Jubilee Metals, a leading African metals processor, defied challenging market conditions to shine in Q2 FY2024, setting a new quarterly record for chrome production and advancing key growth projects. This robust performance positions the company for continued expansion and value creation in the year ahead.
Chrome Crown Jewel: Jubilee’s chrome operations stole the show, shattering the previous quarterly record with an impressive 13.2% increase in output. The Thutse Project, now operating at full capacity, led the charge, churning out a hefty 381,114 tonnes of concentrate. This stellar performance further strengthens Jubilee’s commitment to becoming a world leader in chrome, with the strategic decision to expand Thutse by 50,000 tonnes per month bringing the company closer to its ambitious goal of 2.1 million tonnes annually.
Copper on Track Despite Roadblocks: While copper cathode and concentrate production dipped slightly compared to Q1, the 749-tonne output reflects ongoing progress at the Roan project despite unforeseen delays in its upgrade. Demonstrating agility and resilience, the team brought Roan back online in December to minimize disruptions and will operate at 50% capacity while sourcing alternative components. Jubilee is even exploring local manufacturing options to expedite the project’s completion.
Project Pipeline Bursting with Potential: Project M (Monkoyo Copper Resource) is on schedule, with test material expected at the Sable Refinery in Q4. This marks a significant milestone, paving the way for a long-term, high-quality copper supply pipeline to Sable starting in early 2025. Jubilee is also fast-tracking a newly acquired large copper waste rock asset, with detailed resource definition, bulk processing trials, and equipment securing already in progress. This ambitious initiative has the potential to unlock substantial future growth.
Sable Refinery Gears Up for Increased Input: The Sable Refinery’s sulphide copper recovery circuit expansion is moving smoothly, with installation expected in Q3 CY2024. This timely upgrade perfectly aligns with the anticipated surge in copper concentrate from Jubilee’s expanding projects, ensuring optimal processing capacity and future profitability.
CEO Leon Coetzer Commends Team and Outlines Vision: “Jubilee’s operational excellence and strategic growth are evident in our strong Q2 performance,” remarked CEO Leon Coetzer. “We’re particularly proud of the record chrome production and Thutse expansion, bringing us closer to our 2.1 million-tonne goal. In Zambia, the team adapted to Roan’s challenges and is working diligently to overcome delays. Project M and our new copper asset offer significant growth opportunities, and we remain committed to delivering value to our stakeholders.”
Outlook: Resilient and Ready for Growth: Jubilee Metals’ Q2 FY2024 performance paints a picture of a resilient and adaptable company poised for continued expansion. The company’s strong operational achievements, strategic expansions, and promising project pipeline position it well to navigate the complex global landscape and deliver value to its stakeholders. Jubilee’s future, driven by its commitment to operational excellence, strategic growth, and a dynamic project pipeline, shines bright.
By; Augustine Hamwela