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Jubilee Platinum sees improvement in gross profit for 2016

Jubilee Platinum Plc (JLP:AIM)

Released results for the year ended 30 June 2016. Loss for the year was 3.67m vs 3.44m for 2015. Total comprehensive 2016 loss improved to (£1m) vs loss of (£7.94m) in 2015; due to exchange rate differentials on foreign operations.  There was an improvement in gross profit at 865k vs 23k in 2015.

The company received £5.3m for the disposal of the Middleburg Operations and Power Plant. Operating expenses were down 15.27% to £2.4m  in 2016 vs 2015.

The construction of the 660k tonnes per year Hernic Tailings project plant was 45% complete by year-end and 71% complete by Q3 calendar year; on schedule and within budget. The Dilokong Tailings Treatment Plant (DTTP) reached operational capacity in mid-April 2016 with earnings from Dilokong Chrome Mine (DCM) increasing from year-end £0.744m to a post review period amount of £2.29m.

The Company looks forward to bringing into operation its two platinum Tailings Projects within the current financial period while continuing to grow its revenue base and earnings projections and advancing its project portfolio. Colin Bird, Chairman commented: “The completion of these two projects will result in the Company having a process capacity capable of producing some 33 000 oz of platinum per annum with considerable contribution from chrome in the case of Dilokong. “

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