Jubilee secures historical copper waste rock dump in Zambia
Jubilee has made significant strides in expanding its copper operations in Zambia through the acquisition of a large copper waste rock asset.
The estimated amount of waste rock material on the surface is more than 350 million tonnes and preliminary surface sampling indicates zones with copper grades higher than 1.5%. The firm’s technical services team has started an extensive resource definition and process technical review, with an aim of completing implementation details and timeline within the next 60 days.
Target
The newly developed modular copper units by Jubilee aim to produce over 20,000 tonnes per year of copper. The target is to achieve this production at a cost of below US$4000 per tonne of copper from the historical waste rock dump. Overall project costs, including mining equipment and project infrastructure, are expected to be around US$50 million.
A binding funding term sheet has been executed with IRH to form a dedicated special purpose vehicle (SPV) to fund the acquisition and processing solution implementation. IRH will provide the required capital through a combination of equity in the SPV and shareholder loans.
Jubilee will be appointed by the SPV to design, implement, and operate the mining and processing solution. IRH’s financial and strategic support will contribute to Jubilee’s copper growth strategy. Leon Coetzer, CEO of Jubilee, highlighted the significance of the transaction in advancing the company’s copper expansion in Zambia. The partnership with IRH is seen as a valuable collaboration that aligns with both companies’ commitment to sustainable investment and community involvement.
