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(Alliance News) - Mining firm Jubilee Metals Group PLC said Monday that earnings and revenue both surged in the first six months of 2019 as its chrome unit saw "significant" growth in production.
Jubilee Metals shares were down 1.3% in London at 3.16 pence, while they were flat in Johannesburg at ZAR0.58.
For the six months ended June, operational earnings widened 47% to GBP5.6 million, or ZAR103.7 million, compared to the GBP3.8 million reported during the six months prior. This was after revenue surged 75% to GBP14.4 million compared to the GBP8.2 million reported six months prior.
Chrome concentrate production rose "significantly" to 164,936 tonnes from 17,011 tonnes during the six months before.
Meanwhile, platinum group metal output hit 11,559 ounces after the second quarter generated 6,473 ounces. This was lower than the 12,288 ounces delivered during the six months before.
"I am delighted to present Jubilee's six monthly operations update which showcases the exceptional progress we continue to make across our portfolio of metals processing projects – delivering against our targeted performance and bringing new operations on-line," Jubilee Chief Executive Officer Leon Coetzer said.
"Such a marked increase in combined revenue – 75% against the second half of 2018 – reflects our sustained focus on increasing and diversifying our earnings base and maintaining strong margins," Coetzer added.
"This has been achieved through a considerable uplift in production figures across our portfolio, both in chrome and PGMs," Coetzer continued. "Notably our chrome performance has seen significant growth which is attributable to our ground-breaking DCM fine chrome operation and Windsor chrome operation being brought online during the period. Replicating this success, we expect to see a step-up in PGM production following the Windsor PGM project being brought into operation during July 2019."
"With the acquisition of Sable Zinc Kabwe Refinery for the processing of the Kabwe material fully completed, our technical and operational teams are focussed on bringing the project on-line against accelerated timelines," Coetzer said. "This means we will soon be adding zinc, vanadium, lead and copper to our commodity basket, an important element of our on-going development strategy to diversify our earnings through additional jurisdictions and increased metal exposure."