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.
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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."