Jubilee Metals raises $16.6 million to fund Zambia copper mining

Metals recycling company Jubilee Metals has completed a private placement to raise approximately £13 million ($16.6 million) to support its latest copper scrap landfill project in Zambia.

Zambia copper mining

As part of the placing, the company issued 236.3 million new shares priced at 5.5p each. WH Ireland and Berenberg acted as joint brokers and lead managers for the placement.

This follows a recent partnership between Jubilee Metals and United Arab Emirates (UAE)-based International Resources Holding (IRH) to mine copper, with a monthly production target of 2,000 tonnes.

Preliminary estimates suggest the waste rock deposit may contain up to 350 million tonnes of material containing more than 1.5% copper.
Proceeds from the latest issuance will be used to finance a $1.75 million down payment related to the waste rock project.

Jubilee Metals will also use the funds to expand the sulphide recovery loop at its Sable refinery to increase sulphide concentrate production from newly acquired projects.

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The funds will also be used to advance the development phase of the Mufulira slag project, including early batch testing and processing, as well as general working capital requirements.

Leon Coetzer, CEO of Jubilee Metals, said: “The funds raised will enable us to accelerate the manufacturing of new copper modules for these new projects and, more importantly, work with suppliers to produce long-lead products amid tight markets for critical materials. .The funding will also enable us to expand our Sable facility by adding copper sulfide production capacity to accommodate increased production.

“This proposed fundraising complements the growth projects we are already funding in South Africa and Zambia. By accelerating the implementation of this new waste rock project, we will be able to increase production and revenue faster than using existing cash flow financing.”

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