Jubilee Metals Group PLC on Monday stuck to its full-year platinum group metals guidance, while expecting chrome output to exceed previous forecast.
The London-based metal processing company maintained PGM guidance at 38,000 ounces, down from 41,586 ounces for the financial year that ended June 30, 2022. But the company said there was the potential of upwards revision depending on South Africa’s electricity supply.
The group said it made ‘good progress’ on discussions to secure a further PGM processing footprint in the Eastern Limb in Limpopo, South Africa, targeting an additional 25,000 ounces per annum and expected to commence construction in the fourth quarter.
Chrome production is expected to exceed guidance of 1.2 million tonnes, supported by stronger chrome prices during the third quarter to March 31. In 2022, output was 1.2 million tonnes.
‘The continued supportive chrome prices over the past quarter translated into a more than doubled chrome by-product credit in our PGM business, which calculates to a cost per PGM oz of $383,’ Jubilee Chief Executive Leon Coetzer said.
‘This confirms the strength of the South African operation’s integrated chrome and PGM business model,’ Coetzer said.
Jubilee shares were down 4.4% to 9.08 pence each in London on Monday, and fell 1.9% to R 2.02 each in Johannesburg.
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