6th Aug 2025 11:32
(Alliance News) - Jubilee Metals Group PLC reported it expects sharply higher copper production for the financial year, with its expansion progressing "significantly" in Zambia.
The London-based metal processing company guides 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.
For the first half of 2026 financial year, production is projected at 2,300 tonnes, up from 1,454 tonnes in the first six months that ended December 31, 2024 and higher than 757 tonnes in the second half of financial 2025.
Copper production for the first six months of 2025 financial year was "severely" hit by the power and infrastructure challenges, but these have been resolved.
Jubilee said early in June it had received a "conditional binding offer" from a private mining and metals trading company to acquire its chrome and platinum group metal operations in South Africa. The disposal would allow Jubilee to focus on its copper operations in Zambia.
On Wednesday, Jubilee said the "definitive agreements" for the disposal of these assets are in "near final form".
Jubilee said on Wednesday the upgraded Roan copper concentrator plant in Zambia is fully operational and capitalised, and exceeded its targeted production for the month of July 2025, reaching 384 tonnes of copper units and is ahead of the targeted production rate of 350 tonnes in August.
Jubilee also said on Wednesday it is advancing its Munkoyo open-pit copper mine and Project G mining operations to feed an expanded Sable refinery in Zambia.
On Wednesday, Jubilee shares were down 8.8% to 2.74 pence each in London. In Johannesburg, they lost 5.4% to ZAR0.70.
By Artwell Dlamini, Alliance News senior reporter South Africa
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