Investment programme delivers significant growth across PGM operations

Jubilee Metals Group PLC, a leader in metals processing with operations in Africa has provided a performance update of its new and expanded fully integrated South African Inyoni PGM and

Chrome Operations and its Zambian Southern Copper Strategy, which involves integrating the Sable Copper and Cobalt refinery with the newly constructed copper concentrator, Project Roan. This new and significantly enlarged operational footprint follows an investment programme implemented over the past 12 months of £ 39.5 million (ZAR 786 million).

HIGHLIGHTS

South Africa

  • Jubilee’s new and expanded Inyoni Operations (“Inyoni”) is already exceeding design throughput targets reaching 86 000 tonnes per month of chrome and PGM containing run-of-mine (“ROM”) feed, together with 40 000 tonnes of PGM containing historical tailings material, placing Jubilee on course to achieve its PGM ounce production target of 44 000 ounces per annum through its 100% owned Inyoni alone (previous max design capacity 30 000 ounces), replacing any reliance on existing PGM recovery joint ventures
  • The Company’s significantly increased chrome ore beneficiation capacity to in excess of 220 000 tonnes per month (previously 140 000 tonnes per month) of ROM feed and tailings, allows the Company to sharply increase the production of chrome concentrates from the various feed streams as an offset cost to its PGM production costs; Jubilee targets to produce 1.2 million tonnes of chrome concentrate per annum
  • Inyoni continuous to ramp-up production rates targeting full production rates during May 2022 and delivered 8 018 PGM ounces from Inyoni operation in calendar Q1 CY2022, an increase of 75% when compared with Inyoni’s average production rate of the previous two quarters despite refilling of the operational pipeline after start-up. With the completion of the ramp-up if Inyoni during May 2022 Jubilee expects to achieve the 43 000 PGM ounce guidance for the financial period end to June 2022
  • On a chrome by-product credits basis, Jubilee’s net cost to produce an ounce of PGM during Q1 CY2022 was US$ 433 per ounce excluding transport costs of US$ 198 per ounce, which transport cost will be reduce significantly once the Company’s eastern limb expansion strategy to establish a PGM processing footprint in the eastern limb is successfully implemented

Leon Coetzer, CEO of Jubilee, commented: “Rolling out our business case across multiple countries, operations and commodities has enabled us to de-risk, capture economies of scale, and also provided exposure to numerous value points throughout the recovery and metal processing chain. In addition, our expanding production profile and the economies of scale it provides, offers insulation from the inflationary pressures smaller operators are facing, enabling Jubilee to maintain a cost per PGM ounce produced when fully accounting for the chrome by-product production credits resulting in a net cost of below US$ 450 per PGM ounce when excluding transport cost. Our eastern limb expansion strategy holds the additional benefit of significantly reducing transport cost of material from this region which makes up the bulk of current transport cost.

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