TIDMJLP
RNS Number : 6046S
Jubilee Metals Group PLC
17 November 2021
Jubilee Metals Group PLC
("Jubilee" or the "Company")
Registration number (4459850)
AltX share code: JBL
AIM share code: JLP
ISIN: GB0031852162
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR). Not for
release, publication or distribution in whole or in part in, into
or from any jurisdiction where to do so would constitute a
violation of the relevant laws or regulations of such
jurisdiction.
Jubilee Metals Group PLC
("Jubilee" or the "Company" or the "Group")
Copper and PGM Projects Update
Jubilee Metals Group PLC, a leader in metals processing with
operations in Africa (AIM: JLP/Altx: JBL), is pleased to provide an
operational and corporate update on its copper projects in Zambia,
specifically Project Roan, and its Inyoni PGM project in South
Africa following a period of significant progress.
Highlights
Copper Projects
-- Construction of Project Roan targeting the production of 10
000 tonnes per annum through the integrated copper processing plant
in northern Zambia, is fast nearing completion with commissioning
activities targeted to commence during December CY2021, slightly
ahead of the anticipated timetable and notwithstanding
international freight and logistics challenges experienced
globally
-- Project Roan remains on track to start delivering copper
concentrate to the upgraded Sable Refinery during Q1 CY2022
-- In addition to Project Roan, Jubilee is targeting the
construction of a further two such copper concentrating facilities
as part of its Northern Zambian refining strategy, as the Company
targets the delivery of in excess of 25 000 tonnes of copper per
annum by the end of CY2023
-- On the back of positive results from the preliminary work
undertaken at the Troulli Copper Project in Cyprus, coupled with
the fact that Caerus Mineral Resources Plc ("Caerus") has
successfully increased its prospective rights, which offers the
potential of greater scale to the project, Jubilee has reached an
agreement with Caerus to extend its Option Agreement for a further
18 months, with both parties working towards a possible joint
venture during Q1 CY2022
-- Jubilee is planning to upscale its engineering team in Cyprus
as it advances its test programme at the Troulli Project.
PGM Projects
-- Jubilee has completed the approximate US$21 million
construction and commissioning of the extensive upgrade
capitalisation programme of the Inyoni PGM Operations. The upgrade
programme has significantly enhanced Inyoni's processing capability
by providing the flexibility to process a wide variety of third
party PGM feed materials making it one of the only large scale PGM
plants capable of processing blended ores
-- The capitalisation programme was undertaken over an 11-month
period and included a chrome recovery circuit together with a new
feed blending and classification circuit with a significantly
expanded PGM recovery circuit with the capability, based on its
design, to process up to 75 000 tonnes per month of chrome and PGM
rich material.
-- Inyoni is now uniquely positioned to capitalise on the
variety of PGM feed materials offered to the market
-- Jubilee's PGM operational target for the current financial
period remains at 50 000 PGM ounces, despite the interruptions to
operations during the construction and commissioning of the upgrade
programme
-- Jubilee continues to review the available options to expand
its processing footprint into South Africa's Eastern Limb of the
Bushveld Complex PGM-bearing region
Leon Coetzer, Chief Executive Officer, commented: "Further
significant progress has been made over recent months at both our
South African and Zambian operations, as well as outside the
African continent, with the collaboration with Cyprus based Caerus
Mineral Resources.
"Our implementation team at Project Roan has successfully
navigated the various challenges faced due to the impact of the
Covid pandemic and its knock-on effect on international logistics
and freight movement and construction activities. The
state-of-the-art copper concentrator which will be able to produce
both a copper oxide and a copper sulphide rich concentrate, and
following some reprioritisation of the commissioning schedule, is
nearing completion with staggered commissioning activities set to
commence in December 2021, targeting the first commercial
production during March 2022. Owning 100% interest in the Southern
Refining Strategy, which incorporates the Sable Refinery and
Project Roan, captures all of the earnings potential and total
flexibility, putting us in a very strong position going into
2022.
"I am particularly pleased at the completion of the
capitalisation and commissioning programme at our PGM operations
which has transformed the operation from originally implemented to
only process the historical tailings from the then Hernic
Ferrochrome, to now been able to target the processing of a variety
of PGM feed materials. This follows our success in securing vast
quantities of PGM tailing materials through long term offtakes in
the Eastern Limb earlier this year, solidifying our presence in the
region. It gives me confidence that we will secure further
long-term feed supplies and operational presence driving our
sustained earnings in South Africa.
"Very telling of 'the Jubilee Way' is our reputation outside of
the African sub-continent. The extended Option Agreement with
Caerus demonstrates the recognition of Jubilee's international
brand and the results from the initial project review are
encouraging and we are looking forward to continuing to work with
the Caerus team, with the potential to further the partnership and
benefit to Jubilee stakeholders in the future."
Zambian Copper Projects Update
Having already achieved early earnings, the roll out of
Jubilee's copper and cobalt strategy offers the potential of
significant continued earnings growth in addition to the
achievements of its PGM and chrome operations.
The Sable Refinery, which is fully operational, acts as a
central processing facility for third party material in the region
in addition to providing refining access to Project Roan for the
refining of the copper concentrates.
As previously announced, during CY2020 Jubilee entered into
joint venture agreements to secure rights to process over 300
million tonnes of copper and cobalt containing tailings in Zambia.
The copper and cobalt tailings are located in three central
locations named Project Roan, Project Lechwe and Project Elephant.
Jubilee has a set target to expand its access to refining capacity,
to achieve a targeted 25 000 tonnes of copper units per annum.
Project Roan, which targets an annual production rate of 10 000
tonnes of equivalent copper units, entered its construction phase
during H1 CY2021. The state-of-the-art copper concentrator, which
will be able to produce both a copper oxide and a copper sulphide
rich concentrate, is nearing completion with staggered
commissioning activities set to commence within three weeks
targeting the first commercial production during March CY2022.
The project team consistently demonstrated their tenacity to
overcome the challenges brought on as a result of the Covid-19
pandemic, which caused havoc with delivery and construction
schedules of imported equipment, due to international freight
disruptions.
The Company is looking forward to commencing with the
commissioning of the first of our targeted three copper
concentrators on our path of delivering 25 000 tonnes of copper per
annum.
Global Project Strategy
Jubilee's approach to the research and development of copper
waste and tailings projects is not limited to any particular region
or country and Jubilee's success to date has created a recognisable
international brand. To this extent, Jubilee announced on 4 May
2021 its collaboration with Caerus to undertake thorough
metallurgical test work in relation to the processing of copper and
gold surface-based waste and tailings materials located in
Cyprus.
The results from Jubilee's initial project review have delivered
encouraging results and the Company has concluded to allocate more
resources to the project, including its in-country presence. In
line with the decision, Jubilee has reached an agreement with
Caerus to extend its Option Agreement for a further 18 months to
complete, amongst other things, a review of the Troulli -
Kokkinapetra Project in Cyprus, particularly given that Caerus has
successfully increased their prospective rights offering greater
scale to the Troulli Project.
PGM Projects Update - South Africa
Jubilee's PGM operations consist of the Inyoni and Windsor JV
PGM operations.
Historically, Jubilee's Inyoni Operations were largely focussed
on the processing of historical tailings stockpiled at the
operations. The financial distress suffered by Hernic Ferrochrome
Pty Limited, that ultimately resulted in the sale of its business
in late 2019, highlighted the risk of the dependency of the PGM
operation on such a single source feed stream, to creating a
long-term sustainable operation.
The Company took the decision in Q4 2020 to significantly
enhance the Inyoni operation to form a PGM processing facility that
offered the flexibility to process a wide range of PGM feed and
tailings materials under PGM Supply Agreements from a variety of
clients. The Company set out to establish a uniquely positioned
processing facility targeting the wider industry.
The capitalisation programme and commissioning of the new
enhanced Inyoni facility has been completed totalling approximately
US$ 21 million and offering a new feed blending and classification
circuit and significantly expanded PGM recovery circuit, with the
capability, based on its design, to process up to 75 000 tonnes per
month of chrome and PGM rich material . The project required
intricate planning to commission the upgraded facility within an
operational environment, while ensuring the safety of our people.
Despite the disruptions to the operations during the expansion, the
Company continues to target the production of 50 000 PGM ounces for
the current financial period setting a solid foundation for
achieving its 55 000 PGM ounces target on a sustainable basis.
As announced earlier this year, Jubilee's PGM operational
footprint has been largely focused on the Western Limb of the
Bushveld Complex, a single area of the two main PGM areas in South
Africa. The Eastern Limb has been a key focus to expand its PGM
reach and operational capacity. A number of the PGM Supply
Agreements entered into give access to this area, offering a
platform to Jubilee to pursue further growth opportunities.
**ENDS**
For further information visit www.jubileemetalsgroup.com or contact:
Jubilee Metals Group PLC
Colin Bird/Leon Coetzer
Tel +44 (0) 20 7584 2155 / Tel +27 (0) 11 465 1913
Nominated Adviser - SPARK Advisory Partners Limited
Andrew Emmott/James Keeshan
Tel: +44 (0) 20 3368 3555
Broker - Shard Capital Partners LLP
Damon Heath/Erik Woolgar
Tel +44 (0) 20 7186 9900
Joint Broker - WHIreland
Harry Ansell/Katy Mitchell
Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618
JSE Sponsor - Sasfin Capital (a member of the Sasfin group)
Sharon Owens
Tel +27 (0) 11 809 7500
PR & IR Adviser - Tavistock
Jos Simson/ Gareth Tredway/Charles Vivian
Tel: +44 (0) 207 920 3150
PR & IR Adviser - St Brides Partners
Notes to Editors:
Jubilee Metals Group is a diversified metal recovery business
with a world-class portfolio of projects in South Africa and
Zambia. We create value for all stakeholders through the
transformation of mining liabilities into profitable assets in a
manner that addresses mining's historical footprint and improves
the quality of life for surrounding communities. Our distinguishing
value proposition is our net positive impact on all stakeholders
and the environment.
Our business model focuses on the retreatment and metals
recovery from mine tailings, waste, slag, slurry and other
secondary materials generated from mining operations. In effect,
while extracting maximum financial returns, we responsibly
rehabilitate environments scarred by the surface footprint of
historical mining operations and solving air and water pollution
issues associated with those installations.
The Company's expanding multi-project portfolio provides
exposure to a broad commodity basket including Platinum Group
Metals ('PGMs'), chrome, lead, zinc, vanadium, copper and
cobalt.
Jubilee is listed on the London Stock Exchange's AIM (ticker:
JLP) and the Johannesburg Stock Exchange (ticker: JB).
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDBFBMTMTIBTJB
(END) Dow Jones Newswires
November 17, 2021 02:00 ET (07:00 GMT)
Jubilee Metals (LSE:JLP)
Historical Stock Chart
From Feb 2024 to Mar 2024
Jubilee Metals (LSE:JLP)
Historical Stock Chart
From Mar 2023 to Mar 2024