Key points
- Combined pre-refining copper production from Roan and Molefe reached 3,739 metric tons for the year to June 30, a 225% increase.
- Roan has reached stable output and is guided to deliver 2,850 to 3,150 metric tons of contained copper in fiscal 2027.
- A sharp rise in acid and diesel costs in Zambia hit fourth-quarter production at the Sable refinery, while a $35 million sale of the Large Waste project is nearing completion.
Jubilee Metals says it is looking to build on a sharp rise in copper production after its Zambian operations delivered a 225% increase in output for the financial year ended June 30.
Combined production before refining from the Roan operations and Molefe mine totaled 3,739 metric tons of copper, the integrated copper producer said in a production and operational update.
In addition, copper in concentrate and run-of-mine material delivered to its Sable refinery reached 1,342 metric tons of contained copper, up more than 1,400% year-on-year. Cathode and copper sulphide concentrate produced for sale came in at 2,120 metric tons, a modest 1.3% increase.
According to the company, Roan has now matured into a stable operating unit. As a result, Jubilee has issued guidance for the operation of between 2,850 and 3,150 metric tons of copper in fiscal 2027, based on processing rates of 25,000 to 30,000 metric tons a month at a feed grade of about 1.5% to 1.6%.
Cost pressures hit Sable
Cathode production at Sable rose 17.5% to 1,207 metric tons for the year. However, the fourth quarter brought significant headwinds.
Domestic acid availability in Zambia fell sharply, pushing acid costs up more than 200%, while diesel costs climbed 90%.
Those pressures had a marked impact on production at Sable, Jubilee said, and they also forced temporary closures at a growing number of metal processors in the company’s operating area.
Even so, the group said the flexibility of its operating model allowed it to partially mitigate the impact.
Meanwhile, Jubilee expects to release results from the Phase 2 drilling program at Molefe within two weeks.
Following an expanded drilling campaign, the mine plan now includes an extended pre-stripping program to enlarge the open pit and lift high-grade run-of-mine output toward a target of 10,000 metric tons a month at 1.45% copper.
Current indications suggest Molefe could supply about 1,740 metric tons a year of contained high-grade copper to Sable.
Portfolio reshaping continues
Beyond Molefe, Jubilee is advancing Project G as its next mining development, with work on the zone targeted to begin in February 2027. Both Molefe and Project G will only enter formal guidance once they demonstrate sustained, stable performance, the company said.
Furthermore, Jubilee announced in August a binding heads of terms to sell its Large Waste project for $35 million, with an option for accelerated settlement at $30 million.
Due diligence should conclude within a week, releasing a $2.25 million deposit to secure an exclusivity period.
Consequently, the group has refined its three-pillar copper strategy to reflect its growing focus on Jubilee-controlled mining and exploration as it moves from a predominantly third-party processor toward an integrated mine-to-metals business.
Separately, the company retained its Tjate platinum group metals project after selling its South African business and is reviewing expressions of interest in the asset as part of a strategic review.
