Business
Hernic Operations Update for October 2017
Hernic Operations Update for October 2017.
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n \nRNS Number : 9374W Jubilee Platinum PLC 20 November 2017 \n\nJubilee Platinum Plc\n (\"Registration number: 4459850\") \nAIM share code: JLP \nAltX share code: JBL\nISIN: GB0031852162 \n (\"Jubilee\" or \"the Company\")\n \n \nHernic Operations Update for October 2017\n \nHighlights \n· The Hernic PGM Project continues to step up production reaching 45 596 tonnes processed for October 2017 \n· PGM1 ounces production increased by 22 % month-on-month to 1 427 ounces\n· Project revenue2 increased by 18 % month-on-month to GBP 0.76 million (22 % to ZAR 13.77)3\n· Project earnings4 increased by 47 % month-on-month to GBP 0.37 million (52 % to ZAR 6.65 million)\n· Unit cost per PGM ounce produced continues to reduce achieving USD 406\n \n1 = Precious Group Metals (platinum, palladium, rhodium, iridium, ruthenium, and gold)\n2= 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 \n3= Average monthly conversion rates used \n4= Project Earnings include all incurred operational costs including management services and mineral royalties\n \n \nCEO, Leon Coetzer, commented: \n\"The Hernic project continues to deliver excellent results as we step up the throughput during the final optimisation of the operation.\nOur October results illustrate the significant improvement in operational performance during this optimisation phase which we expect to continue over the next quarter. \nI am particularly delighted by the earnings margin that the project is already achieving with a unit cost of only USD 406 making the Hernic project one of the lowest cost PGM producers in the industry.\" \n \nHERNIC OVERVIEW\nThe Hernic operations' performance improved significantly, which is in-line with the current focus on process optimisation as part of the final phase of the project execution. As stated previously we expected a further step increase in operational performance during Q4 2017 with the increase in feed material ...