United Kingdom – Jubilee, a metals processing company refers to the announcement released yesterday by Caerus Mineral Resources (“Caerus”), an exploration and resource development company focused on developing mineral resources in Cyprus with a focus on copper and gold.
Jubilee has entered into an agreement with Caerus granting Jubilee a six-month exclusive period during which Jubilee will assess the technical merits, development and economic prospects of all of Caerus’ surface-based mining waste and tailings assets in Cyprus.
The ultimate objective of the Exclusivity Agreement is to identify and define potential projects within the Caerus portfolio that can be scaled-up and prioritised into one or more joint venture arrangements with Jubilee, targeting profitable production using modern designs and technologies guided and financed by Jubilee.
Jubilee would become operator of any assets which may be developed under any joint venture with Caerus. Caerus would retain ownership of any assets and Jubilee would benefit from a profit share.
The announcement recognises Jubilee’s international brand and expertise in metals processing. The access under the Exclusivity Agreement to assess the Caerus copper and gold assets are consistent with Jubilee’s continuous review of various global opportunities that could benefit from Jubilee’s proven expertise in the processing of historical waste dumps.
This Exclusivity Agreement offers potential access to copper and gold grades in waste stockpiles that, with the dramatically changed commodity price environment for copper today, are significantly higher than was historically expected within the copper industry.
Jubilee looks forward to working with Caerus under the Exclusivity Agreement to evaluate the overall potential of the surface-based mining waste and tailings assets in Cyprus.