Jubilee Metals Group has announced that the sale and transfer of the entire issued share capital in Sable Zinc Kabwe to Jubilee has been completed.
This allows Jubilee to commence with the implementation of a fully integrated multi-metal refinery in Zambia.
Jubilee CEO, Leon Coetzer, says:
“Completing the acquisition of the Refinery is a key milestone in delivering Jubilee’s Zambian strategy of establishing a fully integrated multi-metal recovery operation.
"The Refinery, which will be the only one of its kind in Zambia, opens tremendous potential opportunities for Jubilee to significantly increase its access to additional surface materials for further refining.
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“The advancement of the Kabwe Project is in line with our group strategy to diversify earnings across multiple commodities and jurisdictions. We are able to fund the acquisition and implementation of the Kabwe project from our current cash reserves.”
- The acquisition of Sable Zinc Refinery has been completed representing a major step for the advancement of the Kabwe Project
- The acquisition significantly reduces the Kabwe Project implementation time lines and project capital requirement
- The Refinery together with Jubilee’s Kabwe surface resources in excess of 6 million tonnes at surface, establishes a fully integrated multi-metal operational footprint in Zambia
- Jubilee intends to recommission the current copper/cobalt circuit during Q4 2019 to achieve earnings during the build phase of the zinc vanadium and lead circuit with first production of zinc and vanadium targeted for Q2 2020
- The acquisition expands Jubilee’s commodity basket to include copper, vanadium, zinc and lead
- This multi metal refining operation affords Jubilee the opportunity to rapidly expand its metals recovery footprint in Zambia which the Company is actively pursuing