Jubilee Platinum PLC’s (LON:JLP) shares climbed 15% on a bullish update on operations at its chrome/platinum tailings project at the Dilokong mine in South Africa.
The chrome plant feed rate capacity is now 65 tons per hour (tph) Jubilee said, exceeding design capacity by 30% while trials have indicated a production rate of double design capacity.
Sales of chromite so far have generated R4.1mln or £188,000 from 3,000 tonnes. The aim is for monthly production to rise to 8,000 tonnes by June.
Leon Coetzer, chief executive, said: "The DCM team and plant continues to outperform the original design numbers as the project starts to generate its first revenues.
“Platinum now becomes the next key focus of the project.
“The project is consistently exceeding the enrichment targets for platinum, increasing the value of this stream and drawing the interest of a number of established platinum producers looking to accelerate the production of a saleable platinum product."
Platinum values have exceeded the designed platinum content by up to 32%, he added.
Shares rose 17% to 3.24p.