Jubilee Metals has restarted operations at its Roan copper facility in Zambia following the restoration of stable power. With production back on track, the company is now accelerating output by prioritizing the processing of newly secured high-grade copper feed.
Strategic Shift to High-Grade Copper
After power outages disrupted operations in December and January, Jubilee implemented a new power agreement on January 20, ensuring production stability. The company is now focused on maximizing efficiency and output by prioritizing high-grade feedstock while evaluating options to trade surplus lower-grade material.
The Roan plant’s flexibility to process both high-grade mined ore and tailings simultaneously allows for higher copper yields and improved operating margins.
Securing Premium Copper Feed
To support this strategic shift, Jubilee has secured 200,000 tonnes of copper feed with an impressive 1.6% copper grade—more than double the grade of current waste material. The company also holds an option to expand this supply, ensuring a long-term high-grade feedstock.
Roan has a monthly processing capacity of 45,000 tonnes, but initially, 30,000 tonnes will be allocated to high-grade material. Processing is set to begin within the next week, with projections indicating sustained full-capacity production for over three years.
Financial and Growth Plans
Jubilee will acquire the high-grade copper feed through a $2.7 million payment and the issuance of 51.77 million new ordinary shares at 4.20p per share.
Additionally, the company is finalizing due diligence on the Large Waste Project, with the transaction expected to conclude in March 2025.
CEO Highlights Resilience and Growth Potential
Jubilee CEO Leon Coetzer emphasized that the company’s investments in Roan’s advanced processing capabilities have been invaluable.
“Our ability to process both run-of-mine and waste copper material simultaneously has proven its value once again as we capitalize on this high-grade opportunity,” Coetzer stated. He confirmed that metallurgical tests on the new feedstock have demonstrated strong performance, reinforcing the company’s confidence in future production growth.
Despite recent power-related setbacks, Coetzer commended the team’s swift response in securing stable power and acquiring premium-grade copper feed, ensuring a rapid recovery of lost production and stronger short-term cash flow.
Jubilee remains committed to expanding its Zambian copper operations, leveraging surface resources, two open-pit mines, and a fully integrated refining network. The company is also exploring ways to monetize lower-grade assets while optimizing its high-grade copper strategy.
The company will reassess its production guidance after four to six weeks of operations with the newly secured high-grade material.
