Jubilee Metals value rockets as production, cash and profits all surge higher

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  • Recovers Platinum and other metals from tailings
  • Has contracts with miners in South Africa and Zambia
  • Annual production forecast to rise to 60,000oz PGMs

What Jubilee Metals does:

Jubilee Metals PLC (LON:JLP) has an exclusive partnership to recover Platinum Group Metals (PGMs) with Hernic in South Africa, the world’s fourth-largest integrated ferrochrome producer, with an estimated 3.2mln tonnes of Platinum rich material at surface and an additional 17 000 tonnes being added.

At DCM, also in South Africa, Jubilee holds the exclusive right to all PGMs currently at surface and from future mine production plus a 50% profit share on all chrome recovered.

There is an estimated 700 000 tonnes of Platinum and chrome rich material at surface.

Meanwhile, at PlatCro, also in South Africa, there is some 1.45mln tonnes of Platinum rich material at surface and that is rising by an estimated 12,000 tonnes per month.

The target is for a 60,000 tonnes per month processing rate.

And the Tjate Platinum Project has targeted exploration 70mln ounces of PGMs over three farms

In Zambia, the Kabwe lead, zinc and vanadium project has about 6.4mln tonnes of surface material containing an estimated 356,843 tonnes of zinc and 351,386 tonnes of lead.

Thre is also a potential 25,000 tonnes of copper per annum from tailings in the country.

How it’s doing

Jubilee saw earnings more than double in the second half of 2020 as its Platinum (PGM) and chrome tailings recovery operations ran at record levels.

Earnings from the PGM and chrome businesses rose by 123% to £28.4mln in the six months to end December compared to £12.8mln over the first half of the year. The percentage increase was even larger in rand terms.

PGM and chrome revenues rose by 64% to £48.2mln in the second half of 2020.

Elsewhere, Jubilee added that there was a £1.8mln early contribution from Sable Refinery copper and cobalt production, which is scheduled over the next four years to ramp up to 25,000 tonnes of copper annually.

What the boss says: Leon Coetzer

“The past six months has seen both Jubilee’s PGM and chrome operations maturing as well as its copper strategy gaining significant momentum with the commencement of the construction of the first of a targeted three, copper concentrators in Zambia in line with our goal to take a leading role in the processing of surface tailings in the country,”

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