# Jubilee announces award of a significant New Slag Project with Mopani Copper Mines

- Link: https://www.directorstalkinterviews.com/jubilee-announces-award-of-a-significant-new-slag-project-with-mopani-copper-mines/4121129925
- Published: 2023-10-17T07:19:35+01:00
- Author: Ethan Davis

**[Jubilee Metals Group](https://www.directorstalkinterviews.com/company/jubilee-metals-group-plc/jlp.l)
PLC** ([LON:JLP](https://www.directorstalkinterviews.com/company/jubilee-metals-group-plc/jlp.l)/
Altx: JBL), a diversified metals processing business with operations in Africa, 
has announced the award of the large Mufulira Slag Project through a Joint Venture
collaboration with Mopani Copper Mines.

This binding and exclusive award of The Slag Project aims to process approximately
13 million tonnes of historical slag, estimated to contain 0.7% copper and 0.27%
cobalt in addition to the current slag arisings. Under the targeted JV, Jubilee 
is exclusively appointed to design, implement and operate the new processing facility
with the first right to fund the implementation of the project in collaboration 
with MCM. 

The JV reflects Jubilee’s commitment to securing high-value waste resources containing
copper and cobalt – metals that are critical to the green transition – and underscores
the Company’s proven track record of the responsible extraction and utilisation 
of high-value waste resources.

The Slag Project of 13 million tonnes of historical slag, represents an exciting
opportunity for Jubilee to extract and process these valuable resources, estimated
to contain 89kt of copper and 44kt of cobalt, in addition to current arising slag
from the on-going MCM facility in Mufulira. The copper grades within the slag are
double those of standard tailings, providing an exceptional opportunity to extract
maximum value from this significant resource.

**Key terms of the Joint Venture**

In outlining the proposed scope both Jubilee Metals Group and MCM, in accordance
with the award conditions, will establish a Special Purpose Vehicle (“SPV”) dedicated
to facilitating the JV for processing the slag at the MCM facility in Mufulira. 
Additionally, there is potential for the SPV’s mandate to expand, encompassing the
treatment of material from tailing dumps and oxide ore sourced from small scale 
miners. This strategy aims to optimise the utilisation of MCM plants currently under
care and maintenance located in Kitwe.

Over the past two years, Jubilee has researched the slag to formulate a conceptual
flowsheet for metal extraction.

The salient terms of the JV include:

–      The exclusive right of the JV to access and refine the Mufulira Slag;

–      Jubilee taking the lead in developing the processing solution, its subsequent
implementation, and managing the operations;

–      Jubilee will hold the first right to securing finance the project’s capital
for implementation of the Slag Project; and

–      The formation of a supervisory board for the JV, comprising representatives
from both Jubilee and MCM.

The contractual commitment to this project takes effect immediately and will be 
superseded by the finalisation of the JV agreements between Jubilee and MCM.

> **STATEMENT FROM LEON COETZER, CEO:**
> _“This award by Mopani Copper Mines appointing Jubilee to execute the Slag Project
> on their behalf is a great honour and recognises Jubilee’s leading role in the
> development of metal extraction solutions from waste and overlooked materials._
> _“This Slag Project not only offers further scale to our current project portfolio,
> but also high value metal content material. The Project holds the potential to
> accelerate investment into the Mufulira area which will benefit not only the JV
> partners but all stakeholders._
> _“The professional and transparent manner in which the award process has been 
> managed by Mopani speaks to their exceptional standing in the industry and I welcome
> the opportunity to work closely with our JV partners. The Slag Project is perfectly
> located to integrate into Jubilee’s Northern Copper Strategy adding a significant
> copper and cobalt resource at enhanced grades to the targeted portfolio. _
> _“The proposed Joint Venture structure through which the Slag Project will be 
> implemented, offers a great example of the formation of a true partnership between
> a prestigious copper mining company such as Mopani Copper Mines and Jubilee as
> the solution provider to turn their slag waste into a valuable asset for the region.
> Mopani Copper Mines is currently reviewing the entry of a new strategic investor
> and I look forward to engaging with them during the implementation of the Slag
> Project. _
> _“The Slag Project forms part of a greater waste recovery initiative in Zambia
> that speaks to the President of Zambia’s stated mission of achieving 3 million
> tonnes of copper output per annum from Zambia._
> _“Our immediate next step is to form an integrated team with Mopani to unpack 
> the complexity within the slag material through our development centre. I expect
> to implement the Slag Project over two phases as we target to prioritise the quick-
> to-process initial slag material, while completing the process review for the 
> more complex slags over the coming 6-month period.”_

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