leadf
logo-loader
viewJubilee Metals Group PLC
(
AIM:JLPFRA:JI5JSE:JBLOTC:JUBPF
)

Jubilee Metals earnings soar as platinum and chrome recoveries hit record levels

Leon Coetzer, chief executive, said that against the coronavirus backdrop the second half had delivered an exceptional performance.

Jubilee Metals Group -

Jubilee Metals Group PLC (LON:JLP) saw earnings more than double in the second half of 2020 as its platinum (PGM) and chrome tailings recovery operations ran at record levels.

Earnings from the PGM and chrome businesses rose by 123% to £28.4mln in the six months to end December compared to £12.8mln first half of the year. The percentage increase was even larger in rand terms.

PGM and chrome revenues rose by 64% to £48.2mln in the second half of 2020.

Elsewhere, Jubilee added that there was a £1.8mln early contribution from Sable Refinery copper and cobalt production, which is scheduled over the next four years to ramp up to 25,000 tonnes of copper annually.

Leon Coetzer, chief executive, said that against the coronavirus backdrop the second half had delivered an exceptional performance.

"The past six months has seen both Jubilee's PGM and chrome operations maturing as well as its copper strategy gaining significant momentum with the commencement of the construction of the first of a targeted three, copper concentrators in Zambia in line with our goal to take a leading role in the processing of surface tailings in the country," he said in a statement.

"The expected significant ramp-up of our copper production in Zambia has the clear potential to continue to grow Jubilee's earnings on the back of the commissioning of both of our copper and cobalt refining circuits and the expected ramp-up of our copper production, particularly with the recent rebound, and market expectations, of strong copper prices.”

Quick facts: Jubilee Metals Group PLC

Follow
AIM:JLP

Price: 15.775 GBX

Market Cap: £354.22 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of named herein, including the promotion by the Company of in any Content on the Site, the Company receives from said issuer annual cash...

FOR OUR FULL DISCLAIMER CLICK HERE

Jubilee Metals reveal details of three acquisitions in copper and cobalt...

Leon Coetzer, chief executive of Jubilee Metals Group PLC (AIM:JLP, FRA:JI5, JSE:JBL, OTC:JUBPF) (LON:JLP) joins Proactive London to explain the rationale behind three acquisitions that will see the metals processing company increase its interests in its copper and cobalt tailings projects in...

6 days, 18 hours ago

2 min read