Jubilee Metals Group PLC (AIM:JLP, JSE:JBL, OTC:JUBPF) reported increases in production across all of its operations in its first half, with a 46.5% increase in copper cathode and copper in concentrate production in Zambia, totalling 1,683 tonnes.
In South Africa, chrome concentrate production saw a rise of 7.4%, reaching 718,189 tonnes, while production of Platinum Group Metals (PGM) increased by 11.2% to 20,244 ounces.
Total revenue over the six months to end December grew by 18.4% to £74.7 million with underlying earnings increasing by 13.6% to £11.7 million. Profit after tax rose by 7.3% to £4.4 million.
During the period, Jubilee invested £12.9 million in expanding its copper and chrome operations.
Commenting on Jubilee’s Zambia operations, chief executive Leon Coetzer said: “In Zambia, where we are investing and growing production, copper output improved by 46.5% despite the disruption caused by the implementation of the ongoing Roan concentrator front-end upgrade project.
“As a reminder, this project will allow Roan to process multiple feed sources of copper oxide and sulphides simultaneously with a capacity of 13 000t per annum of copper contained in copper concentrates.
“The timely completion of the Roan upgrade is key towards achieving the copper guidance for the full period due to the expected significant step-up in copper production this project brings.”
The Group had £5 million in cash at the end of the period since when it raised £13 million before expenses through an equity placing to fund its Zambian strategy and growth.
Production guidance for full year 2024 is set at 5,850t of copper, chrome exceeding 1.45Mt and PGM at 42,000oz.
The company's longer-term strategy includes expanding operations to exceed 25,000 tonnes per annum of copper content in copper cathode and concentrates.
The recent oversubscribed placing of £13 million will primarily accelerate the copper expansion drive.