Jubilee Metals expands copper operations in Zambia with Project G acquisition

Jubilee Metals Group plc, a diversified metals producer with operations in Zambia and South Africa, has provided a further update on the roll-out of its Copper Strategy in Zambia which is centred around achieving an initial production capacity target of 25 000 tonnes of copper per year.

The Company has successfully concluded its due diligence of Project G, an open pit copper mining operation in Zambia and has elected to acquire a majority interest in Project G under revised terms increasing the Company’s holding to 65% from 51%, as previously announced on 21 August 2024. Project G marks the second open-pit copper operation acquired in Zambia following the implementation of Project Munkoyo.

In addition, the Company is pleased to announce that it has increased the allocation of power under the recently announced (23 September 2024) private power purchase agreement to secure an additional 2MW of power in order to ensure that all of the Zambian operations are fully supplied under the LHPC agreement. The increased power allocation allows the Roan Concentrator to operate at full capacity in respect of its newly commissioned front-end module and its existing milling and floatation plant. The Company’s Zambian operations have now fully transitioned its power requirements onto renewable energy sources.