Jubilee Metals sells some surface tailings assets for $12 million

Jubilee Metals Group PLC on Wednesday it has sold some non-core mine waste assets, while copper production at its Roan project in Zambia is set to start this week.

Jubilee, which has operations in both South Africa and Zambia, said it sold some assets from its non-core surface tailings portfolio for $12.3 million, payable in tranches over the next 20 months.

The London-based metal processing company also said it has completed eight weeks of test work of high-grade copper ores at its Roan copper concentrator plant in Zambia.

It ran several operational trials on previously secured copper run-of-mine materials.

The trials confirmed Roan’s ability to adjust to an operational feedstock processing recipe targeting only run-of-mine material, which is expected to replace the historical tailings over the medium term, it said.

The company has entered a long-term feedstock supply agreement at Roan, with production starting this week.

Jubilee said it is excited to have commenced production under the new supply agreements and will provide clear guidance as soon as it has sufficient operational data under the supply agreement in the coming weeks.

Roan has set an immediate production target of 35,000 tonnes per month to 40,000 tonnes a month.

The group said it remains committed to scale operations as it advances toward its medium-term production targets.

Jubilee Metals shares were up 1.0% at R 1.00 in Johannesburg early Wednesday. In London, they were down 3.3% to 4.16 pence, however.

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