LONDON – As previously announced, in November 2020 Jubilee commenced the construction of an additional 80 000 tonnes per month of chrome ore processing facility, which on completion will increase Jubilee’s overall processing capacity to 250 000 tonnes of chrome ore and tailings per month.
The facility consists of four integrated chrome recovery circuits to maximise chrome efficiencies, which includes Jubilee’s Fine Chrome operation. The final stage of the plant commissioning to reach full design capacity has commenced which includes the full integration into the feed system of the existing Inyoni PGM Operations.
The scheduled down time of the Inyoni PGM Operations to facilitate the integration and commissioning was carefully planned and executed and the Company reached its targeted record production of more than 50 000 PGM ounces for the year ended 30 June 2021.
Chrome operational earnings for H1 2021 increased by 33% to GBP 1.8 million from H2 2020 achieving total chrome operational earnings of GBP 3.1 million for FY 2021. Chrome revenue for H1 2021 increased by 102% to GBP 23.3 million from H2 2020 achieving total chrome revenue of GBP 34.9 million for FY 2021.
Chrome prices continued to remain volatile due to the disruptions in the supply chain over the sixth month period, and these price fluctuations are expected to continue over the next six months as the world emerges from the Covid-19 pandemic and supply and demand fundamentals are better matched.