Jubilee Receives Two Binding Offers for Major Zambia Waste Project

Jubilee Metals Receives Two Binding Offers for Zambia Waste Project to Accelerate Copper Growth Strategy

Jubilee Metals Group has received two binding offers for the outright acquisition of its Large Waste Project (LWP) in Zambia, potentially allowing the company to unlock significant capital and redirect investment towards its existing copper operations.

The London- and Johannesburg-listed metals producer said both offers represent a substantial premium to the project’s original acquisition price.

Jubilee plans to select a preferred buyer and finalise definitive transaction agreements within the next two weeks.

The two prospective buyers were shortlisted from several international companies that had expressed interest in the project.

Both have completed initial due diligence, with Jubilee assessing their offers based on commercial terms and operational track records in Zambia.

The proposed sale forms part of Jubilee’s strategy to reduce risk across its growth portfolio and concentrate capital on established Zambian operations.

The company intends to use proceeds from the transaction to strengthen its balance sheet and accelerate its copper growth strategy.

Under the terms of both offers, the successful buyer will make an initial deposit by August 27, 2026, followed by a final due-diligence period of up to 90 days.

The remaining purchase consideration would be paid through instalments over a period of up to three years.

Jubilee said the transaction, together with proceeds from the previously announced sale of its South African operations, would provide substantial additional cash inflows while allowing the company to retain its core Zambian mine-to-metals operations.

The Large Waste Project forms part of Jubilee’s broader Zambian copper portfolio and involves the processing of historical mining waste to recover additional copper resources.

The planned disposal reflects a shift in Jubilee’s capital allocation strategy as the company prioritises projects that can generate stronger returns from its existing operating infrastructure and established footprint in Zambia.

For Zambia’s copper sector, the transaction also highlights the growing investment interest in recovering valuable metals from historical mining waste, particularly as companies seek to increase copper supply while making greater use of existing resources and infrastructure.