Smelter success lifts profits at Jubilee Platinum

5th Dec 2013 16:28

Shares in South African miner Jubilee Platinum rose after it announced higher third quarter revenue and profit and said it was not extending a sales deal due to growing returns from smelting contract wins.The stock closed 0.20p up at 3.23p after Jubilee said revenue from its smelting and refining business rose 43% versus a year ago while and gross profit was up 89%.It has secured more smelting contracts after upgrading its Middelburg smelter.It said the growing success of its smelter business meant it had decided against extending a sales agreement with Global Renewable Energy.Chief Executive Leon Coetzer said: "The smelter operations are generating growing cash flows by targeting the production of ferroalloy metals."PW