Jubilee Platinum plc (LSE:JLP) announced that its Middelburg smelter operation has achieved a new production rate record, putting out over 35 tons of ferronickel metal during one 24-hour shift. The previous record was 26 tons.
As quoted in the press release:
This achievement comes following the Company’s recent announcement (dated 23 December 2013) that it had secured funding for the final phase of the smelter renewable program, which includes the expansion of the Middelburg Smelter operation to three operating ARC furnaces.
Two of these furnaces will be dedicated to the production of ferronickel metal and the third furnace to the production of ferrosilicon metal, thereby increasing the total targeted smelter design capacity to 13,900 tons of metal per annum. All three furnaces have been fully contracted.
With proceeds in place to fund the commissioning of the remaining 3rd ARC furnace at Middelburg, the Board of Jubilee believes that the Middelburg Smelter is in a strong position to enhance its earnings profile.