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Jubilee Metals earnings soar as platinum and chrome recoveries hit record levels

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Jubilee Metals Group PLC (LON:JLP) saw earnings more than double in the second half of 2020 as its platinum (PGM) and chrome tailings recovery operations ran at record levels.

Earnings from the PGM and chrome businesses rose by 123% to £28.4mln in the six months to end December compared to £12.8mln first half of the year. The percentage increase was even larger in rand terms.

PGM and chrome revenues rose by 64% to £48.2mln in the second half of 2020.

Elsewhere, Jubilee added that there was a £1.8mln early contribution from Sable Refinery copper and cobalt production, which is scheduled over the next four years to ramp up to 25,000 tonnes of copper annually.

Leon Coetzer, chief executive, said that against the coronavirus backdrop the second half had delivered an exceptional performance.

“The past six months has seen both Jubilee’s PGM and chrome operations maturing as well as its copper strategy gaining significant momentum with the commencement of the construction of the first of a targeted three, copper concentrators in Zambia in line with our goal to take a leading role in the processing of surface tailings in the country,” he said in a statement.

“The expected significant ramp-up of our copper production in Zambia has the clear potential to continue to grow Jubilee’s earnings on the back of the commissioning of both of our copper and cobalt refining circuits and the expected ramp-up of our copper production, particularly with the recent rebound, and market expectations, of strong copper prices.”

Today’s Oil and Gas Update – Wentworth Resources; Zephyr Energy; Tower Resources

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