Business
Quarterly Operations Update Q2 2018
Quarterly Operations Update Q2 2018.
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n \nRNS Number : 0745V Jubilee Metals Group PLC 19 July 2018 \n\nJubilee Metals Group PLC\nRegistration number (4459850)\nAltX share code: JBL\nAIM share code: JLP\nISIN: GB0031852162\n(\"Jubilee\" or \"the Company\")\n \nQuarterly Operations Update\nQ2 2018\n \nProjects Highlights\n \n· Hernic operational earnings increased 41 % to GBP 1.61 million (ZAR 27.69 million)\n· Hernic project revenue up 25 % to GBP 3.31 million (ZAR 56.76 million) \n· Hernic PGM* production up 18 % to 5 800 ounces \n· Project earnings up 31 % to GBP 1.65 million (ZAR 28.32 million) which include GBP 0.082 million (ZAR 1.44 million) plant refurbishment expenditure at DCM\n· Project revenue up 12 % to GBP 4.37 million (ZAR 75.06 million) \n* 6 Element Platinum Group Metals\n \nLeon Coetzer, Chief Executive Officer, says: \n \n\"The Hernic project continues to perform well. The increase in PGM ounces produced had a significant impact on the earnings soaring by more than 40 %. This jump in earnings reflects the low variable cost base for the project per PGM ounce produced. The lower feed supplies which hampered production in June has been overcome and the project is poised to break through 6 000 ounces per quarter. \n \nOur operational footprint is rapidly expanding. The construction of the fines chrome recovery plant at DCM is underway and we have commenced with our PGM PlatCro project which targets to double our PGM processing rate by February 2019. We have also commenced with the construction of the zinc recovery circuit at Kabwe while the design of the lead recovery circuit is being concluded.\"\n \n \nHernic Platinum and Chrome Project (South Africa)\n \nThe Hernic operation performed well during Q2 2018 continuing to deliver increased PGM ounces at 5 800 PGM ounces delivered resembling an increase of 18 % quarter on quarter. Project earnings increased by 41 % quarter on quarter which reflects the low variable cost base per PGM ounce produced of the project. Q2 included a record production of 2100 PGM ounces in a single month. We expect to further increase this production rate in line with the increase in reclaimed surface material delivered by Hernic. \n \n&n...