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Jubilee Metals Group PLC on Wednesday reported a swing to annual loss as it focused on copper operations and pressed on with plans to dispose of platinum group metal and chrome businesses. The London-based metal processing company suffered a pretax loss from continuing operations of $28.5 million for the financial year that ended June 30, swung from a profit of $538,765 the year before. The company has classified its chrome and platinum group metal operations in South Africa as discontinued assets. Early in June, Jubilee said it had received a ‘conditional binding offer’ from a private mining and metals trading company to acquire its South African chrome and PGM business for up to $90 million, or R 1.60 billion. Revenue from continuing operations fell 18% to $15.2 million from $18.5 million. For the 12 months to June 30, copper production declined by 35% to 2,211 tonnes from 3,422 tonnes. 6E PGM output was 38,579 ounces, up 6.0% from 36,411 ounces. 6E PGM is platinum, palladium, rhodium, ruthenium, iridium and gold. Annual chrome production rose by a quarter to 1.93 million tonnes from 1.55 million tonnes. Basic loss per share from total operations was 1.00 US cents, swung from earnings per share of 0.21 cents, while headline loss per share from total operations was 0.62 cents, flipped from headline EPS of 0.08 cents. ‘The financial year to end-June was one of momentous change for Jubilee Metals,’ Jubilee said. ‘Very soon, the company will become a pure-play copper producer, generating our revenue from an exciting suite of copper growth assets situated on one of the richest copper belts on earth,’ it added. ‘The hard work in Zambia is beginning to show tangible results, and we remain focused, disciplined, and confident in our strategy as it continues to translate into steady operational performance for the year ahead,’ Jubilee said. In London, shares in Jubilee were up 1.6% to 3.10 pence, but they were down 4.1% to 71 rand cents in Johannesburg. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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