Integrated copper producer and resource developer Jubilee Metals’ combined production prior to refining from the Roan operations and Molefe mine totalled 3 739 t of copper for the financial year ended June 30, an increase of 225% year-on-year.

Combined copper in concentrate and run-of-mine (RoM) delivered to Sable during the full-year for refining reached 1 342 t of contained copper, an increase of 1 497.6% year-on-year.

Combined cathode and copper sulphide concentrate produced for sale reached 2 120 t of copper, a year-on-year increase of 1.3%.

In a production and operational update for the period, Jubilee says Roan has now reached stable operational output with a forecasted operational output for full-year 2027 of between 2 850 t and 3 150 t of copper.

Jubilee highlights that the third-party processing has provided it with an important platform from which to establish and grow copper production in Zambia.

The company’s expanding mining footprint is intended to complement this platform by securing a growing, long-term supply of Jubilee-controlled copper feed for processing and refining through Sable.

Roan has matured into a stable operating unit, delivering consistent operational performance and a significant increase in copper production, and this represents the first established source of copper concentrate supplying Sable, with the Molefe mine and Project G targeted to become the next operational feed sources as Jubilee progressively builds the baseload supply required to support its refining capacity.

Cathode production at Sable increased by 17.5% to 1 207 t for the financial year under review.

Sable continues to achieve its targeted refining efficiency and maintain the expected copper metal conversion rate from received concentrate and feed received.

During the fourth quarter, domestic acid availability reduced significantly, resulting in tighter supply conditions, as well as the cost increasing by more than 200%, while diesel costs increased by 90%.

These combined have had a marked impact on production at Sable and also caused a growing number of forced temporary closures of certain metal processors within the company’s area in Zambia.

Jubilee says it has been able to partially mitigate this impact through the flexibility of its operational model. Sable’s production relies on the guidance provided by Roan and Molefe achieving its project milestones.

For the Molefe mine, the company expects to release the results from the Phase 2 drilling programme over the coming two weeks.

Following the expanded resource drilling campaign, the Molefe mine plan has been updated to incorporate an extended pre-stripping programme designed to enlarge the openpit mining area and support the progressive increase in high-grade (HG) RoM production towards the project’s targeted rate of 10 000 t a month at a grade of 1.45% copper.

Current indications from the drilling results suggest Molefe holds the potential to deliver about 1 740 t/y of contained HG copper in RoM to Sable, which excludes the low-grade RoM being stockpiled for future processing at site.

The company’s resource joint venture partner tasked with the development of the resource review is targeting the release of an updated resource review by the end of this year.

Beyond Molefe mine, Jubilee is progressing the development of its broader mining portfolio to establish additional sources of Jubilee-controlled feed for Sable.

Project G represents the company’s next targeted mining project and is expected to advance following the Molefe ramp-up programme, with development of the Project G zone currently targeted to start from February 2027.

Post the period under review, in August, Jubilee announced the execution of a binding heads of terms for the sale of the Large Waste project (LWP) for $35-million with an option for accelerated settlement for a reduced consideration of $30-million.

The due diligence is progressing and is expected to conclude within the coming week which if successful, releases a deposit payment of $2.25-million to secure an exclusivity period to conclude final transactional documentation.

Following the disposal of the LWP, the group has refined its three-pillar copper strategy to reflect the evolution of its Zambian asset portfolio and its increasing focus on Jubilee-controlled mining and exploration opportunities as it progresses from a predominantly third-party processor towards a more integrated mine-to-metals copper business.

Meanwhile, Jubilee’s Tjate platinum group metals project was retained following the sale of the South African business. 

The company says it has received expressions of interest from various companies and is reviewing these interests as part of its strategic review of the asset.

OUTLOOK
Roan has reached the level of operating stability required to support forward guidance, with processing rates of between 25 000 t and 30 000 t a month being targeted, at an expected copper feed grade of about 1.5% to 1.6%, comprising sulphide, oxide and fines material.

On this basis, Roan is expected to deliver about 2 850 t/y to 3 150 t/y of contained copper units.

This guidance is based on total copper unit production and is not dependent on the potential introduction of the dense media separation circuit, which remains under review.

Molefe remains in its planned ramp-up and operational proving phase as the openpit continues to be expanded and pre-stripped.

The current project target is to increase RoM material delivered to Sable to about 7 000 t to 7 500 t a month before progressing towards 10 000 t a month.

The initial operating level will be used to demonstrate the sustainability of the key operating assumptions underpinning the planned expansion, including achieved copper grade, recoveries, throughput and acid consumption.

Subject to these parameters being demonstrated on a sustained basis, Molefe will progress towards its project target of 10 000 t a month of RoM, with this level therefore remaining a project target rather than production guidance.

Once Molefe has demonstrated stable operation at the targeted production rate for a sustained period (stable state), currently anticipated to be before the end of the year, the company expects to be in a position to incorporate Molefe into formal production guidance.

Project G will similarly be incorporated into formal production guidance once development has advanced sufficiently and the operation has demonstrated the required level of stable and predictable performance.

This approach establishes a clear progression from project target to production guidance as each operation demonstrates the required level of operating stability, while allowing Jubilee to progressively build guidance around its expanding portfolio of integrated copper production sources, the company points out.