23rd Sep 2024 08:00
(Alliance News) - Jubilee Metals Group PLC said on Monday its copper operations in Zambia have started to get "uninterrupted" electricity as of last week after signing power purchase agreement with Lunsemfwa Hydro Power Co late last month.
Jubilee signed a three-year renewable power purchase agreement with Lunsemfwa late last month. Lunsemfwa is an independent hydro and solar power producer in Zambia.
The London-based metal processing company, with projects in South Africa and Zambia said a crucial factor for successfully executing its copper strategy is securing a stable power supply, a "significant challenge" in Zambia.
Jubilee also said Roan copper concentrator front-end module has achieved design capacity, reaching design throughput of 45 tonnes per hour of waste rock feed for an eight-hour continuous period.
It noted that Munkoyo open-pit operations began ramping up, targeting to reach 15,000 tonnes of run-of-mine ore per month. It said Large Waste Rock project, with over 260 million tonnes of surface rock, is set to begin a commercial trial of 15,000 tonnes processed through Roan's front-end module in November as part of the final due diligence review.
"Establishing a stable power supply was crucial to maintaining steady progress in our projects," Chief Executive officer Leon Coetzer said. "The frequent rolling outages posed an ongoing risk to the stability of our operations, so I am grateful that we have now secured a reliable, continuous power source. This has been a critical factor in achieving design throughput at our new Roan front-end module."
On Friday, Jubilee Metals shares closed 1.7% lower at ZAC115.00 each, and 1.4% lower at 4.88 pence each in London
By Artwell Dlamini, Alliance News reporter
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