Jubilee Metals Forms Joint Venture with IRH for Copper Recovery in Zambia

Jubilee Metals Forms Joint Venture with IRH for Copper Recovery in Zambia

New Collaboration Aims to Utilize Waste for Copper Production

Jubilee Metals has announced a joint venture with International Resources Holding (IRH) to recover copper from a waste rock dump in Zambia. This initiative aims to process over 60 years’ worth of discarded mining material and ore that was once considered too low-grade for extraction.

Project Details and Expectations

The partnership involves the creation of a special purpose vehicle (SPV), primarily financed by IRH, to oversee the acquisition of the waste deposit and implement the processing solution. Jubilee Metals is set to hold at least a 30% stake in this SPV. The company will also be in charge of the design, implementation, and operation of the processing solution. The project is expected to produce around 2,000 tonnes of copper per month and is in alignment with Jubilee’s growth objectives and commitment to sustainable extraction methods.

Project Location and Resource Estimations

The waste rock asset, located in Zambia’s Northern Copperbelt, contains an estimated 350 million tonnes of material. Historical sample analyses have indicated copper grades higher than 1.5%. Jubilee Metals plans to conduct extensive drilling and sampling to further define the resource, followed by development work on processing methodologies.

Financial Aspects and Long-term Vision

Jubilee Metals has secured exclusive rights to the waste rock material for a consideration of $30 million, payable over 18 months. The total estimated cost for the project, encompassing mining equipment and project infrastructure, stands at nearly $50 million. The initial phase will focus on selective mining to feed four copper processing modules. Leon Coetzer, CEO of Jubilee, highlighted the strategic significance of the partnership, emphasizing the project’s role in enhancing the company’s copper production capacity and reinforcing its position in the industry. icon

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