Jubilee Metals Group has secured the rights to approximately 150 Mt of copper containing surface tailings targeted to be upgraded at site and refined at its Sable Refinery in Zambia.
Jubilee has secured the rights to the material through its subsidiary Braemore Holdings by entering a JV with the mining rights holder Star Tanganika to process the approximately 150 Mt of copper containing tailings.
The project will target the production of copper concentrate through a dedicated new copper concentrating facility.
This Project alone holds the potential to produce copper concentrates more than the total Sable Refinery capacity of 14 000 tpa of copper cathode.
It is the Company’s objective to increase the capacity to more than 25 000 t per annum over time based on feed sources and projects currently under review.
Leon Coetzer, CEO of Jubilee, comments:
“Our presence in Zambia over the past year since the acquisition of the Sable Refinery has re-asserted our belief that many opportunities exist to expand our business model into all aspects of copper in the country.
“This agreement with Tanganika is in line with our strategy to take a leading role in the processing of surface tailings in Zambia by applying our proven technical know-how and IP.
“Zambia contains vast quantities of copper tailings requiring Jubilee’s skills to unlock these opportunities and having worked alongside leading institutions to review these, Jubilee is now perfectly poised to play a commanding role in this area.
“We plan to construct a copper concentrator at the tailings resource which can supply both concentrate to the Sable Refinery while selling excess concentrate into the market. We are well positioned to take advantage of the expected increasing need for copper as the world’s demand for cleaner energy such as electric vehicle rapidly expands.
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“I am excited at the prospects of this new acquisition and rapidly building our copper production profile in the same manner as we delivered our chrome and PGM profiles. I am looking forward to updating our shareholders on our zinc project as soon as we have better clarity on our ability to restart the construction of this project under current restrictions.
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“I am also delighted that despite the challenges posed by the COVID-19 lockdown we continue to produce and increase our earnings which reassures the robustness of our business model. As always, the safety of our team remains a priority and we are maintaining strict health and security measures on site to ensure we continue to comply with the requirements and best practises as subscribed by the authorities.”
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