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Jubilee Metals makes steady progress towards substantial PGM production

Snapshot

Shares in Jubilee have almost doubled over the past year, as revenues begin to build

platinum

Quick facts: Jubilee Metals Group

Price: 2.3 GBX

AIM:JLP
Market: AIM
Market Cap: £46.4 m
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  • Recovers Platinum and other metals from tailings
  • Has contracts with miners in South Africa and Zambia
  • Annual production forecast to rise to 60,000oz PGMs

What Jubilee Metals does:

Jubilee Metals PLC (LON:JLP) is exclusive partner to recover Platinum Group Metals (PGMs) at Hernic in South Africa, the world’s fourth-largest integrated ferrochrome producer with an estimated 3.2mln tonnes of Platinum rich material at surface, and an additional 17 000 tonnes being added.

At DCM in South Africa, Jubilee also holds exclusive right to all PGMs currently at surface and from future mine production plus a 50% profit share on all chrome recovered. There is an estimated 700 000 tonnes of Platinum and chrome rich material at surface.

Meanwhile at PlatCro also in South Africa there is some 1.45mln tonnes of Platinum rich material at surface, and that is rising by an estimated 12,000 tonnes per month. The target is for a 60,000 tonnes per month processing rate. Northam is to fund the refurbishment of Platinum recovery circuit at PlatCro.

And the Tjate Platinum Project back in South Africa has targeted exploration 70mln ounces of PGMs over three farms

In Zambia, the Kabwe lead, zinc and vanadium project has about 6.4mln tonnes of surface material containing an estimated 356 843 tonnes of zinc and 351 386 tonnes of lead.

How is it doing:

In the second half of the 2019 financial year, to end December, Jubilee Metals boosted revenues by 74% to £25mln, when set against the first half of the year. The rise came as new production from Windsor came on stream.

The growth in revenue translated to a 47% increase in second half operational earings, which rose to £8mln.

In November 2019 the company also produced its first copper from the Kabwe project in Zambia.

Inflection points:

  • Record production at Inyoni project
  • Kabwe plant commissioning underway
  • New agreement at Hernic to acquire 100% of the rights to earnings from the current and future PGM tailings
  • Platcro output of 30,000 oz will double Jubilee’s output

What the boss says:

Leon Coetzer, Jubilee’s chief executive officer said: "We are consistently delivering on our strategy of diversifying earnings across multiple commodities and jurisdictions and I look forward to updating shareholders as we head into a new year and continue to advance our rapid growth strategy."

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Jubilee Metals sees 'tremendous opportunity' in Zambia as it reports...

Jubilee Metals PLC's (LON:JLP) chief executive Leon Coetzer skyped into the Proactive London studio to update on operations and how recent movements in commodity prices have been impacting them. Jubilee recently posted a 74% increase in combined second-half revenue to £25mln when set against...

on 27/2/20

2 min read