Business
Private Power Purchase Agreement in Zambia
Private Power Purchase Agreement in Zambia.
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 \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 secures Private Power Purchase Agreement in Zambia\n \nJubilee, a diversified metals producer with operations in Zambia and South Africa, is pleased to announce the signing of a three-year renewable power purchase agreement with Lunsemfwa Hydro Power Company (LHPC), an independent hydro and solar power producer in Zambia. The power purchase agreement ensures that the total power supply needs of both Roan and Sable will be continuously met at competitive rates to the prevailing power tariffs, commencing on 1 September 2024. \n \nIn addition, the agreement allows Jubilee the option to secure a further 10MW of solar generated power discounted by more than 30% below the initial power purchase agreement power rates. The additional power secures Jubilee's future power demands to meet its expanding operational footprint.\n \nLeon Coetzer, CEO of Jubilee commented:\n \n\"The successful implementation of the private power purchase agreement is a critical step towards securing a reliable and continuous power supply for our operations and addresses the current shortage of power experienced. This comes at a critical time as we step up the production at our Roan and Sable operations and look to further expand our operational footprint. Our Roan operation has been impacted by power shortages, which is comprehensively addressed by this agreement.\n \nThe additional power allocation of 10MW which holds the potential to be further scaled, ensures that our immediate power demands for our operational expansion targeting 25 000 tonnes of annual copper processing capacity will be met. Security of power supply is a critical factor in the successful roll-out of our Zambian copper strategy.\"\n \nFurther Background to the Power Purchase Agreement\n \nLHPC is an established independent power ...