LONDON, UK: Jubilee Metals, a leading metals recovery company with projects in South Africa and Zambia, has announced a strategic partnership with Abu Dhabi based International Resources Holding RSC Limited (IRH) to acquire and process one of the largest copper waste rock assets on surface in Zambia.
The waste rock material, estimated at more than 350 million tonnes, contains zones with copper grades higher than 1.5%.
Jubilee plans to use its newly developed modular copper units to produce over 20 000 tonnes of copper per year at a low cost of below US$4 000 per tonne from the historical waste rock dump. The project, which is expected to cost around US$50 million, will be funded by IRH through a combination of equity and loans. Jubilee will design, implement and operate the mining and processing solution, and aims to complete the project details and timeline within 60 days and commence production within Q1 CY2024.
Leon Coetzer, CEO says: “The Transaction marks a significant milestone on our journey in Zambia, catapulting our copper expansion in the region. The Waste Rock Project, anchored by this substantial resource, will fast-track the rollout of our modular copper processing units in the country with the potential to far exceed our goal of reaching 25, 000 tonnes of copper per annum.
“The binding funding term sheet that we have executed, affords Jubilee the opportunity to aggressively pursue its copper growth strategy in partnership with a prestigious group such as the IRH.
“This partnership combines Jubilee’s unique technical and operational experience with the strategic in country copper focus and financial support of the IRH. The strategic significance of this partnership is further highlighted by the recently announced selection of IRH as the preferred strategic equity partner for Zambia’s Mopani Copper Mines asset, which owns the Mufulira Slag Dump Project recently awarded to Jubilee.
“Jubilee and IRH share similar values in their commitment to sustainable investment through broad based community involvement and prioritising local partnerships. I look forward to working with IRH as our partner in bringing this exciting project to full fruition.”
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