[miningmx.com] — JUBILEE Platinum on Friday reported a widening of its full year loss as it continued to spend on its smelter operations.
The company, which is experimenting with the use of ConRoast technology in commercial smelting, reported a basic and diluted loss of 3.77 pence a share for the year to end June 2011, against last year’s loss of 1.35 pence a share.
A total loss for the year of £7.3m was posted, which is far greater than the previous year’s loss of £2.2m.
Revenue was, however, far higher due mainly to the expanded Middelburg smelting operations. Revenue increased 480% to £5.5m from £0.95m the year before.
“The board expects profitability and revenues to rise as the company continues to drive the expansion in its smelting operations,” the company said in the commentary accompanying its results.
Commenting on the year’s performance, the company said it had made significant progress with the expansion and optimisation of its smelter operations while continuing to invest in both the short term mining and exploration activities through its subsidiary Maude Mining and its longer term Tjate platinum project.
“This has been achieved within a challenging business environment with the continued pressure on world capital markets,” it said.
Jubilee said the platinum market has been robust throughout the period under review, which reflected the strong fundamentals supporting the metal.
“The prospects for the metal remain outstanding and the company’s acquisition of Braemore and ConRoast was both timely and well judged,” it said.
