Jubilee rallies on record quarterly earnings


Jubilee rallies on record quarterly earnings

Published Date: 2020-10-13 | Source: Stephen Gunnion | Author: Stephen Gunnion

Jubilee rallies on record quarterly earnings

The metals processing company will soon add copper to the mix as it prepares for its first production.

Jubilee Metals Group produced record platinum group metals (PGMs) in the third quarter of its financial year as all its operations kicked back into gear following the Covid-19 lockdown.

In an operational update, the metals processing company, which is listed on AltX and London's AIM, said it also recorded record-high operational earnings from its PGM and chrome operations.

The rise in production came after it implemented new third-party ore supply agreements, while improving efficiencies. At the same time, it said it continued to make progress with the implementation of its copper strategy in Zambia, with the copper ore upgrade facility at its Sable Refinery nearing completion as part of its overall expansion plan.

Jubilee produced 136,162 tonnes of chrome concentrate over the three months under its tolling agreements with the third-party suppliers. Quarterly operating earnings from its PGM and chrome operations rose to £15.2 million to (R332 million).

The company said it would also soon be reporting on the performance of its growing copper business. Last month, it said it would produce its first concentrate before the end of the year following its acquisition of the Sable Refinery last year and a number of deal to secure the supply of copper ore.

Jubilee's shares rallied 16% to R1.37 yesterday.

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