As Jubilee Metals Group gains traction on its three SA chrome and platinum group metal projects, it has bought a refinery with secured funds of $22.5m in shares and debt to fund a new multimetal project in Zambia.
The Kabwe project in Zambia, which entails the retreatment of tailings, the waste product coming out of a processing plant, will deliver 8,000 tonnes of zinc, 15,000 tonnes of lead and 1,500 tonnes of vanadium a year once the project ramps up to steady state production over a two-year period. Hernic got off to a slow start in 2018, but it delivered positive earnings of R21m for January and February.
Northam bought the Eland mine and concentrator from Glencore for R175m. More than $1bn had been invested in buying and building Eland by Xstrata, a mining company taken over by Glencore.