Jubilee’s projects make financial progress
The share price jumps 11% on the JSE after the producer says it is making gains in a range of metals
Jubilee Metals Group gained financial ground with its two key operations and is doing the groundwork to grow further in a range of metals after years of trying to get a foothold in platinum in SA. The results pushed Jubilee’s share price on the JSE up as much as 11% before it subsided to a gain of 2%, or 1c to 47c, giving the company, which is also listed in London, a R614m market capitalisation. Jubilee, which has changed its name from Jubilee Platinum, reported a narrowing of its attributable loss to £283,000 for the six months to end-December compared with a loss of £515,000 in the year before. Further up the income statement, however, the company reported revenue of £5.99m, up from £4.85m the year before and it notched up gross profit of £2.4m compared with £906,000 before. Zambia Depreciation and share-based payments of £1.8m eroded the firm’s financials and contributed to the loss. Jubilee conducted a rights issue after the interim period, raising £4.5m, topping up its £2.5m ...
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