Jubilee’s operational growth during H2 2020 exceeded expectations despite the challenges of the COVID-19 pandemic. During H2 2020, the Company outperformed the strong growth trajectory in H1 2020, delivering a 123% increase in its PGM and chrome earnings for the period from H1 2020.
Beyond growth in revenue and earnings in its PGM and chrome operations, Jubilee has continued to strengthen its asset base with the addition of its copper and cobalt resources in Zambia, which is in line with the Company’s strategy to target other geographical areas and metals.
Jubilee’s PGM and Chrome operational earnings for H2 2020 increased by a record 123% to GBP 28.4 million (126% increase to ZAR 603.3 million from H1 2020). Jubilee’s attributable PGM and Chrome revenue for H2 2020 increased by 64% to GBP 48.2 million (66% increase to ZAR 1 billion) from H1 2020.
Sable Refinery achieves early earnings from its copper and cobalt production as part of securing operational readiness to accept first production from Project Roan, achieving attributable operational earnings of GBP 1.8 million (ZAR 39 million).
The implementation of Jubilee’s copper strategy to achieve 25 000 tonnes of copper units per annum gains momentum with the commencement of the construction of Project Roan’s copper concentrator with phase 1 expected to come on line during Q1.
Jubilee secures in excess of 288 million tonnes of copper tailings with the further addition of an approximate 18 million tonnes of tailings in December 2020.
During the period H2 2020 Jubilee successfully completed the addition of its new 35 000 tonne per month Windsor 8 chrome operation where production commenced in October 2020 and commenced the construction of the new 80 000 tonne per month chrome operation adjacent to its Inyoni PGM operation.
Jubilee approved the further expansion of its PGM Inyoni operation which will commence in February 2021 and is targeted for completion in April 2021.