TIDMJLP
RNS Number : 1979H
Jubilee Metals Group PLC
22 November 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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Copper and Cobalt Operations Update
Jubilee, the AIM and Altx traded metals processing company is
pleased to announce key milestones achieved in its southern copper
and cobalt operations in Zambia. The Company's cobalt operation, at
its Sable Refinery ("Sable"), has successfully achieved the
production of export grade cobalt product allowing the ramp-up of
its operations to commence.
Sable has also successfully commissioned the direct leaching and
refining of copper sulphide material in addition to the recovery
and refining of its copper oxide concentrates. In doing so, it has
successfully bypassed the traditional power intensive, smelting
process used by the industry for the refining of copper sulphide
materials, significantly expanding Sable's processing
capability.
Highlights
-- Jubilee achieved export quality cobalt production, allowing
the commencement of the ramp-up of operations
-- The Company will initially target the production of 50 tonnes
of contained cobalt metal which is the equivalent of approximately
220 tonnes of final product, before ramping up to the 1 200 tonnes
of contained cobalt metal annual capacity, which equates to 5 280
tonnes of final product
-- This achievement forms part of the development and design of
the much larger Northern Refining Project
-- The cobalt, seen as a by-product to the Southern Refining
operations, holds the potential to significantly contribute to
overall earnings with targeted margins at capacity expected to
exceed 45% and first sale of product targeted to commence end of
December 2022
-- Direct leaching of copper sulphide from mixed copper
concentrates achieved at operational scale on a sustainable basis,
resulting in improved recoveries on overall copper treated.
This process by-passes the need for traditional power intensive
smelting of copper sulphide concentrates, offering additional
growth opportunities from Sable's operational capability from the
processing of mixed copper oxide and copper sulphide
concentrates
Following its first production of export quality cobalt
carbonate, Sable is now able to commence with the commercial
production of cobalt targeting an initial production rate of 50
tonnes per month of contained cobalt metal for the next three
months, thereafter, stepping up to targeted capacity of 100 tonnes
per month.
The cobalt production is expected to make a significant
contribution to the earnings potential of the Southern Copper
refining operations with margins expected to exceed 45% at
capacity. This establishes Sable as one of the few cobalt
refineries in Zambia able to process and refine cobalt containing
materials at commercial scale.
Sable has also successfully achieved the direct leaching of
copper sulphide from mixed copper concentrates at operational
scale. This leading refining approach offers further diversity to
its operational capability to target mixed copper oxide and copper
sulphide concentrates which Jubilee has identified as a significant
growth opportunity.
In its integrated annual report, Jubilee noted the water and
power infrastructure challenges present in Zambia and the
constraints these have had on the newly commissioned Roan
concentrator. The water constraints will be addressed with the
upgrading of the water infrastructure commencing the first week of
December. This follows the award of a water licence to Roan
allowing it to own and operate a dedicated water supply
infrastructure for its operations. The intervention project is
expected to be completed over 6 days during which time the water
infrastructure will be upgraded and recommissioned. The power
constraints experienced at Roan have been resolved
satisfactorily.
Leon Coetzer, CEO commented: "Jubilee's Project Roan is part of
our Southern Copper Refining Strategy ("the South"), and the
predominant supplier of concentrates, produced from perceived waste
to the Company's copper and cobalt Sable Refinery, which is
adjacent to Jubilee's Kabwe tailings resource in Zambia.
"The success and the lessons learned from the South are
fundamental to the development and de-risking of Jubilee's Northern
Refining Strategy ("the North") where we will implement the same
strategy, but at scale.
"With approximately 264 million tonnes of copper-containing
surface tailings secured in the North, the focus is now on
integrating the successful technology of the Sable plant at a much
larger scale into the North.
"With such a large resource secured, the North offers the
potential to far exceed the original stated
Production target of 15 000 tonnes per annum of copper. A key
next decision for the implementation of the North is to lock in the
capacity of the North refinery which sets in motion the final
design capacities for the concentrators that supplies the refinery
with concentrated copper and concentrate materials.
"With the now proven processes in the South, the Company expects
to receive the final recommendation on capacities from its design
teams by mid-January 2023. I look forward to updating shareholders
in this regard."
United Kingdom
22 November 2022
For further information visit www.jubileemetalsgroup.com or contact:
Jubilee Metals Group PLC
Leon Coetzer
Tel: +27 (0) 11 465 1913
Nominated Adviser - SPARK Advisory Partners Limited
Andrew Emmott/James Keeshan
Tel: +44 (0) 20 3368 3555
Joint Broker - Berenberg
Matthew Armitt/Jennifer Lee/Detlir Elezi
Tel +44 (0) 20 3207 7800
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
PR & IR Adviser - Tavistock
Jos Simson/ Gareth Tredway/Charles Vivian
Tel: +44 (0) 207 920 3150
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November 22, 2022 03:51 ET (08:51 GMT)
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