Kabwe a mining town in Africa’s copper producer Zambia will receive an investment boost as dual listed (on London and Johannesburg Stock Exchange) Jubilee Metals Limited (JLP) bought a Zinc refinery from Glencore corporation for USD$22.5million. Jubilee will seek to process material from its Kabwe zinc project.
The purchase of the Kabwe mine was through a rights issue of USD$14.5million and debt finance of USD$8million.
Jubilee has already secured Zambian Ministerial approval for the transaction. The Minister also waived previous conditions placed on the Kabwe mining licences.
“I am delighted that, after months of testwork, flowsheet design and refinery acquisition negotiations, we can announce the full implementation plan for the Kabwe base metals project,” Jubilee CEO Leon Coetzer commented.
The refinery will process tailings of waste products, 8,000 tons of Zinc, 15,000 tons of lead and 1,500 tons of vanadium.
Refurbishing will cut 18-months out of the time to build a new Zinc circuit.
Jubilee adds the Kabwe operation to its stock of three operations namely the Dilokong chrome and platinum, PlatCro and the Hernic supply.