Jubilee Metals, a diversified producer of metals, has completed its due diligence of Project G, an openpit copper mining operation in Zambia. The company has decided to increase its stake in the project, raising its holding to 65%, up from the previously announced 51% in August. This acquisition of Project G is the second openpit copper operation Jubilee has taken on in Zambia, following Project Munkoyo.
In addition to this, Jubilee has also secured more power for its Zambian operations by increasing its allocation under a private power purchase agreement (LHPC agreement). This move ensures an extra 2 MW of power to fully support all operations in Zambia. The extra power will allow the Roan concentrator to operate at full capacity, supporting both the newly commissioned front-end module and the existing milling and flotation plant.
Jubilee’s operations in Zambia have now fully transitioned to renewable energy sources, aligning with its broader copper strategy. The company aims to reach an initial production capacity of 25,000 tonnes per year (t/y) of copper. The increased processing capacity will be achieved through the upgrades at the Roan plant and the addition of a second copper tank house at the Sable refinery.
For Project G, Jubilee will finalise the $2-million acquisition in cash instead of shares, with an additional commitment of $500,000 to upgrade the project’s operations. The target is to commence operations at Project G and deliver pre-concentrated run-of-mine (RoM) ore to the Sable refinery by December. Jubilee has been appointed as the manager and operator of the openpit mining operations, which will ramp up over six months to produce 3,000 tonnes of pre-concentrate material per month. This will result in an additional 350 copper units per month (4,200 per year) being delivered to the Sable refinery for further processing.
A resource drilling programme is currently under way, which aims to increase production to between 20,000 and 25,000 tonnes of RoM ore each month.
CEO Leon Coetzer expressed his satisfaction with this second openpit mining project in Zambia, highlighting the company’s ability to leverage its process expertise and early market position to secure significant near-surface copper resources. He noted that the high grades and Jubilee’s control over operations will enable the company to reach its production target of 25,000 t/y of copper. Coetzer also mentioned that Zambia holds many similar near-surface opportunities, which Jubilee is actively exploring.
Additionally, Coetzer emphasised the company’s commitment to renewable energy, stating that converting all power supply requirements to hydro and solar power is a crucial step in reducing the carbon footprint of its copper production. He highlighted the importance of this transition for the green energy movement, ensuring that the copper Jubilee produces contributes to sustainability goals.
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.
