25th Mar 2015 11:22
LONDON (Alliance News) - Jubilee Platinum PLC Wednesday said its pretax loss for the first half of its financial year narrowed, as revenue experienced a small rise while the company continues trying to reach its aim of becoming a significant platinum producer.
The mining exploration company with a focus on platinum group elements and nickel reported a pretax loss of GBP1.0 million for the six months ended December 31, compared to a GBP1.5 million loss in the same period in 2013.
The loss narrowed due to revenue increasing to GBP2.8 million from GBP2.3 million. All of its revenue currently comes from its South African Middleburg operations, which consists of a smelter it acquired in 2010.
Jubilee also benefited from lower operating costs and a small reduction in finance costs during the period.
"Jubilee is firmly focussed on the execution of its surface platinum processing projects as we accelerate the company into a position where we are a significant producer of our own platinum group metals. The recently reported acquisitions and agreements are transformational and will make Jubilee a significant player in the platinum arena. It is expected that our new projects will be executed and in commercial production during 2016," said Chief Executive Leon Coetzer.
On March 9, Jubilee said the Hernic Ferrochrome Pty Ltd project and the ASA Metals Pty Ltd surface platinum projects in South Africa both have been put on an accelerated project schedule, with a target for both to be fully operational by 2016.
Jubilee shares were down 5.3% to 1.35 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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