Jubilee Metals Achieves Record Chrome and PGM Output in South Africa for FY2024
Jubilee Metals Reports Strong FY2024 Output from South African Operations, Despite Chrome Market Volatility
Jubilee Metals Group, a diversified metals producer with operations in South Africa and Zambia, has released its operational and project update for South Africa covering the fourth quarter ended June 30, 2025.
The company highlighted a strong production performance for the full financial year, exceeding revised guidance in key areas.
Jubilee reported chrome concentrate production of 505,578 tonnes for the quarter—a 19.9% increase compared to 421,698 tonnes in the same period last year.
For the full financial year, chrome output rose by 24.8% to 1.93 million tonnes, up from 1.55 million tonnes year-on-year, and surpassing the revised guidance of 1.85 million tonnes.
Production of 6E platinum group metals (PGMs)—which includes platinum, palladium, rhodium, ruthenium, iridium, and gold—also showed strong gains.
Jubilee recorded 8,973 ounces for the fourth quarter, a 14.6% increase over the 7,828 ounces produced in the same quarter the previous year.
Annual PGM output reached 38,579 ounces, up 6% from 36,411 ounces in FY2023, meeting revised guidance of 38,000 ounces.
Although the OBB chrome ore supply contract—representing 450,000 tonnes per year—ended in June, the company expects to largely offset the loss through increased output from its Thutse operations.
Looking ahead to FY2026, chrome production guidance for South African operations is set between 1.65 million and 1.80 million tonnes, while PGM guidance remains between 36,000 and 40,000 ounces.
Jubilee also reported a lost-time injury frequency rate of 1.33, with no classified injuries, underscoring a solid safety record.
“Our South African operations have delivered strong production results, highlighting our team’s expertise in managing the interdependence between chrome and PGM processing,” said CEO Leon Coetzer.
Coetzer acknowledged volatile market conditions, particularly in chrome pricing, which dropped approximately 11.4% since May.
However, this was largely buffered by a 33% increase in platinum prices and further supported by increased chrome production.
He noted that Jubilee’s revenue sensitivity to chrome prices has increased significantly, with a 1% movement in chrome price now equivalent to a 4.5% movement in platinum price.
Additionally, as announced in early June, the company is finalizing sale agreements for the proposed divestment of its South African chrome and PGM operations, Coetzer confirmed.
Jubilee plans to release a separate update on its Zambian operations in the coming month.
