Jubilee, which is working with BMR on the Kabwe project in Zambia, has agreed to allow BMR to hand over some of its Jubilee shares to settle around US$800,000 (roughly £597,000) in debts, thus waiving a “lock in” agreement pertaining to BMR’s Jubilee stake.
"We are making excellent progress on the Kabwe project with the construction of the primary leach circuit well underway. Final tests on the ore handling systems are expected to conclude shortly to confirm equipment selection,” said Leon Coetzer, the chief executive officer of Jubilee.
“Further details on the project will be released following the project presentation to the Zambian Mining Ministry expected to be held on or before 20 June 2018,” he added.
Shares in Jubilee fell 0.15p to 2.58p on news of the waiving of the lock-in period.