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Mining exploration and development company Jubilee Platinum has said that it is still in negotiations for the acquisition of a 51 per cent stake in power generation company Power Alt, which if successful, might have a material effect on its share price on the Johannesburg Stock Exchange (JSE).
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Jubilee has said that the stake in the power generation company would provide it with an offset against rising power costs in South Africa and would offer it the opportunity to expand and develop a stand-alone gas-fired power generation business.
Power Alt fully commissioned a power generation plant on the Thos Begbie Holdings property in September 2009. The plant is capable of generating 10 MW of power to support Jubilee's processing expansion plans. The facility will assist Jubilee in accelerating its ConRoast platinum processing project in 2011.