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
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regulations of such jurisdiction.
Jubilee secures Private Power
Purchase Agreement in Zambia
Jubilee, a diversified metals
producer with operations in Zambia and South
Africa, is pleased to announce
the signing of a three-year renewable power
purchase agreement with Lunsemfwa Hydro Power Company (LHPC), an
independent hydro and solar power producer in Zambia. The power
purchase agreement ensures that the total power supply needs of
both Roan and Sable will be continuously met at competitive rates
to the prevailing power tariffs, commencing on 1 September
2024.
In addition, the agreement allows
Jubilee the option to secure a further 10MW of solar generated
power discounted by more than 30% below the initial power purchase
agreement power rates. The additional power secures Jubilee's
future power demands to meet its expanding operational
footprint.
Leon Coetzer, CEO of Jubilee commented:
"The successful implementation of
the private power purchase agreement is a critical step towards
securing a reliable and continuous power supply for our operations
and addresses the current shortage of power experienced. This comes
at a critical time as we step up the production at our Roan and
Sable operations and look to further expand our operational
footprint. Our Roan operation has been impacted by power shortages,
which is comprehensively addressed by this agreement.
The additional power allocation of
10MW which holds the potential to be further scaled, ensures that
our immediate power demands for our operational expansion targeting
25 000 tonnes of annual copper processing capacity will be met.
Security of power supply is a critical factor in the successful
roll-out of our Zambian copper strategy."
Further Background to the Power Purchase
Agreement
LHPC is an established independent
power producer in Zambia and owns and operates two hydropower
plants in the central province. LHPC is a member of the Southern
Africa Power Pool and an active power trader in the regional
market. LHPC is building a 20MW solar plant and plans to use its
portfolio of renewable power sources to meet Jubilee Zambia's power
requirements. The agreement highlights Jubilee's dedication to
sustainable energy practices. The power will be supplied from an
integrated solar power and hydro-storage facility which is expected
to be brought into operation over the coming 12
months.
On 10 June 2024, the government of
the Republic of Zambia held a special cabinet meeting chaired by
the President and approved the Open Access regime allowing private
players to access the electricity transmission and distribution
lines in the country to give consumers alternative sources of
electricity to encourage the development of power generation in the
country. LHPC and Jubilee are excited to be among the pioneers in
actualising this government policy.
*ENDS*
27
August 2024
For further information visit
www.jubileemetalsgroup.com,
follow Jubilee on Twitter (@Jubilee_Metals), visit
www.lunsemfwahydro.com.zm or contact below:
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 and processing of metals
from previously overlooked resources, such as unprocessed
historical waste rock, run-of-mine materials and tailings in Zambia
and South Africa. 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 Jubilee's operational footprint
in Zambia and South Africa. Jubilee's success is derived from
operational and technical excellence, an experienced management
team and a pioneering Technical Development Centre.