Jubilee Metals’ earnings jump amid production surge

Metals processing company Jubilee Metals has reported a surge in earnings as its ramps up production at newly acquired platinum group metal and copper businesses.

Jubilee has steadily grown its chrome and PGM tailings retreatment business in SA over recent years and made two acquisitions in 2019, adding the Inyoni chrome and PGM business, as well as the Sable refinery in Kabwe, Zambia, to advance its metal diversification and spread its geographic risk. Operational earnings grew 54% to £12.8m in its six months to end-June, compared with the last six months of 2019, the group said on Monday. This was despite the loss of the equivalent of about two months’ operational time due to restrictions under Covid-19 regulations

“The growth in our operational earnings of 54% signals the sixth consecutive six-monthly period of double-digit growth for the company,” said CEO Leon Coetzer. In morning trade on Monday Jubilee’s share was up 6.02% to 88c, putting it on track for its best one-day performance in more than two months.

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