Business
Jubilee Transaction on Large Waste Project
Jubilee Transaction on Large Waste Project.
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n\nJubilee Metals Group PLC\nRegistration number: 4459850\nAIM share code: JLP\nAltx share code: JBL\nISIN: GB0031852162\n('Jubilee' or 'the Company' or 'the Group')\n \nDissemination of a Regulatory Announcement that contains inside information according to UK Market Abuse Regulations. 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.\n \nJubilee executes transaction on the Large Waste Project\nJubilee, a diversified metals processor in Africa, with copper operations in Zambia and chrome and PGM operations in South Africa, is pleased to announce an update on the Large Waste Project transaction.\nJubilee has secured the exclusive rights to the Large Waste Project (Project) for a reduced consideration of US$18 million (previously US$30 million). The Company has until mid-May 2025 to elect to acquire the assets and settle the approximately US$11.5 million dollars remaining of the consideration over a period of 12 months. Jubilee has been performing a due diligence on the Project which included sampling campaigns, laboratory test work and pilot scale trials, the results of which will inform the board's decision as to whether to exercise the option to acquire the assets. \nOn the back of encouraging results from the due diligence completed so far, Jubilee has entered into an agreement to sell 10 million tonnes of the estimated 260 million tonnes of material to a selected multi-national metals company. The value of the 10 million tonnes material trade is estimated at US$6.75 million. Under this agreement Jubilee will gain a detailed insight into the performance of the material when processed at the partnered company's existing facilities. The results of which will provide a high degree of confidence in the expected performance of the material if processed in future by Jubilee.\nStatement from Leon Coetzer, Chief Executive Officer:\n\"Jubilee's copper strategy continues to gain further momentum on the back of the restart of its Roan Concentrator processing high-grade copper material as well as the expansion of its Munkoyo mining operation. The Large Waste Project offers tremendous potential for Jubilee to significantly expand its copper portfolio in Zambia. We have been ...