Operations Update in South Africa and Zambia

 

RNS Number : 3124M
07 May 2020

Jubilee Metals Group PLC

Registration number (4459850)

AltX share code: JBL

AIM share code: JLP

ISIN: GB0031852162

(“Jubilee” or “the Company”)

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.

Operations Update in South Africa and Zambia

 

Jubilee Metals Group (“Jubilee” or the “Company”), the AIM and Altx traded metals processing company, wishes to provide a further update on its operations under the current COVID-19 lockdown provisions in South Africa, and on progress made at its Zambian operations.

 

Highlights

  • Windsor PGM and Windsor Chrome Operation in South Africa have recommenced operations along with previously announced Inyoni PGM and Chrome operations
  • Successfully completed the commissioning of the cobalt production line to compliment the producing copper refinery and sulfuric acid plant at the Kabwe Sable Refinery in Zambia

Leon Coetzer, CEO of Jubilee, commented: “We are delighted that our Windsor PGM JV Operation and Windsor Chrome Operation are now back in operation to add to our Inyoni PGM and Chrome Operations. With all our operations being surface based processing facilities, they lend themselves to a rapid ramp-up to achieve targeted throughputs.   At all our operations the safety of our team remains a priority and we are implementing strict health and security measures on site to ensure we continue to comply with the requirements and best practises as subscribed by the authorities.

“I am also very pleased with the progress we are making in Zambia where we were able to successfully bring the copper and cobalt refining streams on-line to continue with the implementation and expansion of our multi metal refining capacity at the Kabwe Sable Refinery. The construction of the zinc recovery circuit remains on hold due to current restrictions and we will continue to update shareholders as the situation changes.”

 

Details

Jubilee is pleased to announce that in addition to the recommencement of production at its Inyoni PGM and Chrome operations as announced on 17 April 2020, the Company’s Windsor PGM JV Operation and Windsor Chrome Operation have also now re-commenced operations in adherence to the updated lockdown rules and regulations as set out by the South African authorities.

In Zambia at its Kabwe Sable Refinery, the Company continues to make significant progress with the successful completion and commissioning of the cobalt production line to compliment the producing copper refinery and sulfuric acid plant. This is in-line with the Company’s strategy of establishing a multi-metal refining capacity in Zambia targeting both Jubilee’s current surface assets as well as identified third party producers. The construction of the zinc circuit has been hampered during this period with current restrictions enforced on the movement of equipment and supplies across borders.

As previously announced during 2018, Jubilee entered into an agreement with BMR Group Limited (“BMR”) whereby Jubilee was appointed the sole operator of the Kabwe Project (the “Agreement”), giving it full control over the Kabwe Project and taking ownership of the nearly 6.5 million tonnes of surface tailings material containing lead, zinc and vanadium held under the small scale mining right owned by a BMR subsidiary.  Under the Agreement Jubilee also retained the right to process future material mined under the small scale mining right held by BMR.  Jubilee has now made application to the Zambian authorities for the transfer of the small scale mining right to its nominated subsidiary.

In addition, on 14 April 2020 Galileo Resources PLC (“Galileo”) announced their acquisition of all mining rights from BMR (the “Acquisition”) excluding the Kabwe small scale mining licence and associated rights to property and plant held by Jubilee at the Kabwe Project. Jubilee has, pursuant to the Acquisition and its rights held under the Agreement, entered into formal discussions with Galileo to enforce Jubilee’s rights to secure the processing at industry standard terms, of any future material held under these mining rights. The processing of third party run of mine material is consistent with Jubilee’s strategy to complement the existing feed from its Kabwe surface waste material with third party material.

 

United Kingdom

7 May 2020

 

**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 – St Brides Partners Limited

Catherine Leftley/Beth Melluish

Tel +44 (0) 20 7236 1177

 

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.

END