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Jubilee Metals posts 74% increase in revenues as production from Windsor hits its stride

Jubilee also produced its first copper at the Kabwe project in Zambia

Jubilee Metals Group -

Jubilee Metals PLC (LON:JLP) has posted a 74% increase in combined second-half revenue to £25mln when set against the first half of the year, as new production from its Windsor operation came on stream and consolidated.

Jubilee has made a speciality in recent years of producing metal from tailings and old dumps, in particular chrome and Platinum group metals (PGM). It’s now really beginning to hit its stride and move into a growth phase.

WATCH: Jubilee Metals sees 'tremendous opportunity' in Zambia as it reports dramatic increase in earnings

The growth in revenue translated to a 47% increase in combined second half operational earnings to £8mln.

Platinum group revenue was up 107% to £16mln, and operational earnings from PGMs doubled to £8mln. Overall, the company delivered 21,082 PGM ounces to buyers.

During the six months to 31 December, Jubilee also completed the acquisition of the Sable refinery in Zambia. The company produced first copper metal in November 2019 and began the construction of the zinc refinery circuit. Jubilee also produced its first copper at the Kabwe project in Zambia.

It also acquired 100% of the surface tailings at the Inyoni operations, estimated at 3.33mln tonnes, as well as future PGMs tails, extending the project life.

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."

Quick facts: Jubilee Metals Group

Price: 3.325 GBX

AIM:JLP
Market: AIM
Market Cap: £67.08 m
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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...

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