TIDMJLP
RNS Number : 3706N
Jubilee Metals Group PLC
17 January 2019
Jubilee Metals Group PLC
Registration number (4459850)
AltX share code: JBL
AIM share code: JLP
ISIN: GB0031852162
("Jubilee" or "the Company")
Quarterly Operations Update
Q4 2018
Highlights
-- Combined quarterly operational earnings attributable to
Jubilee up 13% to GBP 2.17 million (ZAR 40.08 million)
-- Hernic PGM(*) quarterly production sets new record up 4% to 6
279 ounces over a historically challenged festive season
-- DCM fine chrome project commenced commissioning and is
delivering to specification high grade chrome concentrate
-- PlatCro PGM Project commenced operation of its hydro-mining and dewatering facility
-- PlatCro Chrome transaction implemented in accordance with the sale and purchase agreement
* 6 Element Platinum Group Metals
Leon Coetzer, Chief Executive Officer, says:
"Jubilee ended 2018 on a high, delivering record production at
its Hernic operation and increased operational earnings for Q4 of
2018. This performance was achieved during a period which is
generally challenged by the festive period.
I am particularly pleased with the commissioning of our advanced
fine chrome plant at DCM, which is delivering chrome concentrate to
target specifications since early January. The fine chrome plant is
targeting the recovery of chrome from the approximate 620 000
tonnes of chrome material contained in the existing DCM tailings.
We intend to implement this technology into all our other
operations in the near future.
We have also concluded the implementation of the PlatCro chrome
transaction as announced in December and I will further update
shareholders as we increase our exposure and involvement in the
operation."
Hernic Operations - Platinum and Chrome (South Africa)
The Hernic operation continues to deliver a strong performance
maintaining its proud record of performance improvement quarter on
quarter since commissioning in 2017. Platinum delivered increased
to 6 279 for Q4 of 2018. The project maintained its low cost base
producing below USD400 per PGM ounce. We continued to deliver to
further increase the production rate consistent with the increase
in reclaimed surface material delivered by Hernic.
The table below presents the comparative quarterly performance
of the Hernic operation:
Tailings PGM Project Project Project Project Jubilee Jubilee Unit
processed ounces revenue revenue earnings(3) earnings attributable attributable cost
tonnes delivered (GBP'000)(1) (ZAR'000)(2) (GBP'000) (ZAR'000) earnings earnings / PGM
(GBP'000) (ZAR'000) oz
(USD)(4)
Total
Q2 2018 119 479 5 800 3,308 56,761 1,612 27,686 1,612 27,686 397
---------- ---------- ------------- ------------- ------------ ---------- ------------- ------------- ---------
Total 135
Q3 2018 146 6 009 3 356 61,785 1,920 35,523 1,920 35,523 311
---------- ---------- ------------- ------------- ------------ ---------- ------------- ------------- ---------
Total 132
Q4 2018 037 6 279 3 737 68,807 2,173 40,078 2,173 40,078 320
---------- ---------- ------------- ------------- ------------ ---------- ------------- ------------- ---------
Project
to date 805 215 30 420 17,098 302,562 8,197 146,325 8,197 146,325 389
---------- ---------- ------------- ------------- ------------ ---------- ------------- ------------- ---------
1= Revenue from the current project phase - 100% attributable to
Jubilee until full capital recovery. Revenue is projected based on
latest average PGM market prices and USD exchange rates and results
are only final once final Quotational Period has passed
2= Average monthly conversion rates used
3= Project Earnings include all incurred operational costs
including management services and mineral royalties
4= Unit cost includes provision for utility overhead.
DCM Operation - Chrome (South Africa)
The construction of the DCM fine chrome recovery plant has been
completed with commissioning commencing during Q4 2018. The
commissioning has advanced successfully with the first chrome
concentrate being produced to target grades from January 2019. This
new fine chrome recovery plant is a significant milestone for
Jubilee to demonstrate the recoverability of fine chrome at
targeted concentrate grades.
During this period production rates at DCM were reduced to
facilitate the integration of the new fine chrome recovery plant.
It is expected that production rates will be ramped-up to the
targeted plant capacity of 25 000 tonnes per month, in the near
future.
The table below presents the operational quarterly performance
of the DCM Operation:
Chromite Project Project Project Project Jubilee Jubilee
concentrate revenue revenue earnings(2) earnings attributable attributable
produced (GBP'000)(1) (ZAR'000) (GBP'000) (ZAR'000) earnings earnings
Tonnes (GBP'000) (ZAR'000)
Total
Q2 2018 9 461 1,066 18,297 74 1,264 37 632
------------- -------------- ----------- ------------- ----------- -------------- --------------
Total
Q3 2018 8 053 592 10,824 (288) (5,278) (144) (2,639)
------------- -------------- ----------- ------------- ----------- -------------- --------------
Total
Q4 2018 8 958 534 9,840 (247) (4,532) (123) (2,266)
------------- -------------- ----------- ------------- ----------- -------------- --------------
Project
to date(3) 156 931 16,367 284,052 7,325 125,859 2,550 44,288
------------- -------------- ----------- ------------- ----------- -------------- --------------
1 = Average monthly conversion rates used
2 = Project earnings include project expenditure on plant and
equipment
3= Since April 2017
PlatCro PGM Operation - Platinum (South Africa)
The PlatCro PGM project has commissioned the hydro-mining and
dewatering plant during the quarter. The Company expects to
commence with the delivery of PGM rich material to the Eland
Platinum concentrator during January 2019. The reclamation and
dewatering plant will facilitate the ramp-up of material delivery
to the Eland Platinum concentrator targeting a rate 50 000 to 60
000 tonnes of platinum rich material per month.
United Kingdom
17 January 2019
Contacts
Jubilee Metals Group PLC
Colin Bird/Leon Coetzer
Tel +44 (0) 20 7584 2155 / Tel +27 (0) 11 465 1913
Nominated Adviser
SPARK Advisory Partners Limited
Vassil Kirtchev/Andrew Emmott
Tel: +44 (0) 203 368 3555
Broker
Shard Capital Partners LLP
Damon Heath/Erik Woolgar
Tel +44 (0) 20 7 186 9900
JSE Sponsor
Sasfin Capital (a member of the Sasfin group)
Sharon Owens
Tel +27 (0) 11 809 7500
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END
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