Jubilee Metals Group PLC
Registration number (4459850)
AIM
share code: JLP
Altx share code: JBL
ISIN: GB0031852162
("Jubilee" or "the Company" or "the Group")
Dissemination of a Regulatory
Announcement that contains inside information according to UK
Market Abuse Regulations. Not for release, publication or
distribution in whole or in part in, into or from any jurisdiction
where to do so would constitute a violation of the relevant laws or
regulations of such jurisdiction.
Roan Upgrade Project
Commences Operations
Jubilee, a diversified metals
producer with operations in South Africa and
Zambia, is pleased to announce
the commencement of operations at its Roan Upgrade
project in Zambia. The commencement of the newly constructed
front-end section of the Roan operation adds additional processing
capacity and flexibility to the already operating Roan milling and
flotation sections.
Highlights
·
Jubilee commences operations at its newly
constructed Roan front-end upgrade project.
·
Roan's new front-end capacity has been constructed
adjacent to the already operating milling and flotation
circuits increasing the overall capacity of Roan to a maximum
design of 13 000 tonnes of copper per annum (tpa).
·
The Roan front-end upgrade forms part of Jubilee's
overall operational capacity increase strategy which includes the
Sable refinery upgrade project currently underway, targeting to
reach a combined processing capacity of 25 000tpa of copper
over the coming 12 months.
Leon Coetzer, CEO
commented:
"We are proud to announce that the
Roan front-end module upgrade project in Zambia has commenced
production ramp-up of previously mined material, which has been
upgraded at source, prior to producing a saleable copper
concentrate at Roan.
It has taken a concerted effort by
the team to reach this critical point in the ramp-up of the Roan
Upgrade project. I look forward to the team completing an
accelerated ramp-up of operations during the coming
month.
The upgraded Roan, 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."
Zambian Copper Strategy
Jubilee's copper strategy is enabled
by Jubilee's proven ability to extract value from materials often
regarded by the industry as either waste or too complex to extract
economically through the traditional methods.
The targeted copper resources are
classed into three groups namely:
§ Previously
Processed Material (includes tailings, partially processed
discarded low-grade materials)
§ Previously
Mined Material (includes historically stockpiled low grade mined
material, over burden rock, such as the previously announced Waste
Rock Project transaction)
§ Open-pit
Mining of near surface copper reef (such as the previously
announced Munkoyo operation and Project G)
All three categories are held in
vast quantities within Zambia, offering Jubilee the opportunity to
further upscale its operations through targeted acquisitions of
these resources. Jubilee has actively pursued the three material
classes to grow its copper resource portfolio as an enabler to
drive the expansion of its processing operational footprint in
Zambia. The success in securing these targeted resources has
afforded Jubilee the opportunity to transition Sable into a
dedicated refiner for the processing of Open-pit Mining operations
such as the recently announced Munkoyo operation, while the
upgraded Roan will process predominantly Previously Mined and
Processed Material.
At completion, an expanded Sable and
Roan will operate as independent operations. Once Sable is at full
capacity supplied by Open-pit Mining operations, Roan can sell
excess concentrate in the open market. The Company is reviewing the
option of expanding the Roan operation to incorporate downstream
refining of its concentrate depending on capital allocation. The
targeted combined processing capacity of approximately
25 000tpa of copper, is achieved by an expanded Sable at 16
000tpa in addition to Roan's expanded capacity.
Roan Upgrade
Following the release on 24 June
2024 announcing civil and mechanical completion on the upgrade and
expansion of Roan (Roan Upgrade), the electrical control system
(ECS) has now also been successfully installed and commissioned,
allowing for the ramp up of production to commence.
The Jubilee team has begun with the
feeding of Previously Mined Material into Roan. The material is
upgraded at source before being transported to Roan where a
saleable copper concentrate is produced. The copper concentrate
will initially be refined to copper cathode at Sable until such
time that Sable's capacity is fully committed to the Open-pit mined
material from Munkoyo and Project G whereafter the Roan concentrate
will be traded on the open market.
This Roan Upgrade provides
additional processing capacity complementing the existing sulphide
copper concentrate capacity at Roan to a combined maximum design
capacity of 13 000tpa of copper depending on the copper feed
grades.
Website Updates
For more information about the
sources of feed processed by Jubilee in Zambia, please refer to the
presentation uploaded on our website. Furthermore, a second video
of Project Munkoyo has been uploaded on the website showcasing the
commencement of mining operations and the establishment of
facilities during July 2024.
8 August 2024
**ENDS**
For further information visit
www.jubileemetalsgroup.com,
follow Jubilee on Twitter (@Jubilee_Metals) or contact:
Jubilee Metals Group
PLC
Leon Coetzer (CEO) / Neal Reynolds (CFO)
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
Tel: +44 (0) 207 920
3150
Joint Broker - RBC Capital
Markets
Farid Dadashev/Jamil Miah
Tel +44 (0) 20 7653 4000
Joint Broker - Zeus
Capital
Harry Ansell/Katy
Mitchell
Tel: +44 (0) 20 7220 1670/+44 (0)
113 394 6618
JSE Sponsor - Questco Corporate
Advisory Proprietary Limited
Alison McLaren
Tel: +27 (0)11 011 9207
About Jubilee
Jubilee is a low-cost, diversified
producer, specialising in the recovery of metal from previously
overlooked resources, such as unprocessed historical waste rock,
run-of-mine materials and tailings in South Africa and Zambia. The
Company's low-capex, modular processing facilities are deployed
close to these various types of material, producing high grade
concentrates for sale or further refining to finished metal at the
Company's downstream facilities. Production currently consists of
copper, chrome and platinum group metals (PGMs). The modular
processing facilities offer a platform for growth and the rapid
expansion of its operational footprint. Jubilee's success is
derived from operational excellence, a highly experienced
management team and a pioneering Technical Development
Centre.