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(Sharecast News) - Metals processing company Jubilee Metals Group announced on Friday that the sale and transfer of the entire issued share capital in Sable Zinc Kabwe to it has been completed, allowing the company to begin the implementation of a fully integrated multi-metal refinery in Zambia.
The AIM-traded firm said the acquisition "significantly reduces" the Kabwe Project implementation timelines and project capital requirement.
It said the refinery, together with its Kabwe surface resources of more than six million tonnes at surface, established a "fully integrated multi-metal operational footprint" in Zambia.
Jubilee explained that it intended to recommission the current copper/cobalt circuit during the fourth quarter, to achieve earnings during the build phase of the zinc vanadium and lead circuit, with first production of zinc and vanadium targeted for the second quarter of 2020.
The acquisition expanded its commodity basket to include copper, vanadium, zinc and lead, the board added.
It said the multi metal refining operation afforded the firm the opportunity to "rapidly expand" its metals recovery footprint in Zambia, which the company was actively pursuing.
"Completing the acquisition of the refinery is a key milestone in delivering Jubilee's Zambian strategy of establishing a fully integrated multi-metal recovery operation," said chief executive officer Leon Coetzer.
"The refinery, which will be the only one of its kind in Zambia, opens tremendous potential opportunities for Jubilee to significantly increase its access to additional surface materials for further refining."
Coetzer said the advancement of the Kabwe Project was in line with the group's strategy to diversify earnings across multiple commodities and jurisdictions.
"We are able to fund the acquisition and implementation of the Kabwe project from our current cash reserves."
11 Aug 2014 09:35