Dual-listed Jubilee Metals Group recorded a year-on-year operational earnings increase of 178% and a revenue increase of 133% for the financial year ended June 30.

The company had combined attributable operational earnings for the six months to June 30, of £40.1-million – up 36% from the previous year’s comparative period – resulting in a 178% year-on-year increase in combined attributable operational earnings to £69.6-million for the full-year.

For the six months under review, the company achieved combined revenue of £75.6-million – up 46% year-on-year – resulting in a 133% year-on-year increase in revenue to £127.6-million for the full-year.

Revenue and earnings growth were achieved during a period of considerable infrastructure investment, integration and planned operational downtime, providing a substantial platform for further future growth, the company highlights.

Jubilee achieved its stated target of producing 50 162 oz of platinum group metals (PGMs) for the full-year – up 23% year-on-year. The company notes that this was achieved during a period which included the construction and commissioning of two new chrome beneficiation facilities and the start of the construction of the expanded Inyoni PGM operations, which is expected to be completed during the third quarter of this calendar year.

Chrome concentrate produced from chrome operations increased to 751 223 t for the full-year – up 99% from the previous year – on the back of increased operational capacities.

This is set to increase further with the commissioning of the new chrome beneficiation circuit completed during the second quarter of this calendar year.

Copper production reached 2 026 t as part of securing operational readiness to accept first copper concentrate production from Project Roan, at the company’s Sable Refinery, in Zambia.

Project Roan's integrated copper concentrator is on track for commissioning by January 2022.

Jubilee's Sable Refinery achieved positive earnings as part of its operational readiness activities with attributable operational earnings of £3.7-million for the full-year compared with £1.2-million in the previous year.

During the six months under review, Jubilee secured new long-term strategic PGM supply agreements, which signals its PGMs expansion drive onto the eastern limb of the Bushveld Complex of South Africa, where further growth opportunities in the area can be targeted, the company notes.

“The Jubilee team has, yet again, delivered another exceptional performance, where we have achieved growth in each of our core business units – PGMs and chrome – and also generated maiden earnings from our new Zambian copper portfolio.

“As we have previously reported, we have undertaken an intensive construction and commissioning phase, in particular at our PGM and chrome operations in South Africa, where a number of projects have been initiated.

“We have seen the commissioning of two new chrome beneficiation facilities, as well as commencing with the construction of the expanded PGM Inyoni operations. While all of this work understandably has put significant pressure on day-to-day operations, I am thrilled to still be reporting further production and earnings progress.

“Crucially, the investment, time and effort spent in building and integrating these facilities has set a platform for tremendous potential growth opportunities,” CEO Leon Coetzer says.

He acclaims that Jubilee has seen further growth in South Africa during the period under review, with a number of new long-term PGM supply agreements, each of significant strategic value given their locations on the eastern limb of the mineral-rich Bushveld complex.

“As well as demonstrating our ability to win and form partnerships with key chrome mining clients, these new supply agreements provide us with the opportunity to replicate the success of our Inyoni operation in the western limb region – which is of significant value to us in supplying a continued sustained chrome and PGM feed,” Coetzer says.