Jubilee Metals Acquires Two Opencast Copper Mines in Zambia

Johannesburg- and London-listed Jubilee Metals has acquired two opencast copper mining operations in Zambia.

“The strategic acquisition of these two opencast operations demonstrates our ability to leverage our process capabilities to secure significant near-surface copper resources already in operation,” said Jubilee CEO Leon Coetzer.

Jubilee Metals, chaired by former Mpumalanga Premier Mathews Phosa, continues to advance as a diversified metals producer.

Jubilee, listed on AltX and Aim, specializes in the recovery of metal from previously overlooked resources, such as unprocessed historical waste rock, run-of-mine materials, and tailings in South Africa and Zambia. The company is also progressing with its integrated copper strategy in Zambia.

“Zambia holds numerous similar resource opportunities which we are actively pursuing,” Coetzer highlighted in a stock exchange news service release covered by Mining Weekly.

While commissioning activities have begun at the upgraded and expanded Roan operations in Zambia, Jubilee has secured an additional offtake agreement for stockpiled low-grade mined material to support the expanded Roan operations.

Preprocessing of targeted feed material for Roan has also started in preparation for an accelerated commissioning and ramp-up in July.

The recent acquisition of two operating opencast copper mines supports the expansion of Jubilee’s Sable refinery, aiming for a target of 16,000 tons of copper per year.

The first mine, targeting 25,000 tons per month at 3% to 4% copper grade, will be acquired with a combination of $0.25 million in cash and $1.5 million in shares.

The second mine, targeting a ramp-up to 20,000 tons per month at the same grade range, will be settled with $2.1 million in shares. Each mine has a life expectancy of over eight years.

“It has taken a concerted effort by the team to reach this critical point in the commissioning of the Roan Upgrade. I look forward to the team completing an accelerated commissioning and ramp-up of operations during the coming month,” Coetzer stated.

The Roan upgrade and Sable refinery offer Jubilee processing flexibility, enabling the company to pursue copper resources that are unlocked by this capability.

The strategic acquisition of the two opencast operations exemplifies Jubilee’s ability to leverage its process capabilities to secure near-surface copper resources already in operation.

This sustainable approach to mining and metal recovery may drive Jubilee’s future copper production beyond the initial 25,000 tons per year target.

Jubilee’s ability to extract value from materials often regarded by the industry as waste or too complex to extract economically through traditional methods underpins its integrated copper strategy in Zambia.

The targeted copper resources include tailings, partially processed discarded low-grade materials, stockpiled low-grade material, and near-surface copper reefs accessible through opencast mining.

These resources are abundant in Zambia, offering Jubilee the opportunity to upscale its operations through targeted acquisitions.

Securing these resources allows Jubilee to transition Sable into a refiner for processing materials from opencast operations, while the upgraded Roan facility will mainly process low-grade material and previously processed materials.

Sable and Roan are set to operate as independent operations. With Sable at full capacity from opencast operations, Roan will either trade its copper-bearing concentrate on the open market or expand to incorporate downstream refining of its concentrate, depending on capital allocation.

The combined processing capacity target of 25,000 tons per year will be achieved by an expanded Sable at 16,000 tons per year and Roan at 8,000 to 9,000 tons per year, depending on copper feed grades.

The Waste Rock Project transaction, previously announced and falling within the low-grade material grouping, is being executed in partnership with IRH based in Abu Dhabi.

This project is undergoing further resource drilling and process testing as part of an independent technical and processing study by the joint project team.

Jubilee plans to install a satellite upgrade facility near both operations over the next 12 months as part of its strategy to operate regional material upgrade facilities prior to refining. Application will be made for the acquisition shares to be admitted to trading on AltX and Aim on or about June 28.

Jubilee’s production, enhanced by a pioneering technical development centre, includes chrome and platinum group metals in South Africa.