REG - Jubilee Metals Group - Zambia Progress Update

Jubilee MetalsAnnouncement

13/07/2022 07:00

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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. £ 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
(http://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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