Zambia’s Minister of Mines and Mineral Development has reinstated the mining license for Jubilee Metals Group’s part-owned Kabwe project. This move serves to pave the way for Jubilee to start its joint venture partnership with BMR Group.
They have approved the renewal for ten years and is subject to several customary conditions specified by the minister.
Jubilee has also appointed Nicholas Taylor as a non-executive director with effect on October 1. Taylor’s most recent executive role was as European head of Natural Resources Investment Banking at Royal Bank of Canada from 2015 to 2016.
Chief Executive Officer Leon Coetzer says that as Jubilee continues to drive its expansion across both its Zambian and South African operations, the renewal of the license in Zambia is an endorsement of the work that they are doing on the ground at Kabwe and the support from government and the Department of Mines.
Officer Leon also states that they have made significant progress in Zambia since the acquisition of the Sable Refinery in 2019, particularly in recent months with Jubilee securing access to vast amounts of copper-containing surface tailings
Shares in Jubilee Metals closed 5.9% higher at 5.82 pence in London, while its Johannesburg shares ended 7.3% higher at ZAR1.33 on Monday.