JUBILEE Metals said it would sell off assets in Zambia that it no longer needs as it focuses on its copper business.
“Looking forward we aim to monetise those assets deemed as non-core, by divesting where we see fit and appropriate, to help deliver not only cash for growth, but the ability to further sharpen our focus,” said CEO Leon Coetzer.
The company has made progress with this plan, selling waste assets for $12.3m over 20 months. It has also started a $6.75m deal involving 10 million tons from its Large Waste Project, showing buyer interest.
This strategy is backed by developments at Jubilee’s Roan plant, where trials showed the company can process copper ore that other companies considered worthless. The company will secure a long-term supply deal and start production this week.
The Roan trials achieved results of about 65% copper recovery from rock with at least 1.4% copper content. The plant can handle 35,000 to 40,000 tons monthly, producing 240-360 tons of copper per month. Combined with its Munkoyo operations producing 80,000 tons monthly, Jubilee targets 288 tons of copper by June 2025, rising to 400-550 tons monthly by October.
The company will also expand its mining operations through two new option deals, building on operations at Munkoyo and potential at Project G.
Jubilee said its approach put it in a strong position to benefit from rising copper prices whilst maintaining efficient, sustainable growth towards its medium-term production targets.
