Jubilee Metals copper production soars 65% in first quarter

(Alliance News) - Jubilee Metals Group PLC reported on Friday its copper production surged in the first quarter of its financial year as its open-pit copper mine expanded and plants operated a full capacity.

The London-based metal processing company delivered copper production of 938 tonnes for the first quarter to September 30, up 65% from 568 tonnes for the fourth quarter that ended June 30.

Jubilee has become a Zambia-focused copper producer after completing the sale of chrome and platinum group metal operations in South Africa early this week.

On Friday, Jubilee said the Molefe open-pit copper mine recommenced delivery of ore to Sable refinery during September following the expansion of pit two, reaching 1,122 tonnes delivered for the first quarter.

Molefe mine's production ramped up to reach the targeted 3,500 tonnes of high-grade ore delivered for the month of October and is on target to reach the further step-up to 4,500 tonnes of high-grade ore by the end of November, targeting 8,500 tonnes of high-grade ore delivered for the second quarter to December 31.

With both Roan copper concentrator plant and Sable refinery now fully operational, and the Molefe mine expanding, Jubilee Chief Executive Officer Leon Coetzer said the group's copper business is stabilising ahead of a new phase of growth.

Shares in Jubilee were flat at 67 rand cents on Friday morning in Johannesburg.

By Artwell Dlamini, Alliance News senior reporter South Africa

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