Jubilee Metals update on strategic global development opportunities
Jubilee recently announced a year of significant growth with audited annual results to 31 June 2021 showing revenues increasing by 143% to £133 million, attributable operational earnings growth of 183% to £71 million and adjusted profit before tax up 324% to £52 million.
This growth was achieved following a period of exceptional operational developments in South Africa, and crucially in the newer jurisdiction in Zambia. Growth was achieved in all of the Company’s core business units; PGMs and Chrome and Copper with maiden earnings generated from Jubilee’s new Zambian Copper portfolio.
During this period, Jubilee entered a phase of new build, extended existing facilities and executed a number of targeted transactions and investments to not only underpin growth, but which also offer the opportunity for further growth.
Jubilee’s leading metal processing expertise can be deployed in multiple jurisdictions, and it has always been a major part of the Company’s strategy to grow internationally. The recent success of the Zambian strategy demonstrates how, in a relatively short period of time compared with mining projects, Jubilee can establish itself as a dominant player in country, broadening its commodity exposure, achieving early revenues and setting itself up for significant operational and financial growth long into the future.
Outside of Africa, the Company is already working with Caerus Mineral Resources to research and test dumps in Cyprus, left by many mining operations over many years. Increasingly, Jubilee is receiving approaches to work on new projects across continents and it is now appropriate timing to look to broaden the Company’s focus in an organised, strategic, but aggressive way, with the global roll-out of the Company’s brand, ‘The Jubilee Way’, a method of operation in the tailings space unique to Jubilee.
The international opportunities available to Jubilee are vast and the Board of Directors intends to create and allocate significant resource during 2022 to the global roll-out strategy, while also recognising the requirements to materially broaden current in-house and board-level expertise.
A standalone business unit will be created in the New Year comprising a number of key management team members to identify and procure the best opportunities in the global arena, whilst maintaining the fundamental approach of risk management.
This new business unit will combine and integrate the technical, commercial and country risks and commodity fundamentals and will develop an overall five-year strategy for growth. Going forward, Jubilee intends to maintain centralised control over finance and business development, with a decentralised approach to country management.
As the detailed strategy is developed, further announcements will be made during the first half of 2022.
