Monday November 2, 10:09 AM
UPDATE 1-Sylvania, Jubilee Platinum plan smelting tie-up
* Sylvania to get access to Jubilee's smelting technology
* Jubilee to benefit from Sylvania's PGM recovery skill
* Jubilee up 2.4 pct; Sylvania down 3.4 pct
(Adds details)
Nov 2 (Reuters) - Australia-based precious metals producer Sylvania Resources Ltd and South-Africa focussed firm Jubilee Platinum Plc said they planned to enter into a partnership for the processing of platinum group metals (PGM).
The companies said the strategic alliance would provide Sylvania with access to Jubilee's smelting technology and would allow Jubilee to benefit from Sylvania's secondary PGM recovery skill.
The tie-up would fast track operations and save research and development costs for the two firms, the companies said.
Last month, Jubilee bought Braemore Resources Plc (LSE: BRR.L - news) that had a proprietary smelting technology called ConRoast, while Sylvania's planned merger with Finland's Ruukki Group got terminated.
Jubilee's shares rose 2.4 percent to 32.5 pence, while Sylvania fell 2.9 percent to 50.5 pence by 0946 GMT on Monday on the London Stock Exchange (LSE: LSE.L - news) .
(Reporting by Purwa Naveen Raman in Bangalore) Keywords: SYLVANIA/
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