Jubilee Metals gets two binding offers for Large Waste Project
Jubilee Metals Group PLC on Monday said it has received two binding offers for the outright acquisition of its Large Waste Project in Zambia.
The London-based copper producer and resource developer with mines in Zambia said the offers represent a substantial premium to the original acquisition price of the LWP.
Jubilee said it will select a preferred purchaser and provide further details once definitive transaction agreements are concluded, which it expects to happen within the next two weeks.
The currently unnamed potential purchasers were selected following a review of expressions of interest from several international firms and based on the strength of their respective offers and operational track record in Zambia. Both purchasers have completed initial due diligence.
Jubilee said the sale of the LWP forms part of a "progressive derisking" of its large growth portfolio, allowing it to prioritise investment in existing Zambian operations.
Both binding offers include an initial deposit payment due by August 27. The successful purchaser will then have up to 90 days to complete its final due diligence. Following completion of the due diligence period and issuance of a due diligence certificate, definitive agreements will be executed within 10 days.
The remaining balance will be linked to instalments over a period of up to three years, Jubilee said.
Chief Executive Officer Leon Coetzer said: "The targeted transaction represents an important evolution of Jubilee's copper strategy and rationalising of its capital investment to prioritise leveraging off our established operating footprint in Zambia.
"The combination of the proceeds from the disposal of the Large Waste Project together with the remaining proceeds from the previously announced sale of the South African operations, offer substantial cash inflows while retaining Jubilee's core Zambian mine-to-metals investments. This will strengthen our balance sheet and enhances financial flexibility to accelerate the implementation of our copper growth strategy."
In a separate announcement in April 2025, Jubilee said it had secured exclusive rights to the Large Waste Project for a reduced consideration. Under the purchase agreement, the sellers elected to receive the final USD5.0 million settlement consideration in new Jubilee shares.
Shares in Jubilee rose 11% to 2.78 pence per share on Monday afternoon in London.
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