LEON Coetzer and chairman, Colin Bird, acknowledge Jubilee’s shareholders are frustrated with the long wait for a mining right at Tjate and regular share issues to raise money. They promise the processing facility at Hernic Ferrochrome, which is close to completion, will start to deliver sustainable cash flows this year, and that the Department of Mineral Resources (DMR) will finally allow Tjate’s mining right to be executed. Coetzer says he’s been lambasted for calling Tjate’s mining right “imminent”, but blames changes to senior management levels at the DMR for the delays. Only once this right is truly secured, will Jubilee be able to sit down with investors and discuss funding to develop Tjate, which Bird describes as the biggest block of undeveloped platinum left in South Africa. This is clearly a sales pitch, since Jubilee brands itself a low cost, low-risk alternative to deep-level platinum mining. It has two recovery projects: chrome at Dilokong and chrome and precious metals at Hernic’s site. Coetzee says Jubilee is also in active discussions to acquire a third and fourth project in South Africa. He says there are indications that the good times are about to return, but we suspect shareholders will need more than forecasts before they put in money.
LIFE OF LEON
He’s been CEO of Jubilee for seven years, following a 20-year career in process technology at Anglo Platinum. His career has been built on identifying new technologies and realising them as quickly and cost-effectively as possible. He has a BSc in chemical engineering.
“We have been able to demonstrate our ability to outpace our competitors.”
- Web Address: www.jubileeplatinum.com