Galileo Resources has agreed to fund a US$700,000 work programme at the Molefe copper project in Zambia, earning the right to acquire up to 23.75% of the operation. The remaining ownership will stay with Jubilee Metals Group, which holds 71.25%, and a local Zambian company, which retains the final 5%.
The structure is designed to move the project forward without delay. Jubilee is already mining high-grade ore from Molefe and expects to reach production of 4,500 tonnes per month. Around 2.2 million tonnes of lower-grade ore have also been stockpiled on site, with no processing solution yet in place. The plan now is to fund exploration and design a facility that can process both the new and stockpiled material, creating a long-term route to revenue and resource growth.
Galileo will lead drilling and technical work to confirm the size and quality of the remaining ore body. This includes modelling the pit design, upgrading confidence in the resource, and identifying whether additional zones nearby can be brought into the mine plan. Jubilee, in turn, focuses on what it already does well, operating in Zambia with existing infrastructure and processing capability. The collaboration allows Jubilee to expand the resource with outside capital, while keeping control of the timeline and long-term economics.
Jubilee Metals Group plc (LON:JLP) is a diversified metal recovery business with a world-class portfolio of projects in South Africa and Zambia. The Company’s expanding multi-project portfolio across South Africa and Zambia provides exposure to a broad commodity basket including Platinum Group Metals, chrome, lead, zinc, vanadium, copper and cobalt.
