6th Oct 2025 10:59
(Alliance News) - Jubilee Metals Group PLC said on Monday its new plan places the metal processing company on pathway to reach its long-term copper production target.
The London-based metal group focuses on copper business in Zambia, and is in the process of exiting its chrome and platinum group metal operations in South Africa. It has retained its investment in the Tjate platinum project in South Africa.
Jubilee targets 25,000 tonnes a year of copper output over longer term, as part of its three-pillar strategy that revolves around Roan copper concentrator plant, Sable refinery, and large waste project.
Pillar one involves processing of third-party copper feedstock at Roan, while pillar two pertains to Sable's integrated mine-to-metals business, and the large waste project makes up the third pillar.
The company early in August guided for copper output of 5,100 tonnes for the financial year ending June 30, 2026, up substantially from 2,211 tonnes a year earlier. For the 2024 financial year, production was 3,422 tonnes.
Jubilee also said it continued to realise value from certain legacy assets in Zambia. The funds realised from both the sale of non-core assets, along with those from the recent shareholder approved sale of South Africa business, ensures a steady flow of "non-dilutive" capital.
Also on Monday, Jubilee said it has received USD15 million first tranche from the sale of South African assets.
Early in June, Jubilee said it had received a "conditional binding offer" from a private mining and metals trading company to acquire its South African chrome and PGM business for up to USD90 million, or ZAR1.60 billion.
Jubilee and the private mining and metals trading company have made "detailed" submissions to the South African Competition Commission, Jubilee said.
Jubilee expects to release its first-quarter operational results over the coming four weeks.
In London, shares in Jubilee were down 4.7% to 3.17 pence, and they fell 3.9% to 74 rand cents in Johannesburg.
By Artwell Dlamini, Alliance News senior reporter South Africa
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