Jubilee Metals gets Kabwe licence extension and sees first copper within three months

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Jubilee Metals Group PLC (LON:JLP) said it has had its mining licence at Kabwe in Zambia extended for another ten years.

The junior added it also expects to produce its first copper concentrate from the Sable refinery at Kabwe within the next three months.

Leon Coetzer, chief executive, said this will come from the most recently acquired copper run-of-mine material, after which it will start to process 150mln tonnes of copper tailings secured in June.

The licence renewal covers lead, zinc, copper and cobalt

Jubilee added that Nick Taylor is also to join the board as a non-executive director on 1 October.

Taylor is a corporate finance veteran who has headed natural resource teams in several merchant banks, it noted.

Coetzer said: “Nick is a well-respected professional and known for his prowess in driving successful M&A transactions in our industry.

“Nick, together with my CFO Pedja [Kovacevic], form a strong complementary team who jointly hold exceptional experience and a depth of knowledge of the financial and capital markets as well as the natural resources industries.”

Shares rose 5.5% to 5.8p.

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