JUBILEE Metals Group said on Monday it had secured low grade copper stockpiles which would support the planned expansion of its Roan concentrator in Zambia.
The Johannesburg-listed firm also said it had acquired majority shareholdings in two open pit copper resources which would supply its expanded Sable refinery, also in the southern African country.
One of the mines, comprising ‘Project M’, has been bought for $1.75m ($1.25m in cash and the balance in Jubilee shares). The second, holding ‘Project G’, is an all-share deal worth $2.1m. Jubilee is yet to confirm the number of shares it will be offering.
The Roan concentrator is being upgraded to 13,000 tons a year in copper concentrate throughput with commissioning and ramp-up expected from July. The Sable refinery expansion has targeted 16,000 tons annually.
Jubilee Metals has guided to copper metal production of 5,850 tons for its 2024 financial year and a strategic target of 25,000 tons a year of copper content in cathode and concentrate by its 2025 financial year.
“The Roan Upgrade together with our Sable refinery offers Jubilee tremendous processing flexibility and affords us the unique opportunity to aggressively pursue copper resources that are unlocked by this capability,” said Leon Coetzer, CEO of Jubilee Metals in a statement to the JSE.
“The strategic acquisition of the two open-pit operations is an example of our ability to leverage our process capability to secure significant near-surface copper resources already in operation,” he said.
“Zambia holds numerous similar resource opportunities which we are actively pursuing.”
Jubilee also produces chrome and platinum group metals from retreatment facilities in South Africa. It produced 718,189 tons of chrome in the six months ended December against guided production for the year of 1.45 million tons.
PGM production for the half year totalled 20,244 ounces against full year production guidance of 42,000 oz.
