London- and Johannesburg-listed Jubilee Metals Group has met its manufacturing targets for the monetary 12 months ended June 30, after having accomplished its capitalisation and enlargement programme.
Over the previous 18 months, the corporate applied a £58-million capital enlargement (capex) challenge to amass and refurbish processing services in South Africa’s Bushveld Advanced and in Zambia.
In South Africa, Jubilee in March accomplished the development and ramp-up of the 45% expanded Inyoni operation. This has enabled the operation to simply accept a number of forms of feed sources, with an annualised capability of 44 000 oz of platinum group metals (PGMs) and a mixed 1.2-million tonnes of by-product chrome focus.
In Zambia, the absolutely built-in Southern Copper refining technique was delivered with the completion of building of the brand new Roan copper concentrator. Commissioning and ramp-up of the concentrator began in July and it reached nameplate throughput charges in September.
Jubilee stories that the capex challenge contributed to it producing 41 586 oz of PGMs, 1.22-million tonnes of chrome and a couple of 604 t of copper within the monetary 12 months beneath evaluate.
Additional, the funding has resulted in a 40% improve in Jubilee’s tangible internet asset worth per share to 4.84p for the monetary 12 months beneath evaluate.
CEO Leon Coetzer says the monetary 12 months was a transformative one for Jubilee.
“The group has delivered a considerably expanded and additional diversified operational footprint. We overcame quite a few challenges to execute a extremely advanced capex programme and established a stable basis in our pursuit of changing into a worldwide chief in processing and retreating historic mine waste and perceived waste, whereas rising responsibly.
“On the core of the Jubilee story, one thing I’m most pleased with, is that the answer we provide permits us to not solely clear up environmental liabilities similar to tailings deposits however, in parallel, deal with third-party mine feed that ordinarily could be headed to a waste dump.
“The long run holds great potential progress for our firm because it advantages from the inspiration laid throughout the interval [under review],” he feedback.
Incoming chairperson Ollie Oliveira agrees {that a} robust progress platform has been created for the group.
“Past delivering on the medium-term plan of executing the Northern Copper Refining Technique, in Zambia, and persevering with to increase our operational footprint, we now have additionally centered our consideration on addressing improved governance on the board stage and the strengthening of threat administration together with all the opposite controls that must be current in an organization that has grown as quick as Jubilee has over the previous few years,” he provides.
In the meantime, along with the robust operational efficiency, Jubilee additionally reported good monetary outcomes, with income 5.4% increased year-on-year at £140-million. The corporate additionally settled its long-term debt of £5.3-million.
