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(Alliance News) - Jubilee Metals Group PLC on Tuesday reported a strong rise in earnings and revenue for the second half of 2019, driven by a robust performance from its platinum group metals operations as well as continued expansion.
For the six months to the end of December, the London and Johannesburg-listed metals miner reported attributable earnings of GBP8.3 million, around ZAR153.5 million, more than doubled from GBP3.8 million the same period the year before.
This was on project revenue that near-tripled to GBP25.0 million from GBP8.2 million.
In its PGM division, Jubilee said its project revenue more than doubled to GBP16.1 million year-on-year, as the delivery of PGM concentrate increased by 72% to 21,082 ounces through the group's Windsor project coming into operation in August.
Meanwhile, from its Chrome operations, project revenue rose eight-fold to GBP8.8 million, as chrome concentrate production sharply rose to 186,249 tonnes from 17,011 tonnes.
The stronger performance was attributed to the entry of new third party ore acquisition agreement which better reflected market conditions.
"It has been an exceptional period which included two transformational transactions while we maintained our growth trajectory delivering another step increase in earnings. The benefit of our multi-metal strategy has been clearly demonstrated over the period supported by our leading in-house technical and operational excellence," said Chief Executive Officer Leon Coetzer.
"Our PGM operations delivered record earnings on the back of increased production and metal prices while our chrome operations showed their resolve maintaining positive earnings against much softer chrome prices delivering increased output and higher efficiencies," Coetzer added.
Shares in Jubilee Metals were down 2.7% at 4.33 pence on Tuesday in London, while its Johannesburg shares were 1.2% lower at ZAR0.84.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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