Jubilee Metals has delivered a sixth consecutive six-month period of double-digit growth with 54% increase in combined H1 2020 operational earnings to £12.8 million.
Leon Coetzer, CEO, comments:
“I am proud to be leading such a committed Jubilee team that has delivered yet another exceptional performance. The growth in our operational earnings of 54% signals the sixth consecutive six-monthly period of double-digit growth for the Company.
“During the six-month period we have achieved a number of key milestones to both grow our PGM and Chrome production footprint while also replicating the success in these commodities in Zambia with the roll-out of our Copper strategy.
“The Group is demonstrating clear potential to continue to grow earnings over the next reporting period on the back of the commissioning of both of our copper and cobalt refining circuits and the expected ramp-up of our copper production.
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“I am particularly pleased with our copper transaction where we secured the rights to approximately 150 million tonnes of copper containing surface material.
“This transaction forms a key part of our copper strategy which will target the production of copper concentrates at selected resources to then be further refined to pure metal at our Sable Refinery.
“We have targeted a second copper resource which if successfully concluded holds the potential to be brought into operation well in advance of our Project Elephant.
“This would secure a sustained copper ramp-up prior to Project Elephant being commissioned. We have set ourselves a target to achieve the production of 25 000 tonnes of copper per annum within the next 4 years.
“Our presence in Zambia over the past year since the acquisition of the Sable Refinery re-asserted our belief that many opportunities exist to expand our business model into all aspects of copper in the country.
“Zambia contains vast quantities of copper tailings requiring Jubilee’s skills to unlock these opportunities. Jubilee is perfectly poised to play a commanding role in this area.
“The COVID-19 pandemic has brought with it a number of challenges over the last 6 months, however the manner in which Jubilee Metals has been able to react and find solutions is testimony to the ingenuity of the Jubilee team and lies at the heart of ‘The Jubilee Way’.”