Jubille’s Project Roan delivers first copper concentrate
JOHANNESBURG - LONDON and JSE-listed Jubilee Metals said yesterday that it had delivered the first copper concentrate from the Jubilee Sable Refinery at Project Roan ahead of schedule.
Project Roan is the first of three processing plants that Jubilee aims to construct in order to recover copper and cobalt in these facilities, with the target of 25 000 tons of copper a year.
At full capacity, Project Roan is expected to recover 10 000 tons of copper equivalent a year.
Chief executive Leon Coetzer said the successful delivery on time of copper concentrate from Project Roan to the fully operational Sable Refinery was the first major step in the group’s commitment to achieve its targeted production of 25 000 tons of copper a year within the next four years and taking a leading role in the processing of surface tailings in Zambia.
“Project Roan is the first of three copper-processing facilities that we target to implement to achieve this goal. Completion of Phase 1 on schedule demonstrates our team’s ability to deliver on our goals in a new jurisdiction,” Coetzer said.
He said alongside the continued performance of the group’s South African platinum group metals (PGM) operations, the ramping up of the company’s copper operation in Zambia was expected to improve on Jubilee’s recently published record interim results for the six months to December 31, 2020.
The completion of Phase 2 of Project Roan was expected during the third quarter of 2021, and it was expected to increase the copper concentrate being delivered to the Sable Refinery.
Last month, Jubilee posted a whooping 212 percent surge in interim attributable earnings to a record £30.9 million (R615m) during the six months to the end of December, up from £9.9m a year earlier, on a combination of higher output and metal prices.
Jubilee, the PGM and chrome-processing company whose operations include the Kabwe project in Zambia, said the main drivers of the higher attributable earnings were the strong metal price environment and the 34 percent increase in PGM output to 28 287 ounces.
Jubilee also said yesterday that it was making progress with Project Elephant, the company’s second copper-processing facility, whereby Jubilee had secured the rights to about 150 million tons of copper-containing surface tailings.
Jubilee said Project Elephant remained on track for the execution phase by August.
“Project Elephant’s target is 12 000 copper units per annum in addition to Project Roan by the end of 2022,” said Jubilee.
Jubilee shares closed flat at R3.45 on the JSE yesterday.