As previously announced, during CY2020 Jubilee entered into joint venture agreements to secure rights to process over 300 million tonnes of copper and cobalt-containing tailings in Zambia. The copper and cobalt tailings are located in three central locations named Project Roan, Project Lechwe, and Project Elephant. Jubilee has a set target to expand its access to refining capacity, to achieve a targeted 25 000 tonnes of copper units per annum.
Having already achieved early earnings, the rollout of Jubilee’s copper and cobalt strategy offers the potential of significant continued earnings growth in addition to the achievements of its PGM and chrome operations.
The Sable Refinery, which is fully operational, acts as a central processing facility for third-party material in the region in addition to providing refining access to Project Roan for the refining of the copper concentrates.
Project Roan, which targets an annual production rate of 10 000 tonnes of equivalent copper units, entered its construction phase during H1 CY2021. The state-of-the-art copper concentrator, which will be able to produce both copper oxide and a copper sulfide-rich concentrate, is nearing completion with staggered commissioning activities set to commence within three weeks targeting the first commercial production during March CY2022.
The project team consistently demonstrated their tenacity to overcome the challenges brought on as a result of the Covid-19 pandemic, which caused havoc with delivery and construction schedules of imported equipment, due to international freight disruptions.
The Company is looking forward to commencing with the commissioning of the first of our targeted three copper concentrators on its path of delivering 25 000 tonnes of copper per annum.
Jubilee Metals Group is a diversified metal recovery business with a world-class portfolio of projects in South Africa and Zambia.