(Alliance News) - Jubilee Metals Group PLC on Thursday said it is making progress on its copper strategy, amid a jump in platinum and chrome revenue in the second half of last year.
The London-based metals processing company with operations in South Africa and Zambia said attributable platinum group metals and chrome revenue jumped 64% in the second half to GBP48.2 million from GBP29.4 million in the first half.
PGM and chrome operational earnings more than doubled to GBP28.4 million, or ZAR603.3 million, from the first half's GBP12.8 million.
Jubilee Metals noted that its push into copper is gaining momentum, with the start of the construction of a new copper concentrator. The copper strategy aims to achieve 25,000 tonnes of copper units per annum.
Its Sable Refinery in Zambia achieved early earnings from its copper and cobalt production of GBP1.8 million.
Chief Executive Leon Coetzer said: "The past six months has seen both Jubilee's PGM and chrome operations maturing as well as its copper strategy gaining significant momentum with the commencement of the construction of the first of a targeted three, copper concentrators in Zambia in line with our goal to take a leading role in the processing of surface tailings in the country.
"The expected significant ramp-up of our copper production in Zambia has the clear potential to continue to grow Jubilee's earnings on the back of the commissioning of both of our copper and cobalt refining circuits and the expected ramp-up of our copper production, particularly with the recent rebound, and market expectations, of strong copper prices."
Jubilee Metals shares were
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Jubilee Metals (JLP)