JOHANNESBURG (miningweekly.com) – Aim- and AltX-listed Jubilee Platinum’s recently commissioned Hernic platinum and chrome processing operation has progressed to a fully operational business unit, demonstrating its capability of achieving the expected design parameters.
The Hernic project started operations during March, achieving design capacities during June and delivering stable platinum group metals (PGM) production in July, Jubilee CEO Leon Coetzer said in a second-quarter update to shareholders on Monday.
The second-quarter PGM production reached 1 697 oz, with the operation having achieved positive earnings in July.
“The second half [of the year] will reflect a more steady state operation, with the associated performance data to allow detailed scrutiny of the operational and financial performance,” he said.
At the group’s Dilokong Chrome Mine (DCM), its second-quarter earnings show the resilience of the project against decreasing chrome prices, which was offset by an 18% increase in chrome production to 17 659 t.
Attributable earnings remained stable at R6.5-million during the second quarter of the year, compared with the first quarter’s R6.67-million.
“The DCM project performed well despite pressures on chrome sale prices. We have been able to mitigate the drop in chrome prices by increasing the production output of the project,” Coetzer said.
Jubilee aimed to further increase production during the second half of the year through increased treatment of third-party ore.