Jubilee Platinum's Q3 chromite concentrate production rises

AIM-listed explorer Jubilee Platinum’s subsidiary Jubilee Tailings Treatment Company reported that chromite concentrate production rose during the third quarter while construction of a platinum processing plant “continues to progress to schedule”.

For the South African Dilokong mine, production of chromite concentrate for the third quarter increased 88.04% to 28 559 tonnes, compared to the previous quarter.

Project revenue generated from chromite concentrate sales rose 108.22% to £2.09m, while chromite project earnings were up 108.13% to £1.55m.

The company’s earnings attributable from the chromite concentrate production rose 94.73% to £888,000

A review of platinum processing was completed, which resulted in combining on-site upgrading of platinum content of the material to about double of the value prior to toll processing the platinum rich feed material.

For the Hernic Ferrochrome platinum processing project in North West Province, South Africa, construction of the 660,000 tonnes per year of platinum and chromite processing plant continues to progress to schedule with a target date of December.

The project's capital expenditure to end of September was £7.45m, the equivalent of 71% of total projected capital.

Chief executive Leon Coetzer said: “The construction of the Hernic project remains on schedule … process hardware has been installed and indicates the significant progress made as the project nears the completion of the construction phase.

“The company continues to actively pursue projects consistent with our stated mission to increase cash flow and enhance shareholder value. We are confident that we will shortly conclude a further acquisition with discussions progressing favourably in other areas of acquisition and joint venture."

Shares in Jubilee Platinum were up 3.38% to 3.67p at 0938 BST.