Jubilee Metals broadens its copper operations in Zambia

Jubilee Metals Group has revealed the acquisition of two opencast copper mining operations in Zambia, a strategic move that enhances the company's integrated copper strategy in the area. This acquisition is expected to significantly boost Jubilee's copper production capacity and provide greater processing flexibility. The company's goal is to ramp up copper production to 16,000 tonnes annually at its Sable refinery. The first mine was acquired for $0.25 million in cash and $1.5 million in shares and is anticipated to produce 25,000 tonnes of copper per month with a grade between 3% and 4%. The second mine, expected to ramp up to 20,000 tonnes per month at the same grade, was acquired for $2.1 million in shares. Both mines have a projected operational lifespan exceeding eight years.

Additionally, Jubilee has initiated 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 for Roan, setting the stage for a swift commissioning and ramp-up in July. These acquisitions are intended to access copper resources near the surface and showcase Jubilee's capability in utilizing its processing expertise effectively. Jubilee's strategy in forming resource partnerships emphasizes sustainable mining and metal recovery practices, which could potentially increase copper production beyond the initial target of 25,000 tonnes per year.

At the heart of Jubilee's comprehensive copper strategy in Zambia is its capability to derive value from materials often disregarded as waste or deemed too challenging for conventional extraction methods. The company focuses on tailings, low-grade discarded materials, and near-surface copper reefs, which are abundant in Zambia. Upon completion of the deal, Jubilee will be able to scale up its operations and transition the Sable facility into a refiner for opencast mining materials, while the Roan facility will primarily process low-grade and previously processed materials. Sable and Roan are expected to operate independently, with Sable reaching full capacity from opencast operations and Roan potentially expanding to include downstream refining. The combined processing capacity target of 25,000 tonnes per year of copper will be achieved with an expanded Sable at 16,000 tonnes per year and Roan at 8,000–9,000 tonnes per year, depending on feed grades.

The Waste Rock Project, previously announced, is being carried out in partnership with IRH in Abu Dhabi and falls within the low-grade material category. This project is currently undergoing resource drilling and process testing as part of an independent technical and processing study by the joint project team. In the coming year, Jubilee intends to establish a satellite upgrade facility in proximity to both operations as a key element of its strategy to operate regional material upgrading facilities prior to refining.