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Jubilee Platinum Q3 2016 revenue for chromite production up 94.73% over Q2

Jubilee Platinum (JLP-LN)

  • Q3 2016 chromite concentrate production from the Dilokong Chrome mine (DCM) tailings project was 28,559 tons an increase of 88.04% from Q2, 2016.
  • The revenue generated from chromite concentrate sales increased 108.22% to £2.09m over Q2, 2016.
  • Chromite project earnings were up 108.13% to £1.55m over Q2.
  • Earnings attributable to Jubilee, for Q3 chromite concentrate production increased 94.73% to £0.888m versus Q2.

The expansion of the new tailings, post chromite removal storage facility at DCM has commenced. Production throughput will be constrained during the construction phase but will be restored shortly after completion of the facility. The completed platinum processing review concluded that an on-site upgrading of platinum content of the material will almost double the in-situ value, prior to toll processing the platinum rich feed material. This strategy would require lower committed capital and improved efficiency. A potential toll processor has been engaged to conclude a commercial arrangement on this basis.

Hernic Project; construction of the 660,000 tons per annum platinum and chromite processing plant, is progressing on schedule to the target commissioning date of December 2016.

CEO, Leon Coetzer commented: The Company continues to actively pursue projects consistent with our stated mission to increase cash flow and enhance shareholder value. We are confident that we will shortly conclude a further acquisition with discussions progressing favourably in other areas of acquisition and joint venture.”

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