LONDON — Jubilee Metals Group, a copper-focused producer in Zambia, said Friday it has signed a cooperation and project development agreement with Galileo Resources Plc to accelerate exploration and development at its Molefe Mine.
The agreement gives Galileo the right to earn up to a 23.75% stake in the Molefe Mine holding company by funding a resource definition and exploration program worth at least $700,000. Jubilee will retain a 71.25% interest, while a local Zambian firm holds the remaining 5%.
Jubilee said the partnership combines its operational and processing expertise with Galileo’s geological and exploration capabilities. The deal will focus on ramping up production, implementing an on-site processing facility, and expanding exploration drilling at Molefe and nearby properties.
Production at Molefe Mine is currently ramping up to 4,500 tons per month of high-grade copper ore, with 2.2 million tons of lower-grade ore already stockpiled. Jubilee plans to install a processing plant to treat the lower-grade material.
Leon Coetzer, Jubilee’s chief executive, said the agreement “enables Jubilee to dedicate its focus on day-to-day operations and the development of the processing solution for Molefe Mine,” while Galileo brings decades of mining experience in Zambia and Southern Africa.
The companies said the joint approach could serve as a model for future copper projects across Zambia. Jubilee’s investment in Molefe Mine will be secured through preferential earnings rights until fully recovered.
Completion of the transaction is expected within eight months, subject to Galileo fulfilling its funding commitments.