Jubilee Metals gets Kabwe licence extension and sees first copper within three months
The licence renewal covers lead, zinc, copper and cobalt
Company
LON:JLP
Jubilee Metals Group PLC is a global industry-leading metal recovery business focussed on the retreatment and recovery of metals from mine tailings, waste, slag, slurry and other secondary materials generated from mining operations. The company’s expanding multi-project portfolio across South Africa and Zambia provides exposure to a broad commodity basket including platinum group metals (PGMs), chrome and copper.
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The licence renewal covers lead, zinc, copper and cobalt
A processing agreement will see Jubilee handle 40,000 tonnes per month at an existing plant, and the plant's PGM tailings will be sent to Inyoni
CEO Leon Coetzer said: “These agreements have been secured on the back of Jubilee's track record of continuously driving to set new industry standards”
CEO Leon Coetzer said: "This transaction complements the already secured large copper resource and will provide us with earnings in the near term"
Jubilee Metals produces chrome, platinum group metals, copper and cobalt
The metals processor said the new resource has the potential to “more than double” its current earnings profile
Jubliee, which will only pay part of the costs of the move, expects it to “significantly enhance” its chrome output
The construction of a zinc recovery circuit in Zambia remains on hold due to current coronavirus restrictions
The firm said its Inyoni Surface PGM and chrome operation has resumed production, while it's Windsor joint venture is preparing to recommence “shortly”
Jubilee is complying with go-slow orders in South Africa, but operations in Zambia are currently unaffected
Jubilee Metals has been building up an enviable track record of cash generation over the past couple of years
Jubilee also produced its first copper at the Kabwe project in Zambia
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The new funds will be used to push forward the group's expansion plans in South Africa and Zambia
Jubilee Metals has built its reputation on processing platinum group metals and chrome
The AIM-listed firm will gain full control of the operations, turning from contracting joint venture partner into owner of all economic rights
Leon Coetzer, Jubilee’s chief executive, said: “Zambia has a rich history of copper mining and a huge amount of potential in the mining waste processing space."
The South African project produced 1,346 ounces of PGM in August which had been sold to a third party refinery
"Completing the acquisition of the refinery is a key milestone in delivering Jubilee's Zambian strategy of establishing a fully integrated multi-metal recovery operation,” said chief executive Leon Cotezer.