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Jubilee Platinum revenues up 43%

By BFN News | 08:02 AM | Thursday 05 December, 2013


Jubilee Platinum's total revenues rose to ZAR16,727,333 in the third quarter - 42.94% up on last time. Gross profits increased by 89% to ZAR7.1m. Chief executive Leon Coetzer said "In response to the downturn in platinum markets, Jubilee refined its short term strategy to leverage off the ConRoast process to secure access to both platinum-containing chrome rich materials that are at or near surface as well as platinum-bearing waste materials at surface. "Jubilee simultaneously commissioned the Smelter operations targeting the production of ferroalloy metals based on the patented ConRoast process. These operations continue to generate growing cash flows. "We remain focused on increasing our earnings growth profile with a view to underpinning our Mine-to-Metals strategy. Our rights to the ConRoast process and targeting near or at surface platinum and ferrometal-containing material remain integral to achieving this goal. "We are delighted by the latest contract wins which highlight the strengths of the Smelter operations and are helping to drive our forward looking strategy. Given the growing returns available we have opted not to offer a further extension to GRE. "The Smelter operations are generating growing cash flows by targeting the production of ferroalloy metals based on the patented ConRoast process and reductive smelter technologies. "In addition, the company has been successful in securing the rights to the recovery of platinum group metals ("PGM's") from the surface material at the Dilokong Chrome Mine ("DCM") - which will further enhance the earnings profile of the Company. "We continue to engage with companies holding similar assets to the DCM surface material to grow Jubilee's access to platinum containing material at or near surface. The Company will provide further updates to the market regarding these discussions as soon as it is appropriate. The prevailing market conditions for securing resource funding are providing unusually attractive opportunities which Jubilee is actively pursuing. "The ConRoast process remains key to unlocking near-term value and we are continually evaluating opportunities that will consolidate its unique application in the industry. We will continue to explore any opportunistic offers that could potentially accelerate our strategy." At 8:02am: (LON:JLP) Jubilee Platinum PLC share price was +0.33p at 3.35p Story provided by StockMarketWire.com

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