Jubilee Mines posts record revenue for 03/04 AAP News 14:46:020 20/07/2004 PERTH, July 20 AAP - Nickel producer Jubilee Mines NL today reported record revenue for 2003/04 on the back of high nickel prices, and foreshadowed a record profit for the year. Revenue came in at $235 million for the year to June 30, executive chairman Kerry Harmanis said. Last year Jubilee reported revenue of $153.6 million. "With cash and receivables at June 30, 2004 of just under $150 million the company is in a very strong position," Mr Harmanis said. Full year results, including "a generous dividend payout", are due to be released late next month. Jubilee produced 12,028 tonnes of nickel in concentrate during 2003/04, up slightly from 11,565 tonnes. Mr Harmanis said the year saw a smooth transition from the Cosmos open cut to the Cosmos Deeps underground mine at its operation near Leinster in Western Australia. The next phase of mining, over the next two quarters, will predominately involve cut and fill methods which will see some reductions in mining grades. "Our plan incorporates an increase in plant throughputs which will maintain nickel output at similar rates as previous," Mr Harmanis said. Jubilee shares were up 10 cents at $4.41 by 1442 AEST.
