Jubilee Metals Group PLC (LON:JLP) shares glimmered on Wednesday after it laid out plans to increase to its production capacity.
In a project update, the platinum group metals (PGM) producer said it was planning to begin production of PGMs in June from its PlatCro operations in South Africa, which included a processing project with a monthly capacity of 60,000 tonnes.
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This would add around 30,000 PGM ounces to Jubilee’s annual production, effectively doubling its yearly capacity to 60,000 ounces.
Leon Coetzer, chief executive, said the production increase was “another huge milestone” for the firm and was expected to significantly impact its financial performance.
Meanwhile, Jubilee said its DCM fine chrome project was continuing to ramp up production with a target of 5,000 saleable tonnes of chrome concentrate for June, up from 3,800 in May.
The group also said its acquisition of the Kabwe zinc, lead and vanadium project in Zambia was “progressing well” with the Zambian Competition and Consumer Protection Commission having issued an approval notice for ratification.
Coetzer said the group was finalising the process design for Kabwe which he said would allow the firm to “hit the ground running” when the acquisition was formally completed, targeting production from the site in the fourth quarter of 2019.
In mid-afternoon trading, Jubilee shares were up 3.9% at 3p.