South African miner Jubilee Platinum said its unaudited gross profit for the fourth quarter of 2013 rose by 24% y/y to ZAR 5.8bn ( EUR 342.6mn ) maintaining the targeted gross profit margin of 33%. The company's total revenue jumped 48.7% y/y to ZAR 17.7bn , while sales costs rose 62% y/y to ZAR 11.9bn . In December 2013 , Jubilee and rival Platinum Australia said they were in advanced negotiations about merging the two businesses and creating a platinum mining group with the potential to become one of the top five producers in the world. However, the increased debt owed by PLA to its senior creditors against the lower than expected platinum price has postponed the merger. Jubilee said it would review the financial structure of the merger in order to find a suitable structure benefiting its shareholders. Jubilee owns a proprietary ConRoast smelting process, developed to extract platinum group metals (PGM) from high-chrome content ore found in the Bushveld complex, where Platinum Australia is developing its Smokey Hills mine. Platinum Australia also holds the rights to the Rooderand Platinum project in the western limb of the Bushveld complex, which fits the production model and complements Smokey Hills Mine . The Bushveld complex in the Limpopo province of South Africa contains approximately 90% of the world's known platinum group metals (PGM) reserves.
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