JUBILEE Minerals has agreed that its joint venture partner in the Kabwe zinc and vanadium project in Zambia can use shares it owns in the company worth $800,000 to settle with creditors.
As a result, Jubilee has also agreed to lift a lock-up period over the shares which had been signed between BMR and Jubilee on January 15. Leon Coetzer, CEO of Jubilee, said meanwhile that the Kabwe project was progressing “… with the construction of the primary leach circuit well underway.
“Final tests on the ore handling systems are expected to conclude shortly to confirm equipment selection,” he said. Further details on the project will be released following the project presentation to the Zambian Mining Ministry expected to be held on or before 20 June 2018, the company said.
Jubilee said on May 2 that it would provide further loan funding of £2m for an effective 40% ownership of the joint venture company holding the Kabwe project in addition to holding 29,01% of BMR Group.
