7th Nov 2024 13:37
(Alliance News) - Jubilee Metals Group PLC on Thursday suffered a sharp drop in copper production for the first quarter of its financial year, but chrome output rose.
The London-based metal processing company, with projects in South Africa and Zambia said copper production was 744 tonnes for the first quarter that ended September 30, down from 1,048 tonnes in the fourth quarter to June 30, as a result of limited run time during linking to the Roan concentrator ramp-up and power outages in Zambia.
Jubilee completed the upgrade to the Roan concentrator in August.
The company expects to produce 1,800 tonnes of copper in the financial half-year ending December 31, before increasing to about 4,200 tonnes for the second half of 2025 financial year, which ends on June 30.
In South Africa, chrome production rose 8% to 455,381 tonnes in the first quarter from 421,698 tonnes in the fourth quarter.
6E platinum group metal production was up 19% to 9,328 ounces, compared to 7,828 ounces.
Jubilee said it had experienced "impressive" organic growth in its South African operations.
Chrome production guidance for 2025 financial year is 1.65 million tonnes, and PGM production estimate is 36,000 ounces. Copper production guidance of between 5,850 tonnes and 7,500 tonnes.
Shares in Jubilee were 3.4% higher at 4.60 pence each in London on Thursday afternoon. They were up 3.8% to ZAR1.09 apiece in Johannesburg.
By Artwell Dlamini, Alliance News reporter
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