Jubilee Metals Group Plc (LON:JLP) is advancing rapidly in its ambition to become a copper producer of scale, as highlighted in its latest update on operations in Zambia. With progress on multiple fronts – from metallurgical trials to strategic asset sales – the company is laying solid groundwork for a significant increase in copper production.
Zeus Capital analysts Paul Smith and David Seers provided detailed insights into Jubilee’s latest developments, noting the company’s systematic approach to expanding its copper footprint in Zambia. Among the highlights is the Roan concentrator, where trials on a range of copper-bearing materials have demonstrated a robust 65% recovery rate. These promising results pave the way for production of up to 360 tonnes of copper units per month for delivery to the Sable Refinery.
Meanwhile, the Munkoyo open pit is already yielding high-grade mineralisation and is set to scale further. Mining is underway at a rate of 80,000 tonnes per month, with copper grades as high as 2.5%. Lower-grade material is being stockpiled for future leaching operations, expected to produce up to 350 tonnes per month of copper units by March 2026.
Jubilee is also moving ahead with Project G, which follows a similar development strategy to Munkoyo, and has initiated steps to expand the Sable Refinery to a capacity of 14,000 tonnes per year. This expansion is on track to be completed by the end of Q1 2026, providing the necessary infrastructure to support Jubilee’s copper ambitions.
One of the standout elements of the update is Jubilee’s focus on its Large Waste Project. Following successful trials, the company is now exploring partnership opportunities with firms offering superior terms to previous proposals. This approach offers a potentially non-dilutive path to funding, preserving shareholder value while unlocking the project’s estimated 20,000-tonne per year copper potential.
Further strengthening its financial position, Jubilee has agreed to sell one of its non-core Zambian assets for $12.3 million, with the first deposit expected imminently. The company has also received a $6.75 million payment for 10Mt of waste material, underlining strong market interest in its extensive resource base.
Summarising the opportunity, analyst Paul Smith commented, “We would expect an EBITDA from the combined Roan-Munkoyo-Project G-Sable complex to be at a run rate in the order of $50m/year – 14kt copper at a profit margin of $4,000/t.”
On a Final Note
Jubilee Metals’ Zambian projects are showing tangible progress and real potential. With scalable operations, strategic partnerships, and infrastructure investments aligning, the company is positioning itself as a significant player in copper production. Investors will be watching closely as Jubilee continues to deliver on its copper strategy and potentially unlocks substantial value from its Zambian assets.
