Shares of Jubilee Metals Group PLC (LON: JLP) edged 7.85% higher after the mining company released its earnings results for the half-year ended December, which were much better than expected.
The metal recovery company’s revenues grew 110% to £53.4 million (ZAR 1.1 billion) compared to 2019’s revenues of £25.4 million. Its adjusted earnings rose 237% to £29.3 million (ZAR 622 million) from last year’s £8.7 million (ZAR 150 million).
The company’s operating profits jumped up 355% to £25.5 million (ZAR 541 million) compared to 2019’s £5.6 million (ZAR 97.7 million).
Ready to put what you’ve learned into practice?
Try IG’s platform with £10,000 in virtual funds and practise trading
without putting your own money at risk.
Try IG with a demo account →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Learn the markets with IG Academy
Build your knowledge with IG Academy educational content, then use a
demo account to practise what you’ve learned on the IG platform.
Explore IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
See how trading works before risking real money
IG’s demo gives you access to thousands of markets and £10,000 in
virtual funds, so you can explore the platform and test your ideas first.
Open an IG demo →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Turn trading theory into practical experience
Learn with IG Academy, explore charts and market tools, and practise
strategies in a simulated trading environment before going live.
Start practising with IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Ready to take your learning further?
IG combines market education, analysis and an established trading platform,
giving you the tools to keep learning as you develop your trading skills.
Discover IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Jubilee Metals produces Platinum Group Metals (‘PGMs’) such as chrome, zinc, lead, copper, vanadium and cobalt, and it managed to grow its total production 34% to 28,187 ounces. The company said it expects 2021 to be another transformational year.
The company’s PGM production is derived from mine tailings, waste, slag, slurry and other secondary materials generated during the mining process. The firm is in a rapid growth phase and is currently in discussions to acquire new projects.
Jubilee is currently expanding its Inyoni project to improve PGM production rates and targeted PGM recoveries. The expansion is set for completion in Q2 2021.
The company’s new 35 000 tonnes per month chrome beneficiation facility named Windsor 8 started operations in October 2020. It will contribute significantly to this year’s expected output increase.
Jubilee is currently working on a new copper project known as Project Roan, which it has funded to the tune of $17 million from its current cash flows. Phase one of the project is almost complete, and the company expects to start the delivery of intermediate copper concentrate to Sable Refinery in April 2021.
Jubilee Metals share price.
Jubilee Metals shares rallied 7.85% to trade at 16.34p rising from Wednesday’s closing price of 15.15p.
