Jubilee Metals Group PLC (AIM:JLP, JSE:JBL, OTC:JUBPF) CEO Leon Coetzer speaks to Thomas Warner from Proactive at the end of a week Coetzer is happy to describe as "one of the most significant" in the metal recovery business' history.
Jubilee this week announced a deal with the Abu Dhabi-based International Resources Holding RSC (IRH) to acquire and jointly extract copper from a large waste rock dump in Zambia, where Jubilee aims to produce more than 20,000 tonnes per year of copper using its newly developed modular copper units.
Construction of processing units is planned to begin in the first quarter of 2024 and Jubilee said it has the capability to commission within 12 months. The AIM-listed company has also announced a £10mln placing specifically to fund the work. Coetzer emphasises the project's scale, highlighting the opportunity to surpass the company's earlier copper production targets of 25,000 tonnes.
Additionally, the successful targeted capital raise, though dilutive, secures Jubilee's fully funded position for accelerated project execution. Coetzer also highlights the significance of this move, reducing the capital burden on Jubilee and positioning the company for a capital-light future with self-funding capabilities.
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