Jubilee Metals has announced a robust performance in its South African operations, demonstrating considerable growth driven by efficiency improvements and high-quality inputs.
The company yesterday reported a remarkable increase in chrome output, hitting 455 381 tons for the quarter ending September 2023, marking an 8% rise from previous figures.
This success is attributed to enhanced operational efficiencies and a better quality feed that also bolstered their platinum group metals (PGM) output, which reached 9 328 ounces during the same period.
Jubilee also produces copper in Zambia.
It said the construction of its two new chrome processing modules at its Thutse operations had now been completed with the commissioning of both modules now underway.
“The on-time addition of the two new operational units is expected to contribute to the H2 FY2025 production profile and the potential for an upward adjustment of the chrome guidance will be reviewed once the performance of the units is confirmed,” said the company.
In Zambia, Jubilee is targeting 1 800 tons of copper units for the six months period ending December 2024, increasing to about 4 200 tons over the half-year period to June 2025. This will bring up the company’s production for the year to June 2025 to 6 000 tons of copper.
“We have successfully achieved key milestones in advancing our copper strategy, while our chrome and PGM operations continue to perform strongly. In Zambia, we have made considerable strides to establish a solid foundation for our anticipated growth in copper production,” said Leon Coetzer, CEO for Jubilee Metals.
In Zambia, Jubilee has commissioned and ramped up at the Roan and Munkoyo copper projects, setting the stage for substantial increases in output. This was despite encountering hurdles that included a power supply crisis.
Jubilee’s copper business was now positioned for exceptional growth, with two fully operational processing plants at Roan and Sable, complemented by the successful implementation of the Munkoyo and Project G Open-Pit copper mines.
In South Africa, Jubilee Metals lifted chrome concentrate output by by 8% to 455 381 tons, exceeding its targeted production for the quarter. Output of 6E PGM for the period reached 9 328 ounces, in line with guidance.
“Jubilee's chrome operations have delivered outstanding performance, surpassing the quarterly targets with exceptional results. The Company is reviewing half-year guidance which will inform the full-year guidance,” said the company.
Jubilee was now building on the success of its South African strategy and mirroring this approach in Zambia. The company’s initial focus was on the substantial capitalisation of assets to establishing two critical processing hubs, the Sable Refinery and Roan Concentrator.
With the its capital cycle in Zambia now nearing completion, Jubilee has effectively integrated and ramped up both its newly commissioned Front-End module and the recently completed Flotation and Milling circuit at Roan, marking a key milestone in delivering on its expanded copper strategy.
BUSINESS REPORT