Jubilee Metals Ventures into High-Yield Copper Recovery in Zambia
Jubilee Metals Group PLC has solidified a groundbreaking collaboration to extract copper from a sizable waste rock reserve in Zambia. The venture aims to yield over 20,000 tonnes annually, utilizing innovative modular copper units for extraction.
With a commitment to processing copper at less than US$4,000 per tonne, Jubilee targets a substantial source in Zambia, where years of copper mining have amassed substantial waste rock reserves.
Scheduled to commence construction in the first quarter of 2024, the eco-friendly processing units are poised to be operational within a swift 12-month period from commissioning, showcasing Jubilee’s efficient capabilities.
The company, listed on AIM, has strategically partnered with the site owner, International Resources Holding RSC (IRH), an Abu Dhabi-based entity affiliated with the conglomerate International Holding Company PJSC (IHC).
A specialized entity will acquire the copper waste rock asset, financing the implementation of processing modules with an investment of US$50 million from IRH. Jubilee assumes responsibility for the design, implementation, and operation of the mining and processing solution.
Initial findings suggest an excess of 350 million tonnes of surface waste rock, indicating zones with copper grades surpassing 1.5%. Jubilee aims to define resources definitively within the next 60 days through its technical services team.
Leon Coetzer, Jubilee’s CEO, expressed enthusiasm about this milestone, emphasizing the project’s potential to accelerate copper expansion in Zambia.
He highlighted the Waste Rock Project’s transformative role, foreseeing the swift deployment of modular copper processing units and surpassing their target of 25,000 tonnes annually.
The binding funding agreement with IRH, Coetzer asserted, presents a momentous opportunity for aggressive copper growth strategies.
The partnership leverages Jubilee’s technical expertise and operational prowess alongside the formidable financial backing and strategic focus of IRH.
Coetzer also referenced IRH’s recent selection as the preferred equity partner for Zambia’s Mopani Copper Mines asset. This aligns with Jubilee’s prior acquisition of the Mufulira slag dump project, signifying a significant stride in their Zambian ventures.
