Jubilee Metals to roll out a series of 25 000tpm modular processing units

In recent years, Jubilee has secured rights to vast quantities of surface tailings and low grade mined rock dumps in Zambia. Through its research and testing, Jubilee has characterised these resources and grouped them into immediate and longer-term potential (+5 years from production) and ranked the opportunities.

All longer-term and low-ranking resources have been classed as non-core and a sale process has been initiated. In total the company has concluded transactions of approximately US$18 million worth of non-core surface assets since the start of the year, with discussions underway for further disposals of non-core surface tailings assets.

The company has prioritised the Large Waste project (in excess of 240 million tonnes). Jubilee is looking to roll out a series of 25 000tpm modular processing units on-site, based on the design implemented at Roan. One unit is capable of producing 2 250tpa of copper units. The company is seeking a partner to contribute US$25 million towards the funding and implementation of the project to accelerate the roll-out of the processing footprint under a non-dilutive partnership agreement. Jubilee is well advanced in negotiations to replace the initially targeted partnership pursued with an Abu Dhabi based group.

The project will ultimately include a dedicated upgrading, copper recovery and refining solution due the vast resource able to carry the investment requirement over time. The initial modular units will produce a saleable upgraded copper product which offers the potential that the project self-funds the investment requirements over time through early revenues generated from the sale of this material. The company successfully executed an initial trade of the material earlier in the year demonstrating the inherent value

of this exciting project.

Combined these well-defined projects offer the potential to advance Jubilee copper portfolio in Zambia.