Jubilee Metals Group, a diversified metals producer listed on Aim and AltX, reported a decline in copper production at its Roan operation in Zambia due to ongoing power constraints.
In its operational update for the six months ending December 31, marking the first half of the 2025 financial year, the company disclosed that copper production at the Roan mine totaled 1,454 tonnes, down from 1,683 tonnes in the same period of 2024, and also falling short of the revised target of 1,800 tonnes.
Despite this setback, Jubilee highlighted a substantial increase in its run-of-mine (RoM) and in-process stock, which now stands at approximately 1.21 million tonnes, containing an estimated 8,466 tonnes of copper units intended for future processing.
To address the power challenges at Roan, Jubilee has entered into an additional power supply agreement with a new, broad-based provider. This new arrangement ensures a more reliable and diversified power supply from multiple sources, reducing dependence on a single provider and mitigating local network issues.
The upgraded power supply is expected to meet all energy demands at both Roan and the Sable refinery, with the new arrangement expected to commence within seven business days, pending regulatory approval. The cost of the new supply will be similar to the current arrangement.
While the Sable refinery has remained operational due to its access to a stable power supply, Roan was temporarily placed under care and maintenance to prevent equipment damage during power disruptions. The plant had been ramping up throughput to 45,000 tonnes per month before the power shutdowns.
Roan had originally been commissioned with low-grade waste materials but transitioned to higher-grade feed materials containing approximately 1.5% copper. The resumption of operations at Roan is expected once the new power supply is in place.
Jubilee CEO Leon Coetzer stated, “Despite the challenges faced in Zambia over the past quarter, we’ve addressed the power supply issue by entering into an agreement that sources power from a broader generation network, which should resolve the current limitations and allow us to return to normal processing rates once operational.”
In contrast, copper production at the Munkoyo mine, near the Sable refinery, was unaffected by the power issues. Munkoyo successfully achieved its mining targets, producing over 70,000 tonnes per month of RoM. High-grade RoM material, containing over 2.5% copper, continues to be directly refined at Sable at a rate of 8,000 tonnes per month. Additionally, pilot-scale leach trials at Munkoyo yielded positive results, with final designs and capital estimates expected by the end of Q1 2025.
In South Africa, Jubilee reported record production in its chrome concentrate operations, with output increasing by 35.7% to 974,659 tonnes in the second half of 2024, compared to 718,189 tonnes in the first half. The company is on track to surpass its full-year guidance of 1.65 million tonnes, thanks to the commissioning of two new chrome processing units. The Thutse modules achieved their design throughput in December, contributing to a record quarterly production of 519,310 tonnes for Q2 of the 2025 financial year.
Platinum group metals (PGM) production for the first half of the 2025 financial year totaled 18,435 ounces, down from 20,244 ounces during the same period in 2024. However, Jubilee remains on track to meet its full-year target of 36,000 ounces, and has adapted to market fluctuations by improving operational efficiencies in its chrome and PGM operations.
Coetzer added, “In South Africa, our team continues to deliver exceptional performance. We are well on track to meet and exceed our chrome production guidance for the 2025 financial year. Our chrome and PGM businesses have proactively adapted to market challenges, ensuring our competitiveness.”
Jubilee confirmed that its copper production guidance remains under review until a consistent power supply is restored and Roan resumes full operations. However, the company expects its chrome and PGM production targets to be met or exceeded.
