Jubilee Metals Group plc (LON:JLP), a diversified metals processor in Africa, with copper operations in Zambia and chrome and PGM operations in South Africa, has announced an update on the Large Waste Project transaction.
Jubilee has secured the exclusive rights to the Large Waste Project (Project) for a reduced consideration of US$18 million (previously US$30 million). The Company has until mid-May 2025 to elect to acquire the assets and settle the approximately US$11.5 million dollars remaining of the consideration over a period of 12 months. Jubilee has been performing a due diligence on the Project which included sampling campaigns, laboratory test work and pilot scale trials, the results of which will inform the board’s decision as to whether to exercise the option to acquire the assets.
On the back of encouraging results from the due diligence completed so far, Jubilee has entered into an agreement to sell 10 million tonnes of the estimated 260 million tonnes of material to a selected multi-national metals company. The value of the 10 million tonnes material trade is estimated at US$6.75 million. Under this agreement Jubilee will gain a detailed insight into the performance of the material when processed at the partnered company’s existing facilities. The results of which will provide a high degree of confidence in the expected performance of the material if processed in future by Jubilee Metals.
Statement from Leon Coetzer, Chief Executive Officer:
“Jubilee’s copper strategy continues to gain further momentum on the back of the restart of its Roan Concentrator processing high-grade copper material as well as the expansion of its Munkoyo mining operation. The Large Waste Project offers tremendous potential for Jubilee to significantly expand its copper portfolio in Zambia. We have been considering carefully the optimal partner for the implementation of the Project especially following the encouraging results of the due diligence review. Jubilee has held extensive engagements with numerous interested parties on the best way to monetise the project. The project has attracted keen interest from both metal offtake backed funding as well as large multi-national copper producing entities interested to partner on the potential project.
The trade of this small quantity of material compared with the size of the asset (less than 5% of the estimated contained material) not only demonstrates the potential value of the asset but also offers Jubilee the opportunity to confirm the technical performance of the material through a large-scale trial.”
