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Jubilee Metals Expands Operations with Two New Zambian Copper Mines

Strategic Acquisition Strengthens Jubilee Metal's Copper Production Capacity

by Ikeoluwa Ogungbangbe

Jubilee Metals Group PLC, a company listed on both the Johannesburg and London stock exchanges, has expanded its portfolio by acquiring two open-cast copper mining operations in Zambia. This move is in line with Jubilee’s ongoing diversification and expansion in metal recovery and mining operations.

Leon Coetzer, CEO of Jubilee Metals, highlighted the importance of these acquisitions. He stated, “The strategic acquisition of the two open-cast operations demonstrates our ability to leverage our process capability to secure significant near-surface copper resources already in operation.” These comments were made public in a recent announcement via the stock exchange news service, covered by Mining Weekly.

Jubilee Metals specializes in the recovery of metals from previously overlooked resources like historical waste rock, run-of-mine materials, and tailings, particularly in South Africa and Zambia. The company is currently advancing its integrated copper strategy in Zambia, aiming to significantly increase its processing and production capacity.

Leon Coetzer also emphasized the abundance of similar resource opportunities within Zambia, which the company actively pursues. These efforts are part of Jubilee’s broader strategy to enhance its operational footprint and resource utilization in the region. The company has already started commissioning activities at the upgraded and expanded Roan facility in Zambia. In support of these operations, Jubilee has secured an additional off-take agreement for stockpiled low-grade mined material. This preparation sets the stage for an accelerated commissioning and ramp-up scheduled for July.

The newly acquired mining operations are expected to significantly contribute to the expansion of Jubilee’s Sable refinery, with an aim to process 16,000 tons of copper annually. The financial terms for these acquisitions include a combination of cash and shares. The first mine, projected to produce 25,000 tons per month of 3% to 4% copper, will be purchased for $0.25 million in cash and $1.5 million in shares. The second mine, targeting a production ramp-up to 20,000 tons per month at the same copper grade, will be settled with $2.1 million worth of shares. Both mines boast a life expectancy of over eight years, ensuring long-term resource availability for Jubilee’s operations.

Coetzer expressed his enthusiasm for the progress at the Roan facility, stating, “It has taken a concerted effort by the team to reach this critical point in the commissioning of the Roan Upgrade. I look forward to the team completing an accelerated commissioning and ramp-up of operations during the coming month.” The upgrades at the Roan facility and the expansion of the Sable refinery are pivotal to Jubilee’s strategy. These facilities provide the company with the flexibility to pursue and process various copper resources, particularly those that are near-surface and relatively easy to extract.

The acquisitions are also part of Jubilee’s commitment to sustainable mining practices and the efficient recovery of metals. This approach not only supports the company’s growth objectives but also contributes to the broader economic and environmental goals of the regions in which it operates. Jubilee’s integrated copper strategy in Zambia is focused on extracting value from low-grade materials, tailings, and near-surface copper reefs, which are abundant in the country. These resources are typically overlooked by traditional mining operations due to their complexity or low grade.

The success in acquiring these strategic resources has enabled Jubilee to plan the transformation of Sable into a full-capacity refining operation, while the Roan facility will focus on processing mainly low-grade material and previously processed materials. Together, Sable and Roan aim to achieve a combined processing capacity of 25,000 tons per year of copper, with Sable contributing up to 16,000 tons and Roan handling between 8,000 to 9,000 tons, depending on the copper feed grades.

In addition, Jubilee has partnered with IRH, based in Abu Dhabi, on the Waste Rock Project, which is classified as low-grade material. This project is currently undergoing resource drilling and process testing as part of an independent technical and processing study. Over the next 12 months, Jubilee plans to establish a satellite upgrade facility near both mining operations as part of its strategy to operate regional material upgrade facilities before refining.

Applications for the acquisition shares will be submitted for trading on the AltX and AIM around June 28, further integrating these new assets into Jubilee’s financial structure. Jubilee Metals Group PLC also remains a leader in the production of chrome and platinum group metals in South Africa, supported by its pioneering technical development center. This multifaceted approach highlights Jubilee’s commitment to innovative, sustainable, and efficient metal recovery processes across its operations.

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