(Alliance News) - Mining firm Jubilee Metals Group PLC on Monday reported more than doubled annual earnings and revenue, driven on robust output from both its platinum and chrome operations.
For the year to the end of June, pretax profit increased by 73% to GBP13.7 million from GBP7.9 million the year before. Adjusted earnings before interest, tax, depreciation and amortisation more than doubled year-on-year to GBP22.6 million, around ZAR446.4 million, from GBP9.0 million.
This was on revenue that more than doubled to GBP54.8 million from GBP23.6 million. Operationally, chrome concentrate production more than doubled to 377,883 tonnes, generating GBP17.2 million in revenue from that division.
Jubilee also reported a record production in platinum group metals to 40,743 ounces, up 71% from 23,847 ounces the prior year, with a quarterly record of 15,044 ounces posted for the third quarter of the year.
During the year, Jubilee Metals acquired all right to the PGM tailings situated at the Inyoni operations in the Bushveld Complex in South Africa, as well as the rights to the chrome contained in all of the tailings.
In addition, the group has implemented its option to acquire Enviro Mining Ltd from BMR, which owns a small mining licence in Zambia.
"The Jubilee business has gone through a period of significant maturity during the period and in the immediate months post-period end. We have expanded our project portfolio in both South Africa and, importantly, in Zambia. The expansion into Zambia is significant for us, where we continue to establish our multi-metal recovery and refining operations, and is proof that the know-how and experience we have accumulated from operating in South Africa can be translated into other jurisdictions across the African continent, and beyond," said Chair Colin Bird.
Shares in Jubilee Metals were up 7.5% at 7.47 pence in London, while its Johannesburg shares were 5.7% higher on Tuesday.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Jubilee Metals (JLP)