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Jubilee Metals provides six monthly operations update

Published by , Assistant Editor
Global Mining Review,

Jubilee Metals Group (Jubilee), the AIM and AltX traded metals processing company, has announced its operational results for the six month period ended 30 June 2019 (1H19), in line with the Board’s decision, as previously reported, to present a consolidated operational and financial review on a six monthly period while continuing with a more frequent project updates.

Leon Coetzer, CEO says: “I am delighted to present Jubilee’s six monthly operations update which showcases the exceptional progress we continue to make across our portfolio of metals processing projects – delivering against our targeted performance and bringing new operations on-line.

“Such a marked increase in combined revenue – 75% against 2H18 – reflects our sustained focus on increasing and diversifying our earnings base and maintaining strong margins. This has been achieved through a considerable uplift in production figures across our portfolio, both in chrome and PGMs. Notably our chrome performance has seen significant growth which is attributable to our ground-breaking DCM fine chrome operation and Windsor chrome operation being brought online during the period. Replicating this success, we expect to see a step-up in PGM production following the Windsor PGM project being brought into operation during July 2019.

“With the acquisition of Sable Zinc Kabwe Refinery for the processing of the Kabwe material fully completed, our technical and operational teams are focussed on bringing the project on-line against accelerated timelines. This means we will soon be adding zinc, vanadium, lead and copper to our commodity basket, an important element of our ongoing development strategy to diversify our earnings through additional jurisdictions and increased metal exposure.”

Combined chrome and PGM operational financial update

The results for 1H19 confirm the Jubilee team’s ability to successfully deliver against targeted performance and to bring new operations on-line. The successful acquisition of the Sable Zinc Refinery in Zambia enhances the company’s future operational earnings capability and expands the company’s operations to other geographical areas and metals.

Combined project revenue for 1H19 increased by 75% to £14.36 million (ZAR 263.87 million) compared to 2H18. Combined operational earnings for 1H19 increased by 47% to £5.64 million (ZAR 103.71 million) compared to 2H18.

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