Zambia-focused integrated copper producer and resource developer Jubilee Metals, which is listed on the Aim and the AltX, has secured a $1.5-million unsecured convertible loan note investment specifically designated for the accelerated development of the greater Molefe region.

The company says the undisclosed investor has a successful record in the development of various copper projects and forms part of the team behind the development of Mantos Copper and its subsequent merger with Capstone Copper.

It adds that this initial investment reflects the investor’s keen interest in supporting Jubilee’s copper exploration and mining strategy in Zambia, including the development of the greater Molefe region, beyond the current mining area.

Further, it notes that the investor recognises the potential value offered by the company’s exploration and mining strategy that seeks to significantly expand its near-surface Molefe mining operation, while targeting similar near-surface copper deposits in the greater Molefe region. Discussions are under way for a further $10-million staggered investment.

“We are pleased to secure this initial investment, which reflects growing confidence in our copper strategy and the broader opportunity within our Zambian portfolio. The facility provides near-term funding flexibility to aggressively pursue additional exploration and mining opportunities within the greater Molefe region, while we advance discussions around a potential longer-term strategic partnership aimed at supporting resource expansion, processing capacity growth and increased copper production across the broader Zambia platform.

"Importantly, our approach combines ongoing copper production from our processing operations with the concurrent development of a scalable resource base at the Molefe mine, reflecting Jubilee’s differentiated model of building resources alongside production. This balanced approach underpins both near-term performance and long-term value creation as the scale of the resource is defined progressively," comments Jubilee CEO Leon Coetzer.