Jubilee acquires two copper projects in Zambia

The upgrade and expansion of Roan (Roan Upgrade) has completed civil and mechanical construction, with commissioning activity having commenced. Jubilee also announces the acquisition of two further copper resources currently in operation.

Highlights

Roan operation

• Jubilee concludes a further off-take agreement for stockpiled low-grade mined material (LG Material) in support of the expanded Roan operations (Roan Operations).
  • The LG Material is upgraded at source prior to further processing at Roan.
  • The upgrading of this LG material has commenced in preparation for the ramp-up at Roan.
• The Roan Upgrade has completed construction with operational readiness testing commencing. The electrical control system (ECS), originally delayed, is undergoing testing before final implementation expected during July 2024.
• The Jubilee team has commenced with pre-processing of targeted feed material destined for Roan in preparation of an accelerated commissioning and ramp-up during July 2024.

Copper Resource Transactions

• Jubilee concludes two copper resource transactions of operating opencast mines accessing near-surface copper material which significantly increases its copper resource base.
• The acquisitions are in support of the expansion of Jubilee’s Sable refinery to target 16 000 tpy of copper.
• The acquisitions include:
  • Project M – which has commenced with the delivery of material to Sable 3 months ahead of schedule targeting to reach 25 000 tpm at a grade of 3 – 4% Cu within 3Q24 with a project life expectancy exceeding 8 years.
  • Project G – an operating opencast copper mine targeting to ramp-up to 20 000 tpm at a grade of 3 – 4% Cu 4Q24 with a life expectancy in excess of 8 years.

Leon Coetzer, CEO, commented:

“It has taken a concerted effort by the team to reach this critical point in the commissioning of the Roan Upgrade. I look forward to the team completing an accelerated commissioning and ramp-up of operations during the coming month.

The Roan Upgrade together with our Sable refinery offers Jubilee tremendous processing flexibility and affords us the unique opportunity to aggressively pursue copper resources that are unlocked by this capability.

The strategic acquisition of the two opencast operations is an example of our ability to leverage our process capability to secure significant near-surface copper resources already in operation. Zambia holds numerous similar resource opportunities which we are actively pursuing.

Our offering to our resource partners incorporates a sustainable approach to mining and recovery of metals, which ensures lasting value to our stakeholders and distinguishes Jubilee from many potential competitors. The opportunity set is particularly large and capable of driving Jubilee’s future copper production well beyond the initial 25 000 tpy target.

I am also pleased to report that our copper production is on track to meet our revised copper guidance of 3250 – 4000 t.”

Read the article online at: https://www.globalminingreview.com/mining/25062024/jubilee-acquires-two-copper-projects-in-zambia/