Jubilee Metals Group, the London-based metal processing firm, delivered a contrasting performance report for the first nine months of its financial year, with a remarkable upswing in chrome production but disappointing results in platinum and copper outputs.
In a challenging quarter, typically marked by lower productivity due to the January holiday season, Jubilee defied trends with a 7.2% increase in chrome production, amassing 408,710 tonnes by March 31. The company even achieved a record monthly production of 145,102 tonnes of chrome concentrates in March alone.
Overall, the nine-month period proved to be fruitful for chrome, with output leaping by 19% to 1.1 million tonnes, a notable rise from the previous year’s 944,832 tonnes. In line with this upward trajectory, Jubilee is advancing the construction of an additional chrome processing module at its Thutse project, targeting a production capacity of 300,000 tonnes per annum, with completion expected in August.
On a less positive note, the company’s platinum group metals (PGM) production saw an 18% quarter-on-quarter decline, descending to 8,339 ounces due to the scarcity of lower-grade feed material. This trend was mirrored in the nine-month performance, showing a 3.6% decrease to 28,583 ounces.
Copper production also experienced a dip of 8.4% in the third quarter. However, it’s not all bleak for the red metal, as the nine-month figures reveal a robust 69% year-on-year increase to 2,374 tonnes.
Despite the mixed outcomes, Jubilee’s CEO, Leon Coetzer, expressed optimism for the fourth quarter, forecasting rises in production across the board for the company’s operations in South Africa and Zambia.
For the 2024 financial year, the company has maintained its production guidance for chrome at 1.45 million tonnes, marking an increment from the previous year. PGM production is anticipated to hover between 40,000 and 42,000 ounces. Nevertheless, Jubilee has scaled down its copper production forecast to a range of 3,250 to 4,000 tonnes, a reduction from the previously predicted 5,850 tonnes, citing the last year’s production figure of 2,923 tonnes for context.
Following the announcement, Jubilee’s shares experienced a significant drop, opening at 6.70 pence, which is 8.7% lower in London’s trading session. 
