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Jubilee Metals posts another big boost to earnings, in spite of coronavirus restrictions

Jubilee Metals produces chrome, platinum group metals, copper and cobalt

Jubilee Metals Group -

Jubilee Metals Group PLC (LON:JLP) has delivered its sixth consecutive six-monthly period of double digit growth, posting a 54% increase in first-half earnings to £12.8mln.

The growth was achieved notwithstanding the loss of the equivalent of approximately two months' of operational time due to restrictions under coronavirus legislation in South Africa, where Jubilee has its operations.

The company was also able to boost revenue by 18% to £29.4mln. Jubilee's cash position increased to £10.8mln, as of the June 30, 2020, period end.

All operations in chrome and platinum group metals production have returned to 100% capacity, while it is maintaining strict health and safety measures.

Additionally during the period, Jubilee commenced production of copper cathode and cobalt concentrate at its Sable Refinery.

The company also secured the rights to approximately 150 million tonnes of copper tailings for refining at Sable.

The plan is for Jubilee to be producing 25,000 tonnes of copper per annum within the next 4 years.

Quick facts: Jubilee Metals Group

Price: 13.2 GBX

AIM:JLP
Market: AIM
Market Cap: £281.51 m
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