JOHANNESBURG (miningweekly.com) – Aim- and AltX-listed Jubilee Metals’ metals recovery division has achieved across-the-board growth during the fourth quarter of 2017.
Hernic’s operational earnings increased by 94% quarter-on-quarter to £970 000, while project revenue increased by 33% to £2.05-million.
“Our Hernic operation has continued to deliver significant operational improvements quarter-on-quarter, this despite the budgeted increased maintenance and operational slowdown over the festive period,” said CEO Leon Coetzer.
The unit cost per platinum-group metal (PGM) ounce produced reduced to $382 during the fourth quarter, down from $476 in the third quarter.
Hernic’s PGM production increased by 33%, from 2 874 oz in the third quarter of the year, to 3 755 oz in the fourth quarter.
During the quarter under review, the revenue of the Jubilee Processing Limited (JPL) operations increased by 24% quarter-on-quarter to £3.3-million and operational earnings were up 43% to £1.22-million.
“We have implemented necessary process upgrades at our Dilokong chrome mine operations to allow for a more flexible operation to expand the processing of third-party material,” he said.
The company’s due diligence on the Kabwe project is also progressing well, with the second round of leach tests concluded, confirming the high recoverability of the lead, zinc and vanadium contained in the surface resource.