[miningmx.com] – JUBILEE Platinum said a proposed merger with Platinum Australia may be delayed following a liquidation application was made against PhokaThaba, subsidiary of Platinum Australia.
“The development with the liquidation application against PhokaThaba is regrettable due to the potential delays in the execution of the (merger) transaction,” said Jubilee Platinum CEO, Leon Coetzer in an announcement on Tuesday.
JIC Mining Services had applied for the winding up of PhokaThaba Platinum, which owns 65.75% of PLA’s Smokey Hills mine, an mothballed operation with a nameplate capacity of 80,000 ounces of platinum group metals.
Said Coetzer: “The liquidation application is, however, well defined within the implementation deed and allows Jubilee … to review the progress made by Platinum Australia”.
Platinum Australia has postponed the progress on the merger to June 20 in order to address the liquidation application. The parties had set a July deadline for completion of the merger.
