Jubilee Metals production performance ‘strong’ in second quarter

Jubilee Metals Group PLC highlighted a robust production performance in the second quarter, with a significant surge in chrome concentrate output while copper production faced a decline.

The London-based metal processing company disclosed that Inyoni platinum group metal production remained steady at 10,131 ounces in the three months ending December 31. However, copper output witnessed a 20% decline to 749 tonnes.

Chrome concentrate production exhibited substantial growth, rising by 13% to 381,114 tonnes in Q2, attributed to the successful achievement of full production targets at the Thutse project.

Despite operational disruptions at the Roan copper concentrator in Zambia, the ongoing upgrade is expected to enhance copper production during the current period.

Jubilee Metals CEO, Leon Coetzer, expressed satisfaction with the company’s resilience and adaptability, delivering a strong operational performance amidst a dynamic and challenging global market.

The company announced plans to expand the Thutse project, aiming to move closer to its goal of producing 2.1 million tonnes of chrome concentrate annually.

Project M, the development of the Monkoyo copper resource near Jubilee’s Sable Refinery, is progressing on schedule, with the first test material expected to reach the Sable refinery in the fourth quarter of the 2024 financial year.

Jubilee Metals maintained its annual production guidance, with copper production projected at 5,850 tonnes, chrome output at 1.45 million tonnes, and PGM output guidance remaining at 42,000 ounces.

While Jubilee shares rose 4.7% to R 1.56 in Johannesburg, they experienced a 3.4% decline to 5.75 pence in London.