TIDMJLP
RNS Number : 2490S
Jubilee Metals Group PLC
13 July 2022
Jubilee Metals Group PLC
Registration number (4459850)
Altx share code: JBL
AIM share code: JLP
ISIN: GB0031852162
("Jubilee" or "the Company" or "the Group")
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Zambia Progress Update
Jubilee Metals Group PLC, a leader in metals processing with
operations in Africa (AIM: JLP/Altx: JBL), is pleased to announce
an update at its Zambian operations where the integration of the
Sable Copper and Cobalt refinery with the newly constructed copper
concentrator, Project Roan, continues as part of Jubilee's Southern
Refining Strategy.
Highlights
- Cobalt refining circuit at the Sable Refinery entered the
commissioning phase during June 2022 in line with original timing
expectations, with first trial cobalt product produced per the
expected commissioning and ramp up schedule:
o Commercial production is targeted to commence during August
2022
o The cobalt refining circuit at Sable is able to produce up to
1 200 tonnes of cobalt a year depending on the feed grade
- Commissioning and ramp up is progressing at the Project Roan
concentrator reaching 65% of designed capacity with first filtered
copper concentrate produced for refining at Sable as part of
commissioning and ramp-up activities:
o Ramp-up of the concentrator is expected to reach design
capacities by the end of July 2022
o At capacity, targets the processing of 830 tonnes of copper in
concentrate per month for refining at Sable
o Part of overall Southern Refining Strategy to reach 12 000
tonnes per annum of copper production capacity
o Significant employment opportunities created, and local
suppliers prioritised, to create a locally sustainable support
infrastructure
Leon Coetzer, CEO, commented: "Reaching these significant
milestones announced today put us in great stead for the financial
year ahead, and beyond. It is testament to all the hard work by the
Jubilee team that over the past 12 months have delivered on a bold
implementation plan across both the PGM and chrome operations in
South Africa and the copper and cobalt operations in Zambia.
"During this period in South Africa we delivered a new and
upgraded Inyoni PGM facility to reach 45 000 PGM ounces per annum
which includes a newly constructed and fully integrated 80 000
tonnes per month chrome beneficiation circuit. The circuit was
further complimented with the inclusion of Jubilee's renowned
ultra-fine chrome circuit earlier this year.
"In Zambia we have reached a key deliverable in the
implementation of our copper and cobalt strategy as we announce the
commissioning of the cobalt refining circuit at the Sable Refinery
while ensuring that it is operationally ready to refine the copper
concentrate from our newly commissioned Roan copper concentrator.
The Roan concentrator, with the ability to produce an additional 10
000 tonnes of copper units annually for refining at Sable,
continues to ramp-up its throughput in line with the commissioning
schedule, reaching 65% of its design capacity to date and is
expected to reach its full design capacity during July 2022.
"The Roan copper concentrator completes the implementation of
Jubilee's Southern Refining Strategy targeted to deliver up to 12
000 tonnes of copper units per annum. This progress of the Southern
Refining Strategy paves the way for the acceleration of our
Northern Refining Strategy as we continue our expansion in Zambia
and I look forward to reporting in future on the potential step-up
in Jubilee's earnings on the back of this, and other, successful
projects."
Further Details
Jubilee's copper strategy in Zambia includes, as its first
phase, the implementation of its Southern Refining Strategy which
targets to produce up to 12 000 tonnes of copper units per annum
including a cobalt by-product from certain cobalt containing feed
streams.
The strategy integrates the upgraded Sable Refinery with Project
Roan, a new copper concentrator processing both Run-Of-Mine copper
ore as well as tailings to produce copper concentrates for refining
at Sable (10 000 tonnes per annum), which complements the existing
supply of third-party feed to Sable refinery (2 000 tonnes per
annum). The integrated Southern Refining Strategy's capital
allocation is c. GBP 19 million (ZAR 378 million).
Jubilee's project execution team broke ground for the
construction of the new copper concentrator, Project Roan, in June
2021 and despite the challenges caused by the COVID 19 pandemic and
its effect on supply chains the team was able to commence testing
of certain equipment within seven months and completed all
construction activity within 11 months which remains a remarkable
achievement. Project Roan has reached a production throughput level
pf 65% of design capacity and is expected to complete the ramp-up
of the operation, which targets 830 tonnes of copper per month,
during July 2022.
In addition to the copper refining capacity at Sable, Jubilee
approved the implementation of a cobalt refining circuit at Sable
able to produce up to 1 200 tonnes of cobalt per annum depending on
the feed grade to the circuit. The new cobalt circuit commenced
commissioning during June 2022 with the first test product produced
as part of the commission of the circuit targeting to commence
commercial production during August 2022.
Crucially, and in line with Jubilee's goals to promote
sustained, inclusive economic growth, the Southern Refining
Strategy has resulted in significant job creation, with total jobs
filled in Zambia reaching over 700 during the last 12 months.
Jubilee has prioritised sourcing of skills and services from its
local communities and has in many instances partnered with local
firms to assist in their growth and development to offer a
sustained service to its projects.
United Kingdom
13 July 2022
For further information visit www.jubileemetalsgroup.com or contact:
Jubilee Metals Group PLC
Leon Coetzer
Tel: +44 (0) 20 7584 2155 / Tel: +27 (0) 11 465 1913
Nominated Adviser - SPARK Advisory Partners Limited
Andrew Emmott/James Keeshan
Tel: +44 (0) 20 3368 3555
PR & IR Adviser - Tavistock
Jos Simson/ Gareth Tredway/Charles Vivian
Tel: +44 (0) 207 920 3150
Joint Broker - Berenberg
Matthew Armitt/Jennifer Lee/Detlir Elezi
Tel: +44 (0) 20 3207 7800
Broker - Shard Capital Partners LLP
Damon Heath/Erik Woolgar
Tel: +44 (0) 20 7186 9900
Joint Broker - WHIreland
Harry Ansell/Katy Mitchell
Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618
JSE Sponsor - Questco Corporate Advisory Proprietary Limited
Sharon Owens
Tel: +27 (11) 011 9212
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