JOHANNESBURG (miningweekly.com) – Describing the financial year to June 30 as an exceptional period of growth for Jubilee, chairperson Colin Bird on Friday said the miner, which brought a number of projects on line during the period, had established itself as a diversified producer of metals, including chrome and platinum.

The company was now well on track through the ramp-up of its Dilokong Chrome Mine operations, which delivered its first full year of production with total chrome concentrate production of 78 588 t, resulting in revenue of £9.37-million, as well as the commissioning of the Hernic project, which was bought into operation and delivered its first saleable platinum group metals (PGMs) concentrate in April, producing 808 oz of PGMs by end-June.

Jubilee’s Tjate platinum project was also awarded a mining licence – a “major milestone”, according to Bird.

“The project represents an extremely large PGM metal resource and, in terms of the fourth generation of new platinum mines, is favourably positioned in terms of depth, grade, continuity and is relatively geologically untroubled compared to its peers.

“We are now busy carrying out all things necessary to maintain compliance with the terms and conditions of the mining right order. We are fully aware that new mine development in the platinum industry is not immediately evident, but remain convinced that Tjate will play a significant role in the future growth of South Africa’s platinum industry in general and this company in particular,” he added.

This has resulted in a group loss for the year from continuing operations, excluding one-off noncash items, decreasing by 61.87% to £2.10-million, from £3.41-million in the prior comparable period.

Further, the company reported a group loss a share from operations of 0.25p, while operating expenses from continuing operations fell by 26.69 % to £3.44-million.

“Jubilee has emerged . . . as a diversified producer with many significant opportunities currently being investigated and negotiated at an advanced level. A number of these opportunities, if brought to completion, could change the short-term prospects for Jubilee and make the mid-cap space, to which I often allude, a reachable target,” Bird said.