Jubilee achieves strong Q3 performance
JOHANNESBURG (miningweekly.com) – Dual-listed Jubilee Platinum increased its operations revenue by 48% quarter-on-quarter to R46.11-million for the third quarter of the year.
Operations earnings were up 193% quarter-on-quarter to R14.73-million.
"Our third-quarter results demonstrate the benefits of increased operational stability and throughput. I expect quarter four to show continued improvement, with the October results so far already outperforming [that of] September,” CEO Leon Coetzer said in a statement.
Performance at the Brits-based Hernic operations improved significantly quarter-on-quarter, in line with the company’s focus on process optimisation as part of the final phase of the project execution.
Data show a sharp increase in project earnings, coupled with a drop in unit costs.
The average unit cost of $476 demonstrates the robustness of the project, said Jubilee.
“We expect a further [improvement] in operational performance during quarter four with the increase in feed material to the PGM processing plant,” he said.
The Dilokong chrome mine (DCM), meanwhile, delivered a solid operational performance.
Meanwhile, Jubilee is currently updating its project execution plan for the various pipeline surface processing projects.
“These pipeline projects offer significant growth potential in the short term and we continue to actively pursue further opportunities.”
Jubilee's project pipeline includes the recovery of PGMs from the estimated 1.25-million tonnes of surface stock at PlatCro Minerals and the recovery of PGMs from the estimated 800 000 t of surface stock at DCM.
It also includes the joint venture, entered into with Aim-listed BMR Group earlier this month, to recover zinc, lead and vanadium at BMR’s Kabwe project, in Zambia.
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