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(Alliance News) - Jubilee Metals Group PLC on Tuesday said its platinum production and processing capabilities got a boost from the recommissioning of its Inyoni facility in northern South Africa.
Jubilee Metals said January's platinum group metals production was up 66% year-on-year thanks to the recommissioning of its Inyoni facility, which is now running at full capacity.
The London-based metals processing company said Inyoni will now be able to produce up to 44,000 ounces of PGMs per annum, up from 30,000 ounces before its GBP17.5 million investment in the facility.
Jubilee shares were up 4.7% to ZAR3.35 each on Tuesday morning in Johannesburg, and were up 5.6% to 16.00 pence each in London.
"The investment in Inyoni has materially increased the group's production capacity of PGM ounces and, importantly, increases the proportion of the ounces produced that are fully attributable to Jubilee," the company said.
Chrome revenue in the second half of 2021 was up 28% on the first half to GBP30 million, while earnings were up 15% to GBP2 million.
In copper, Jubilee said its Sable refinery production was up 70% to 1,314 tonnes, compared with 774 tonnes in the first half. Sable refinery is located in Zambia.
Chief Executive Leon Coetzer said: "The current reporting period is an example of Jubilee's continued commitment to invest into our company to secure further growth and sustainability of our operations.
"Despite this challenging undertaking that lays our foundation for future performance, the team delivered a stellar operational performance."
By Greg Roxburgh; gregroxburgh@alliancenews.com
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