Zambia-focused integrated copper producer and resource developer Jubilee Metals, which is listed on the LSE’s Aim and the JSE’s AltX, says the legal due diligence in respect of the proposed disposal of its Large Waste Project (LWP), in Zambia, has been completed.

Jubilee CEO Leon Coetzer says the successful completion of the legal due diligence represents an important milestone in progressing the disposal of the LWP.

The company says it expects the $2.25-million deposit for the project to be paid within the next few days.

Based on the binding heads of terms, a further 45-day period is offered to complete the further due diligence mainly focussing on the technical aspects of the material as well as the conclusion of the final transactional documentation.

If completed successfully within this period, the consideration of $35-million will be settled over a three-year period with the first instalment due in December.

Jubilee says the transaction remains subject to the completion of the final due diligence and definitive documentation and the satisfaction or waiver of conditions precedent normal for a transaction of this nature.

The company says the transaction represents a further step in Jubilee's strategy to progressively derisk its growth portfolio and prioritise capital allocation towards the expansion of its existing Zambian copper operations.

The monetisation of the LWP enables Jubilee to redirect capital towards opportunities capable of generating stronger returns by leveraging the company's established mining and processing footprint in Zambia, including the continued expansion of the Molefe mine.

In addition, the next instalment from the sale of the South African operations of about $15-million becomes due during early January 2027.

“The disposal remains firmly aligned with our strategy to recycle capital into the accelerated growth of our existing Zambian copper operations, where we can leverage our established operating and processing footprint to target stronger returns,” says Coetzer.