Jubilee Platinum and Sylvania Resources agree binding framework agreement
04 February 2010
Mining groups Jubilee Platinum and Sylvania Resources have entered into a Framework Agreement that firms up the terms of a partnership deal that was announced last November.
Jubilee and Sylvania are both platinum specialists working in the Bushveld Igneous Complex of South Africa. Last year, Jubilee agreed to process some of Sylvania’s previously uneconomic, low-grade platinum group metals (PGM) concentrates through its ConRoast smelting process.
Jubilee got its hands on ConRoast last October by acquiring another AIM company, Braemore Resources, which owns the exclusive licence the ConRoast DC furnace at Mintek, the South African mining research organisation.
Under the terms of today’s Framework Agreement, the two parties will set up a company to undertake smelting and refining activities using the ConRoast technology. The ownership structure will be split 70% Jubilee and 30% Sylvania.
Meanwhile, the companies have agreed to incorporate a second company to undertake the processing of future platinum tailings opportunities, which will be 50/50 owned but will not involve Sylvania's current tailings and Northern limb operations.
The aim of the two new companies is to process and treat considerable low grade and high chrome concentrate resources on the Bushveld which have until now been deemed uneconomic.
The final legal agreement underpinning the Framework Agreement should be in place within three months.
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