Jubilee generates £4.85m with its surface processing project now in operation
Jubilee Platinum brings Dilokong Chrome Mine into operation, helping it cut its interim six-month loss to end-December to a third of the matching period
Mine developer Jubilee Platinum generated £4.85m interim revenue by bringing its surface processing project Dilokong Chrome Mine (DCM) into operation, it reported on Thursday. In the matching period, interim revenue slumped to £62,000 following the sale of its Middelburg operations.
Revenue from DCM helped Jubilee cut its interim loss for the six months to end-December to a third of the matching period’s £1.68m. DCM produced 47,667 tonnes of saleable chromite concentrate during the reporting period, Jubilee said.
Jubilee’s Hernic project started producing chrome in February and platinum in March. The group has invested £11.64m to get this project 95% completed, the results statement said.
"Jubilee was successful in securing project funding for the execution and commissioning of both of the DCM and Hernic platinum surface projects through a combination of debt and equity funding," CEO Leon Coetzer said in the statement.
On March 1, its Tjate platinum project secured its mining right for 22.33-million ounces of platinum group metals from the Department of Mineral Resources.
Also subsequent to the reporting period, Jubilee entered Australia where it intends producing copper by re-treating surface material. Several of its Australian tenements are targeted to be production-ready within four months of the completion of its acquisition and should be able to produce positive cash flow within six months, Jubilee said.
"I am also pleased that we are able to successfully extend our processing expertise of surface material to other regions, such as Australia, exposing Jubilee to the vast opportunities in that region and not limiting our growth potential to SA alone," Coetzer said.