Jubilee Metals Group PLC (AIM:JLP, JSE:JBL, OTC:JUBPF) said it is on track to meet its annual platinum group metals (PGMs) output target solely through its own operations, replacing the need to rely on recoveries from joint ventures.
The metals processing company said its new and expanded fully integrated Inyoni operation in South Africa has already exceeded design throughput targets, reaching 86,000 tonnes per month of chrome and PGM containing run-of-mine (ROM) feed, together with 40,000 tonnes of PGM containing historical tailings material.
This performance has put Jubilee on course to achieve its PGM ounce production target of 44,000 ounces per annum through Inyoni alone, the AIM-traded company said.
With the completion of the ramp-up at Inyoni during this month, Jubilee said it expects to achieve the 43,000 PGM ounce guidance for the financial period to end June 2022.
Jubilee also significantly increased chrome ore beneficiation capacity to more than 220,000 tonnes per month (previously 140,000 tonnes per month) of ROM feed and tailings, allowing the company to sharply increase the production of chrome concentrates from various feed streams to offset its PGM production costs.
Jubilee plans to produce 1.2 million tonnes of chrome concentrate per year.
The company also said significant milestones were achieved at its Southern Copper Refining Strategy in Zambia, which involved integrating the Sable copper and cobalt refinery with the newly constructed copper concentrator, project Roan.
Project Roan commissioning activities are nearing conclusion, it said, with the ramp-up of the concentrator expected to reach design capacities during July.
The construction of a cobalt refining circuit at the site is also underway and expected to start commissioning next month.
"The Jubilee team was bold in its plans to expand and optimise the South African and Zambian operations, however a confident, but prudent approach to the deployment of our £39.5mln investment programme has already resulted in the delivery of significant results for the group,” said chief executive Leon Coetzer.
"Rolling out our business case across multiple countries, operations and commodities has enabled us to de-risk, capture economies of scale, and also provided exposure to numerous value points throughout the recovery and metal processing chain.”