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Jubilee Platinum deals nearly over the finishing line

Published: 02:31 10 Jul 2013 EDT

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Jubilee Platinum (LON:JLP) is close to concluding two transactions that will have a fundamental bearing on the company’s future direction.

The group, headed by Leon Coetzer, has received the sign-off from South Africa’s competition watchdog for its merger with Platinum Australia, with PLA shareholders expected to approve the deal on July 31.

Meanwhile, the sale of a 65% stake in Jubilee Smelting and a 40% holding in PowerAlt, the generating business, for US$9.066mln is also expected to go ahead by the month-end.

Chief executive Coetzer said: "This is clearly an exciting period for the company with both transactions progressing well within a currently challenging platinum sector.

“We are continuing to progress with the reshaping of our operations by refining our focus while also moving towards the completion of the PLA acquisition - which will significantly enhance our scale and capabilities."

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