leadf
logo-loader
viewJubilee Metals Group

Jubilee Metals nearly doubles copper tailings rights in Zambia

The metals group has secured the rights to an additional 115mln tonnes of copper and cobalt-containing surface tailings, taking its total access to around 270mln tonnes

Jubilee Metals Group - Jubilee Metals nearly doubles copper tailings rights in Zambia

Jubilee Metals Group PLC (LON:JLP) said it has executed a number of copper cobalt tailings transactions that have nearly doubled its rights to copper tailings in Zambia.

The AIM-listed firm said the transactions have secured the rights to an additional 115mln tonnes of copper and cobalt-containing surface tailings as part of its strategy to expand operations in the country, taking its total access to around 270mln tonnes of tailings.

WATCH: Jubilee Metals Group accelerate production to achieve a record performance in third quarter

The deal, secured through Jubilee’s subsidiary Braemore Platinum Limited, provides the firm with the exclusive right to process the 115mln tonnes of tailings through the implementation of a copper and cobalt processing facility

The firm added that the additional tailings offer the potential to double the targeted production profile for its Project Elephant, estimated at 12,000 tonnes of copper units per annum, as well as Project Roan which is currently under construction.

Jubilee said the agreements combined with its existing copper projects have placed it on track to deliver its objective of reaching 25,000 tonnes of copper units per annum, adding that the tailings have been drilled and sampled to confirm both content and size containing on average 0.3% copper and 0.05% cobalt.

The firm said the combined magnitude of the total secured copper tailings resources and related projects, together with its Sable refinery, offered the potential to deliver “long term sustained quality earnings” and make a significant contribution to its existing earnings from its Platinum group metals (PGM) and chrome operations in South Africa.

"These agreements, together with the previous rights to material already secured, have resulted in Jubilee having access to an extensive copper and cobalt containing resource, which importantly is at surface and able to generate long term quality earnings”, Jubilee chief executive Leon Coetzer said in a statement.

“As I have stated before, Zambia contains vast quantities of copper tailings requiring Jubilee's skills to unlock the opportunities and value. We have been working alongside leading institutions to review these opportunities and are now perfectly poised to play a commanding role in this area. We have demonstrated our ability to combine the rehabilitation of these historical tailings with the commercial extraction of the contained metals, thereby turning liabilities into commercial ventures", he added.

Shares in Jubilee were up 0.8% at 6.3p in early trading on Thursday.

Quick facts: Jubilee Metals Group

Price: 13.19 GBX

AIM:JLP
Market: AIM
Market Cap: £281.29 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Jubilee Metals Group named herein, including the promotion by the Company of Jubilee Metals Group in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Jubilee Metals Group marks 'year of delivery' on South African strategy and...

Jubilee Metals Group PLC's (LON:JLP) Leon Coetzer caught up with Proactive London about their  'year of delivery' of their South African chrome strategy and operations.  Coetzer says there has been 'tremendous growth of production both in platinum, palladium as well as our chrome...

on 14/12/20

2 min read