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Jubilee Metals PLC is now well established as a PGM producer

Snapshot

Shares in Jubilee have almost doubled over the past year, as revenues begin to build

platinum

Quick facts: Jubilee Metals Group

Price: 5.15 GBX

AIM:JLP
Market: AIM
Market Cap: £108.79 m
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  • Recovers Platinum and other metals from tailings
  • Has contracts with miners in South Africa and Zambia
  • Annual production forecast to rise to 60,000oz PGMs

What Jubilee Metals does:

Jubilee Metals PLC (LON:JLP) is exclusive partner to recover Platinum Group Metals (PGMs) at Hernic in South Africa, the world’s fourth-largest integrated ferrochrome producer with an estimated 3.2mln tonnes of Platinum rich material at surface, and an additional 17 000 tonnes being added.

At DCM in South Africa, Jubilee also holds exclusive right to all PGMs currently at surface and from future mine production plus a 50% profit share on all chrome recovered. There is an estimated 700 000 tonnes of Platinum and chrome rich material at surface.

Meanwhile at PlatCro also in South Africa there is some 1.45mln tonnes of Platinum rich material at surface, and that is rising by an estimated 12,000 tonnes per month. The target is for a 60,000 tonnes per month processing rate. Northam is to fund the refurbishment of Platinum recovery circuit at PlatCro.

And the Tjate Platinum Project back in South Africa has targeted exploration 70mln ounces of PGMs over three farms

In Zambia, the Kabwe lead, zinc and vanadium project has about 6.4mln tonnes of surface material containing an estimated 356 843 tonnes of zinc and 351 386 tonnes of lead.

How is it doing:

In July, Jubilee delivered its sixth consecutive six-monthly period of double digit growth, putting in a 54% increase in first half earnings to £12.8mln.

The growth was achieved notwithstanding the loss of the equivalent of approximately two months' of operational time due to restrictions under coronavirus legislation in South Africa, where Jubilee has its operations.

The company was also able to boost revenue by 18% to £29.4mln.

Jubilee's cash position increased to £10.8mln, as at the 30 June period end.

All operations in chrome and Platinum group metals production have returned to 100% capacity, while maintaining strict health and safety measures.

Additionally during the period, Jubilee commenced production of copper cathode and cobalt concentrate at its Sable Refinery.

The company also secured the rights to approximately 150 million tonnes of copper tailings for refining at Sable.

The plan is for Jubilee to be producing 25,000 tonnes of copper per annum within the next 4 years

What the boss says:

Leon Coetzer, Jubilee’s chief executive officer said: "We are consistently delivering on our strategy of diversifying earnings across multiple commodities and jurisdictions and I look forward to updating shareholders as we head into a new year and continue to advance our rapid growth strategy."

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