Jubilee Metals Group Announces FY2023 Audited Results
October 11, 2023
Operational Overview for 2023
Jubilee Metals Group, with operations in Africa, presents its audited results for the year ended 30 June 2023. The company also released its Integrated Annual Report today.
Despite challenging market conditions due to a depreciating PGM basket price and infrastructural challenges in its operating locations, Jubilee showcased a solid operational performance. This performance emphasizes Jubilee's proficiency in innovating technical solutions to derive value from previously untapped or overlooked materials and ore sources.
Year's Key Achievements:
- The company reported record production figures:
- PGM operations recorded 42,433 PGM oz, a 2% increase from the previous year.
- Copper operations produced 2,923 tonnes, marking a 29% growth.
- An investment programme worth GBP36 million, equivalent to US$44 million, was executed to diversify and enhance PGM, copper, and cobalt operations. This is a decrease from GBP58 million (US$70 million) in FY2022.
- A state-of-the-art PGM processing facility was commissioned. Designed for previously disregarded PGM tailings and ores, the facility has an annual production capacity of 44,000 oz of PGMs.
- In response to South Africa's infrastructure challenges, backup power units were installed at key facilities. Stock levels were managed to ensure consistent operations.
- In Zambia:
- Noteworthy advancements were made with the introduction of innovative process flow sheets for mixed and transitional copper reefs, which are part of the 14,000 tonnes per annum Southern copper strategy.
- The technical team initiated the development of a copper waste leach circuit for copper and cobalt tailings. The development phase has begun, with upscaled pilot runs currently in progress to validate promising initial results.
- Infrastructure concerns associated with the new Roan Concentrator were addressed, including the completion of a modern water infrastructure system in December 2022 and enhanced power infrastructure in February 2023.
