Jubilee continues expansion with copper resource transactions
Jubilee has executed three transactions to secure further copper resources which underpins the continued expansion of the Jubilee copper processing footprint in Zambia.
As previously announced on 18 April 2024, Jubilee has secured an option, which it has now exercised, to secure a majority ownership in two open-pit copper mines.
The first transaction comprises an offtake agreement securing LG Material for the processing and recovery of copper at the newly upgraded Roan Operations. Under this agreement, Jubilee has secured the exclusive right as the sole off-taker of the LG Material. The material will be pre-processed at its current location to upgrade the copper content before being transported to Roan for further processing. This additional offtake agreement for Roan ensures that the capacity of the expanded
Roan Operations is fully secured in advance for the next 3 to 5 years. The upgrade of this LG Material has already commenced in anticipation of the commissioning and ramp-up of the expanded Roan Operations.
The further two transactions involve the acquisition of a majority ownership in two operational open-pit copper mines. Both opportunities have undergone a rigorous review, which included the processing of the material at Sable to confirm the expected recovery of copper. Jubilee has agreed to issue shares in Jubilee in consideration for the acquisition to align the interests of the current owners to Jubilee’s long-term copper strategy in Zambia.
Jubilee has already commenced with operations at both opportunities with delivery of extracted material expected to ramp-up to a targeted 45 000 tonnes of material with an expected grade of 3-4% Cu during Q3 CY2024. Project M has exceeded expectations with first copper material delivery to Sable already commencing in June 2024, 3 months ahead of the original schedule.
Jubilee aims to install a satellite upgrade facility near both operations over the coming twelve months as part of its strategy to operate regional material upgrade facilities prior to refining.
