Jubilee Platinum record production at Middelburg

2nd Jan 2014 07:57

Jubilee Platinum said it has achieved a record Ferronickel metal production rate of 35 tonnes a day at the Middelburg Smelter operation.It exceeded the previous record of 26 tonnes after the company secured funding for the expansion of the Middelburg Smelter operation to three operating ARC furnaces.Two of the furnaces will be dedicated to the production of ferronickel metal and the third furnace to the production of ferrosilicon metal. It will boost the total targeted smelter design capacity to 13,900 tons of metal a year. All three furnaces have been fully contracted."With proceeds in place to fund the commissioning of the remaining third ARC furnace at Middelburg, the board of Jubilee believes that the Middelburg Smelter is in a strong position to enhance its earnings profile," the group said.Jubilee has entered into a £10m equity finance facility with Darwin Strategic which can be used over a period of 60 months.RD