Jubilee Metals to get payment after copper project legal due diligence

Jubilee Metals Group PLC said on Thursday legal due diligence on the proposed disposal of the large waste project has now been completed.

The London-based metal processing company operating in Zambia late in August agreed to sell its large waste project for USD35.0 million after choosing a preferred bidder.

On Thursday, the company said it expects the USD2.25 million deposit to be paid within the next few days after legal due diligence, which focused on the contractual and regulatory legal framework governing the project.

The USD2.25 million payment secures a further 45-day period of exclusivity during which the further technical due diligence will be undertaken, it said.

Shares in Jubilee were up 6.4% to 2.08 pence on Thursday morning in London, but they 4.7% lower at 41 rand cents in Johannesburg.

If completed within this period, the consideration of USD35 million will be settled over a three-year period with the first instalment due in December 2026, Jubilee said.

The transaction remains subject to the completion of the final due diligence and definitive documentation, the group said.

Jubilee said late in August the USD35 million deal replaced the previously announced sale of 10 million tonnes of waste copper material from the large waste project for USD6.75 million.

In April last year, the metal processing company agreed to sell 10 million tonnes of an estimated 260 million tonnes of copper material at the project to a multinational metals company for USD6.75 million. Back then, it said it had started to "monetise" a large waste project.

In December 2023, Jubilee secured one of the largest copper waste rock assets in Zambia. Then in March 2024 it formed a partnership with Abu Dhabi-based International Resources Holding RSC that would invest in this dump.

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