(Alliance News) - Jubilee Metals Group PLC on Tuesday dubbed its production performance in the second quarter of its financial year as "strong", led by output of chrome concentrate, while copper production declined.
The London-based metal processing company, with projects in South Africa and Zambia, said Inyoni platinum group metal production in South Africa was flat at 10,131 ounces in the three months ended December 31 from 10,113 ounces in the financial first quarter. Compared to the second quarter a year earlier, output declined by 8.6% from 11,088 ounces.
Chrome concentrate production rose by 13% to 381,114 tonnes in the second quarter from 336,683 tonnes in the first and by 39% from 274,390 tonnes a year before. Output benefitted from the Thutse project reaching full production targets, Jubilee said.
Copper output slumped 20% to 749 tonnes from 934 tonnes the previous quarter. On an annual basis, production rose 33% from 562 tonnes.
Jubilee said it had encountered operational disruptions at the Roan copper concentrator in Zambia as part of an ongoing upgrade project, which is set to significantly increase copper production during the half year of the current period. Roan will continue to operate at about 50% of full capacity, it said.
Chief Executive Officer Leon Coetzer said the company continued to demonstrate resilience and adaptability, delivering a strong operational performance in the second quarter, in the face of a dynamic and challenging global market.
Jubilee said it had decided to expand the Thutse project, as it seeks to move closer to its goal to produce 2.1 million tonnes of chrome concentrate per annum.
The development of Project M - Monkoyo copper resource - near Jubilee's Sable Refinery is progressing on schedule, the company said, with the first test material expected to be delivered to the Sable refinery during the fourth quarter of 2024 financial year.
Jubilee Metals kept its annual production guidance unchanged. Copper production is projected at 5,850 tonnes. Chrome output is seen at 1.45 million tonnes. PGM output guidance remains at 42,000 ounces.
Jubilee shares were up 4.7% to ZAR1.56 in Johannesburg early Tuesday. They were down 3.4% to 5.75 pence in London, however.
By Artwell Dlamini, Alliance News reporter
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Jubilee Metals (JLP)