Jubilee: Copper projects strategy update in Zambia

Jubilee, a diversified metals producer with operations in Zambia and South Africa, has provided an update on the implementation of its Copper Strategy in Zambia.

The Zambian Copper strategy is centred around an initial processing capacity target of 25 000 tonnes of copper per year, supported by two key operational sites: the integrated Sable Refinery (Sable) and the upgraded Roan Concentrator (Roan). The Company aims to fully utilise this capacity by bringing its secured copper resources into production through open-pit mining operations and the reprocessing of surface waste.

A crucial factor for successfully executing the Copper Strategy was securing a stable power supply, a significant challenge in Zambia. The Company has announced that its recently signed power purchase agreement with Lunsemfwa Hydro Power Company (LHPC) which has been implemented, with uninterrupted power being delivered to Jubilee’s operations as of last week covering all of its processing plants’ power requirements with 100% renewable power.

HIGHLIGHTS

• Stable power supply to Zambian operations commenced after successfully implementing the LHPC agreement on 18 September 2024.
• Roan front-end module has achieved design capacity, and operations have been handed over to the Roan operational team.
• Munkoyo open-pit operations began ramping up, targeting to reach 15 000 tonnes of run-of- mine ore per month comprising 5 000 tonnes of 3.0% high-grade copper ore delivered direct to the Sable Refinery while the sub 1.0% lower grade copper ore is being stockpiled at site for further processing.
• Large Waste Rock project, with over 260 million tonnes of surface rock, is set to begin a commercial trial of 15 000 tonnes processed through Roan’s front-end module in November 2024 as part of the final due diligence review.

Leon Coetzer, CEO of Jubilee commented:

“I am pleased to provide this update on the progress of the implementation of our Copper Strategy in Zambia. Establishing a stable power supply was crucial to maintaining steady progress in our projects. The frequent rolling outages posed an ongoing risk to the stability of our operations, so I am grateful that we have now secured a reliable, continuous power source. This has been a critical factor in achieving design throughput at our new Roan front-end module.

With upgrades at our Roan Concentrator and Sable Refinery, we are well-positioned to achieve our initial target processing capacity of 25 000 tonnes of copper per year. The recent milestones, including the ramp-up of our Munkoyo open-pit operation, near completion of our due diligence of Project G, which if successful will be brought into operation within 4 months, ensure a continued upward drive in our copper output. Our discussions to secure a further two open pit opportunities are progressing well and I am confident in our ability to secure further similar opportunities.

We are nearing the completion of due diligence for our Waste Rock project, with the distinct advantage of conducting a full-scale commercial trial using our new Roan front-end module.

We are optimistic about the future and remain focused on bringing our secured copper resources into production as we fully utilise our expanded processing capacity. I look forward to keeping the market updated on all developments as they unfold.”