Jubilee Platinum rockets as it sells non-platinum assets for £5.8m

Shares in Jubilee Platinum surged 10% after the company said it has reached a deal to sell its non-platinum assets in Middelburg South Africa for ZAR110.5m, or around £5.8m.

FTSE AIM All-Share

728.67

15:45 15/11/24

n/a

Jubilee Metals Group

5.28p

14:54 15/11/24

-0.38%

-0.02p

Mining

10,633.77

15:45 15/11/24

1.51%

158.40

The assets were sold to Main Street 1347 Pty, which is a special purpose vehicle established to acquire the assets.

Main Street will acquire Jubilee Smelting and Refining Pty, a Jubilee-owned subsidiary which owns the Middelburg Smelter Complex, and Power Alt Pty, which owns the power plant at the site.

Proceeds from the disposal will be used fund the capital required for the construction and commissioning of the company’s Dilokong chrome mine platinum surface processing project in South Africa.