JOHANNESBURG - Diversified metals recovery company Jubilee Metals said on Friday it had secured funding to acquire the Sable Zinc refinery in Kabwe, Zambia for GBP 9.16 million or US$12 million in stage payments.

The refinery is situated immediately adjacent to the large stock piles of zinc, lead and vanadium that Jubilee has contracted from BMR Group Plc.

"In making this agreement the board is also pleased to announce that they have secured a combination of debt and equity financing to fully complete the transaction and deliver the company’s Kabwe project," Jubilee said.

It said the acquisition reduced the time to build the refinery by some 18 months, delivering the first metal within a year.

The project will ramp up over a two-year period from 20 tonnes to 40 tonnes per hour, producing significant amounts of zinc, vanadium and lead.

Jubilee is financing the acquisition and ramp up by an equity raising of GBP11.07 million (US$14.5 million) and a secured convertible loan note of GBP6.11 million (US$8 million).

African News Agency (ANA)