RE: KCM report1 Sep 2025 14:29
"particularly the deployment of two modular units reportedly valued at USD 25 million...." The two units required to meet the stated initial target of 5,000 tonnes copper/an are just that - the initial two; there is nothing to say they are going to cost $25 million. Rather that : "The Company has prioritised the Large Waste project (in excess of 240 million tonnes). Jubilee is looking to roll out A SERIES of 25 000tpm modular processing units on-site, based on the design implemented at Roan. One unit is capable of producing 2 250tpa of copper units. The Company is seeking a partner to contribute US$25 million towards the funding and implementation of the project to accelerate the roll-out of the processing footprint under a non-dilutive partnership agreement. Jubilee is well advanced in negotiations to replace the initially targeted partnership pursued with an Abu Dhabi based group.
The project will ULTIMATELY INCLUDE A DEDICATED UPGRADING, COPPER RECOVERY AND REFINING SOLUTION due the VAST RESOURCE able to carry the investment requirement over time. The initial modular units WILL PRODUCE A SALEABLE UPGRADED COPPER PRODUCT which offers the potential that the project self-funds the investment requirements over time through early revenues generated from the sale of this material. The Company successfully executed an initial trade of the material earlier in the year demonstrating the inherent value of this exciting project."
NB Earlier figures quoted $3 million to build a single 20,000t/mth / 2,000 t copper units/an module and $6 million for a 50,000t/mth / 5,000t/an copper units one. As can be seen from that statement the intention is to sell the concentrate.
You do a lot of inaccurate assuming HarmProf. The ore shipped from Munkoyo is not processed at all prior to shipping. It is high grade 2.5%+ and the refining is done in totality at Sable. "(average grade is low at large waste project)" You do not know this. The only information we have about the grade is "Early results from preliminary surface sampling indicate zones with grades higher than 1.5% copper ("Waste Rock Project")." Hardly low grade. And there is nothing to indicate "that Jubilee is under pressure to deliver.." from the Zambian Government. On the contrary, in all likelihood the government is probably delighted that Jubilee is actively investing in an area of copper production, ie smaller scale artisinal mines and waste treatment, that no one else is, thus supporting their aim of increasing copper production and supporting the local communities where the smaller mines are, with employment opportunities and improved sanitation. Must try harder.
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