7th Mar 2018 14:36
LONDON (Alliance News) - Jubilee Metals Group PLC said Wednesday its loss narrowed after its revenue increased with its Hernic platinum project in South Africa ramping up production.
For the six months ended December 31, pretax loss narrowed to GBP438,000 from GBP527,000 the year prior. This was after revenue grew to GBP6.0 million from GBP4.9 million the year before.
"It is with great pride that I present these results for the 6 months ended December 2017," Jubilee Chief Executive Officer Leon Coetzee said. "It reflects a period during which Jubilee can proudly claim its position as one of the lowest cost producers of platinum and chrome in the industry, while the Jubilee Group delivers positive cash earnings."
"The Jubilee team has demonstrated their commitment to excellence by delivering the Hernic project in time and on-budget and ramping up the project to already achieve a unit cost per platinum group metal ounce produced of only USD382," Coetzee added. "These numbers demonstrate the return on investment offered by Jubilee's strategy for metals recovery from surface waste and stockpiles."
Since coming on line in March after total expenditure of GBP12.9 million, Hernic has generated 6,629 ounces of platinum group metals. This is after fourth quarter production increased to 3,755 ounces from 2,874 ounces in the third quarter. Over the first two months of the first quarter of 2018 production stood at 2,949 ounces.
In South Africa, however, at Jubilee's Dilokong project, production of saleable chromite concentrate fell to 26,922 tonnes from 45,956 tonnes the year before.
"Jubilee's project pipe-line includes further surface projects containing platinum and chrome and we have expanded our reach into Zambia by securing a position in the surface lead, zinc and vanadium project at Kabwe," Coetzee concluded. "We are actively pursuing further potential projects to include further metals such as cobalt and copper into our pipeline."
"I look forward to continuing to build on our current performance in the year and simultaneously executing our exciting surface project pipeline", Coetzee concluded.
Shares in Jubilee were trading flat at 2.90 pence on Wednesday.
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