Jubilee Platinum secures $5.03 million for tailings project

Jubilee Platinum has secured CAN$5.03 million (GBP 2.442 million) in funding for its surface platinum projects.

The aim is to process 80,000 tons per month of platinum containing surface material delivering an estimated production of 42,000 ounces of PGMs in concentrate per annum. The platinum surface projects are expected to achieve an IRR in excess of 30% net of taxation. Jubilee estimates that the total project capital at CAN$28 million (GBP 13.71 million) along with working capital of CAN$5.03 million (GBP 2.442 million).

The company's CEO said the deal is transformational.

"The funding package has placed us on a sound footing to transform Jubilee into a significant PGM producing company," said CEO Leon Coetzer.

The AIM-quoted Jubilee placed 71,834,833 new ordinary shares of 1 pence each to secure funding.

Jubilee's board is in talks with a major financial institution to secure the debt element of the project.