Jubilee Platinum sources $50m in project funding

Jubilee Platinum announced Wednesday it had secured $50m in funding for its metals recovery business.

The funding was intended to accelerate its expansion into the extraction of certain metals that have not been recovered during the initial stage of processing.

RiverFort Capital, who funded the group's successful Hernic platinum and chrome recovery project, committed to provide financing over a 33-month period with the possibility for a mutual extension.

"The execution of the funding provision is a key enabler towards unlocking a significant portion of the very large global potential that exists in the reprocessing of surface materials," said the firms chief executive, Leon Coetzer.

Coetzer also noted that Jubilee is carefully prioritising other projects it has identified as being cash generative to pursue in the short term, as it looks to "diversify across multiple commodities including platinum, cobalt, copper and gold to hedge income risk and to align with global trends."

As of 1145 BST, shares had raised 8.66% to 3.99p.