The AIM listed miner said the acquisition represents a “major step” for the advancement of the Kabwe Project in Zambia and expands its commodity basket to include copper, vanadium, zinc and lead.
Jubilee added the acquisition reduces the time to build the project refinery by around 18 months.
"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.
“The refinery, which will be the only one of its kind in Zambia, opens tremendous potential opportunities for Jubilee to significantly increase its access to additional surface materials for further refining.”
He added: "The advancement of the Kabwe Project is in line with our group strategy to diversify earnings across multiple commodities and jurisdictions. “
The deal is being funded using current cash reserves, he said.
Jubilee has made the first payment tranche of US$6mln to Glencore and will make two more payments of US$3mln as the project moves towards the start of production.
The group plans to recommission the current copper/cobalt circuit during the fourth quarter and is targeting first production of zinc and vanadium by the second quarter of 2020.