Jubilee Metals Increases Stake in Zambia’s Project G and Secures Renewable Energy Supply
Diversified metals producer Jubilee Metals has completed its due diligence on Project G, an open-pit copper mining operation in Zambia, and has decided to increase its ownership from 51% to 65%.
This acquisition, initially announced in August, marks Jubilee’s second open-pit copper venture in Zambia, following the implementation of Project Munkoyo.
In a related move, Jubilee has expanded its power allocation under the recently announced private power purchase agreement (LHPC agreement), securing an additional 2 MW of electricity.
This will ensure that all Zambian operations, including the Roan concentrator, operate at full capacity. The Roan plant, equipped with a newly commissioned front-end module and an existing milling and flotation facility, is now fully powered by renewable energy sources.
Jubilee’s copper strategy in Zambia is focused on achieving a production target of 25,000 tonnes per year. This will be made possible by the enhanced processing capabilities at the upgraded Roan plant and the planned second copper tank house at the Sable refinery.
For Project G, Jubilee has opted to pay the acquisition value of $2 million in cash rather than shares, with an additional $500,000 earmarked for operational upgrades.
The project is expected to begin operations by December, with pre-concentrated run-of-mine (RoM) material being delivered to the Sable refinery.
As part of the agreement, Jubilee has taken over as manager and operator of Project G’s open-pit operations. The project will ramp up over the next six months, targeting the production of 3,000 tonnes of pre-concentrate material per month.
This will result in an additional 350 tonnes of copper units per month (4,200 per year) being sent to Sable for refining. A resource drilling program is underway to increase production to 20,000 to 25,000 tonnes of RoM ore per month.
CEO Leon Coetzer expressed his enthusiasm for the acquisition, emphasizing that Project G is part of the company’s broader strategy to capitalize on Zambia’s abundant near-surface copper resources.
“The strategic acquisition of two open-pit operations demonstrates our ability to leverage our process capabilities and secure significant copper resources.
With predictable high-grade assets and our owner-managed operations, we are well-positioned to meet our 25,000 t/y copper production target,” Coetzer said.
He also highlighted the company’s commitment to sustainability, noting that all power requirements for Jubilee’s Zambian operations have been converted to renewable energy, with future reliance on hydro and solar power.
“This is vital for the green energy transition and ensures the copper we produce has a minimal carbon footprint,” he added.
