Jubilee’s metals strategy takes shape


Jubilee’s metals strategy takes shape

Published Date: 2021-01-15 | Source: Stephen Gunnion | Author: Stephen Gunnion

Jubilee’s metals strategy takes shape

The metals processing company is expanding into copper and cobalt as its PGM and chrome operations mature.

Jubilee Metals has reported strong second-half production as its platinum group metals (PGMs) and chrome operations matured and its copper strategy gained momentum.

The metals processing company said operational growth in the six months to end-December beat its own expectations despite the challenges of Covid-19. Revenue from PGMs and chrome increased by 64% to £48.2 million (R1 billion) while earnings rose 123% to £28.4 million (R603 million) from the first six months of the year. Beyond growth in revenue and earnings, it said it continued to strengthen its asset base with the addition of its copper and cobalt resources in Zambia.

Over the period, Jubilee started the construction of its first copper concentrator in Zambia in line with its goal to take a leading role in the processing of surface tailings in that country. At the same time, it continued transforming its chrome operations to secure a more sustainable earnings margin, while achieving record operational results from its PGM business.

The group is targeting production of 25,000 tonnes of copper a year within the next four years after securing nearly 300 million tonnes of copper and cobalt tailings. Project Roan is the first of three copper concentrators it plans to implement to achieve the goal.

Jubilee's shares closed 0.7% up at R2.79 yesterday.

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