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Jubilee Metals publishes performance update

Published by
Global Mining Review,

Jubilee Metals Group PLC has announced the performance of its operations and progress on growth projects for the six-month period up to 30 June 2022. (The figures listed below are unaudited and exclude the effect of foreign exchange profits or losses).

Jubilee’s key achievement during the period was the completion and early results achieved of its c. £ 58 million (ZAR1.2 billion) investment programme in South Africa and Zambia that has reshaped the company, provided expanded production across PGMs, chrome, copper and cobalt, and laid the platform for the expected growth during the full FY 2023 period.

Key achievements:

  • Jubilee successfully completed its approximately £ 58 million (ZAR 1.2 billion) investment programme to diversify and expand the company’s PGM, copper, and cobalt operational footprint.
  • In South Africa, construction and commissioning of the new 45% expanded Inyoni operations were completed in March 2022 with an annualised nameplate production capacity of 44 000 PGM ounces and a 1.2 million t combined chrome concentrate capacity (up 85%).
  • Jubilee achieved increased production of 21 140 PGM ounces for the six-month period (up 5% from the previous six-month period) despite planned operational interruptions to complete the new Inyoni processing facility.
  • Notably 95% of PGM ounces was produced at the new Inyoni operations during six-month period (compared to 75% in FY2021). This brings enhanced economics to Jubilee and has mitigated the impact of softer PGM prices.
  • Early results from the new Inyoni operations have outperformed expectations with a 34% reduction in PGM unit cost compared with the six-month period ending December 2021, as the facility benefits from significantly increased operational footprint and increased contribution from chrome production.
  • The enlarged Inyoni delivered an increase in unit earnings per PGM ounce of 12% compared with the six-month period ending December 2021, despite the realised PGM basket price reducing 3% over the period.
  • In Zambia, Copper production increased 14% to 1388 t, over the previous six-month period.
  • Southern Copper Refining Strategy for 12 000 tpy of copper was brought onstream with the commissioning of the new Roan copper concentrator and ramp-up of operations reached 80% of design capacity in August 2022.

Leon Coetzer, CEO, comments:

“I am extremely proud of the Jubilee team’s performance, and I thank each one of them for their dedication and innovation despite the various challenges, including at times, intense and prolonged supply chain disruptions. The team has delivered a significantly expanded and further diversified operational footprint, which is already producing material increases in output and efficiencies.

“The rationale for the investment to expand our Inyoni operations is best illustrated by the simultaneous increase in not only the overall PGM production but also the sharp increase in earnings generated per PGM ounce despite softer metal prices. The past six months and especially the last quarter has shown a sharp increase in PGM production and lower costs as Inyoni achieved its full design capacity with the majority of the PGM production stemming from this quarter. This performance underpins our target of reaching 44 000 PGM ounces per year from our own facilities as more of our production benefits from our renowned efficiencies.

“Equally in copper following a delayed start due to equipment deliveries, our Project Roan reached 80% of design capacity during the first week of August. This puts us on track to achieve our targeted 3700 t of copper over the current six-month period ending December 2022. The increased production rates are expected to further reduce our unit cost. With the delivery of Project Roan, we are on track to reach 10 000 t of copper for the full twelve-month period ending June 2023, while we work to unlock the cobalt potential.

“I am very excited by what the FY 2023 period holds. It offers tremendous potential growth for our company as it benefits from the foundation laid during the FY2022 period, with the full exposure of our enlarged South African operations as well as the commissioning of our new 12 000 tpy Southern Copper Refining operations and the realisation of our cobalt production.”

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African mining news Copper mining news Cobalt news