Jubilee Metals' Hernic project enjoys 'record' production

Jubilee Metals Group announced on Thursday that its operations at Hernic achieved "record" production in May, with the second quarter of 2018 on course to be well ahead of the first.

The AIM-traded diversified metals recovery company said Hernic, located on the Bushveld mineral complex in South Africa, delivered 2,101 ounces of platinum group metals (PGM) from 1,871 ounces in April, with 3,972 ounces produced so far in the second quarter.

Leon Coetzer, chief executive of Jubilee Metals, said: "I am particularly pleased with the performance of our Hernic operation. The Hernic operation continues to set new benchmarks quarter on quarter with May setting a new record high delivering an impressive 2101 PGM ounces."

Jubilee achieved production of 4,897 ounces in the first quarter and said its current three-month period is set to be 20% ahead of that, with a target of 6,000 ounces.

Elsewhere, construction of the company’s Kabwe project is underway after a mining license was reinstated by the Zambian government.

"Our initial focus is on the implementation of the zinc recovery circuit. I will provide further details and clarity on the project following my presentation to the Zambian Mining Department later this month," said Coetzer.

The DCM platinum and chrome project in South Africa has seen the implementation of a hydro-mining circuit as part of the integration of fine chrome and platinum recovery circuits at the site.

As of 1624 BST, Jubilee Metals Group’s shares were up 4.95% at 2.65p.