Jubilee Platinum in advanced talks over project financing

Jubilee Platinum confirmed on Tuesday it is in advanced talks with a major financial institution to secure the financing required to bring its two surface platinum processing plants in South Africa into operation.

The company said the debt funding of around £12.9m before financing costs has received credit approval, in principal, from the targeted major financial institution, but there is no guarantee it will be successfully completed.

Chief executive Leon Coetzer said: “The company continues to drive hard the time lines of both Platinum Surface Projects aim for the commissioning of both project in June 2016."

At 1317 BST, shares were up 7% at 4.95p.