Jubilee Metals Group PLC (LON:JLP) Chief Executive Officer Leon Coetzer caught up with DirectorsTalk for an exclusive interview to discuss their recent project status update.
Q1: It looks like the Hernic operation if performing well, can we expect this type of performance to continue or even improve further?
A1: The results for this last month, released last week, has been particularly pleasing, for our company to break through that magical 2,000 ounces sold in a month was a target we had set for the first quarter of 2018 and happy to have reach that. We absolutely expect to not only repeat those results going forward, but very much a company to achieve the 2,500 ounces sold in a month as our absolute target in the very near future.
Q2: In your recent update, you spoke of the PlatCro project starting with the transport contract awarded, could you explain more about what the PlatCro project is?
A2: The PlatCro project is an entity where, we as Jubilee Metals, acquired the PGM rights to the material by paying upfront for any related PGM charges and royalty charges. At the time when we announced the transaction, we were estimating that we would have access to approximately 1.5 million tonnes of material, platinum-containing material, but since the announcement this material has continued to grow and it is now on close to touching 2 million tonnes of material already available.
We entered into an agreement with Northam Platinum, the world’s largest producer to share a process facility very closely located to this material so that avoided the need for Jubilee to invest any capital in the project and also brought forward our ability to start recovering these materials.
So, we’ve awarded the contracts and we have started transporting material to the Northam facility, the Northam facility is currently being upgraded and we are expecting to start recovering platinum there in February as we ramp up this 60,000 tonnes that we’ll be processing a month which will make that growing Northam relationship project larger than even the Hernic project.
Q3: In yesterday’s announcement, you state that you’ve placed the Jubilee shares that are being held by BMR to settle creditors, could you expand on this a little?
A3: That was a very nice outcome. Jubilee agreed, I agreed, with BMR that we would allow them to utilise some of the Jubilee shares that they have held to place those shares back into the market to address some historical cursors that we had approved with BMR and these cursors specifically selected to avoid these cursors causing any frustration on the good progress we’re making with the Zambian based Kabwe project. We agreed that BMR might use those shares on one condition, that was that Jubilee had the right to manage and place those shares into the market and particularly able to take these loose shares and place them into long-term institutional holding.
I’m very thankful for the support we received and also very encouraging to have received such overwhelming support from institutions who believe in what we’re delivering and believe in our story and how we’re growing the company so very encouraged by that outcome.
