(Alliance News) - Jubilee Metals PLC shares surged on Thursday morning, as it reported it swung to an annual profit, helped by record production from its Inyoni platinum group metals asset in South Africa.
Jubilee shares were 6.9% higher at 4.62 pence each in London on Thursday morning. In Johannesburg, they were 11% higher at ZAR0.94.
In the financial year ended June 30, revenue rose by 67% to GBP23.6 million from GBP14.1 million. Jubilee reported pretax profit of GBP7.9 million from a GBP2.4 million loss the year before.
Production at Inyoni rose by 38% year-on-year to 23,847 ounces, an annual record, from 17,354 ounces last year.
The newly acquired Windsor chrome operations, also in South Africa, delivered 149,272 tonnes of chrome concentrate.
South Africa's Dilokong chrome mine produced a total of 32,675 tonnes of chrome concentrate, a 29% annual fall from 46,191 tonnes.
Jubilee said: "During the initial part of the period under review chrome prices were satisfactory and platinum group metals were somewhat depressed. However, at the time of writing this report chrome prices retracted sharply but has been offset by an improving platinum group metals basket price buoyed in particular by palladium and rhodium."
By Eric Cunha; ericcunha@alliancenews.com
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Jubilee Metals (JLP)