Wrap Text
Zambia Copper Expansion Update
Jubilee Metals Group PLC
Registration number (4459850)
Altx share code: JBL
AIM share code: JLP
ISIN: GB0031852162
("Jubilee" or "the Company" or "the Group")
Dissemination of a Regulatory Announcement that contains inside information according to UK
Market Abuse Regulations. Not for release, publication or distribution in whole or in part in, into or
from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations
of such jurisdiction.
Zambia Copper Expansion Update
Jubilee, a diversified leader in metals processing with operations in Africa, is pleased to provide an
update on progress at its copper operations in Zambia.
The Company's strategy in Zambia is to expand its operations to reach an initial goal of 25 000 tonnes
of copper per annum. The strategy includes both the expansion of Jubilee's copper resource base and
processing capacity. As part of this strategy, Jubilee is expanding its processing facilities at its Roan
Concentrator ("Roan") and Sable Refinery ("Sable") following the successful securing of both
significant virgin waste rock licences and overlooked copper reef opportunities.
Highlights
Copper Processing Plants
• Following the revision of the project timetable at Roan occasioned by the logistical problems
at South African ports, the expansion of the front end of the Roan concentrator is on track for
commissioning by end of Q1 CY2024. It forms a fundamental part of Jubilee's strategy to
progress production to 13 000 tonnes per annum of copper contained in concentrates.
• Manufacturing and testing of the new 50 000 tonnes per month copper processing module is
now completed, with the final components being prepared for transit to Roan for
commissioning.
• At Sable engineering designs for a new copper concentrate line are underway. With
construction on track to commence in Q2 CY2024, this should see processing capacity increase
to 16 000 tonnes per annum of copper contained in copper cathode and copper concentrates.
Copper Resources
• Waste Rock Project, the joint venture partnering with the Abu Dhabi based International
Resources Holding RSC Limited ("IRH"):
o The Company has recently completed an independent survey which indicates the
minimum volume estimation of material at this project, at surface, is 260 million
tonnes.
o Processing trials on the initial bulk samples from this project, undertaken at Jubilee's
development centre have now been completed. The trials confirmed that the
Company can produce a high-grade copper concentrate through Jubilee's modular
copper processing units which is well suited for further refining to metal.
o These trials offer opportunity to further scale the project as a potential supplier of
copper concentrate to Sable refinery and major producers such as Mopani copper
mines recently acquired by IRH.
• Munkoyo Project ("Munkoyo"):
o Munkoyo is located within 50 kilometres of Sable and will be a feed source to the
Sable.
o An estimated 80 000 tonnes of mined ore from Munkoyo has been tested and refined
at Sable indicating copper ore grades of between 1.5% to 3%.
o Commenced preparations to construct an upgrading copper processing module.
o In addition, initial exploration and aerial surveying has confirmed the existence of a
significant one kilometre long copper anomaly at surface. This suggests the
continuation of the current near surface and exposed copper reef capable of
providing Sable with a sustained long term feed resource.
o Commencing an accelerated exploration programme to better delineate the resource
and targeting the expansion of current operations to reach production levels of
approximately 25 000 tonnes of ROM per month over the next 12 months.
o Jubilee has agreed an option to acquire Munkoyo for up to US$1.5 million.
• Both the large waste rock dump and the Munkoyo resources align with Jubilee's strategy of
unlocking overlooked copper resources through the application of processing capability.
Jubilee has identified several further similar opportunities in Zambia which it seeks to secure
in the short term as it drives to continuously increase its copper resource base as the catalyst
for further expanding its processing capacity.
Leon Coetzer, CEO commented:
"I am very pleased to announce significant progress across our copper portfolio in Zambia including
the discovery of a new large scale one kilometre long copper anomaly at our Munkoyo Project. We
continue to expand our access to copper resources overlooked by the industry, as a platform from which
to expand our copper processing operations.
"At Munkoyo, early test work of approximately 80 000 tonnes has revealed excellent copper grades of
1.5% to 3% for what was believed to be an uneconomic source of copper by previous owners. The
discovery of this new copper anomaly has the potential to become a long-term source of supply for our
Sable Refinery in the region. Munkoyo is a great example of Jubilee's ability to convert abandoned
surface projects into viable opportunities through processing excellence.
"At Roan, I am pleased to announce we have completed the manufacturing of the new modular front-
end unit in South Africa, and we look forward to receiving delivery of the module in Zambia.
"Jubilee is well on track of achieving its initial target of 25 000 tonnes of copper per annum from the
implementation of these projects.
"In addition, we continue to make good progress on the new waste rock project with our partner IRH
and completion is on track for 29 February 2024. Our focus remains on commencing the construction
of the copper processing modules for this new exciting copper project."
Copper Processing Plants
Roan
The Company is pleased to announce that it has completed the manufacturing of the new front-end
modular 50 000 tonnes per month unit, which was designed by the Jubilee Technical Services ("JTS")
team in South Africa. The new modular unit is pending painting before being dissembled and
containerised for shipping to Zambia during February 2024. Once installed, this module will allow Roan
to process multiple feed sources in excess of 1 000 tonnes per month of copper contained in
concentrates.
The Company has undertaken optimisation initiatives at Roan alongside construction to maintain
copper sulphide concentrate production at 50% of its current production capacity. Furthermore, these
optimisation initiatives have performed well and have increased the copper sulphide concentrate's
copper content from 20% to above 25%. These enhancements result in an increased revenue potential
for the sale of copper sulphide concentrates in the market, while also ensuring Roan continues
producing while awaiting the delivery of the new front-end module.
Sable Refinery and Concentrate Expansion
The Company's Sable Refinery is undergoing design phase to expand the current copper sulphide
concentrate circuit. This is in addition to the existing production of copper cathode from oxide ore.
Engineering designs have progressed well, and the Company remains on track to commence
construction in Q2 CY2024 which will see capacity increase to 16 000 tonnes per annum of copper
contained in cathode and concentrates.
Copper Resources
Project Munkoyo
As announced on 1 November 2023, the Company signed a copper ore off-take agreement with an
existing mining company in close proximity to its Sable Refinery. Approximately 80 000 tonnes of ROM
material from Munkoyo has been trialled and refined at Sable indicating a copper ore grade of
between 1.5% to 3% contained copper. In addition, the Company has undertaken initial exploration
and aerial surveying of the licence area which has shown the potential for a new copper resource
along a one-kilometre strike.
Following this successful testing and the potential to delineate further resources on the licence, the
Company has agreed an option to acquire the licence for up to US$1.5 million.
Work undertaken at Project Munkoyo includes:
- Approximately 20% of the trenching program has been completed.
- Following the successful trenching results, Jubilee plans to commence a resource drilling
program in Q2 CY2024.
- This phase is expected to take 3-4 months, followed by 2 months for analysis and planning of
the subsequent phase.
- In Q2 CY2024, the Company intends to commence excavating a deeper test pit to access
material below the current pit level. During this phase the available ore will be sent to Sable
for processing.
- Subject to the results, the Company plans to start developing a larger pit in the second half of
the 2024 calendar year. The larger pit targets a rate of 25 000 tonnes per month of copper ore
which initially will be transported to Sable.
- Concurrently, the Company plans to construct an upgrading copper process module at
Munkoyo, for which it has already secured long lead items. The modular upgrade plant
construction and implementation is expected to take 6 months.
Jubilee has identified several similar opportunities within Zambia where surface open pit copper reefs
have been abandoned and require Jubilee's proven processing capability. Jubilee looks to secure more
such opportunities in the near term which offers tremendous potential for further growth in its copper
operations in addition to the waste rock project currently underway.
Waste Rock Project in Zambia
As announced during November 2023, Jubilee secured one of the largest copper waste rock assets on
surface in Zambia and has formed a strategic partnership with IRH. The copper waste rock asset in
Zambia, has been independently surveyed confirming a minimum of 260 million tonnes of historical
waste rock. Initial third-party surface sampling and random bulk surface sampling by Jubilee shows
promising copper grades in these targeted areas of above 1.5%. Jubilee is currently undertaking
detailed surface waste drilling of the material to confirm overall grades. The JTS team is working with
IRH to complete due diligence and is advancing towards finalising the project implementation details
with a targeted date for completion of 29 February 2024.
This initiative, named the "Waste Rock Project," involves using Jubilee's modular copper units to
produce approximately 24 000 tonnes of copper units per year at a cost below US$4 000 per tonne.
Jubilee will design, implement, and operate the Waste Rock Project. With a total projected investment
of around US$50 million, which will be funded by IRH in accordance with the terms of the partnership,
this venture highlights Jubilee's commitment to delivering cost-effective and environmentally
sustainable mining solutions.
8 February 2024
**ENDS**
For further information visit www.jubileemetalsgroup.com, follow Jubilee on Twitter
(@Jubilee_Metals) or contact:
Jubilee Metals Group PLC
Leon Coetzer (CEO) /Neal Reynolds (CFO)
Tel: +27 (0) 11 465 1913
Nominated Adviser - SPARK Advisory Partners Limited
Andrew Emmott/James Keeshan
Tel: +44 (0) 20 3368 3555
PR & IR Adviser - Tavistock
Jos Simson/ Gareth Tredway
Tel: +44 (0) 207 920 3150
Joint Broker?- Berenberg
Matthew Armitt/Jennifer Lee/Detlir Elezi
Tel: +44 (0) 20 3207 7800
Joint Broker - WHIreland
Harry Ansell/Katy Mitchell
Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618
JSE Sponsor - Questco Corporate Advisory Proprietary Limited
Alison McLaren
Tel: +27 (0)11 011 9207
About Jubilee
Jubilee is a low-cost, diversified producer, specialising in the recovery of metal from previously
overlooked resources, such as unprocessed historical waste rock, run-of-mine materials and tailings
in South Africa and Zambia. The Company's low-capex, modular processing facilities are deployed
close to these various types of material, producing high grade concentrates for sale or further refining
to finished metal at the Company's downstream facilities. Production currently consists of chrome,
copper and platinum group metals (PGMs). The modular processing facilities offer a platform for
growth and the rapid expansion of its operational footprint. Jubilee's success is derived from
operational excellence, a highly experienced management team and a pioneering Technical
Development Centre.
Date: 08-02-2024 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
