Jubilee posts stronger interim results

JOHANNESBURG (miningweekly.com) – Noting that its financial results for the six months to December 31, reflected its transformation and continued strong growth in establishing itself as a significant metals producer, dual-listed Jubilee Platinum on Thursday posted a significant increase in gross profit to £900 000, up from the prior year’s £6 100.

CEO Leon Coetzer attributed the growth to the sale of its Middelburg Operations and the acquisition of three platinum surface processing projects, which now set the company on a path of reaching production capacity in excess of 1.14-million tonnes a year.

“The award of the Tjate mining right further emphasised the progress made in the implementation of Jubilee's business model of establishing a fully integrated mines-to-metals company,” he said.

Jubilee further reported accelerated capital investment in its surface processing projects, with capital expenditure of £11.18-million invested for the six months under review.

Income received by Jubilee from its Dikolong chrome mine (DCM) amounted to £1.36-million, which comprised operational earnings from the DCM project for the period under review of £980 000 and working capital loan repayment of £380 000 by DCM to Jubilee.

Operating costs for the period, excluding depreciation and amortisation, fell 37% to £1.10-million compared with the comparative period.

Meanwhile, Jubilee noted that the group’s loss for the period from continuing operations decreased by 68.65% to £530 000, while group loss a share for the period from continuing operations were down 78% to 0.05p.