Jubilee to acquire Zambia copper and cobalt tailings projects

Jubilee, a leader in metals processing with operations in Africa has announced significant further progress at its Copper and Cobalt tailings projects in Zambia with the successful execution of three strategic transactions which significantly increases Jubilee’s beneficial interest across the Company’s copper and cobalt tailings projects in Zambia. The Transactions include Project Elephant (Kitwe Tailings Project), Project Roan (Ndola Tailings Project) and the Mufulira Project.

Completion of the Transactions is subject to fulfillment of certain conditions precedent that and consent.

At the completion of the Transactions, Jubilee will hold a 100% interest across its integrated Southern Refining strategy which includes the Sable copper and cobalt refinery (14 000 tonnes per annum copper capacity) together with Project Roan (10 000 tonnes per annum copper concentrator).

In addition, Jubilee increases its beneficial interest across its Northern Refining Strategy, with Project Elephant’s TD52 portion to 80.75% (highest copper and cobalt concentration of all tailings within Project elephant) which is specifically targeted by the accelerated development of Jubilee’s cobalt extraction process, Jubilee’s beneficial interest at the Mufulira Project increasing to 97%.

Combined, the Transactions have an aggregate value of c. US$ 24.77 million (c. £ 17.83 million) and offers Jubilee the flexibility to better schedule the development of the various tailings projects. As such Jubilee will increase its investment into the Southern Refining Strategy by expanding Sable Refinery to increase the copper sulphide recovery circuit as well as expanding the cobalt recovery circuit.

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