The PGM operations delivered a strong performance during the period with revenue up 125 % to ZAR 776 million when compared to the same period last year. Jubilee Metals Group’s PGM operations consist of the Inyoni and Windsor PGM Operations.
PGM operational earnings also increased by 172 % to ZAR 560 million from H2 2019. Whilst the Windsor PGM Operations shut down temporarily as planned for part of the December period, the Company’s Inyoni PGM Operations continued to operate.
The expansion of the Inyoni Operation was approved and commenced construction post the period under review to further improve operation throughputs and overall PGM efficiencies.
The average Platinum price increased 11 % from US$ 501/oz to US$ 557/oz, Palladium increased 19 % from US$ 347/oz to US$ 413/oz and Rhodium increased 245 % from US$ 373/oz to US$ 1 286/oz from 31 December 2019 to 31 December 2020.
Looking ahead to 2021, demand for the metals is expected to remain well supported with a deficit in supply of both platinum and palladium being predicted which is expected to provide strong support for PGM prices.
The operations of the Jubilee Metals Group companies currently comprise of the beneficiation of precious metals through operating processing plants for the recovery of metals and minerals, currently recovering PGMs, chrome, copper and cobalt targeting base metals including lead, zinc, vanadium from (mainly) the waste material produced as part of the mining cycle.
The Group’s operations span five countries, South Africa, Australia, Mauritius, Zambia and the United Kingdom.