https://www.miningweekly.com

Jubilee’s Middelburg smelter swings to Q2 profit

21st July 2014

By: Leandi Kolver

Creamer Media Deputy Editor

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Aim- and AltX-listed Jubilee Platinum’s Middelburg smelter operation, in Mpumalanga, achieved a net profit of R1.25-million for the second quarter of the year, a turnaround from the first-quarter loss of R2.69-million.

This was owing to the conclusion of a smelter operations renewal programme, which resulted in positive earnings being recorded for May and June.

Jubilee said the smelter’s revenue increased by 44.89% quarter-on-quarter for the three months ended June 30, to R17.84-million, while gross profit was up 11.14% to R7.26-million.

The company noted that production increased 47% quarter-on-quarter, adding that platinum smelting was targeted to start in the third quarter of the year.

“The company is currently concluding final recipe optimisation testwork on platinum-containing material secured for smelting at its Middelburg operations. The smelter trials are scheduled to be concluded over the next five days, which is aimed [at establishing] the optimum chemical additions for the smelting of this material originating from platinum refining waste,” Jubilee explained.

The company said the confirmation testwork would be used to conclude the financial parameters for the processing of platinum at the Middleburg operations.  

“The targeted processing of platinum-containing material is in line with the company's stated strategy [of migrating] the Middelburg operations [to process] higher-value material on the back of the successful renewal [programme],” Jubilee pointed out.

Meanwhile, the company noted that it had, to date, been able to counter the impact of a national strike by members of the National Union of Metalworkers of South Africa on its operations by increasing electricity sales to State-owned power utility Eskom.

“The company is currently reviewing options to further upgrade the power line infrastructure connecting the company's power plant to the national grid, to allow increased power sales to the electricity provider,” Jubilee stated.

Further, the company was planning to submit its environmental management programme, as part of its mining right application for the Tjate platinum group metals project, by the end of July.

“We are also working closely together with Anglo American Platinum for the conclusion of the sale of Quartzhill, linked to the Tjate mining right,” said Jubilee CEO Leon Coetzer.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

SABAT
SABAT

From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.097 0.131s - 90pq - 2rq
Subscribe Now