Jubilee Metals Group, a diversified metals producer operating in Zambia and South Africa, has updated its Copper Strategy in Zambia, aiming for an initial production capacity of 25,000 tonnes of copper annually.
The company has successfully completed due diligence on Project G, an open-pit copper mining operation in Zambia, and plans to acquire a majority interest, increasing its stake from 51% to 65%. This acquisition follows the previous implementation of Project Munkoyo, marking Jubilee’s second open-pit copper operation in the country.
Additionally, Jubilee has secured an extra 2MW of power under a recent private power purchase agreement, ensuring that all Zambian operations are fully powered under the LHPC agreement. This increased power allocation allows the Roan Concentrator to operate at full capacity, supporting its newly commissioned front-end module and existing milling and flotation plant. Jubilee’s Zambian operations have fully transitioned to renewable energy sources, emphasizing its commitment to minimizing the carbon footprint of its copper production.
CEO Leon Coetzer expressed enthusiasm for the acquisition, highlighting the strategic advantage of owning two open-pit operations that provide access to significant near-surface copper resources. He noted that Zambia holds numerous similar opportunities, which the company is actively pursuing.
To achieve the 25,000-tonne annual target, Jubilee will enhance processing capacity through upgrades to the Roan and the addition of a second copper tank house at Sable, expected to be fully integrated within the next ten months.
The agreement for Project G includes a total payment of $2 million, with $1 million deferred until the transfer of mining licenses. Jubilee will also invest at least $500,000 in the project’s expansion. Project G aims to achieve an initial mining rate of 10,000 tonnes per month by February 2025, with an on-site facility capable of producing 3,000 tonnes of copper concentrate per month.
The nearby Project Munkoyo began operations in July 2024 and is on track to reach its target of 15,000 tonnes per month of run-of-mine (ROM) ore by December 2024, with plans to increase production further based on resource drilling results.
