KEY POINTS
- Jubilee selected a preferred buyer for its Zambian waste project for US$35m.
- The deal supports Jubilee’s shift towards copper mining and processing.
- The transaction will undergo due diligence before completion and payment.
Jubilee Metals Group has selected a preferred buyer for its Large Waste Project (LWP) in Zambia after receiving two binding offers for the asset, with the proposed transaction valued at US$35 million.
The Zambia-focused integrated copper producer and resource developer said the preferred purchaser’s offer represents a significant opportunity to monetise the project while allowing the company to redirect capital towards its core copper mining, processing and refining operations.
Jubilee had announced on August 10, 2026 that it had received two binding offers for the Large Waste Project.
The proposed sale is part of Jubilee’s broader strategy to strengthen its position as an integrated copper mining and processing company.
The company intends to place greater emphasis on controlling its own mining assets and expanding its copper resource base, while continuing to make use of its established processing and refining infrastructure.
Jubilee believes this approach will allow it to increase copper production using existing operational capabilities and infrastructure, reducing the capital requirements and execution risks associated with developing large new projects from scratch.
The Large Waste Project is considered a substantial greenfield development that would require significant standalone investment.
By selling the project, Jubilee can instead concentrate its financial and management resources on opportunities that it considers to have stronger strategic alignment and lower execution risk.
The preferred purchaser has offered total acquisition consideration of US$35 million for the LWP.
Jubilee said the sale represents a substantial premium to the price it originally paid to acquire the project, supporting its strategy of optimising its asset portfolio and unlocking value from non-core investments.
The company said its management has also satisfied itself that the preferred purchaser has the financial capacity to meet the agreed consideration.
Transaction enters due diligence
The proposed transaction will now proceed through a two-stage due diligence process.
The first stage will focus on confirming the contractual and regulatory legal framework governing the Large Waste Project. Jubilee expects this initial process to take about 10 days.
If the first stage is completed satisfactorily, the preferred purchaser will pay US$2.25 million to secure a further 45-day period of exclusivity.
During this period, the purchaser will complete the remaining due diligence required before the transaction can be finalised.
Once the due diligence process has been successfully completed and definitive transaction documents have been signed, the outstanding purchase consideration will be paid to Jubilee over an agreed three-year instalment period.
The purchaser will have the option to accelerate payment of the acquisition consideration.
If the outstanding amount is settled within two years, the total consideration payable would be reduced from US$35 million to US$30 million.
Jubilee said the payment structure forms part of the agreed terms with the preferred purchaser and that management is satisfied with the buyer’s ability to meet its financial obligations.
The proposed sale also replaces a previously announced agreement under which Jubilee planned to sell 10 million tonnes of waste material from the Large Waste Project for US$6.75 million.
Under that earlier arrangement, approximately 550,000 tonnes of material had been collected, generating payments of around US$600,000 for Jubilee.
The new US$35 million transaction therefore represents a broader monetisation of the project rather than simply the sale of a portion of its waste material.
Jubilee said it would provide additional information as the transaction progresses through due diligence and documentation.
The disposal of the Large Waste Project is expected to allow Jubilee to concentrate more resources on its existing Zambian operations.
The company plans to prioritise investment in its mining, processing and refining assets, where it believes additional copper production can be achieved by leveraging infrastructure that is already in place.
This strategy is intended to deliver growth while limiting the capital expenditure and development risks associated with major greenfield projects.
The transaction, once completed, would therefore represent another step in Jubilee’s effort to reshape its portfolio around copper production and resource development in Zambia.
