Jubilee Metals Group plc (LON:JLP), a diversified metals producer with operations in Zambia and South Africa, has announced the signing of a three-year renewable power purchase agreement with Lunsemfwa Hydro Power Company (LHPC), an independent hydro and solar power producer in Zambia. The power purchase agreement ensures that the total power supply needs of both Roan and Sable will be continuously met at competitive rates to the prevailing power tariffs, commencing on 1 September 2024.
In addition, the agreement allows Jubilee the option to secure a further 10MW of solar generated power discounted by more than 30% below the initial power purchase agreement power rates. The additional power secures Jubilee’s future power demands to meet its expanding operational footprint.
Leon Coetzer, CEO of Jubilee Metals commented:
“The successful implementation of the private power purchase agreement is a critical step towards securing a reliable and continuous power supply for our operations and addresses the current shortage of power experienced. This comes at a critical time as we step up the production at our Roan and Sable operations and look to further expand our operational footprint. Our Roan operation has been impacted by power shortages, which is comprehensively addressed by this agreement.
