Jubilee moves closer to copper target


Jubilee moves closer to copper target

Published Date: 2020-08-07 | Source: Stephen Gunnion | Author: Stephen Gunnion

Jubilee moves closer to copper target

The metals processing company has entered a JV that will accelerate copper production at its Sable Refinery in Zambia.

Jubilee Metals Group has signed a joint-venture agreement that will accelerate its copper production plans in Zambia and put the Sable Refinery it acquired last year to good use.

The AIM and AltX traded metals processing company has entered a deal with a private Zambian company that secures the rights to process 2 million tonnes of copper Run-of-Mine (ROM) material containing in excess of 2% copper. Under the agreement, there is 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.

Jubilee will now construct a new processing facility targeting a processing rate of about 600,000 tonnes a year and producing copper concentrate for further refining at the Sable Refinery. The total project capital is estimated at $15 million over a period of 12 months, with will be funded using cash reserves and debt funding.

The company said the deal was a significant step towards achieving its goal of 25,000 tonnes of copper production a year within the next four years.

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