Jubilee Metals Group acquires two opencast copper mines in Zambia

Jubilee Metals Group has taken a significant step in advancing its integrated copper strategy in Zambia by acquiring two opencast copper mining operations. This acquisition is expected to enhance the company’s copper production capacity and improve its processing flexibility.

Aiming to boost its copper production to 16,000 tonnes annually at its Sable refinery, Jubilee’s strategic move involves significant investments. The first mine was acquired for $0.25 million in cash and $1.5 million in shares, with plans to produce 25,000 tonnes of copper per month at a grade of 3% to 4%. The second mine, purchased for $2.1 million in shares, is expected to ramp up to 20,000 tonnes per month at a similar grade. Both mines have an estimated lifespan exceeding eight years.

In conjunction with these acquisitions, Jubilee has commenced commissioning activities at the upgraded and expanded Roan facility in Zambia. This includes a new offtake agreement for low-grade mined material and the preprocessing of feed material, setting the stage for accelerated commissioning and ramp-up in July.

The acquisitions are set to unlock near-surface copper resources, demonstrating Jubilee’s expertise in leveraging processing capabilities. The company’s strategy focuses on sustainable mining and metal recovery practices, with the potential to push copper production beyond the initial target of 25,000 tonnes per year. Jubilee’s approach involves extracting value from materials often discarded as waste or considered too complex for traditional methods, such as tailings, low-grade materials, and near-surface copper reefs, which are abundant in Zambia.

With the completion of these deals, Jubilee will upscale its operations and transition the Sable facility into a refiner for opencast mining materials, while the Roan facility will process mainly low-grade and previously processed materials. Both Sable and Roan will operate independently, with Sable reaching full capacity from opencast operations and Roan potentially expanding to include downstream refining. The combined processing capacity target is set at 25,000 tonnes per year of copper, with Sable contributing 16,000 tonnes and Roan 8,000 to 9,000 tonnes, depending on feed grades.

Additionally, the Waste Rock Project, conducted in partnership with IRH in Abu Dhabi, involves resource drilling and process testing as part of an independent technical and processing study by the joint project team. Over the next year, Jubilee plans to install a satellite upgrade facility near both mining operations, aligning with its strategy to operate regional material upgrade facilities prior to refining.

Jubilee Metals Group plc (LON:JLP) is a diversified metal recovery business with a world-class portfolio of projects in South Africa and Zambia. The Company’s expanding multi-project portfolio across South Africa and Zambia provides exposure to a broad commodity basket including Platinum Group Metals, chrome, lead, zinc, vanadium, copper and cobalt.

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