Jubilee Metals saw a rise in shares by more than 4% as they provided an update on their copper projects in Zambia. The company highlighted the importance of securing a stable power supply, which has been a challenge in the region. They recently signed a power purchase agreement with Lunsemfwa Hydro Power Company to ensure uninterrupted power supply to their operations.
Their strategy in Zambia focuses on reaching a processing capacity target of 25,000 tonnes of copper per year. This involves utilizing the Sable Refinery and the Roan Concentrator. CEO Leon Coetzer expressed the significance of a reliable power source in maintaining progress in their projects. The Roan front-end module has achieved its design capacity, with the first copper concentrate produced recently.
Jubilee has also begun ramping up operations at the Munkoyo open-pit, aiming to process high-grade copper ore. They are also looking into further opportunities, including the Waste Rock project, to enhance their copper output. Discussions for additional open pit opportunities are underway, showing the company’s commitment to growth.
The company is expanding its copper resource portfolio to support the expansion of their operational footprint in Zambia. Businessman Reuel Khoza has joined the board, bringing valuable expertise to the team. With these developments, Jubilee Metals is well-positioned to meet their production targets and drive further growth in the copper sector.
As a result of these updates, Jubilee’s shares have seen a positive response in early trading. The company’s success story in advancing copper projects in Zambia is a reflection of their strategic initiatives and operational efficiency. Investors are optimistic about the future prospects of Jubilee Metals as they continue to make significant strides in the copper industry.