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Jubilee Metals boasts record quarter for platinum production

"It is great to see our chrome and PGM strategy paying off," said chief executive Leon Coetzer

Jubilee Metals Group - Jubilee Metals boasts record quarter for platinum production
Jubilee Metals plant

Jubilee Metals Group PLC (LON:JLP) has boasted of record production and financial performance in the third quarter of 2020.

The company said it produced 15,044 platinum group metal ounces in the three-month period, and said this was supported also by the production of some 136,162 tonnes of chrome concentrate.

Together it drove record-high quarterly earnings of £15.17mln, the company added.

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Jubliee noted that the strong performance comes after the expansion of operations which supplement the company’s own surface resources with third party ore supply agreements.

The company said it continues to pursue additional opportunities to further expand its chrome and PGM operations.

"It is great to see our chrome and PGM strategy paying off, as reflected in our recent operational performance,” said Leon Coetzer, Jubilee's chief executive said in a statement.

“We have aggressively driven our expansion across both our South African and Zambian operations. Our continued strive to improve our operational efficiencies continues to unlock additional opportunities.”

He added: “The Q3 2020 results bode very well for our projected H2 2020 performance and hold the potential to significantly surpass our previous best half-year performance; H1 2020.”

Elsewhere, Jubilee highlighted significant progress with copper operations in Zambia where a copper ore upgrade facility at the Sable refinery is currently nearing completion. And, all long lead items have been secured for the construction of Project Roan which is slated to more than double copper production.

"Our team in Zambia is focussed on delivering on our copper expansion drive, which includes the continued capitalisation of our Sable Refinery, to be ready for both our Project Roan coming on-line, as well as taking delivery of increased third party copper ore,” Coetzer said.

“Our technical team is simultaneously concluding their studies on our very exciting Project Elephant to unlock the nearly 150 million tonnes of surface copper tailings, which will further add to our copper production, as we chase down our target of 25 000 tonnes of copper units per annum."

Quick facts: Jubilee Metals Group

Price: 13.2 GBX

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