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Pin to quick picksJubilee Metals Share News (JLP)

Share Price Information for Jubilee Metals (JLP)

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Share Price: 7.60
Bid: 7.50
Ask: 7.70
Change: -0.10 (-1.32%)
Spread: 0.20 (2.667%)
Open: 7.60
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Low: 7.50
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Jubilee Metals shareholders endorse GBP13 million equity raise

Wed, 03rd Jan 2024 12:47

(Alliance News) - Jubilee Metals Group PLC on Wednesday its shareholders have approved the equity raise for its proposed Green Copper project in Zambia.

The London-based metal processing company, with projects in South Africa and Zambia, said last month it intended to raise GBP13 million through a conditional placing of 236.4 million new shares with new and existing investors at a price of 5.5 pence each.

The company had decided to increase the total gross proceeds from GBP10 million originally planned, thanks to strong demand in the bookbuild.

At a general meeting held on Wednesday, Jubilee said its shareholders okayed the placing by the requisite majority votes.

After the capital raise, the number of shares in issue will expand to 2.97 billion.

Jubilee shares shed 2.4% to 6.64 pence in London on Wednesday afternoon, handing it a market capitalisation of GBP182.0 million. In Johannesburg, shares fell 1.8% to ZAR1.60. The issue of new shares is generally dilutive.

The placing comes after Jubilee announced last month it had secured one of the largest copper waste rock assets in Zambia and had formed a strategic partnership that will invest in this "significant" dump. It estimated the waste rock material on surface at more than 350 million tonnes.

Overall project costs, including mining equipment and project infrastructure, are likely to be around USD50 million, Jubilee said.

The metal processing firm also said then that it had signed a binding funding term sheet with Abu Dhabi-based International Resources Holding RSC to form a dedicated special purpose vehicle through which both the acquisition of the copper waste rock asset and implementation of the processing solution will be funded.

International Resources is affiliated to the Abu Dhabi conglomerate, International Holding Co PJSC.

The price for the acquisition of the waste rock dump was GBP30 million, which is to be paid in instalments over a period of 18 months, and project costs are anticipated to be USD50 million.

By Artwell Dlamini, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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15 Dec 2023 15:59

Jubilee Metals raises GBP13 million to fund Zambia copper operations

(Alliance News) - Jubilee Metals Group PLC on Monday said it raised GBP13 million via a placing of new shares, of which net proceeds will be used towards its Zambian copper operations.

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15 Dec 2023 09:58

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(Alliance News) - Jubilee Metals Group PLC on Friday said it will raise GBP10 million to fund its Green Copper project in Zambia.

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Jubilee Metals in partnership to invest in copper waste rock asset

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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17 Oct 2023 08:25

IN BRIEF: Jubilee Metals shares advance after new slag project award

Jubilee Metals Group PLC - London-based metal processing company - Mopani Copper Mines awards the company a "significant" new slag project. Mopani and Jubilee will form a joint venture as part of this project. Jubilee will process about 13 million tonnes of historical slag, which is estimated to contain 0.7% copper and 0.27% cobalt in addition to the current slag arisings, it says.

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Jubilee Metals upbeat as chrome expansion continues amid high prices

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