TIDMJLP
RNS Number : 2958Q
Jubilee Metals Group PLC
17 October 2023
Jubilee Metals Group PLC
Registration number (4459850)
Altx share code: JBL
AIM share code: JLP
ISIN: GB0031852162
("Jubilee" or "the Company" or "the Group")
Dissemination of a Regulatory Announcement that contains inside
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Jubilee announces award of a significant New Slag Project with
Mopani Copper Mines
Jubilee Metals Group PLC (AIM: JLP/Altx: JBL), a diversified
metals processing business with operations in Africa , is pleased
to announce the award of the large Mufulira Slag Project through a
Joint Venture ("JV") collaboration with Mopani Copper Mines ("MCM")
("The Slag Project").
This binding and exclusive award of The Slag Project aims to
process approximately 13 million tonnes of historical slag,
estimated to contain 0.7% copper and 0.27% cobalt in addition to
the current slag arisings. Under the targeted JV, Jubilee is
exclusively appointed to design, implement and operate the new
processing facility with the first right to fund the implementation
of the project in collaboration with MCM.
The JV reflects Jubilee's commitment to securing high-value
waste resources containing copper and cobalt - metals that are
critical to the green transition - and underscores the Company's
proven track record of the responsible extraction and utilisation
of high-value waste resources.
The Slag Project of 13 million tonnes of historical slag,
represents an exciting opportunity for Jubilee to extract and
process these valuable resources, estimated to contain 89kt of
copper and 44kt of cobalt, in addition to current arising slag from
the on-going MCM facility in Mufulira. The copper grades within the
slag are double those of standard tailings, providing an
exceptional opportunity to extract maximum value from this
significant resource.
Key terms of the Joint Venture
In outlining the proposed scope both Jubilee and MCM, in
accordance with the award conditions, will establish a Special
Purpose Vehicle ("SPV") dedicated to facilitating the JV for
processing the slag at the MCM facility in Mufulira. Additionally,
there is potential for the SPV's mandate to expand, encompassing
the treatment of material from tailing dumps and oxide ore sourced
from small scale miners. This strategy aims to optimise the
utilisation of MCM plants currently under care and maintenance
located in Kitwe.
Over the past two years, Jubilee has researched the slag to
formulate a conceptual flowsheet for metal extraction.
The salient terms of the JV include:
- The exclusive right of the JV to access and refine the Mufulira Slag;
- Jubilee taking the lead in developing the processing solution,
its subsequent implementation, and managing the operations;
- Jubilee will hold the first right to securing finance the
project's capital for implementation of the Slag Project; and
- The formation of a supervisory board for the JV, comprising
representatives from both Jubilee and MCM.
The contractual commitment to this project takes effect
immediately and will be superseded by the finalisation of the JV
agreements between Jubilee and MCM.
STATEMENT FROM LEON COETZER, CEO:
"This award by Mopani Copper Mines appointing Jubilee to execute
the Slag Project on their behalf is a great honour and recognises
Jubilee's leading role in the development of metal extraction
solutions from waste and overlooked materials.
"This Slag Project not only offers further scale to our current
project portfolio, but also high value metal content material. The
Project holds the potential to accelerate investment into the
Mufulira area which will benefit not only the JV partners but all
stakeholders.
"The professional and transparent manner in which the award
process has been managed by Mopani speaks to their exceptional
standing in the industry and I welcome the opportunity to work
closely with our JV partners. The Slag Project is perfectly located
to integrate into Jubilee's Northern Copper Strategy adding a
significant copper and cobalt resource at enhanced grades to the
targeted portfolio.
"The proposed Joint Venture structure through which the Slag
Project will be implemented, offers a great example of the
formation of a true partnership between a prestigious copper mining
company such as Mopani Copper Mines and Jubilee as the solution
provider to turn their slag waste into a valuable asset for the
region. Mopani Copper Mines is currently reviewing the entry of a
new strategic investor and I look forward to engaging with them
during the implementation of the Slag Project.
"The Slag Project forms part of a greater waste recovery
initiative in Zambia that speaks to the President of Zambia's
stated mission of achieving 3 million tonnes of copper output per
annum from Zambia.
"Our immediate next step is to form an integrated team with
Mopani to unpack the complexity within the slag material through
our development centre. I expect to implement the Slag Project over
two phases as we target to prioritise the quick-to-process initial
slag material, while completing the process review for the more
complex slags over the coming 6-month period."
17 October 2023
For further information please contact:
Jubilee Metals Group PLC Tel: +27 (0) 11 465 1913
Leon Coetzer
PR & IR Adviser - Tavistock Tel: +44 (0) 20 7920 3150
Jos Simson/ Gareth Tredway
Nominated Adviser - SPARK Advisory Tel: +44 (0) 20 3368 3555
Partners Limited
Andrew Emmott/ James Keeshan
Joint Broker - Berenberg Tel: +44 (0) 20 3207 7800
Matthew Armitt/ Jennifer Lee/ Detlir
Elezi
Joint Broker - WHIreland Tel: +44 (0) 20 7220 1670/
Harry Ansell/ Katy Mitchell +44 (0) 113 394 6618
JSE Sponsor - Questco Corporate Advisory Tel: +27 (0) 11 011 9207
Pty Ltd
Alison McLaren
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