Jubilee Metals Group PLC (AIM:JLP, FRA:JI5, JSE:JBL, OTC:JUBPF) chief executive Leon Coetzer described an exceptional performance in the six months ending June 30 2021.
Coetzer highlighted that the company saw growth in each of its core business units – platinum group metal, chrome and its copper operation in Zambia – with the latter seeing its first earnings during the period.
“Our maturing company continues on a very exciting growth trajectory, both operationally and financially, as our strategy continues to be implemented,” Coetzer said.
Jubilee reported £40.1mln of attributable operational earnings for the first half, on £75.6mln of revenue which represents a rise of 46% on the comparative period of 2020.
Provisional figures for the full year saw £127.6mln of revenue, up 133% year-on-year, and operational earnings for the full year rose by 178% to £69.6mln.
Jubilee’s platinum production hit the whole year target, with 50,163 ounces produced, whilst chrome output rose 99% on the prior financial period to 751,223 tonnes. The copper operation yielded 2,026 tonnes.
“We have undertaken an intensive construction and commissioning phase, in particular at our PGM and chrome operations in South Africa, where a number of projects have been initiated,” Coetzer said.
“We have seen the commissioning of two new chrome beneficiation facilities, as well as commencing with the construction of the expanded PGM Inyoni operations.
“While all of this work understandably has put significant pressure on day-to-day operations, I am thrilled to still be reporting further production and earnings progress. Crucially, the investment, time and effort spent in building and integrating these facilities has set a platform for tremendous potential growth opportunities.”
Looking ahead, Coetzer expects further growth in South Africa where it recently inked new supply deals.
The Zambian copper operation is meanwhile ramping up, with the company targeting a 25,000 tonnes per year operation in four years’ time. A copper concentrate facility is due to be commission in early 2022 and a second Zambian copper site is due to complete its development programme.