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Jubilee sees significant progress

By BFN News | 09:33 AM | Monday 21 July, 2014


Jubilee Platinum says it continues to make significant progress in all of its current and projected activities. Unaudited revenue in the second quarter for the Middelburg operations was up by 44.89% on the previous three months and unaudited gross profit in rand terms increased by 11.14% to ZAR7.255m. Jubilee said the Middelburg operations achieved its targeted gross profit margin of 38.00% by reporting a gross profit of 40.67% for Q2. Highlights · Unaudited net loss for Middelburg Q1 of ZAR2.691m converted to a net profit of ZAR1.247m in Q2 · Production up 47% · Platinum smelting targeted for Q3 Chief executive Leon Coetzer said: "The Company continues to make significant progress in all of its current and projected activities. The final hurdle for the submission of the Environmental Management Program, as part of the Tjate mining right application, has been overcome and submission is targeted for the end of July 2014 which will conclude the submission requirements by the Department of Mineral Resources. We are working closely together with Anglo Platinum for the conclusion of the sale of Quartzhill, linked to the Tjate mining right. "The Company is meeting all the challenges presented by the current operating environment and remains fully confident in the developing business model and the opportunities it presents." At 9:33am: (LON:JLP) Jubilee Platinum PLC share price was +0.06p at 1.43p Story provided by StockMarketWire.com

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