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Jubilee Platinum: Ferroalloy smelting unit sold for $14m

Published May 29, 2013


Jubilee Platinum had sold its non-core ferroalloy smelting business and associated power plant for $14 million (R134m), it announced yesterday. The disinvestment in smelting and refining allowed Jubilee to focus on its platinum mine-to-metals strategy, while retaining its platinum smelting capacity at the Middleburg facility. Chief executive Leon Coetzer said the company’s focus would be on speeding up the recovery of platinum from the Dilokong chrome mine tailings, while it targeted further surface material opportunities. “The proceeds from the disposal enable Jubilee to further capitalise on platinum opportunities presented to the company due to current challenges within the platinum industry,” Coetzer said. The shares strengthened by 3.81 percent to close at R1.09 yesterday. – Dineo Faku

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