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(Alliance News) - Jubilee Metals Group PLC on Wednesday said operating performance was in line with expectations in the six months to December 31, with its South Africa output offset by infrastructure problems in Zambia.
Jubilee shares were down 17% trading at 9.50 pence per share on Wednesday afternoon in London.
The London-based metal processing company said its performance was supported by its South African platinum group metals and chrome operations, which offset the impact of power and water infrastructure challenges in Zambia.
Jubillee's South African Inyoni facility delivered 18,208 ounces of PGM during the first half of the current financial year, up 20% from 15,152 tonnes a year ago, while chrome production was 634,111 tonnes of chrome concentrate, on track for full-year guidance of 1.2 million tonnes.
Jubilee added that it has installed back-up power units at its Windsor 8 chrome operations, which have delivered more than 650 hours of back-up power since their implementation in November last year. South Africa suffers from repeated electricity loadshedding by the state-owned power provider.
Copper production at the company's Roan project in Zambia was down 10% at 1,149 tonnes from 1,279 tonnes in the six months prior, while overall copper production fell below the 3,000 tonne target as a result of countrywide power outages.
Jubilee has invested a further USD2.5 billion in its Zambia operations to overcome infrastructure issues and has delivered privately owned water infrastructure and upgraded power infrastructure.
Jubilee also updated its strategy to increase its operating footprint in line with the power infrastructure available in Zambia, capitalising on renewed infrastructure at its Roan project.
Chief Executive Officer Leon Coetzer said: "It has been a challenging period during which we have overcome infrastructural related challenges in both of our operating jurisdictions. Reliable power and water supply are two critical ingredients for efficient and stable operations.
"Our ability to leverage off our multi-commodity production capability has been vital in being able to deliver the operational performance and resultant revenues and earnings. We aim to continue to maximise this multi-metal production flexibility and therefore benefit from the cumulative earnings potential it provides."
By Harvey Dorset, Alliance News reporter
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