Jubilee Platinum CEO Leon Coetzer
Photo by: Duane Daws
JOHANNESBURG (miningweekly.com) – Despite the National Union of Metalworkers of South Africa (Numsa) strike in July and the post-strike production ramp-up in August, Aim- and AltX-listed Jubilee Platinum’s Middelburg smelter operation, in Mpumalanga, increased its profit by 4.5% quarter-on-quarter for the three months ended September 30.
The Middelburg operations achieved a net profit of R1.31-million during the third quarter, up from R1.25-million in the second quarter and a first-quarter loss of R2.69-million.
Jubilee noted that record production of 840 t and record revenues were achieved during September, with the operation having reached design capacity following the strike.
"The company illustrated the robustness of its business model during the third quarter, as it was able to maintain the continued growth in earnings from the Middelburg operations despite the challenges faced due to a nationwide labour strike by Numsa during the month of July,” Jubilee CEO Leon Coetzer said.
He stated that the impact of the strike was partly offset by the increased sales of electricity to the South African national energy provider by the company’s private power plant during this time but, that revenues and earnings were negatively impacted in both July and August owing to the production interruptions.
Coetzer further said Jubilee’s project to extract platinum-containing material from ASA Metals’ surface material, which was estimated at 800 000 t, was progressing well, as the company worked towards bringing the project into operation.
He added that the company was also pursuing a number of further surface platinum opportunities to grow its surface asset portfolio.
“All specialist studies and reports related to the Tjate mining right application have now been submitted to the Department of Mineral Resources,” Coetzer said, adding that Tjate continued to work closely with Anglo American Platinum to expedite the conclusion of the sale of the Quartzhill operation, linked to the grant of the mining right to Tjate.
"The company is currently meeting all the challenges presented by the current operating environment and remains fully confident in [the] development of its business model and the opportunities it presents,” he stated.