Jubilee Platinum PLC Hernic Operations Update for October 2017 (9374W)
November 20 2017 - 2:00AM
UK Regulatory
TIDMJLP
RNS Number : 9374W
Jubilee Platinum PLC
20 November 2017
Jubilee Platinum Plc
("Registration number: 4459850")
AIM share code: JLP
AltX share code: JBL
ISIN: GB0031852162
("Jubilee" or "the Company")
Hernic Operations Update for October 2017
Highlights
-- The Hernic PGM Project continues to step up production
reaching 45 596 tonnes processed for October 2017
-- PGM(1) ounces production increased by 22 % month-on-month to 1 427 ounces
-- Project revenue(2) increased by 18 % month-on-month to GBP
0.76 million (22 % to ZAR 13.77)(3)
-- Project earnings(4) increased by 47 % month-on-month to GBP
0.37 million (52 % to ZAR 6.65 million)
-- Unit cost per PGM ounce produced continues to reduce achieving USD 406
1 = Precious Group Metals (platinum, palladium, rhodium,
iridium, ruthenium, and gold)
2= Revenue from the current project phase - 100% attributable to
Jubilee until full capital recovery. Revenue is projected based on
latest average PGM market prices and USD exchange rates and results
are only final once final Quotational Period has passed
3= Average monthly conversion rates used
4= Project Earnings include all incurred operational costs
including management services and mineral royalties
CEO, Leon Coetzer, commented:
"The Hernic project continues to deliver excellent results as we
step up the throughput during the final optimisation of the
operation.
Our October results illustrate the significant improvement in
operational performance during this optimisation phase which we
expect to continue over the next quarter.
I am particularly delighted by the earnings margin that the
project is already achieving with a unit cost of only USD 406
making the Hernic project one of the lowest cost PGM producers in
the industry."
HERNIC OVERVIEW
The Hernic operations' performance improved significantly, which
is in-line with the current focus on process optimisation as part
of the final phase of the project execution. As stated previously
we expected a further step increase in operational performance
during Q4 2017 with the increase in feed material to the processing
plant. The October results confirm this continued step improvement
for Q4 2017 with a 22% increase in PGM ounce production resulting
in a project unit cost per PGM ounce produced of USD 406.
The table below presents the comparative performance of the
Hernic operation for Q3 2017 and the month of October 2017:
Tailings PGM Project Project Project Project Jubilee Jubilee Unit
processed ounces revenue revenue(2) earnings(3) earnings attributable attributable cost
tonnes delivered (1) (ZAR'000) (GBP'000) (ZAR'000) earnings earnings / PGM
(GBP'000) (GBP'000) (ZAR'000) oz
(USD)
-------- ---------- ---------- ---------- ----------- ------------ ---------- ------------- ------------- ------
34
Jul-17 823 792 365 6.226 50 868 50 868 516
-------- ---------- ---------- ---------- ----------- ------------ ---------- ------------- ------------- ------
33
Aug-17 057 911 528 9.055 195 3.340 195 3.340 474
-------- ---------- ---------- ---------- ----------- ------------ ---------- ------------- ------------- ------
37
Sep-17 793 1 171 646 11.300 251 4.384 251 4.384 449
-------- ---------- ---------- ---------- ----------- ------------ ---------- ------------- ------------- ------
Total
Q3 105
2017 673 2 874 1.539 26.581 496 8.592 496 8.592 476
-------- ---------- ---------- ---------- ----------- ------------ ---------- ------------- ------------- ------
45
Oct-17 596 1 427 763 13.771 368 6.647 368 6.647 406
-------- ---------- ---------- ---------- ----------- ------------ ---------- ------------- ------------- ------
1= Revenue from the current project phase - 100% attributable to
Jubilee until full capital recovery. Revenue is projected based on
latest average PGM market prices and USD exchange rates and results
are only final once final Quotational Period has passed
2= Average monthly conversion rates used
3= Project Earnings include all incurred operational costs
including management services and mineral royalties
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
The financial information in this announcement is unaudited.
United Kingdom
20 November 2017
Contacts
Jubilee Platinum PLC
Colin Bird/Leon Coetzer
Tel +44 (0) 20 7584 2155 / Tel +27 (0) 11 465 1913
Andrew Sarosi
Tel +44 (0)1752 221937
JSE Sponsor
Sasfin Capital, (a member of the Sasfin group)
Sharon Owens
Tel +27 (0)11 809 7500
Nominated Adviser
SPARK Advisory Partners Limited
Mark Brady/Andrew Emmott
Tel: +44 (0)203 368 3551
Broker
Beaufort Securities Limited
Jon Belliss
Tel: +44 (0) 20 7382 8300
This information is provided by RNS
The company news service from the London Stock Exchange
END
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