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Jubilee Platinum reports earnings growth as output at Hernic mine continues to ramp up

The Hernic project is one of the lowest cost platinum producers in the industry, said Jubilee Platinum's chief Leon Coetzer
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The solid operational performance in October is expected to continue over the next quarter

Jubilee Platinum PLC (LON:JLP) delivered revenue and earnings growth from the Hernic mine in October as platinum production continued to ramp up.

Revenue from the South Africa project rose 18% to £760,000 compared to a month ago on the back of a 22% month-on-month gain in production to 1,427 ounces of platinum (PGM).

Project earnings grew 47% month-on-month to £370,000 as unit cost per PGM fell to US$406 from US$449 in September.

READ: Jubilee Platinum gets profits boost as Hernic in South Africa ramps up

"The Hernic project continues to deliver excellent results as we step up the throughput during the final optimisation of the operation,” said chief executive Leon Coetzer.

“Our October results illustrate the significant improvement in operational performance during this optimisation phase, which we expect to continue over the next quarter.

WATCH: Jubilee Platinum anticipating production ramp up at Hernic to continue into Q4

“I am particularly delighted by the earnings margin that the project is already achieving with a unit cost of only US$406 making the Hernic project one of the lowest cost PGM producers in the industry."   

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