Jubilee Platinum could be the subject of a takeover bid after recording some encouraging initial results at its Madagascar site.

The pgm exploration firm revealed last week that it had positive readings from samples taken from the site.

Jubilee chief executive Colin Bird said that the results were the "first positive evidence" to support the firm's belief that pgm mineralisation could yield some significant deposits.

Now analysts such as John Meyer of Numis in London are anticipating a flurry of interest in the London-listed pgm miner.

Mr Meyer told Business Day that platinum heavyweights including Lonmin, Anglo Platinum, Impala Platinum and Aquarius were among those likely to be monitoring the situation.

"Their experts will no doubt maintain a close eye on developments in Madagascar for the next tangible platinum discovery," he commented.

"The platinum miners have increased their exploration expenditure outside SA in recent years, and are looking for potential to diversify geographically."

Last month Jubilee Platinum appointed a new non-executive director from the South African firm Royal Bafokeng Resources (RBR) as it continues to grow.

Former RBR chief executive Chris Molefe was brought on board to help develop its two South African subsidiaries, Dullstroom Plats and Maude Mining and Exploration.