Jubilee Metals interim loss slims as focus turns to copper in Zambia

Jubilee Metals Group PLC reported on Tuesday its interim loss narrowed at it prepared to ramp up copper production after disposing of chrome and platinum group metal operations.

The London-based metal processing company suffered a pretax loss from continuing operations of $4.3 million for the six months that ended December 31, reduced from $6.6 million a year earlier.

The copper producer disposed of its chrome and PGM operations in South Africa late in February. Apart from its investment in the Tjate platinum project in South Africa, it is now a copper miner.

Loss on fair value adjustments was $855,005, swung from a gain of $707,992. Profit on sale of non-current assets held for sale was $3.6 million.

Revenue from continuing operations rose 70% to $14.1 million from $8.3 million.

Production at Roan copper concentrator plant in Zambia reached 1,246 tonnes, multiplied from 457 tonnes. Other Zambian copper assets are Molefe copper mine, and Sable refinery.

The average copper price for the first half was $10,439 per tonne, up 14% from $9,193.

Basic loss per share from total operation was 0.34 US cents, swung from earnings per share of 0.07 cents. Headline loss per share was 0.40 cents, flipped from headline EPS of 0.06 cents.

‘The first half of FY2026 was a defining period for Jubilee, with the successful completion of the disposal of our South African operations allowing the company to now fully focus on our significant copper opportunity in Zambia,’ Jubilee Chief Executive Officer Leon Coetzer said.

For the financial year ending June 30, copper production is guided within 4,500 tonnes to 5,100 tonnes, from 2,211 a year before.

In London, shares in Jubilee were down 4.0% to 3.12 pence on Tuesday afternoon, and they lost 9.2% to 69 rand cents in Johannesburg.

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