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Jubilee Platinum Revenue Rises Sharply As Two Sites Begin Production

Fri, 10th Nov 2017 12:32

LONDON (Alliance News) - Jubilee Platinum PLC on Friday reported more than six-fold increase in 2017 financial year revenue due to the contributions from Hernic and Dilokong platinum projects in South Africa.

Revenue increased to GBP9.8 million from GBP1.5 million for the year to June 30. Pretax loss, however, widened considerably to GBP20.4 million from GBP3.6 million due to an impairment of nickel tailings worth GBP18.6 million. Stripping out exceptional charges, pretax loss for the period halved to GBP1.8 million.

Gross profit for the year more than doubled to GBP1.8 million from GBP865,612 last year, with operating expenses falling by 27% to GBP3.4 million from GBP4.7 million.

The Dilokong chrome mine produced 78,588 tonnes of chromite concentrate in 2017 financial year. For the first three months of 2018 financial year, it produced 15,134ccpt. Revenue from the mine for the 2017 financial year was GBP9.5 million, with a further GBP1.1 million since period end.

The Hernic project, the second of Jubilee's platinum group metals surface tailings projects, has access to an estimated 3.0 million tonnes of material and is what the company said the largest platinum group metal beneficiation plant in South Africa.

Hernic commenced first market sales in April 2017. In the fourth quarter of 2017 financial year, it produced 80,828 tonnes of tailings and 808 ounces of platinum group metals. In the first quarter of 2018 financial year, it produced 105,673 tonnes of tailings and 2,874 ounces of platinum group metals.

During the year, Jubilee also acquired a mining right for the Tjate platinum project, also located in South Africa. The company said the project has an "extremely" large platinum group metal resource and the mine should play a significant part of the company's long-term future.

Chairman Colin Bird said: "The year under review has been an exceptional period of growth for Jubilee. Jubilee established itself as a diversified producer of metals entering both the chrome and platinum industry through the ramp-up of its DCM operations and commissioning of the Hernic project while the Tjate platinum project was awarded its mining license."

Jubilee shares were up 0.6% Friday at 4.25 pence.

By George Collard;

Copyright 2017 Alliance News Limited. All Rights Reserved.

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