JOHANNESBURG (miningweekly.com) – AltX- and Aim-listed Jubilee Metals has achieved a 41% increase in operational earnings to £1.61-million for the second quarter of this year.
The group, publishing its quarterly operations update, on Thursday, posted a 12% rise in project revenue to £4.37-million, a 25% hike in the Hernic project’s revenue to £3.31-million and a 31% increase in project earnings to £1.65-million during the quarter under review.
The Hernic project delivered 5 800 oz of platinum-group metals (PGMs) during the quarter, an 18% increase quarter-on-quarter, and a new record of production with a 2 100 PGM ounce output achieved in a single month.
“The Hernic project continues to perform well. The increase in PGM ounces produced had a significant impact on the earnings soaring by more than 40%,” said CEO Leon Coetzer in the update to shareholders.
“The lower feed supplies, which hampered production in June, has been overcome and the project is poised to break through 6 000 oz a quarter.”
The Hernic operation performed well during the second quarter, with an increase in the production rate expected along with the increase in reclaimed surface material.