METALS processing company Jubilee said today it expects combined operational earnings to increase by 54% to £12.8m (74% increase to R266.5m) in the six months to June 2020 compared to the second half of 2019, despite a two-month operations shutdown due to the COVID-19 lockdown.
This is the sixth consecutive half-year of double-digit growth for the Alternative Investment Market and AltX-listed company.
Jubilee also said in a note to shareholders it increased its cash position to £10.8m (R230.5m) despite the final settlement payment of £1.4m (R30.6m) for the acquisition of additional platinum group metals (PGM) and chrome rights, settling historical debt of £2.5m (R53.9m) and maintaining the capitalisation of the Zambian Sable Refinery, where it commenced production of both copper cathode and cobalt concentrate.
In South Africa, where Jubilee’s PGM operations consist of the Inyoni and Windsor PGM, project revenue is up 31% to £21m (48% to Z439m) from H2 2019.
Jubilee CEO, Leon Coetzer, said with its presence in Zambia (Sable), secured rights to about 150 million tons of copper containing surface material in its Project Elephant facility in that country and a successful acquisition of a second copper resource, Jubilee has set a target to achieve production of 25 000 tons of copper a year within the next four years.
The company’s share price was up 8.43% by 10.39 in early trade on Monday.