Jubilee Metals acquires historical waste rock dump in Zambia
Jubilee secured one of the largest copper waste rock assets on surface in Zambia in November 2023and has formed a strategic partnership with Abu Dhabi based International Resources Holding RSC Limited (“IRH”).
Jubilee executed a binding funding term sheet with IRH to form a dedicated special purpose vehicle (“SPV”) through which both the acquisition of the copper waste rock asset and implementation of the processing solution will be funded.
According to the terms of the funding term sheet, IRH and Jubilee will aim to complete the implementation of the SPV and associated appointments by 31 January 2024. IRH will provide the necessary capital through equity and loans, subject only to IRH completing its due diligence.
Jubilee will design, implement, and operate the Waste Rock Project, set to commence in Q1 CY2024. With a total projected investment of around US$50 million, this venture highlights Jubilee’s commitment to delivering cost-effective and environmentally sustainable mining solutions.
The accelerated development of the Waste Rock Project is being progressed along various work streams which includes the development of a more detailed resource definition, processing trials undertaken by JTS to confirm the designs of processing units and securing manufacturing capacity for plant and equipment.
