(Alliance News) - Jubilee Metals Group PLC on Monday said it has delivered both a record production and financial performance in the third quarter.
Platinum group metals production in the three months to the end of September totalled 15,044 ounces, with 136,162 tonnes of chrome concentrate produced under tolling agreements from third-party ore suppliers.
Revenue for the third quarter was ZAR506.1 million, or GBP23.1 million, the company said.
The operating performance reflects Jubilee's successful drive to expand its operations by supplementing its own surface resources, it said.
Jubilee said it continues to make significant progress with the implementation of its copper strategy in Zambia.
"Our team in Zambia is focussed on delivering on our copper expansion drive, which includes the continued capitalisation of our Sable Refinery, to be ready for both our project Roan coming on-line, as well as taking delivery of increased third party copper ore," said Chief Executive Leon Coetzer.
"Our technical team is simultaneously concluding their studies on our very exciting project Elephant to unlock the nearly 150 million tonnes of surface copper tailings, which will further add to our copper production, as we chase down our target of 25 000 tonnes of copper units per annum," added Coetzer.
Jubilee shares were trading 12% higher in London on Monday at 6.13 pence each. In Johannesburg the shares were up 12% as well to ZAR1.32 each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Jubilee Metals (JLP)