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Jubilee Expands Copper Operations in Zambia

Jubilee, chaired by Mathews Phosa, is advancing its copper strategy in Zambia. The company specializes in recovering metals from previously overlooked sources like unprocessed waste rock and tailings. 

Jubilee is listed on both the AltX and Aim exchanges. It is also rolling out its integrated copper strategy in Zambia, to secure similar resource opportunities.

CEO Leon Coetzer highlighted that the acquisition showcases Jubilee’s ability to leverage its process capabilities for significant near-surface copper resources.

“The strategic acquisition of the two opencast operations is an example of our ability to leverage our process capability to secure significant near-surface copper resources already in operation,” Jubilee CEO Leon Coetzer said

The company has started commissioning activities at the upgraded Roan operations in Zambia. They concluded a new offtake agreement for low-grade mined material to support these operations. Preprocessing of feed material for Roan has also begun, preparing for an accelerated ramp-up in July.

The recent acquisition of two open cast copper mines will expand Jubilee’s Sable refinery. This refinery targets 16,000 tons of copper annually. The first mine, producing 25,000 tons per month with a 3% to 4% copper grade, cost $0.25 million in cash and $1.5 million in shares. 

The second mine, aiming for 20,000 tons per month at the same grade, was purchased with $2.1 million in shares. Both mines have a life expectancy of over eight years.

Coetzer praised his team’s effort in reaching this point in the Roan upgrade. “It has taken a concerted effort by the team to reach this critical point in the commissioning of the Roan Upgrade. I look forward to the team completing an accelerated commissioning and ramp-up of operations during the coming month,” Coetzer outlined.

Also Read: DRC Mining Week 2024: Advancing Sustainable Growth in the DRC and Copperbelt Region

Jubilee’s Strategic Acquisitions and Advanced Processing

Jubilee’s integrated copper strategy focuses on extracting value from materials considered waste or too complex to process economically. These include tailings, low-grade materials, and near-surface copper reefs accessible via opencast mining. 

Zambia holds vast quantities of these resources, enabling Jubilee to scale operations through targeted acquisitions.

Success in securing these resources allows Jubilee to transition Sable into a refiner for opencast operations. Roan will process mainly low-grade and previously processed materials. 

Sable and Roan will operate independently, with a combined processing capacity of 25,000 tons per year. Sable will handle 16,000 tons per year, while Roan will process 8,000 to 9,000 tons per year, depending on feed grades.

Jubilee’s Waste Rock Project, a partnership with IRH in Abu Dhabi, is progressing. This project involves further drilling and testing as part of a technical and processing study. Jubilee plans to install a satellite upgrade facility near both operations within 12 months.

The acquisition shares will be admitted to trading on AltX and Aim on June 28. Jubilee also produces chrome and platinum group metals in South Africa.