Jubilee Metals Group (LON:JLP) today announced general operations and projects Update
Highlights
· Company continues to grow
· PlatCro Chrome operation acquired in January 2019 already contributing to group earnings ahead of schedule of GBP0.9 million (ZAR16.06 million) combined for January and February 2019
· The PlatCro PGM project accelerates deliveries of PGM containing material to Northam’s Eland platinum concentrator, scheduled to commence PGM recovery and refining during May 2019
· Jubilee completes commissioning and bringing into operation of industry first DCM fine chrome plant delivering saleable chrome concentrate to the market
· The Hernic project continues to deliver strong earnings combined for January and February 2019 of GBP1.10 million (ZAR19.69 million)
1= * 6 Element Platinum Group Metals
Leon Coetzer, Chief Executive Officer, says:
“The period has been remarkable both operationally and financially for Jubilee leading to a solid South African platform which precedes our targeted growth into base metals in Zambia.
Jubilee has continued to demonstrate its ability to deliver projects on-time and in budget. The quarter to date has delivered major growth in both our South African chrome and PGM operations. I am particularly pleased with the team’s performance at PlatCro Chrome delivering positive earnings ahead of schedule of GBP0.90 million during the months of January and February 2019.
The progress is testimony to the operational excellence and tenacity of the Jubilee team.
We continue to consolidate our projects to further advance earnings and fast track our expansion plans both within and outside of South Africa.”
PlatCro chrome and PGM project
Jubilee completed the acquisition of its PlatCro chrome project in January 2019 and delivers positive earnings ahead of projections for January and February of GBP0.90 million (ZAR16.06 million).
The PlatCro PGM project accelerated deliveries of the PGM containing material to Northam’s Eland platinum concentrator, scheduled to commence PGM recovery and refining during May 2019. The project targets to process up to 60 000 tonnes per month of PGM material equating to a production potential of 30 000 PGM ounces per annum which equals the current Hernic PGM operation.
DCM fine chrome project
The DCM fine chrome plant was brought into production during January 2019 and ramped up to reach commercial production levels during March 2019. The project is the first of its kind in the industry targeting the recovery of the super fine chrome component currently lost to tails by the chrome industry. The DCM plant holds a capacity to process up to 25 000 tonnes per month of chrome containing tailings material. Jubilee will target to roll-out this process to its other operations.
Hernic project
The Hernic operation continued to deliver strong earnings despite a delayed start-up following the December break and the challenges posed by increased power outages from the South African power grid. The Company expects production to return to previous levels from March 2019. Hernic delivered operational earnings of GBP1.10 million for January and February 2019. The Company expects to further grow the earnings potential as its targets to increase delivery of feed material to the operation.
