Jubilee Metals has secured the exclusive rights to the large waste project in Zambia for $18m, reduced from the original $30m, the company said.
The project contains about 260-million tonnes of copper-rich material, it said on Thursday.
As part of its strategy to expand its copper operations in Africa, the miner is using innovative ways unlock value from mining waste. The agreement gives Jubilee until mid-May to finalise the acquisition and settle the remaining $11.5m over 12 months.
The diversified metals producer, with operations in SA and Zambia, said it had conducted extensive due diligence, including sampling campaigns and pilot trials, which had delivered promising results.
As part of the process, Jubilee entered into an agreement to sell 10-million tonnes of material to a multinational metals company for $6.75m. The transaction represents less than 5% of the total material and serves as a large-scale trial to validate the resource’s performance when processed externally, the company said.
“The large waste project offers tremendous potential for Jubilee to significantly expand its copper portfolio in Zambia,” said CEO Leon Coetzer.
The project is part of Jubilee’s broader copper expansion strategy, which includes restarting its Roan Concentrator and expanding operations at Munkoyo, both in Zambia.
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