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Jubilee Metals updates on Zambia portfolio as it prepares to upgrade refinery

"Jubilee continues to demonstrate progress with the implementation of its strategy to diversify earnings," said Leon Coetzer.

Jubilee Metals worker at metals plant in Zambia
Production is anticipated from the acquired plant in August

Jubilee Metals Group PLC (LON:JLP) shares rose on Thursday as the firm, in a broader project update, told investors it is ready to completed the acquisition of the Sable Zinc Kabwe refinery in Zambia.

It highlighted that its team is now ready to start a programme of equipment upgrades at the site to process lead, zinc and vanadium.

Elsewhere, it said that the commissioning of the company’s Eland Platinum's recovery plant is progressing well. The plant’s floatation circuit is now reaching flow stability and Jubilee noted that the grinding circuit is expected to be introduced into the circuit by mid-July.

READ: Jubilee Metals shines as it plans to expand production

The company expects to start producing its first saleable platinum group metal concentrate in August.

For the DCM fine chrome project the company highlighted increasing throughput to achieve a targeted rate of 5,000 tonnes of chrome concentrate.

"Jubilee continues to demonstrate progress with the implementation of its strategy to diversify earnings through both widening our existing metals exposure with the implementation of additional projects as well as expanding our geographic footprint with our Kabwe project in Zambia,” said Leon Coetzer.

Speaking specifically about the Sable plant, he added: “With the design process near finalised, this allows Jubilee to commence with the circuit upgrade and expansion of the Sable Zinc Kabwe refinery for the processing of the Kabwe tailings to produce zinc, vanadium and lead. 

“The first phase of the project targets the production of Vanadium Pentoxide (V2O5) and a zinc concentrate with phase two bringing the zinc metal refining step and lead concentrate online.”

In morning trading, shares in Jubilee Metals were 6.5% higher at 3.30p.

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Quick facts: Jubilee Metals Group

Price: 4.425 GBX

Market: AIM
Market Cap: £82.1 m

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