Jubilee Metals recorded a 20% increase in platinum group metals (PGMs) output from its operations on the back of the Inyoni expansion in South Africa during the six months that ended December 31, 2022.
It produced 18 208 PGM ounces (oz) compared with 15 152 oz produced from its operations in the previous period.
Overall, PGMs production was weaker from 20 316 oz produced in the prior corresponding six months.
It said operational cost net of chrome credits remained tightly under control at $608 per PGM ounce, despite a much lower credit from chrome production due to a softer chrome metal price.
Post the period, chrome prices have appreciated strongly which is expected to significantly improve the credits from chrome production.
Chrome production was 2.3% higher year-on-year at 634 111 tonnes despite power disruptions experienced at the chrome processing operations during the period under consideration.
Copper production of 1 149 t was below expectations, due to a delayed ramp-up of the Roan Concentrator, owing to power and water disruptions in Zambia.
Meanwhile, Jubilee’s adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) dropped to £11.8 million from just under £15 million, a year earlier, due to lower PGM and copper prices.
PGM basket price eased 11% to $1 453/oz in the six months but was partially offset by PGM operational cost management and production output.
The realised copper price of $6 893/oz was down 28% in the reporting period.
Jubilee closed the first six months of the 2023 financial year with £ 11.7 million of cash on hand, after spending £24 million on copper and cobalt expansion initiatives.
Jubilee is projected to produce 38 000 oz of PGMs by the end of the 2023 financial year.
Its chrome production is expected to exceed a guidance of 1.2 million tonnes, while copper guidance was lowered to 3 000 tonnes.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
Exclusive
Responsible business practices ‘no longer optional’, says WDC President Feriel Zerouki
The president of the World Diamond Council takes time out of her busy schedule to tell Rough&Polished readers about the critical work of the WDC. Zerouki, the first female present of the body, which includes all the important industry organizations among...
14 october 2024
James Campbell: Botswana Diamonds optimistic as it enters uncharted territory of using AI for mineral exploration
London-listed Botswana Diamonds has expressed optimism about the company’s use of artificial intelligence (AI) to scan the exploration database in Botswana to look for new mineralised deposits. Company managing director James Campbell told Rough...
07 october 2024
Artur Salyakayev: For me, happiness is freedom to make my ideas happen and create valuable products
Artur Salyakayev is an art entrepreneur, founder of the International Jewelry Academy (IJA) and the INCRUA jewelry company. He has initiated and developed successful projects in jewelry industry and services sector. He is also a leading expert...
30 september 2024
Paul Zimnisky: China key for sustained recovery in demand for natural diamonds, prices
The curtailing of upstream and midstream natural diamond production in the past months is starting to have an effect on prices, according to the New-York-based independent diamond and jewellery analyst and consultant, Paul Zimnisky. He told Rough & Polished’s...
23 september 2024
Vladimir Pilyushin: The jewelry market is not stand-alone and moves by the same laws as other markets
Vladimir Pilyushin is editor-in-chief of Russian Jeweler, a leading magazine about the jewelry industry in Russia. He told Rough&Polished about his view on the evolution of the jewelry industry in Russia and touched upon some of its problems.
16 september 2024
