHP Billiton also has an exclusive right to buy the sulphide concentrates for 70% of the value of contained nickel.
Under the tailings supply agreement, BHP Billiton has the right to acquire a 50% joint venture interest in the project either at the development stage or within three years of the plant’s commissioning.
An independent evaluation has confirmed earlier assessments of 29.61 million tons of inferred and measured resources containing 136,000 tons of nickel metal at Leinster. A similar amount is expected to be produced over Leinster’s remaining mine life.
A similar though smaller-tonnage project at Kambalda is expected to follow Leinster’s development by two years. At this stage the Mount Keith tailings which have lower nickel grades than those of the other two mines have yet to be fully evaluated.
In total, the three properties’ tailings are estimated to contain some 500,000 tons of nickel, and tailings containing a further 500,000 tons are expected to be created over the mines’ remaining lives. However, as mining operations have ceased at Kambalda, it will not contribute to the future tailings deposition.
Geographical Spread
South Africa, Madagascar
Board of Directors and Key Management
| Colin Bird | Non Executive Chairman |
| Dr Mathews Phosa | Deputy Chairman & Non-Executive Director |
| Leon Coetzer | Chief Executive Officer |
| Chris Molefe | Non Executive Director |
| Andrew Sarosi | Executive Director |
| Eduard Victor | Finance Director |
| Raju Samtani | Financial Controller |
Company Address4th Floor,
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Additional Address/Key ContactSouth African Office: |
CapitalDetails of shareholdings as at 30 June 2009
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Year End30 June |
Nominated BrokersFinnCap | Nominated AdvisorsFinnCap |
Broker/Analyst Reports
20/08/10 - Growth Equities & Company Research
Major Shareholders
| Substantial Shareholdings (3%+) | ||
| Name | Number | % |
| JP Morgan Fleming Asset Management | 7,760,973 | 6.56 |
| Best Asset Class (BAC) A.G. | 7,530,000 | 6.36 |
| Watt Internation CC | 5,540,000 | 4.68 |
| Fidelity Investments | 4,185,543 | 3.54 |
| Shares not in public hands | ||
| Name | Number | % |
| Colin Bird | 3,732,756 | 3.15 |
| Malcolme Burne | 300,000 | 0.25 |
Related News
02/08/10 - Jubilee Advances To The Commercialisation Of Its ConRoast Technology, With A Technical Hand Now Firmly On The Tiller24/03/10 - The Strength of Jubilee Platinum As A ‘Total Capability Company’ Is Attracting The Attention Of The Big Boys
09/07/09 - Colin Bird's Jubilee Platinum Steps In To Put Braemore Out Of Its Misery
10/06/09 - Jubilee Platinum Bounces Back With Maiden Resource Numbers For The Tjate Platinum Project In South Africa
23/03/09 - The Decline And Possible Rise And Reinvention Of Jubilee Platinum
Most Recent Statement
27/07/10 - Board changes and Director appointment21/07/10 - Update on ConRoast
15/07/10 - MoU signed with Northam Platinum Limited
10/06/10 - Issue of Equity
02/06/10 - Completion of ConRoast development programme
10/05/10 - Directors Dealings