Jubilee: extracting copper value in Zambia

The Integrated Copper Strategy is enabled by Jubilee’s proven ability to extract value from materials often regarded by the industry as either waste or too complex to extract economically through the traditional methods.

The targeted copper resources are classed into three groups namely:

• Tailings and partially processed discarded low-grade materials (Previously Processed Material);
• Stockpiled LG Material; and
• Near surface copper reef that is accessible through open-pit mining.

All three categories are held in vast quantities within Zambia, offering Jubilee the opportunity to further upscale its operations through targeted acquisitions of these resources. Jubilee has actively pursued the three copper resource groups to grow its copper portfolio as an enabler to drive the expansion of its processing and operational footprint in Zambia.

The success in securing these targeted resources has afforded Jubilee the opportunity to transition Sable into a dedicated refiner for the processing of material from open-pit operations, while the upgraded Roan will be processing predominantly LG Material and Previously Processed Materials.

At completion an upgraded and expanded Sable and Roan will operate as independent operations.

With Sable at full capacity from open-pit operations, Roan will have the flexibility to either trade its copper-bearing concentrate on the open market or, subject to capital allocation, further expand to incorporate downstream refining of its concentrate. The targeted combined processing capacity of approximately 25 000tpa of copper is achieved by an expanded Sable at 16 000tpa and Roan at 8 000 to 9 000tpa (depending on feed grades) of copper.

The previously announced Waste Rock Project transaction falls within the LG Material grouping which Jubilee is executing in partnership with IRH based in Abu Dhabi. The project is currently undergoing further resource drilling and process testing as part of an independent technical and processing study being conducted by the joint project team.