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(Alliance News) - Jubilee Metals Group PLC said Monday its application for the renewal of its small scale mining licence 7081-HQ-SML in Kabwe, Zambia has been accepted by the minister of Mines & Mineral Development.
The renewal has been approved for a period of ten years and is subject to several customary conditions specified by the minister.
In addition, Jubilee has appointed Nicholas Taylor as non-executive director with effect on October 1. Taylor's most recent executive role was as European head of Natural Resources Investment Banking at Royal Bank of Canada from 2015 to 2016.
"As Jubilee continues to aggressively drive its expansion across both its Zambian and South African operations, the renewal of the licence in Zambia is an endorsement of the work that we are doing on the ground at Kabwe and the support from government and the Department of Mines. We have made significant progress in Zambia since the acquisition of the Sable Refinery in 2019, particularly in recent months with Jubilee securing access to vast amounts of copper containing surface tailings," said Chief Executive Officer Leon Coetzer.
Shares in Jubilee Metals closed 5.9% higher at 5.82 pence in London, while its Johannesburg shares ended 7.3% higher at ZAR1.33 on Monday.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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