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(Alliance News) - Jubilee Metals Group PLC said on Wednesday it expected to meet its platinum group metals target, while it indicated it is likely to deliver its latest Zambian copper project ahead of time.
In its copper and platinum group metals projects update, the Berkshire, England-based metal processing company said its PGM operational target for the current financial year remains at 50,000 ounces, despite interruptions to operations.
It has also completed about USD21 million construction and commissioning of the upgrade of the Inyoni PGM Operations.
The capitalisation programme was undertaken over 11 months and included a chrome recovery circuit together with a new feed blending and classification circuit with a significantly expanded PGM recovery circuit with the capability, based on its design, to process up to 75,000 tonnes a month of chrome and PGM rich material.
Jubilee said it continued to review the available options to expand its processing footprint into South Africa's Eastern Limb of the Bushveld Complex PGM-bearing region.
Regarding its copper projects, Jubilee said the construction of Project Roan targeting the production of 10,000 tonnes an annum through the integrated copper processing plant in northern Zambia is fast nearing completion, with commissioning expected to start in December, slightly ahead of the anticipated timetable.
Project Roan remains on track to start delivering copper concentrate to the upgraded Sable Refinery during the first quarter next year.
In addition to Project Roan, Jubilee is targeting the construction of a further two such copper concentrating facilities in northern Zambia. The company seeks to deliver in excess of 25,000 tonnes of copper per annum by the end of 2023.
Jubilee shares rose 1.4% to 16.68 pence each in London on Wednesday morning, and were up 2.0% to ZAR3.57 each in Johannesburg.
By Artwell Dlamini; artwelldlamini@alliancenews.com
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