TIDMJLP
RNS Number : 4787V
Jubilee Metals Group PLC
10 August 2022
Jubilee Metals Group PLC
Registration number (4459850)
Altx share code: JBL
AIM share code: JLP
ISIN: GB0031852162
("Jubilee" or "the Company" or "the Group")
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Operations and Projects Update for the six months to 30 June
2022 (H2 FY2022)
Jubilee Metals Group PLC, a diversified leader in metals
processing with operations in Africa (AIM: JLP/Altx: JBL), is
pleased to announce the performance of its operations and progress
on growth projects for the six-month period to 30 June 2022.
Figures in this announcement are unaudited and exclude the effect
of foreign exchange profits or losses.
Jubilee's key achievement during the period was the completion
and early results achieved of its c. GBP 58 million (ZAR1.2
billion) investment programme in South Africa and Zambia that has
reshaped the company, provided expanded production across PGMs,
Chrome, Copper and Cobalt, and laid the platform for the expected
growth during the full FY 2023 period.
Key Achievements for H2 FY2022
-- Jubilee successfully completed its c. GBP 58 million (ZAR 1.2
billion) investment programme to diversify and expand the Company's
PGM, copper and cobalt operational footprint
-- In South Africa, construction and commissioning of the new
45% expanded Inyoni operations were completed in March 2022 with an
annualised nameplate production capacity of 44 000 PGM ounces and a
1.2 million tonnes combined chrome concentrate capacity (up
85%)
-- Jubilee achieved increased production of 21 140 PGM ounces
for the six-month period (up 5% from the previous six-month period)
despite planned operational interruptions to complete the new
Inyoni processing facility
-- Notably 95% of PGM ounces was produced at the new Inyoni
operations during six-month period (compared to 75% in FY2021).
This brings enhanced economics to Jubilee and has mitigated the
impact of softer PGM prices
-- Early results from the new Inyoni operations have
outperformed expectations with a 34% reduction in PGM unit cost
compared with the six-month period ending December 2021, as the
facility benefits from significantly increased operational
footprint and increased contribution from chrome production
-- The enlarged Inyoni delivered an increase in unit earnings
per PGM ounce of 12% compared with the six-month period ending
December 2021, despite the realised PGM basket price reducing 3%
over the period
-- In Zambia, Copper production increased 14% to 1 388 tonnes,
over the previous six-month period
-- Southern Copper Refining Strategy for 12 000 tonnes per annum
of copper was brought onstream with the commissioning of the new
Roan copper concentrator and ramp-up of operations reached 80% of
design capacity in August 2022
Leon Coetzer, CEO, commented: "I am extremely proud of the
Jubilee team's performance, and I thank each one of them for their
dedication and innovation despite the various challenges, including
at times, intense and prolonged supply chain disruptions. The team
has delivered a significantly expanded and further diversified
operational footprint which is already producing material increases
in output and efficiencies.
"The rationale for the investment to expand our Inyoni
operations is best illustrated by the simultaneous increase in not
only the overall PGM production but also the sharp increase in
earnings generated per PGM ounce despite softer metal prices. The
past six months and especially the last quarter has shown a sharp
increase in PGM production and lower costs as Inyoni achieved its
full design capacity with the majority of the PGM production
stemming from this quarter. This performance underpins our target
of reaching 44 000 PGM ounces per annum from our own facilities as
more of our production benefits from our renowned efficiencies.
"Equally in copper following a delayed start due to equipment
deliveries, our Project Roan reached 80% of design capacity during
the first week of August. This puts us on track to achieve our
targeted 3 700 tonnes of copper over the current six-month period
ending December 2022. The increased production rates are expected
to further reduce our unit cost. With the delivery of Project Roan,
we are on track to reach 10 000 tonnes of copper for the full
twelve-month period ending June 2023, while we work to unlock the
cobalt potential.
"I am very excited by what the FY 2023 period holds. It offers
tremendous potential growth for our Company as it benefits from the
foundation laid during the FY2022 period, with the full exposure of
our enlarged South African operations as well as the commissioning
of our new 12 000 tonnes per annum Southern Copper Refining
operations and the realisation of our cobalt production."
OPERATIONAL KEY PERFORMANCE INDICATORS
COMBINED OPERATIONAL
PERFORMANCE (UNAUDITED)
12 months six months six months % change
KEY UNITS OF PRODUCTION Unit to to to H2 vs H1
30 Jun 30 Jun 31 Dec
2022 FY2022 2022 (H2) 2021 (H1)
-------- ------------- ----------- ----------- ----------
PGM ounces:
-------- ------------- ----------- ----------- ----------
* Inyoni Oz 35 188 20 036 15 152 32%
-------- ------------- ----------- ----------- ----------
* Third party JV Oz 6 268 1 104 5 164 (79%)
-------- ------------- ----------- ----------- ----------
Total PGM ounces Oz 41 456 21 140 20 316 4%
-------- ------------- ----------- ----------- ----------
Copper tonnes Tonne 2 604 1 388 1 216 14%
-------- ------------- ----------- ----------- ----------
UNIT REVENUE
-------- ------------- ----------- ----------- ----------
Revenue per PGM ounce $/oz 1 609 1 586 1 632 (3%)
-------- ------------- ----------- ----------- ----------
Revenue per copper tonne $/t 9 195 8 903 9 527 (7%)
-------- ------------- ----------- ----------- ----------
UNIT COSTS
-------- ------------- ----------- ----------- ----------
Net cost per PGM ounce
(after by-product credits
chrome) (1) $/oz 447 358 540 (34%)
-------- ------------- ----------- ----------- ----------
Net cost per copper
tonne (after by-product
credits cobalt) $/t 5 371 4 931 5 873 (16%)
-------- ------------- ----------- ----------- ----------
UNIT EARNINGS(2)
-------- ------------- ----------- ----------- ----------
Net earnings per PGM
ounce $/oz 1 162 1 228 1 092 12%
-------- ------------- ----------- ----------- ----------
Net earnings per copper
tonne $/t 3 824 3 972 3 654 9%
-------- ------------- ----------- ----------- ----------
COMBINED KEY FINANCIAL HIGHLIGHTS FROM OPERATIONS
-- Operational earnings totalled GBP 24 million (ZAR 480
million) for the six-month period ending June 2022 (up 24% from the
previous six-month period)
-- Revenue from operations totalled GBP 76 million (ZAR 1.5
billion) for the six-month period ending June 2022 (up 21% from the
previous six-month period)
-- PGM unit cost of production reduced by 34% driven by
increased PGM operational footprint and increased contribution of
chrome by-product credits
-- The group cash and cash equivalents as at 30 June 2022, stood
at GBP 16 million (FY2021 GBP 19.6 million)
South African Operations
Operational Highlights
-- South African operations maintained a strong safety
performance over the six-month period with 162 days worked without
any LTI
-- Jubilee's PGM operations delivered 21 140 PGM ounces of which
95% was delivered by the expanded Inyoni operations for the
six-month period. This equates to an increase of 32% compared with
Inyoni's previous best performance of 15 152 PGM ounces
-- Third party JV ounces decreased 79% as part of the strategy
to migrate to Inyoni only production
Operational Financial Highlights
-- Early results from the expanded Inyoni operations exceed
expectations with a reduction of 34% in PGM unit cost of operations
due to the increased PGM processing capacity and a sharp increase
in the contribution from chrome by-product operations
-- Net revenue from South African operations over the six-month
period increased to GBP 67 million (ZAR 1.3 billion) up 21% from
the previous six-month period
-- Net operational earnings from South Africa for the six-month
period reached GBP 20 million (ZAR 400 million) maintaining a
strong margin of 30% and up 23% from the previous six-month
period
Zambian Operations
Project and Operational Highlights
-- Zambian operations maintained a strong safety performance
achieving 124 days worked without any LTI
-- 12 000 tonne per annum Southern Copper Refining Strategy
brought into operation with the integration of the newly
commissioned Roan copper concentrator with Sable Refinery
-- Ramp-up of the Roan concentrator reaches 80% of design
capacity at the time of this announcement
-- Copper tonnes sold during the six-month period as part of
operational trials increased to 1 388 tonnes, up 14% over the
previous six-month period
Operational Financial Highlights
-- Net revenue from Zambian operations increased to GBP 10
million (ZAR 200 million) for the six-month period, up 16% from the
previous six-month period
-- Net operational earnings from Zambian operations increased to
GBP 4.2 million (ZAR 84 million) up 30% from the previous six-month
period
Prospects for FY2023
South Africa
-- The new enlarged PGM and chrome operations have set the
platform to deliver 44 000 PGM ounces and 1.2million tonnes of
chrome concentrate per annum from Jubilee's own capacity. The PGM
production benefits from the increased efficiencies of this new
enlarged facility, which is significantly subsidised by the
increased chrome production as highlighted by the results for the
H2 six-month period. FY2023 offers strong potential for growth in
earnings as it benefits from the full exposure of our enlarged
South African operations
-- Jubilee continues to progress discussions to secure a further
PGM processing footprint in the Eastern Limb of the Bushveld
(north-eastern region of South Africa's chrome and PGM mining
region). Jubilee has already secured significant tailings resources
with further expansion opportunities in the area. Jubilee is
reviewing the option to either secure a decommissioned PGM facility
that will be repurposed by Jubilee, or to construct a new facility
in the region
Zambia
-- The Southern Copper Refining Strategy targets to produce 3
700 tonnes of copper within the first half of FY2023 ramping up to
target 10 000 tonnes of copper for the full FY2023 year. If
achieved this equates to a 284% increase in copper output
-- In addition, the Company looks to complete the testing and
commissioning of the cobalt circuit on the back of the completed
ramp up of Project Roan offering the potential of significant
earnings contribution
-- Jubilee's technical and projects team can now dedicate their
focus on the development and execution of the Northern Copper
Refining Strategy
Please refer to the Appendices for a detailed breakdown of the
performance achieved during H2 FY2022.
10 August 2022
For further information visit www.jubileemetalsgroup.com or contact:
Jubilee Metals Group PLC
Leon Coetzer
Tel: +27 (0) 11 465 1913
PR & IR Adviser - Tavistock
Jos Simson/ Gareth Tredway/ Adam Baynes
Tel: +44 (0) 207 920 3150
Nominated Adviser - SPARK Advisory Partners Limited
Andrew Emmott/ James Keeshan
Tel: +44 (0) 20 3368 3555
Joint Broker - Berenberg
Matthew Armitt/ Jennifer Lee/ Detlir Elezi
Tel +44 (0) 20 3207 7800
Joint Broker - WHIreland
Harry Ansell/ Katy Mitchell
Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618
Joint Broker - Shard Capital Partners LLP
Damon Heath/ Erik Woolgar
Tel +44 (0) 20 7186 9900
JSE Sponsor - Questco Corporate Advisory Proprietary Limited
Sharon Owens
Tel: +27 (11) 011 9212
APPICES
SUMMARY OF OPERATIONAL AND FINANCIAL PERFORMANCE
South African Operations
USD Pound Sterling
FY2022 6 6 % change Unit UNAUDITED Unit % change 6 6 FY2022
months months months months
to end to end to end to end
Dec Jun Jun Dec
2021 2022 2022 2021
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
PRODUCTION
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
Inyoni ounces
35 188 15 152 20 036 32% oz sold oz 32% 20 036 15 152 35 188
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
Third party
JV ounces
6 268 5 164 1 104 (79%) oz sold oz (79%) 1 104 5 164 6 268
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
Total PGM
41 456 20 316 21 140 4% oz ounces sold oz 4% 21 140 20 316 41 456
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
1 222 619 By-product 602 619 1 222
452 900 602 552 (3%) tonne tonnes (chrome) tonne (3%) 552 900 452
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
FINANCIALS
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
REVENUE
FROM OPERATIONS
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
66 703 33 164 33 539 1% $'000 PGM revenue GBP'000 6% 25 820 24 330 50 150
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
By-product
94 370 41 487 52 883 27% $'000 revenue (chrome) GBP'000 34% 40 712 30 436 71 148
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
161
073 74 650 86 422 16% $'000 Net revenue GBP'000 21% 66 532 54 766 121 298
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
OPERATING
COSTS
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
26 162 13 823 12 340 (11%) $'000 * Processing cost GBP'000 (6%) 9 500 10 141 19 640
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
4 654 1 534 3 120 103% $'000 * Transport costs Eastern Limb GBP'000 113% 2 402 1 125 3 528
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
82 103 37 102 45 001 21% $'000 * By-product costs (chrome) GBP'000 27% 34 644 27 219 61 863
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
Total PGM
112 operating
919 52 458 60 461 15% $'000 costs GBP'000 21% 46 546 38 485 85 031
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
OPERATIONAL
EARNINGS
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
35 886 17 807 18 079 2% $'000 PGM earnings GBP'000 7% 13 918 13 064 26 982
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
By-product
PGM earnings
12 267 4 385 7 882 80% $'000 (chrome) GBP'000 89% 6 068 3 217 9 285
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
Net earnings
48 153 22 192 25 961 17% $'000 from operations GBP'000 23% 19 986 16 281 36 267
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
FINANCIAL
RESULTS PER
OUNCE
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
Revenue per
1 609 1 632 1 586 (3%) $/oz PGM ounce GBP/oz 2% 1 221 1 198 1 210
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
By-product
PGM revenue
per ounce
2 276 2 042 2 502 22% $/oz (chrome) GBP/oz 29% 1 926 1 498 1 716
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
Net revenue
3 885 3 675 4 088 11% $/oz per PGM ounce GBP/oz 17% 3 147 2 696 2 926
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
Operating
cost per
PGM ounce:
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
631 680 584 (14%) $/oz * Processing cost GBP/oz (10%) 449 499 474
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
112 75 147 96% $/oz * Transport costs Eastern Limb GBP/oz 107% 114 55 85
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
1 980 1 826 2 129 17% $/oz * By-product cost (chrome) GBP/oz 22% 1 639 1 340 1 492
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
Total operating
cost per
2 723 2 583 2 860 11% $/oz PGM ounce GBP/oz 16% 2 202 1 894 2 051
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
Net earnings
per PGM ounce
after by-product
1 162 1 092 1 228 12% $/oz credit (chrome) GBP/oz 18% 945 801 875
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
Cost per
PGM Ounce
net of by-
product credit
447 540 358 (34%) $/oz (chrome) GBP/oz (30%) 276 396 335
-------- -------- --------- ----------------- ----------------------------------- -------- --------- -------- -------- --------
Health and Safety
The South African operations maintained their record of no
reportable occupational health or environmental incidents over the
six-month period. The combined operations have achieved 162 days
without a lost time injury (LTI) with a lost time injury frequency
rate (LTIFR) of 2.0. Over the period 217 128 tonnes of historical
tailings were uplifted, processed and placed on a modern tailings
facility by the Jubilee tailings operations.
Operational Performance
In South Africa, Jubilee delivered on its strategy to maximize
the processing of historical tailings through its own operations,
rather than utilizing the processing capacity offered by third
party processing facilities through existing joint venture
agreements. Jubilee's new Inyoni processing facility significantly
outperforms the efficiencies achieved at the third-party
facilities.
The PGM operational processing capacity has been increased by
45% to 75 000 tonnes per month which holds the potential to produce
44 000 PGM ounces per annum. The expansion program included the
expansion of the chrome processing operations by approximately 80%
to 250 000 tonnes per month which holds the potential to produce
1.2 million tonnes of chrome concentrate per annum. The chrome
operations play an important role in Jubilee's PGM operations by
not only acting as a feeder system to the PGM operations but also
subsidising the PGM unit cost through the sales of chrome
concentrate.
Jubilee achieved the production of 21 140 PGM ounces for
six-month period. Notably 95% of the PGM production stemmed from
the new Inyoni operations, exceeding Inyoni's previous best
performance by 32%. Q4 of FY2022 saw a significant jump in PGM
production as the new Inyoni operations reached its full design
capacity. The enlarged facility benefits from the scale of
operations with the unit cash cost to produce a PGM ounce reducing
to US$ 358 over the six-month period. The cash cost per PGM ounce
for the six-month period benefitted from the increased contribution
from the sale of chrome concentrate accounting for US$ 373 per PGM
ounce or GBP 6.1 million (ZAR 122 million).
While PGM production over the six-month period continued to be
impacted by the ramp-up of the new Inyoni processing facility,
production of PGMs is expected to continue to sharply increase as
the new Inyoni facility operates at full design capacity.
The Company confirms its guidance of 44 000 PGM ounces from own
production for FY2023 with an option to add a further 8 000 PGM
ounces from third party processing agreements dependent on stock
availability.
Zambian Operations
USD
Pound Sterling
FY2022 6 months 6 months % change UNAUDITED % change 6 months 6 months FY2022
to end to end Unit Unit to end to end
Dec 2021 Jun 2022 Jun 2022 Dec 2021
--------- --------- --------- ------- ------------- -------- --------- --------- --------- -------
PRODUCTION
--------- --------- --------- ------- ------------- -------- --------- --------- --------- -------
Copper
tonnes
2 604 1 216 1 388 14% Tonnes sold Tonnes 14% 1 388 1 216 2 604
--------- --------- --------- ------- ------------- -------- --------- --------- --------- -------
FINANCIALS
--------- --------- --------- ------- ------------- -------- --------- --------- --------- -------
REVENUE
FROM
OPERATIONS
--------- --------- --------- ------- ------------- -------- --------- --------- --------- -------
Copper
23 943 11 585 12 358 7% $'000 revenue GBP'000 12% 9 514 8 499 18 013
--------- --------- --------- ------- ------------- -------- --------- --------- --------- -------
By-product
copper
revenue
441 - 441 100% $'000 (cobalt) GBP'000 100% 339 - 339
--------- --------- --------- ------- ------------- -------- --------- --------- --------- -------
Net copper
24 384 11 585 12 799 10% $'000 revenue GBP'000 16% 9 853 8 499 18 352
--------- --------- --------- ------- ------------- -------- --------- --------- --------- -------
OPERATING
COSTS
--------- --------- --------- ------- ------------- -------- --------- --------- --------- -------
Total copper
operating
13 985 7 141 6 844 (4%) $'000 costs GBP'000 1% 5 269 5 239 10 508
--------- --------- --------- ------- ------------- -------- --------- --------- --------- -------
OPERATIONAL
EARNINGS
--------- --------- --------- ------- ------------- -------- --------- --------- --------- -------
Copper
earnings
--------- --------- --------- ------- ------------- -------- --------- --------- --------- -------
By-product
copper
earnings
(cobalt)
--------- --------- --------- ------- ------------- -------- --------- --------- --------- -------
Net copper
9 958 4 444 5 514 24% $'000 earnings GBP'000 30% 4 245 3 260 7 505
--------- --------- --------- ------- ------------- -------- --------- --------- --------- -------
FINANCIAL
RESULTS PER
TONNE
--------- --------- --------- ------- ------------- -------- --------- --------- --------- -------
Revenue per
9 195 9 527 8 903 (7%) $/t copper tonne GBP/t (2%) 6 854 6 989 6 917
--------- --------- --------- ------- ------------- -------- --------- --------- --------- -------
By-product
revenue per
copper tonne
169 - 318 100% $/t (cobalt) GBP/t 100% 245 - 130
--------- --------- --------- ------- ------------- -------- --------- --------- --------- -------
Net revenue
per copper
9 364 9 527 9 221 (3%) $/t tonne GBP/t 2% 7 099 6 989 7 048
--------- --------- --------- ------- ------------- -------- --------- --------- --------- -------
Net earnings
per copper
tonne after
by-product
credit
3 824 3 654 3 973 9% $/t (cobalt) GBP/t 14% 3 058 2 681 2 882
--------- --------- --------- ------- ------------- -------- --------- --------- --------- -------
Cost per
copper tonne
net of by-
product
credit
5 371 5 873 4 931 (16%) $/t (cobalt) GBP/t (12%) 3 796 4 308 3 905
--------- --------- --------- ------- ------------- -------- --------- --------- --------- -------
Health and Safety
The Zambian operations maintained their record of no reportable
occupational health or environmental incidents over the six-month
period. The combined operations and projects have achieved 124 days
without a LTI with a LTIFR of 2.9.
Operational Performance
Jubilee's copper strategy in Zambia includes, as its first
phase, the implementation of its Southern Copper Refining Strategy
which targets to produce up to 12 000 tonnes (design capacity of 14
000 tonnes) of copper units per annum including a cobalt by-product
from certain cobalt containing feed streams. The fully integrated
Southern Copper Refining Strategy is a significant step for Jubilee
as it diversifies its processing footprint across commodities and
jurisdictions. It also holds the potential to significantly grow
Jubilee's earnings in a commodity such as copper supported by
strong fundamentals.
The strategy integrates the upgraded Sable Refinery with Project
Roan, a new copper concentrator processing both Run-Of-Mine copper
ore as well as tailings to produce copper concentrates for refining
at Sable (10 000 tonnes per annum), which complements the existing
supply of third-party feed to Sable refinery (2 000 tonnes per
annum). Total capital spent to end June 2022 to deliver the
integrated Southern Copper Refining Strategy's capital allocation
totalled c. GBP 36.1 million (ZAR 721 million).
Jubilee's project execution team broke ground for the
construction of the new copper concentrator, Project Roan, in June
2021 and despite the challenges caused by the COVID 19 pandemic and
its effect on supply chains the team was able to commence testing
of certain equipment within seven months and completed all
construction activity within eleven months which remains a
remarkable achievement. Despite a slight delay in start-up Project
Roan has reached a production throughput level of 80% of design
capacity.
In addition to the copper refining capacity at Sable, Jubilee
approved the implementation of a cobalt refining circuit at Sable
which at full design capacity holds the potential to produce up to
1 200 tonnes of cobalt product per annum. Testing and ramp-up of
the cobalt circuit will follow the completed Roan concentrator
ramp-up to ensure stable feed to the circuit.
Crucially, and in line with Jubilee's goals to promote
sustained, inclusive economic growth, the Southern Copper Refining
Strategy has resulted in significant job creation, with total jobs
filled in Zambia reaching over 700 during the last twelve months.
Jubilee has prioritised sourcing of skills and services from its
local communities and has in many instances partnered with local
firms to assist in their growth and development to offer a
sustained service to its projects.
Over the six-month period the Company sold 1 388 tonnes of
copper at a unit cost of US$ 4 931 per tonne of copper cathode. The
majority of the production stems from operational trails as part of
ensuring operational readiness at the Sable Refinery for Project
Roan.
The Company targets the production of 3 700 tonnes of copper for
the 6-month period ending December 2022 in-line with the ramp-up to
full production of Project Roan.
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