Jubilee Metals announces award of a significant New Slag Project with Mopani Copper Mines
Jubilee Metals Group PLC (AIM: JLP/Altx: JBL), a diversified metals processing business with operations in Africa, is pleased to announce the award of the large Mufulira Slag Project through a Joint Venture (“JV”) collaboration with Mopani Copper Mines (“MCM”) (“The Slag Project”).
This binding and exclusive award of The Slag Project aims to process approximately 13 million tonnes of historical slag, estimated to contain 0.7% copper and 0.27% cobalt in addition to the current slag arisings.
Under the targeted JV, Jubilee is exclusively appointed to design, implement and operate the new processing facility with the first right to fund the implementation of the project in collaboration with MCM.
The JV reflects Jubilee’s commitment to securing high-value waste resources containing copper and cobalt – metals that are critical to the green transition – and underscores the Company’s proven track record of the responsible extraction and utilisation of high-value waste resources.
The Slag Project of 13 million tonnes of historical slag, represents an exciting opportunity for Jubilee to extract and process these valuable resources, estimated to contain 89kt of copper and 44kt of cobalt, in addition to current arising slag from the on-going MCM facility in Mufulira.
The copper grades within the slag are double those of standard tailings, providing an exceptional opportunity to extract maximum value from this significant resource.
Key terms of the Joint Venture
In outlining the proposed scope both Jubilee and MCM, in accordance with the award conditions, will establish a Special Purpose Vehicle (“SPV”) dedicated to facilitating the JV for processing the slag at the MCM facility in Mufulira.
Additionally, there is potential for the SPV’s mandate to expand, encompassing the treatment of material from tailing dumps and oxide ore sourced from small scale miners. This strategy aims to optimize the utilization of MCM plants currently under care and maintenance located in Kitwe.
Over the past two years, Jubilee has researched the slag to formulate a conceptual flowsheet for metal extraction.
The salient terms of the JV include:
– The exclusive right of the JV to access and refine the Mufulira Slag;
– Jubilee taking the lead in developing the processing solution, its subsequent implementation, and managing the operations;
– Jubilee will hold the first right to securing finance the project’s capital for implementation of the Slag Project; and
– The formation of a supervisory board for the JV, comprising representatives from both Jubilee and MCM.
The contractual commitment to this project takes effect immediately and will be superseded by the finalization of the JV agreements between Jubilee and MCM.
