Jubilee Metals Exceeds Chrome Production Goals, Meets Copper Targets in Q4 2024
Diversified metals producer Jubilee Metals Group has met its copper production targets and exceeded its chrome production guidance for the fourth quarter of the 2024 financial year.
In its Zambian operations, Jubilee achieved a 51.7% quarter-on-quarter increase in copper production, reaching 1,048 tonnes for the three months ending June 30, despite operational stoppages due to construction activities at the Roan site.
For the full year, copper production rose by 17.1% to 3,422 tonnes, aligning with the company’s guidance range of 3,250 to 4,000 tonnes.
Jubilee’s South African operations also saw a 3.2% quarter-on-quarter increase in chrome production, delivering 421,698 tonnes for the quarter ended June 30. Over the full year, chrome output surged by 20% year-on-year, totaling 1.55 million tonnes.
The company’s chrome operations continue to perform well, with the construction of a new chrome processing module at Thutse on track for completion by the end of September 2024.
However, the South African operations produced 7,828 ounces of six-element platinum group metals (PGMs) in the fourth quarter, a slight decline from the 8,339 ounces produced in the previous quarter.
This decrease was attributed to lower PGM feed grades as the company prioritized higher chrome recoverable material to capitalize on favorable market conditions. Consequently, PGM production for the full year decreased by 14.2% year-on-year to 36,411 ounces.
Looking ahead to the 2025 financial year, Jubilee has set its chrome concentrate production target at 1.65 million tonnes and its PGM production target at 36,000 ounces of 6E. Copper production is expected to range between 5,750 and 7,500 tonnes.
“Our Zambian operations are emerging from a period of significant investment in upgrading the Roan operations while expanding our copper resource portfolio with the commissioning of our Munkoyo open-pit copper mining operation.
The upgraded Roan operation is now capable of processing previously mined material through the new front-end module while continuing to produce copper concentrate from previously processed material through the existing flotation section.
Roan’s unique capabilities offer Jubilee the opportunity to grow significantly within Zambia,” commented CEO Leon Coetzer.
“With strong, mature operations in South Africa and tremendous strides taken in Zambia, Jubilee is well-prepared to deliver a robust performance in the 2025 financial year, with anticipated production increases across all commodities,” he added.
