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Jubilee Platinum Dilokong Update - buy

By HotStockRockets | Monday 19 September 2016

Disclosure: Financial Investigative Media Limited, which is not owned by Tom Winnifrith but by a trust for his dependants, owns shares in companies mentioned in this article. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Jubilee Platinum (JLP) has provided an update on production from its Dilokong tailings project and construction of its Hernic project. 

On the former, it notes “exceptional performance” with chromite concentrate production 7.86% higher in August than in July (at 10,430 tons) and attributable earnings from this up 7.11% to £0.314 million (ZAR5.6 million, 9.57% increase). It adds “further increases in operational throughput requires the expansion of the new tailings, post chromite removal, storage facility. The expansion of the facility has commenced and is expected to be completed over the next three months”

Meanwhile, the company is also “very pleased with the progress made on the construction of the Hernic project which remains on schedule and in budget” - this targeting commencement of commissioning in December. 

As such, further from our update last month, the march to cash cow status here looks to be further advancing – we noting then this would suggest a derisory two year out P/E of under 5x at the then 3.4p share price. 

The shares are currently little changed from then and, with also a Dilokong project“platinum processing option study expected to be concluded by the end of September”, we continue to target 4.5p+ to sell here and retain our stance of buy.

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