Jubilee Metals Group PLC (LON:JLP) said on Wednesday that its recent acquisition, PlatCro Minerals is contributing to earnings ahead of schedule.
In a general operations and projects update, the AIM-listed group said the PlatCro chrome project in South Africa, which was only acquired in January, contributed £900,000 combined for January and February.
READ: Jubilee Metals surges as quarterly earnings jump 13%
The company added that the PlatCro project has accelerated deliveries of materials containing platinum group metals to it partner Northam Platinum's Eland platinum concentrator, with recovery and refining to take place in May.
Jubilee Metals also said that the Dilokong chrome mine, brought into production in January, has been ramping up to commercial production levels in March.
In addition, it continued the Hernic operation has delivered a strong return despite a delayed start-up after the December break and increased power outages in South Africa and is expected to return to previous levels in March.
Leon Coetzer, Jubilee Metals' chief executive commented: "The period has been remarkable both operationally and financially for Jubilee leading to a solid South African platform which precedes our targeted growth into base metals in Zambia.”
He added: “Jubilee has continued to demonstrate its ability to deliver projects on time and on budget. The quarter to date has delivered major growth in both our South African chrome and PGM operations.
Coetzer concluded: "We continue to consolidate our projects to further advance earnings and fast track our expansion plans both within and outside of South Africa."