Jubilee Metals Accelerates Zambia Copper Growth Strategy as Production Rebounds
Jubilee Metals Reports Strong Copper Production Recovery and Advances Zambia Expansion Plans
Zambia-focused copper producer Jubilee Metals has continued to advance its copper growth strategy through a structured investment programme designed to support long-term expansion, the company said in its audited results for the year ended June, published on Wednesday.
The investment programme focused primarily on Jubilee’s Roan operations and the Molefe mine, including the expansion of Pit 2. While these investments weighed on copper production during the financial year under review, Jubilee reported that they have already delivered a marked improvement in operational performance in the first quarter of the 2026 financial year.
Copper production rose by 65.5% quarter on quarter to 938 tonnes of copper units in the first quarter of FY2026.
Jubilee also confirmed the successful completion of Pit 2 at the Molefe mine, with operations commencing in the first quarter of FY2026. This followed a phased increase in the delivery of high-grade run-of-mine material to the Sable refinery, which rose from 3,500 tonnes per month to 4,500 tonnes per month during November. The company is targeting a run rate of 8,500 tonnes per month from the third quarter of FY2026.
Operational performance at the Roan concentrator has stabilised, with copper output increasing by 65.1% compared with the previous quarter. The operation is currently meeting its targeted feed rate of 30,000 tonnes per month, with the potential to increase throughput to 45,000 tonnes per month after the current rainy season. The copper feed grade at Roan has remained in line with expectations, averaging 1.6% copper.
Meanwhile, Jubilee said the proposed disposal of its chrome and platinum group metals (PGM) operations in South Africa, announced during the period, remains on track for completion by the end of December.
The transaction has an enterprise value of US$147 million, including a US$56.8 million debt settlement, and is expected to deliver net cash proceeds of between US$87 million and US$90 million. The sale will provide capital to accelerate Jubilee’s copper growth plans in Zambia.
During the year, the company also completed the sale of a non-core waste asset outside its large copper tailings footprint for a combined consideration of US$12.3 million. In line with IFRS 15, only US$1.4 million of this amount was recognised in the period’s results, with the remaining revenue to be recognised in the current financial year.
In addition, Jubilee executed the sale of 10 million tonnes of copper-bearing material from its Large Waste Project for US$6.75 million. The group secured a binding customer contract, with revenue to be recognised progressively over an estimated 18-month period as the material is reclaimed. To date, approximately 19,000 truckloads have been processed, with Jubilee also benefiting from the assays and data generated from the reclaimed material.
As a result, copper revenue for the period excludes US$17.9 million from the two executed sale contracts, which is expected to be largely recognised in the current financial year. Excluding these contracts, copper revenue declined by 17.9% to US$15.2 million from US$18.5 million, primarily due to lower copper production during the investment phase.
For the year, Jubilee’s chrome operations achieved a record production level, with chrome concentrate output rising by 24.8% to 1.9 million tonnes. PGM operations also delivered improved performance, producing 38,579 ounces, a 6% increase year on year.
After year-end, Jubilee entered into a cooperation and project development agreement with Galileo Resources to accelerate resource exploration and support the development of the Molefe mine.
Under the agreement, Galileo may earn up to 23.75% of the issued capital of Munkoyo Mine, a Jubilee subsidiary. Jubilee will retain a 71.25% shareholding, with the remaining 5% held by a local Zambian partner.
Copper production for the first quarter of FY2026 totalled 938 tonnes, representing a 65.1% increase from the previous quarter, with no material power outages affecting operations.
Jubilee has guided copper unit production for FY2026 in the range of 4,500 to 5,100 tonnes, depending on the impact of the current rainy season.
Commenting on the results, Chief Executive Officer Leon Coetzer said the year to end-June marked a pivotal period for the company. He noted that Jubilee is set to become a pure-play copper producer, generating its revenue from a portfolio of growth assets located on one of the world’s most prolific copper belts.
