Jubilee Platinum PLC’s (LON:JLP) performance improved markedly in its latest half year as its chromite processing operations started to hit full stride.
Losses were cut by more than two-thirds to £0.53mln in the period to December as revenues rose to £4.85mln.
The improvement reflected the start–up of its tailings treatment plant at the Dilokong chrome mine since when it has started production at a plant based at the Hernic mine, also in South Africa.
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Reflecting those developments, capital spending jumped to £11.2mln in the half year. Income from Dilokong was £1.36mln.
Leon Coetzer, chief executive, said Jubilee had been transformed over the period by the sale of its Middelburg operations and the acquisition of three platinum surface processing projects.
These could boost annualised production to more than 1.14mln tonnes per annum.
“The award of the Tjate mining right further emphasised the progress made in the implementation of Jubilee's business model of establishing a fully integrated Mines to Metals company.
“Jubilee has brought the first two of its surface processing projects on-line with the first platinum concentrate production commencing at the Hernic project in March of this year.
“We have also secured a further two surface projects to continue along Jubilee's steep growth curve.”
Shares eased 4% to 5.39p.