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Jubilee Metals Group PLC on Wednesday said the significant expansion of its operations had started to bear fruits, boosting platinum group metals production in South Africa.
The London-based metals processing company said PGM production was up 5% to 21,140 ounces for the second half to June 30 from 20,316 ounces in the first six months to December 31.
Around 95% of this output was delivered by the expanded Inyoni chrome and PGM facility in South Africa. Construction and commissioning of the new 45% expanded Inyoni operations were completed in March, with an annualised production capacity of 44,000 ounces.
Over the same period, copper production at the Zambian operations grew by 14% to 1,388 tonnes from 1,216 tonnes.
Revenue from the group's operations increased by 21% to £76 million, compared to the previous six-month period, while operational earnings was 24% higher at £24 million.
‘The team has delivered a significantly expanded and further diversified operational footprint which is already producing material increases in output and efficiencies,’ Jubilee Chief Excutive Leon Coetzer said.
Coetzer said the 2023 financial year offered ‘tremendous’ potential growth for the company as it benefitted from the foundation laid during the 2022 period, with the full exposure of the enlarged South African operations, as well as the commissioning of the new 12,000 tonnes per annum Southern Copper Refining operations in Zambia.
Shares in Jubilee fell by 1.4% at 14.39 pence on Wednesday morning in London, while its Johannesburg shares were down 0.3% at R 2.92.
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