Jubilee Metals Group PLC (AIM:JLP, JSE:JBL, OTC:JUBPF) said it produced an "exceptional performance" in its latest financial year as underlying earnings jumped 324%.
The tailings processing specialist increased revenues 143% in the year to end June 2021, with underlying profits rising to £52mln from £12.3mln.
"The Jubilee team delivered an exceptional performance during this financial year, achieving growth in all of our core business units," chief executive Leon Coetzer said.
Colin Bird, chairman, said the improvement was achieved in spite of significant infrastructure investment and operational downtime.
Jubilee’s platinum operations produced 50,000 ounces, a 23% rise on 2020, while the chrome operations doubled output to 751,000 tonnes and revenues to £34.5mln.
Recent moves have seen Jubilee expand into copper tailings with the first earnings achieved from its operation in Zambia. Jubilee is committed to achieving its targeted production of 25 000 tonnes per annum of copper within the next four years.
“Jubilee has delivered a strong financial performance with growth in all aspects of the business, both in South Africa and in Zambia, during a phase of new build, extension to existing facilities and feed and new project acquisitions," Bird added.
“We successfully completed a major upgrade programme at Inyoni which has significantly enhanced our processing capabilities with us now able to process a wide variety of third-party materials leaving us in a unique position to further capitalise on the materials in the market.”