Jubilee Metals has secured one of the largest copper waste rock assets on the surface in Zambia and has formed a strategic partnership with Abu Dhabi-based International Resources Holding (IRH).
IRH is affiliated with the Abu Dhabi conglomerate, International Holding Company PJSC (IHC), the most valuable listed holding company in the United Arab Emirates, and the second-most valuable in the Gulf Cooperation Council region.
It said early results from preliminary surface sampling show zones with grades higher than 1.5% copper.
Processing by Jubilee’s newly developed modular copper units aims to produce more than 20 000 tonnes per annum of copper at a cost of below $ 4,000 per tonne of copper from this historical waste rock dump.
“The Transaction marks a significant milestone on our journey in Zambia, catapulting our copper expansion in the region,” said Jubilee chief executive Leon Coetzer.
He said the binding funding term sheet will allow Jubilee to pursue its copper growth strategy in collaboration with IRH.
“This partnership combines Jubilee’s unique technical and operational experience with the strategic in-country copper focus and financial support of the IRH,” said Coetzer.
“The strategic significance of this partnership is further highlighted by the recently announced selection of IRH as the preferred strategic equity partner for Zambia’s Mopani Copper Mines asset, which owns the Mufulira Slag Dump Project recently awarded to Jubilee.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
