JSE-listed Jubilee Metals Group has announced the acquisition of two operational open-pit copper stockpiles in Zambia. The acquisition is poised to support the expansion of Jubilee Metals Group’s Sable refinery to a copper production rate of 16,000 tons per year.
Serving as part of its Integrated Copper Strategy in Zambia, the company also announced that it has commissioned activities at the expanded Roan facility, which has been upgraded to produce 13,000 tons per year of copper concentrate and will start ramped-up operations in July.
“The Roan upgrade together with our Sable refinery offers Jubilee tremendous processing flexibility and affords us the unique opportunity to aggressively pursue copper resources that are unlocked by this capability,” stated Jubilee Metals Group CEO Leon Coetzer.
The first mine was purchased for $1.75 million – $250,000 in cash and $1.5 million in shares – and is set to produce 25,000 tons per month of copper grading between 3% and 4%. The second mine was acquired for $2.1 million in shares and boasts a production-rate of 20,000 tons per month at the same grade.