21st Jul 2014 11:07
LONDON (Alliance News) - Jubilee Platinum PLC said Monday that it had swung to an unaudited profit as revenue rose at its Middelburg operations in South Africa in the second quarter of 2014.
The company said that the unaudited gross profit for Middelburg was up 11.14% in the quarter to ZAR1.2 million, swung from a net loss of ZAR2.7 million in the first quarter, on a revenue rise of 44.9%.
Jubilee said that the improvement at Middelburg was driven by the conclusion of the renewal programme of its smelter operations, with growing positive earnings in both May and June.
Jubilee said it had been able to counter the impact on operations caused by the ongoing national strike of mining employees in South Africa, by increasing power sales to the National Electricity Provider of South Africa.
It is currently reviewing options to further upgrade its power line infrastructure connecting its power plan to the national grid, to allow an increase of these power sales.
Jubilee is concluding final recipe optimisation test work on platinum-containing material secured for smelting at Middelburg. Smelting trials are scheduled to be concluded over the next five days to establish its optimum chemical additions for the smelting of this material, it said.
Depending on financial parameters, it plans to commence the smelting of this material in the third quarter of the year.
The company said that it is continuing to work closely with Anglo American Platinum Ltd to conclude the sale of the Quartzhill property.
Shares in Jubilee Platinum were trading down 0.4% at 1.37 pence Monday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Anglo AmericanJubilee Metals