Jubilee Metals Group, listed on JSE AltX and Aim, progresses with the development of a waste leach circuit to treat copper and cobalt tailings in Zambia. This initiative forms a crucial part of its Northern Refining copper strategy.
The company has begun its development phase and runs enlarged continuous pilot tests to validate the promising results they observed. On October 11, Jubilee labeled these outcomes “encouraging” in a press release to Mining Weekly. This release coincided with the company’s audited results disclosure for the year ending June 30 and its integrated annual report.
To bolster its portfolio in chrome, platinum group metal (PGM), copper, and cobalt, the company initiated a significant investment.
As reported by Mining Weekly, Jubilee’s year ending June 30 marked record outputs across their PGM, chrome, and copper operations. PGMs showed a 2% YoY increase at 42,433 oz, chrome concentrate climbed by 7% to 1,289,890 tonnes, and copper jumped by 29% to 2,923 tonnes.
In South Africa, Jubilee boosted its production capacity to 44,000 oz of PGMs annually, processing tailings and ores previously viewed as waste. In Zambia, the company secured about 300 million tonnes of copper and cobalt tailings for refining and improvement.
Jubilee installed backup power units in South Africa’s chrome facilities to ensure uninterrupted operations amidst electricity shortages. In Zambia, the company made significant strides by designing process flow sheets for treating mixed and transitional copper reefs, in line with a 14,000 t/y Southern copper plan.
The new Roan concentrator in Zambia now boasts improved water and power infrastructure. CEO Leon Coetzer highlighted the company’s adaptability, stating, “We’ve successfully navigated challenging infrastructure situations.” He also pointed out the strategy of counteracting the dip in PGM prices by branching chrome operations into higher-profit offtake deals.
On the financial front, the company reported a drop in specific metrics. Operations cash flow stood at $37 million, down from 2022’s $42 million. Earnings before interest, taxes, depreciation, and amortization came in at $29.8 million, lower than the previous year’s $48.9 million. Gross profit also dipped to $38 million from a prior $60 million.
Looking ahead, Jubilee aims to forge new processing partnerships in South Africa to bolster profit margins. The company also envisions expanded operations in Zambia.
