Jubilee Chrome and PGM Production Rises on Q4 Partnerships

Jubilee PGM

South Africa’s Jubilee chrome and PGM production rose strongly in the April–June quarter. The company leveraged third-party ore partnerships to lift chrome concentrate output. Jubilee chrome and PGM production now tilts toward chrome-driven revenues.

Chrome volumes surge on partnerships

Chrome volumes surged as Jubilee expanded supply partnerships. Q4 chrome concentrate reached 505,578 tonnes, up nearly one fifth year on year. Full-year output rose 25 percent to 1.55 million tonnes. Third-party ore supplied about 70 percent of chrome concentrate production. These agreements underpin scale and reduce feed variability.

PGM output rises, tailings feed grows

PGM output also improved, supported by tailings from chrome processing. Quarterly production climbed 14.6 percent to 8,973 ounces. Full-year PGM output rose 6 percent to 38,579 ounces. Tailings integration enhances recoveries and capital efficiency.

Pricing dynamics shifted earnings sensitivity toward chrome. A one percent chrome price drop needs a 4.5 percent platinum price rise to offset. In Q4, chrome prices fell 11.4 percent, but platinum rose 33 percent. Therefore, stronger platinum partly cushioned chrome weakness. Jubilee chrome and PGM production remains exposed to both markets.

The Metalnomist Commentary

Jubilee’s partnership model accelerates growth with limited capital. However, portfolio risk now concentrates around chrome price cycles and third-party feed security. Securing long-term ore and hedging exposures would stabilize cash flow through volatile PGM and chrome swings.