Jubilee Metals hit record production levels in the year to end June 2023, with further increases forecast in the current year.
The Zambia and South Africa-focused tailings processor produced 42,470 ounces (oz) of platinum (2022: 41,450 oz), 1.29mln tonnes (2022: 1.20mln) of chrome and 2,920 tonnes (t) of copper (2022: 2,270).
Jubilee added that its South African PGM and chrome operations exceeded guidance in spite of the power and infrastructure challenges in the country.
For the current twelve months, Jubilee is guiding towards PGM production stepping up to 42 000 oz, chrome to hit a new record of 1.45mln t and a doubling of copper production to 5,850t.
Leon Coetzer, chief executive, commented: "In South Africa, Inyoni continues to go from strength to strength.
”Our expansion strategy will see production increase further in the year ahead, as evidenced by our guidance for FY 2024 of 42 000 PGM oz and chrome production stepping up to 1 450 000 tonnes.
"The production of chrome forms a vital part of the South African business' profitability and cost competitiveness, and I am pleased we were able to secure more feed at more attractive, market-linked terms in the period.”
In Zambia, he said Jubilee has decided to upgrade its Roan concentrator facility significantly to target a broader range of materials and produce three concentrate products for both refining at Sable and direct on-sale to the market.
Work on the decision on the Northern Strategy in Zambia is continuing, he added, with a decision on the capital requirements now expected in August and scaling up of the pilot plant to follow in September.