Jubilee Metals Group plc (LON:JLP), a diversified and leading metals recovery business with a world-class portfolio of projects in South Africa and Zambia, has announced that it has secured one of the largest copper waste rock assets on surface in Zambia and has formed a strategic partnership with Abu Dhabi based International Resources Holding RSC Limited (IRH). IRH is affiliated to the Abu Dhabi conglomerate, International Holding Company PJSC (IHC), the most valuable listed holding company in the United Arab Emirates, and the second-most valuable in the Gulf Cooperation Council region.
Highlights
· Jubilee secures one of the largest copper waste rock assets on surface in Zambia.
· Estimated at more than 350 million tonnes of waste rock material on surface. Early results from preliminary surface sampling indicate zones with grades higher than 1.5% copper (“Waste Rock Project”).
· Jubilee’s technical services team has commenced extensive resource definition and process technical review with the aim of completing the project implementation detail and timeline within the next 60 days.
· Processing by Jubilee’s newly developed modular copper units aims to produce in excess of 20 000 tonnes per annum of copper at a cost of below US$4 000 per tonne of copper from this historical waste rock dump.
· Overall project costs including mining equipment and project infrastructure are likely to be around US$50 million.
· Jubilee has the capability to construct and commission all modular copper units within a 12-month period and aims to commence within Q1 CY2024.
· Jubilee executed a binding funding term sheet with IRH to form a dedicated special purpose vehicle (“SPV”) through which both the acquisition of the copper waste rock asset and implementation of the processing solution will be funded.
· Under the funding term sheet IRH undertakes to provide all capital required by the SPV through a combination of equity in the SPV and shareholder loans.
· Jubilee will be appointed by the SPV to design, implement and operate the mining and processing solution.
Leon Coetzer, CEO says:
“The Transaction marks a significant milestone on our journey in Zambia, catapulting our copper expansion in the region. The Waste Rock Project, anchored by this substantial resource, will fast-track the rollout of our modular copper processing units in the country with the potential to far exceed our goal of reaching 25, 000 tonnes of copper per annum.
“The binding funding term sheet that we have executed, affords Jubilee the opportunity to aggressively pursue its copper growth strategy in partnership with a prestigious group such as the IRH.
“This partnership combines Jubilee’s unique technical and operational experience with the strategic in country copper focus and financial support of the IRH. The strategic significance of this partnership is further highlighted by the recently announced selection of IRH as the preferred strategic equity partner for Zambia’s Mopani Copper Mines asset, which owns the Mufulira Slag Dump Project recently awarded to Jubilee.
“Jubilee and IRH share similar values in their commitment to sustainable investment through broad based community involvement and prioritising local partnerships. I look forward to working with IRH as our partner in bringing this exciting project to full fruition.”
ESG commitment
Jubilee Metals’ unwavering commitment to responsible mining, demonstrated by our copper processing modules that integrate eco-friendly methodologies, efficient waste rock management, and the rehabilitation of historic waste rock dumps accumulated over decades of copper mining in Zambia. Furthermore, the Waste Rock Project will provide employment opportunities and strengthen the local economy in Zambia.
