African platinum miner Jubilee Platinum Plc is divesting the
ferroalloys assets at its operations in Middelburg, South
Africa, in order to focus on its platinum "mine-to-metals
strategy," the company has announced.
The Johannesburg-based company
has sold its stake in power plant Power Alt Pty. Ltd. and
subsidiary Jubilee Smelting and Refining Pty. Ltd., a toll
smelting operation for ferroalloys, to Isle of Man-based Global
Renewal Energy Ltd. (GRE) for $14 million.
Jubilee will retain the right to
use the 5-megawatt AC arc furnace at the smelting operations
for the processing of platinum-containing material. It also
retains the right to build a second furnace at Middelburg,
subject to power availability.
The existing plant has five
furnaces, Jubilee chief executive officer Leon Coetzer told
AMM sister publication Metal Bulletin.
"We have sold the four
ferroalloys furnaces to GRE, which will in turn use these to
integrate its own operations for building power installations,"
The furnaces can produce a
variety of ferroalloys, he noted.
Jubilees business model is
based on recovering platinum metal from chrome mines
tailings. The miner said that its board decided to divest
noncore business to free up some funds to invest in other
platinum projects the company wishes to advance, with the
Dilokong Chrome Mines tailings being the
A version of this article was first
published by AMM sister publication Metal