This acquisition builds on the success of Project Munkoyo and marks another milestone in Jubilee’s expansion of its copper operations in Zambia. The company has secured an additional 2MW of power under its recently announced private power purchase agreement (LHPC), ensuring sufficient energy supply for all Zambian operations.
With this increased power allocation, the Roan Concentrator can now run at full capacity, benefiting both the newly commissioned front-end module and the existing milling and flotation plant. Moreover, Jubilee’s Zambian operations have fully transitioned to renewable energy sources for their power needs.
Jubilee CEO Leon Coetzer commented: “I am pleased to announce the acquisition of our second open-pit mining operation in Zambia. As I mentioned when we first outlined these acquisitions, securing two open-pit sites reflects our ability to leverage our processing expertise and early-mover advantage to tap into significant near-surface copper resources that are already operational. These assets offer predictable, high-grade copper, and our owner-management model allows us to control the feed ore blend to meet our annual production target of 25,000 tonnes of copper. Zambia presents numerous similar near-surface resource opportunities, which we are actively pursuing.
“We are equally proud to have transitioned our power supply entirely to renewable sources—hydropower and, in the future, solar energy. This is crucial to the green energy transition and helps ensure our copper production carries a minimal carbon footprint,” Coetzer added.
The company’s increased processing capacity of 25,000 tonnes of copper per annum will be realized through upgrades to the Roan Concentrator and the addition of a second copper tank house at the Sable Refinery. The Sable upgrade is currently underway, with full integration expected within 10 months. Jubilee’s focus now shifts to ramping up secured copper resources to utilize this enhanced capacity fully.
Jubilee’s second open-pit mine, Project G, was acquired following successful full-scale processing trials at the Sable Refinery. Jubilee will manage and operate the site with an initial payment of $2 million, deferring $1 million until the transfer of mining licenses. Additionally, the company will invest $500,000 in expanding and developing the operation. Project G aims to increase output to 10,000 tonnes per month by February 2025, featuring an on-site upgrading facility capable of pre-concentrating run-of-mine material into 3,000 tonnes of copper concentrate per month. Lower-grade copper will be stockpiled for future processing.
Both Project G and Project Munkoyo, located near Sable, are pivotal to Jubilee’s strategy. Project Munkoyo aims to achieve 15,000 tonnes of run-of-mine ore per month by December 2024, delivering 5,000 tonnes directly to Sable for refining. Project G began operations in July 2024. A resource drilling program is currently underway, with plans to increase production to 20,000–25,000 tonnes of ore per month, subject to confirmation of resource continuity.
