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JUBILEE METALS GROUP PLC - Projects Update

Release Date: 11/07/2019 09:13
Code(s): JBL     PDF:  
 
Wrap Text
Projects Update

Jubilee Metals Group PLC
Registration number (4459850)
AltX share code: JBL
AIM share code: JLP
ISIN: GB0031852162


Jubilee Metals Group PLC
Projects Update

Dissemination of a Regulatory Announcement that contains inside information according to
REGULATION (EU) No 596/2014 (MAR).

Jubilee Metals Group PLC ("Jubilee" or the “Company"), the AIM and AltX traded metals processing
company, is pleased to provide an update on its various projects in South Africa and Zambia, including
confirmation of completion of the acquisition of the Sable Zinc Kabwe refinery in Zambia.


Highlights

   •   All conditions precedent for the acquisition of the Sable Zinc Kabwe refinery have been
       fulfilled with final competition commissioning approval received for the transaction from the
       Zambian Competition and Consumer Protection Commission (“ZCCPC”)
   •   Circuit upgrades ready to commence integration with the Sable Zinc Kabwe refinery to
       process lead, zinc and vanadium
   •   Commissioning of Eland Platinum’s recovery plant (“Eland Plant”) is progressing well,
       reaching flow stability on the floatation circuit with the grinding circuit targeted to be
       introduced into the circuit by mid-July 2019
   •   Production of the first saleable PGM* concentrate at the Eland Plant expected during August
       2019
   •   DCM fine chrome project continues to increase throughput achieving production levels of
       5,000 tonnes of on spec chrome concentrate for June 2019
   * 6 Element Platinum Group Metals including platinum, palladium, rhodium, ruthenium, osmium and gold

Leon Coetzer, Jubilee Chief Executive Officer, says: “Jubilee continues to demonstrate progress with
the implementation of its strategy to diversify earnings through both widening our existing metals
exposure with the implementation of additional projects as well as expanding our geographic
footprint with our Kabwe project in Zambia.

“I am delighted that we have successfully achieved all conditions precedent for the implementation
of the Sable Zinc Kabwe acquisition with the final approval from the ZCCPC being ratified and
completion formalised. With the design process near finalised, this allows Jubilee to commence with
the circuit upgrade and expansion of the Sable Zinc Kabwe refinery for the processing of the Kabwe
tailings to produce zinc, vanadium and lead. The first phase of the project targets the production of
Vanadium Pentoxide (V2O5) and a zinc concentrate with phase two bringing the zinc metal refining
step and lead concentrate online.
 “The PlatCro PGM project, which has the potential to add 30,000 ounces per annum of PGM
production to our existing 30,000 ounces, has reached its first phase commissioning targets achieving
stable flow rates through the Eland PGM Plant. The next commissioning target is to bring online the
grinding circuit set for mid-July 2019. We expect to achieve saleable PGM concentrates during August
2019.

“Our ground-breaking DCM Fine Chrome project continues to deliver on expectation producing in
excess of 5,000 tonnes of chrome concentrate during the month of June 2019. With this success, we
now target to integrate the fine chrome solution into our other operations. “

Kabwe zinc, vanadium and lead project - Zambia

As previously announced on 5 June 2019, the completion of the acquisition of Sable Zinc Kabwe
refinery in Zambia (the “Acquisition”) from Glencore PLC (“Glencore”), was conditional upon the
fulfilment of certain conditions precedent (“CPs”) as contained in the share purchase agreement, of
which approval for ratification from the ZCCPC remained the only outstanding CP.

Jubilee is pleased to announce that the ZCCPC has granted final authorisation for the Acquisition with
both Jubilee and Glencore acknowledging that all CPs to the Acquisition have been satisfied. The final
administrative process for the Sable Zinc Kabwe refinery handover and share transfer has
commenced with the parties agreeing to target completion by the end of July 2019.

Having already progressed the project with the finalisation of the detail process design, Jubilee’s
engineers are ready to commence the process upgrade to integrate the Kabwe Tailings project. The
project targets to integrate the process over two phases with the first phase targeting the production
of vanadium pentoxide (V2O5) and an intermediate saleable zinc concentrate, while phase two is
targeting production of refined zinc and a lead concentrate. Phase one implementation is expected
to deliver its first production within four months of taking effective control of the Sable Zinc refinery.

During the integration of the new process for phase one of the project, Jubilee intends to commence
production of copper from the Sable Zinc Kabwe refinery utilising the existing refinery infrastructure.
This affords Jubilee the opportunity to maintain both the sulfuric acid plant as well as the copper
refinery circuit in production while integrating the new circuit required for the vanadium and zinc
refining.

PlatCro PGM project – (South Africa)

The PlatCro PGM project has achieved its first phase commissioning targets by reaching stable flow
rates through the Eland PGM Plant. It is expected that that the grinding circuit will be brought online
by mid-July 2019 with saleable PGM concentrates achieved during August 2019.

The PlatCro PGM project holds the potential to add a further 30,000 ounces per annum of PGM
production, which doubles Jubilee’s current 30,000 ounces per annum of PGM capacity.
DCM operation - chrome (South Africa)
Jubilee’s ground breaking DCM fine chrome recovery plant, constructed during Q4 2018, has
continued to successfully increase its production in-line with expectations achieving the production
of 5,000 tonnes of chrome concentrate during the month of June 2019. Jubilee intends to integrate
the fine chrome recovery process into its remaining chrome operations. The fine chrome recovery
circuit targeted 25,000 tonnes of chrome processing per month, and already achieved close on
25,000 tonnes for the month of June 2019.

11 July 2019

For further information visit www.jubileemetalsgroup.com or contact:

Jubilee Metals Group PLC

Colin Bird/Leon Coetzer
Tel +44 (0) 20 7584 2155 / Tel +27 (0) 11 465 1913

Nominated Adviser - SPARK Advisory Partners Limited
Andrew Emmott/Vassil Kirtchev
Tel: +44 (0) 203 368 3555

Broker - Shard Capital Partners LLP
Damon Heath/Erik Woolgar
Tel +44 (0) 20 7 186 9900

JSE Sponsor - Sasfin Capital (a member of the Sasfin group)

Sharon Owens
Tel +27 (0) 11 809 7500

PR & IR Adviser - St Brides Partners Limited

Catherine Leftley/Juliet Earl
Tel +44 (0)20 7236 1177

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