Jubilee Platinum reports a 22% increase in revenue

Jubilee Platinum Plc has released its unaudited interim results for the six months ended 31 December 2014. 

Revenue increased by 22% from R36.11 million reported for the previous corresponding period to R49.4 million. The Group’s gross profit increased to R23.7 million from R15.5 million, representing a 34% increase when compared to the period ended 31 December 2013. During the period under review, loss per share decreased by 57% to a loss of 0.2 pence per share. 

Jubilee Platinum’s Middleburg operations continued to improve its performance on the back of the smelter renewal programme. 

Jubilee Platinum entered into a Platinum Group Metals Heads of Agreement with Hernic Ferrochrome (Pty) Ltd to process its Platinum Group Metals-containing surface materials which is estimated to be greater than 3.3 million tonnes. 

The Hernic Ferrochrome and ASA platinum processing projects have both been placed on accelerated project schedules with the aim of being fully operational in FY16.

Chief Executive Officer of Jubilee Platinum, Leon Coetzer, commented, “We are delighted with the continuing progressive results, both operational and financial, from our Middelburg Operations. Jubilee is firmly focussed on the execution of its surface platinum processing projects as we accelerate the Company into a position where we are a significant producer of our own platinum group metals. The recently reported acquisitions and agreements are transformational and will make Jubilee a significant player in the platinum arena. It is expected that our new projects will be executed and in commercial production during 2016. The Jubilee mission is strengthened and supported by its ConRoast capability which is a door opener when competing for projects and provides us with multi opportunities for the rapid growth of the Jubilee Mines-to-Metal mission.”

Jubilee Platinum is an AIM and JSE listed exploration and development company with platinum and power operations in South Africa as well as nickel, iron and copper interests in Madagascar.