|
Jubilee Metals Group PLC on Wednesday reported strong copper and chrome production for the full year, but output in platinum group metals declined. The London-based metal processing company, with projects in South Africa and Zambia, posted a 17% rise in copper production to 3,422 tonnes for the financial year that ended June 30 from 2,923 tonnes a year before, meeting guidance of between 3,250 tonnes and 4,000 tonnes. For the fourth quarter to June 30, copper output surged 52% to 1,048 tonnes from 691 tonnes in the third quarter, despite operational stoppages due to construction activities at Roan copper concentrator in Zambia. Chrome production concentrates rose 20% on an annual basis to 1.5 million tonnes from 1.3 million tonnes. Quarter-on-quarter, chrome output was up 3.2% to 421,698 tonnes from 408,710 tonnes. But 6E PGM production declined 14% to 36,411 ounces on-year from 42,433 ounces, while PGM output fell 6.1% to 7,828 ounce from 8,339 ounces, on a quarterly basis. Jubilee this month produced first copper at its newly constructed front-end section of the Roan operation. This upgrade was completed last month. On Wednesday, Jubilee also said it had expanded its portfolio of open-pit copper resources, with the acquisition and implementation of Project Munkoyo and the agreement for the acquisition of Project G. The Roan front-end module and concentrator, and the Sable Refinery - which is being upgraded - are expected to reach a processing capacity in excess of 25,000 tonnes of copper per annum. For 2025 financial year, Jubilee guides for copper production of between 5,750 tonnes and 7,500 tonnes. Chrome production is estimated at 1.65 million tonnes, while PGM output is projected at 36,000 ounces. Shares in Jubilee shares dropped 5.1% to 5.68 pence in London on Wednesday. In Johannesburg, they were down 3.6% to R 1.35. Copyright 2024 Alliance News Ltd. All Rights Reserved.
|
