RE: Copper6 Feb 2025 08:13
Jubilee Metals Group Plc (AIM:JLP) announces progress on restarting Roan operations in Zambia following stable power delivery and the processing of new higher-grade copper feed material to accelerate production. A new power agreement implemented after national outages impacted December 2024 and January 2025 output has stabilized operations. Jubilee has secured rights to 200,000 tonnes of copper material at 1.6% copper—more than double the current feed grade—with an option to expand supply. Roan can process up to 45,000 tonnes per month, initially allocating 30,000 tonnes to high-grade material, commencing within a week. The company is assessing full production at this grade for over three years. Payment for the copper material includes $2.7 million (£2.17 million) via the issuance of 51,774,429 new shares at 4.2p per share, with a lock-in of up to 180 days. Jubilee is finalizing due diligence on the Large Waste Project, expected to conclude by March 2025. CEO Leon Coetzer highlights Roan’s ability to process both mined and waste copper material, securing high-grade resources to recover lost production, enhance cash flow, and support Zambia’s operational recovery. Copper guidance will be reviewed after four to six weeks of processing the new material.@Jubilee_Metals