Jubilee Metals outlines its plans for prospects for FY2023
In Zambia, Jubilee has refined the implementation of the Northern Strategy against the backdrop of the upgraded power and water infrastructure at Roan and the expansion at Sable. The updated implementation strategy targets the expansion of Roan to double its processing capacity as part of the roll-out of the expansion strategy.
The Company looks to complete the debottlenecking and initial expansion of the cobalt refining circuit during February 2023 to target a production capacity of 450 tonnes of cobalt hydroxide product from waste alone, following the further expansion in May 2023.
The targeted addition of higher margin cobalt production and upgrades at Roan operations, will displace copper production to some extent in the short term. Guidance for FY2023 will be updated following the completion of the initial expansion of the cobalt refining circuit currently underway as soon as possible but no later than as part of the release of the Company’s interim results expected on or about 20 March 2023.
In South Africa the new enlarged PGM and chrome operations have set the platform to deliver up to 44 000 PGM ounces and 1.2 million tonnes of chrome concentrate per annum from Jubilee’s own capacity.
Due to the continued uncertainty over stable power supply, and the expected time-lag to expand the back-up power supply for operations, the Company feels it prudent to update its full year guidance to 38 000 PGM ounces from own production for FY2023, with the continued option to add a further 8 000 PGM ounces from third party processing agreements dependent on stock and power availability.
Jubilee continues to progress discussions to secure a further PGM processing footprint in the Eastern Limb of the Bushveld (north-eastern region of South Africa’s chrome and PGM mining region) with final design reviews underway for the chrome beneficiation facility that will precede the PGM facility in the Eastern Limb. During the period, Jubilee has increased its ownership of existing tailings resources in support of the expansion target on the Eastern Limb and is reviewing the option to either secure a decommissioned PGM facility that will be repurposed by Jubilee, or to construct a new facility in the region.
