Jubilee Metals gets Zambian licence renewed

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Jubilee Metals gets Zambian licence renewed

Published Date: 2020-09-15 | Source: Stephen Gunnion | Author: Stephen Gunnion

Jubilee Metals gets Zambian licence renewed

The metals processing company says it will be in the position to produce its first copper concentrate within three months.

Jubilee Metals Group says its application to renew its small scale mining licence in Zambia has been approved as it prepares to produce the first copper concentrate at its Sable refinery. The metals processing company, which is listed on AltX and London's AIM, says the new 10-year licence covers lead, zinc, copper and cobalt.

Jubilee said it had made significant progress in Zambia since acquiring the Sable Refinery last year, particularly in recent months as it secured access to vast amounts of surface tailings with copper content. It expected to be in the position to produce the first concentrate from the most recently acquire copper run-of-mine (ROM) material within the next three months, potentially boosting its earnings. It would also start processing the 150 million tonnes of copper tailings it secured in June.

Last month, the company entered a deal with a private Zambian company that secured the rights to process 2 million tonnes of copper ROM material containing in excess of 2% copper. Under the agreement, there was the potential to increase the supply of copper ore to about 4 million tonnes, with an additional 2.5 million tonnes of copper containing tailings available for processing.

Under its 'Project Elephant', Jubilee had already secured the rights to approximately 150 million tonnes of copper containing surface tailings targeted to be refined at Sable. However, with Project Elephant likely to take about two years to start operating, it targeted the second copper resource, which meant it would be ready to commence production of its first copper concentrate within four months.

The company's shares rose 6.5% to R1.32 yesterday.





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