Mine-to-metals specialist Jubilee Platinum, on behalf of its subsidiary, Jubilee Tailings Treatment Company, has issued a performance, operational and financial update of its chrome recovery section of the Dilokong chrome mine tailings project.
- Chromite concentrate production up 7.86% to 10 430 tons for the month of August 2016 compared with July 2016
- Expansion of new tailings deposit area after removal of chrome has commenced to allow for further increase in Chrome production from processing of surface material. Expected to be completed over 3 months.
- Project revenue generated from chromite concentrate sales up 7.02% to £0.737 million for the month of August 2016 compared with July 2016 (ZAR 13.15 million, 9.47% increase)
- Chromite project earnings up 8.37% to GBP 0.559 million for the month of August 2016 compared to July 2016 (ZAR 9.98 million, 10.86% increase)
- Earnings attributable to Jubilee for the month of August 2016 from chromite concentrate production up 7.11% to £0.314 million (ZAR 5.6 million, 9.57% increase) compared with the month of July 2016
- Construction of the 660 000 tons per annum platinum and chromite processing plant continues to progress to schedule targeting commencement of commissioning in December 2016
- Project Capital expenditure to date of £7.2 million (ZAR 127, 8 million) equivalent of 65% of total projected capital. This is commensurate with the percentage project completion
Chief executive Leon Coetzer said: "The DCM Project continues to achieve exceptional performance both in terms of revenue and earnings from chromite concentrate sales as well as operational performance. The month of August has shown further improvements from the stable operations achieved in July.
I am very pleased with the progress made on the construction of the Hernic project which remains on schedule and in budget. We refer shareholders to our website for updated project pictures of the construction site."
At 8:02am: (LON:JLP) Jubilee Platinum PLC share price was +0.15p at 3.53p