File image: Reuters

Johannesburg - Jubilee Platinum, the AIM and JSE listed mine-to-metal specialist‚ has secured and concluded indicative project financing from financial institutions to reinstate operations at the near surface Phokathaba Mine‚ which had been placed under care and maintenance by Platinum Australia (PLA).

Consequently‚ Jubilee and PLA have agreed to extend the heads of agreement to February 4‚ to conclude the implementation agreement to execute the proposed merger of PLA‚ it said on Tuesday.

Further details on the proposed transaction would be provided on conclusion of the agreement.

Jubilee CEO Leon Coetzer said: “We are pleased with the company’s progress towards securing funding for the reinstatement of the Phokathaba Mine and we are moving aggressively towards concluding the proposed transaction. The enlarged group would include the combination of shallow and at-surface mining‚ a fully operable shallow mining operation and smelters and exploration assets underpinned by the very large Tjate mining exploration asset‚ making the enlarged group a significant low cost player in the platinum industry.” - I-Net Bridge