a disgrace, page-3

In line with the info. provided by allahood I quote the following extracts from an article dated 9th Dec. quoting Leon Coetzer:-

"There is a small chance that the deal will not go ahead, but it is more likely to be delayed. However, both sides are working hard to make it happen, he said.

In March, Jubilee spoke of R190m in funding to settle all Platinum Australia’s debt and to recapitalise the suspended Smokey Hills mine.

Part of the transaction included swapping 50% of Macquarie’s debt into 13% of the enlarged group’s equity.

Jubilee is pressing Platinum Australia’s management to restart its concentrator plant at Smokey Hills so Jubilee can begin treating nearby tailings through the plant.

"This would ensure debt is not escalated further in Platinum Australia," Mr Coetzer said.

Jubilee would like Platinum Australia to start preparation work ahead of the year-end break. The commissioning would take about two months.

"We are putting enormous pressure on them to get clarity around this time line. It has an impact on when earnings will be generated by Jubilee on our tailings and when Platinum Australia will start earning from toll treating our material," Mr Coetzer said".

Also:- "Jubilee increased its total revenue in the September quarter to R16.7m, a 42% increase over the same period a year earlier. Gross profit shot up 89% to R7m in the same period".

http://www.bdlive.co.za/business/mining/2013/12/09/jubilee-urges-platinum-australia-debt-restructure

It begs the question of who is stuffing who around apart from us long suffering shareholders.

I still don't see any prospect of us getting anything out of this debacle unless a miracle happens and the value of platinum goes up dramatically: it's predicted to fall further next year!