Abu Dhabi’s IRH and Jubilee Metals Group Forge Joint Venture for Copper Project in Zambia
Abu Dhabi’s International Resources Holding (IRH) has affirmed its commitment to form a joint venture (JV) with Jubilee Metals Group, a diversified metals processor, to undertake a copper waste rock project in Zambia.
Additionally, IRH aims to advance the upgrade of Jubilee’s Roan copper facility and expand its chrome operations.
The waste rock project is designed to process over 260 million tonnes of copper-containing surface material. Initially, four modular processing plants will be installed with a combined capacity of 2.4 million tonnes per year.
This setup is projected to yield over 20,000 tonnes annually of copper in concentrates, with Jubilee retaining a 30% share of the output.
According to a project update released by Jubilee on March 28, the modular processing units mirror those utilized for the Roan plant upgrade.
The objective is to refine the surface material into copper concentrate, which can then undergo further processing into metal.
The initial investment for the waste rock project is estimated at $50 million. In December of the previous year, Jubilee and IRH entered into a binding framework and JV agreement, stipulating that IRH will provide capital for the project implementation, while Jubilee will oversee operations, subject to due diligence and finalization of definitive agreements.
After completing due diligence, Jubilee confirmed the material’s quantity to exceed 260 million tonnes, with varying copper grades.
Metallurgical testing at Jubilee’s development center validated the potential to produce copper concentrates with over 7% copper content.
Meanwhile, the construction of a new modular unit at Roan is progressing on schedule, enhancing the plant’s capacity to process multiple feed sources concurrently. This expansion is expected to boost Roan’s copper concentrate production to 13,000 tonnes per year.
Additionally, progress has been made in defining the resource at Project Munkoyo, located near Sable refinery in Zambia. An aeromagnetic survey identified a significant magnetic anomaly associated with known copper mineralization, indicating the extension of existing open pits within the lease area.
Jubilee anticipates commencing delivery of copper ore from Project Munkoyo to the Sable refinery by September, aiming to establish a mining operation capable of processing 25,000 tonnes per month of copper reef, generating employment and investment opportunities in the region.
Jubilee CEO Leon Coetzer expressed enthusiasm about the collaboration with IRH and the potential of the waste rock project to demonstrate Jubilee’s capacity to create value from waste materials.
In South Africa, Jubilee has extended its chrome tolling agreements until February 2027, ensuring a total processing feed capacity of 2.4 million tonnes per year.
The company also plans to expand its chrome operations through partnerships, leveraging its processing expertise and operational capabilities.
Coetzer affirmed the company’s commitment to growth, highlighting the continued renewal of toll processing agreements as a testament to industry recognition of Jubilee’s capabilities.
