The two companies had the licence for the project reinstated earlier in the month, with Jubilee to be the operator and developer.
Jubilee will provide £2mln for an effective 40% direct ownership of Kabwe in addition to holding 29.01% of BMR.
The plan at Kabwe is to extract lead, zinc and vanadium from surface tailings left by the historical mine.
Leon Coetzer, Jubilee’s chief executive, said the next step is the project business plan and the presentation of the execution plan to the Zambian authorities.
The agreement with BMR calls for the final business and execution plan to be approved by June 15.
“We will continue with site preparation work and confirming equipment specifications during this time.”