Jubilee exercises 40% Kabwe option

6th February 2018 By: Natasha Odendaal - Creamer Media Senior Deputy Editor

JOHANNESBURG (miningweekly.com) – AltX- and Aim-listed Jubilee Metals Group intends to exercise its option to earn a 40% interest in BMR Group’s Kabwe lead/zinc project, in Zambia, after a comprehensive technical, financial and legal due diligence.

This increases Jubilee’s effective interest in the Kabwe project to 57.41%, comprising a 40% direct interest and a 17.41% interest indirectly held as a shareholder in BMR.

“The Jubilee board has satisfied itself that the Kabwe project is indeed a project worthy of development. Our testwork has confirmed the quality of the base asset and has provided encouraging results for integration into our future metallurgical studies,” said Jubilee CEO Leon Coetzer.

The joint venture with BMR will lead Jubilee into alternative metals and countries, a move Coetzer believes will have the potential to be significantly earnings enhancing once fully operational.

“We intend to work with BMR to fast-track this project into production,” he said, highlighting that the comprehensive technical due diligence confirmed grade predictions and further testwork provided encouraging processing results for future optimisation.

This agreement is subject only to final documentation against previously agreed binding commercial and material terms.