Jubilee receives two binding offers for its Large Waste Project
Zambia-focused integrated copper producer and resource developer Jubilee Metals has received two binding offers for the acquisition of its Large Waste Project, with the company noting that the offers offer a substantial premium to what Jubilee paid for the LWP.
The company adds that the planned sale of the LWP will support the accelerated investment by Jubilee into the growth of its existing Zambian operations, offering lower risk and a lower-capital pathway to achieving the company's growth objectives, such as the implementation of the on-site copper processing facility at the expanded Molefe mine operations.
"The targeted transaction represents an important evolution of Jubilee's copper strategy and rationalising of its capital investment to prioritise leveraging off our established operating footprint in Zambia. Our investment into defining the LWP has enabled us to attract binding offers for the asset at a substantial premium to the original purchase price, allowing us to redeploy the funds towards investment into the expansion of our existing operations such as our Molefe mine operations which offers greater returns.
"The LWP is a greenfield project and, as such, requires significantly higher capital at greater project execution risk. Our vision remains to transform the Molefe mine into an integrated copper mining and processing hub, strengthening our long-term copper strategy while delivering a lower-risk, lower-capital pathway to growth and enhanced value for shareholders. The combination of the proceeds from the disposal of the LWP, together with the remaining proceeds from the previously announced sale of the South African operations, offer substantial cash inflows while retaining Jubilee's core Zambian mine-to-metals investments.
"This will strengthen our balance sheet and enhances financial flexibility to accelerate the implementation of our copper growths strategy," Jubilee CEO Leon Coetzer says.
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