(Alliance News) - Jubilee Metals Group PLC on Thursday posted record annual production across its platinum group metal, chrome and copper operations, despite electricity and water challenges.
In an operational update, the London-based metal processing company said PGM production was up 2% to 42,474 ounces for the financial year that ended June 30, exceeding its full-year guidance of 38,000 ounces. For the 12 months that ended June 30, 2022, output was 41,456 ounces.
The group said power outages in South Africa were addressed via increased stock holding and installation of back-up power units at chrome operation in November 2022.
Copper production rose by 29% 2,923 tonnes from 2,269 tonnes, marginally below its revised guidance of 3,000 tonnes primarily due to electricity and water disruptions in Zambia, which hurt ramp-up of the Roan Concentrator.
For the full-year, chrome output was up 7% to 1.28 million tonnes from 1.20 million tonnes, exceeding guidance of 1.20 million tonnes.
New 360,000 tonne per annum chrome concentrate facility completed last month has already delivered the first saleable product.
Jubilee Metals expects construction in the PGM Eastern Limb expansion progressing plan to start during the fourth quarter of this year. It targets an additional 25,000 PGM ounces per year.
Last month, the company said it had secured a long-term processing partnership comprising an expansion of 360,000 tonnes per year of chrome concentrate and 10,000 PGM ounces per year.
For the financial year ending June 30, 2022, the group guided for annual PGM production of 42,000 ounces.
It expects targeted copper units for the full-year to double to 5,850 tonnes, benefiting from the upgrade to the Roan concentrator expected over the next 12 weeks.
Shares in Jubilee lost 2.6% at 7.50 pence on Thursday in London, while its Johannesburg shares were up 0.6% at ZAR1.80.
By Artwell Dlamini, Alliance News reporter
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Jubilee Metals (JLP)