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Jubilee Metals almost doubled quarterly earnings at Hernic platinum operation

"The Jubilee team has delivered an exceptional performance despite the traditional operational slowdown over the festive period,” said chief executive Leon Coetzer
team of miners
Project revenue was up 33%

Jubilee Metals Group PLC (LON:JLP) told investors that operational earnings from the Hernic platinum operations had nearly doubled in the fourth quarter.

Fourth quarter operational earnings from the site amounted to £0.97mln, up 94% compared to £0.5mln in the preceding quarter.

READ: Jubilee Metals set for further progress in 2018 as it ramps up production

At the same time, the operation’s cost per unit reduced to US$382 per ounce of platinum group metals (PGM) from US$476 in the third quarter of 2017. PGM production output was up 31% to 3,755 ounces, from 2,874 ounces in the earlier three months.

Project revenue was up 33% to £2.05mln, from £1.54mln, meanwhile, group operations revenue rose 24% to £3.3mln from £2.67mln. Group operations earnings improved 43% to £1.22mln, from £0.85mln.

"The Jubilee team has delivered an exceptional performance despite the traditional operational slowdown over the festive period,” said chief executive Leon Coetzer in a statement.

“Our Hernic operation has continued to deliver significant operational improvements quarter on quarter, this despite the budgeted increased maintenance and operational slow down over the festive period.”

READ: Jubilee Metals to buy 29% stake in Kabwe JV partner BMR for £2.8mln

He added: “We have implemented necessary process upgrades at our DCM operations to allow for a more flexible operation to expand the processing of 3rd party material. 

“We will also be implementing operational efficiency enhancements developed by our in-house technical teams.  I look forward to rolling-out these enhancements across our project portfolio.”

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