The platinum producer Jubilee has formed a new subsidiary to manage its current interests in Madagascar after extending an agreement with its local partners on the island.

Jubilee holds an 85 per cent interest in the new division named Mineral Resources of Madagascar (MRM), with its partners holding the remaining stock.

In conjunction with the extended agreement, Jubilee has also secured exclusive licence concessions for prospective platinum-group metal (PGM), copper and nickel interests on the island.

Applications to convert these licences into ten-year exploration permits have also been submitted by Jubilee.