Investment programme delivers significant growth across copper operations

Jubilee Metals Group PLC, a leader in metals processing with operations in Africa has provided a performance update of its Zambian Southern Copper Strategy. Significant milestones achieved in the delivery of the Southern Copper Refining Strategy in Zambia, which targets to produce up to 12 000 tonnes of copper units per annum including a cobalt by-product from certain cobalt-containing feed streams:

• Project Roan commissioning activities are nearing conclusion with the official hand-over of the new copper concentrator to the operational team. The ramp-up of the concentrator is expected to reach design capacities during July 2022, which targets the processing of 830 tonnes of copper in concentrate per month for refining at Sable
• Project Roan has to date created local employment opportunities to almost 600 people as part of the construction and operational team. The project has brought investment, employment and opportunities for local service providers to the region..
• Jubilee’s Project Roan and Sable Refinery combined has offered employment and contractor opportunities to more than 800 people, the most of which are long term, while Jubilee has prioritised local supply of services often working with local companies to assist in developing the required services to create a sustainable support infrastructure.
• In addition to the copper refining capacity at Sable, the construction of a cobalt refining circuit at the site is underway and expected to commence commissioning during June 2022. Initial design capacity able to produce up to 1 200 tonnes of cobalt per annum which has the potential to add significant revenues to the Southern Copper Refining Strategy (current cobalt prices c. US$ 81 000 per tonne (source LME)).

Leon Coetzer, CEO of Jubilee, commented: “The Jubilee team was bold in its plans to expand and optimise the South African and Zambian operations, however a confident, but prudent approach to the deployment of our £ 39.5 million investment programme has already resulted in the delivery of significant results for the Group.

“I am extremely proud of the Group’s performance over the past 12 months, which is testament to the dedication and innovation of our operational teams. Despite the various issues which we have faced over the previous two years, including, at times, intense and prolonged supply chain disruptions mostly due to Covid, the Jubilee team has risen to the challenge and has delivered on its objectives on schedule, and on budget. “Crucially, and in line with our goals to promote sustained, inclusive economic growth, the Southern Copper Refining Strategy has resulted in significant job creation, with total jobs filled in Zambia reaching near 800 during the last 12 months. We have prioritised the sourcing of skills and services from our local communities and have, in many instances, partnered with local firms to assist in their growth and development to offer a sustained service to our projects. With the completion of the construction of Project Roan we now look to accelerate our investment program into the Northern Refining Strategy targeting the Luanshya, Kitwe and Mufulira area.