Diversified metals producer with operations in South Africa and Zambia Jubilee Metals Group achieved significant growth across its copper and chrome operations for the financial year ended June 30.

"Our South African operations delivered considerable growth to achieve a new record in chrome production, which was able to, in part, offset a challenging platinum group metal (PGM) market," says Jubilee CEO Leon Coetzer.

Chrome concentrate production increased by 20% year-on-year to 1.55-million tonnes, exceeding full-year guidance, while copper cathode and copper in concentrate production increased by 17.1% to 3 422 t – in line with revised guidance of 3 250 t to 4 000 t.

Jubilee's PGM production, however, decreased by 14.2% year-on-year to 36 411 oz, mainly as a result of the company's growing focus on chrome production given the improved economic merits of its chrome material.

Chrome contributed 73.1% of Jubilee's revenues for the financial year, compared with 56.8% in the prior financial year, while PGMs' contribution to revenue decreased to 17.9% in the year under review, from 31.3% the year before.

Group revenue increased by 20.2% to $205.4-million. 

Earnings before interest, taxes, depreciation and amortisation (Ebitda) from the chrome operations increased by 154.3% year-on-year to $17.8-million and copper Ebitda by 71.4% year-on-year to $3.6-million.

Group Ebitda, however, decreased by 7.1% to $27.7-million, as a result of the sharp decline in PGM Ebitda to $6.72-million, from $23.87-million in the 2023 financial year.

"The group's financial performance demonstrates the strength of our operations and the diversification of revenue. Increased chrome production helped offset the reduction in PGM revenue, given the challenging pricing environment. In January 2024, we concluded an oversubscribed placing, which supported the acceleration of our copper expansion projects.

"Looking ahead, we remain committed to our production guidance. The strategy for the year ahead lies in tapping into the full potential of our varied metals portfolio, using our technical excellence, while staying dedicated to sustainable and responsible mining," Coetzer comments.

Jubilee has set its production guidance for the 2025 financial year at 1.65-million tonnes of chrome concentrate, 36 000 oz of PGMs and between 5 850 t and 7 500 t of copper.