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Jubilee Platinum Platinum Australia merger extended

January 17 2013 at 08:00am

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Jubilee Platinum and Platinum Australia have extended the binding and exclusive terms of their proposed merger to January 28. Jubilee said yesterday that through the merger it would secure a funding package to reinstate operations at its Phokothaba mine, which is under Platinum Australia’s care and maintenance. The company announced that it had secured indicative term sheets for financing the mine from financial institutions and would work towards concluding the funding structure during the extension period. Jubilee chief executive Leon Coetzer said the enlarged group resulting from the merger would include a combination of shallow and at-surface mining and exploration assets, as well as a shallow mining operation and smelters. Shares of Jubilee rose 9.6 percent to close at R1.37 on the JSE. – Londiwe Buthelezi


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