(Alliance News) - Jubilee Metals Group PLC said on Monday its chrome production plan sought to take advantage of buoyant prices, and indicated that its rollout of copper expansion in Zambia was progressing ahead of schedule.
The London-based metal processing company said in a project update the expansion of its chrome operations came at an opportune time, with supportive chrome prices.
Early in June, the company entered into a long-term chrome processing partnership to upgrade its existing 360,000 tonnes per annum chrome processing plant. It targets additional 200,000 tonnes of chrome concentrate and an additional 10,000 ounces per annum of platinum group metals to Inyoni's profile.
Already, a total of 24,500 tonnes of newly produced final chrome product were traded and the group is on track to trade an additional 17,000 tonnes of metallurgical grade per month, it said.
The group expects the chrome expansion to contribute an additional 60,000 tonnes of chrome concentrate for the half year ending December 31 and 4,000 ounces of PGM.
Also Jubilee Metals said it was in advanced discussions to conclude its next partnership agreement targeting an additional 600,000 tonnes per annum chrome processing capacity.
"Our chrome production units form a vital part of the South African business' profitability and cost competitiveness, especially at a time when chrome prices are particularly strong, and this largely offsets the weakness in the PGM basket price," Jubilee Metals Chief Executive Leon Coetzer.
The metal processing company said the rollout of copper expansion strategy in Zambia progressing ahead of schedule, with all long lead items secured for Roan concentrator upgrade.
It said commissioning remains on track to commence in October 2023.
In London, Jubilee Metals shares rose by 3.1% to 6.55 pence each in London on Monday morning. They were up 0.6% to ZAR1.60 in Johannesburg.
By Artwell Dlamini, Alliance News reporter
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Jubilee Metals (JLP)