(NewsDirect)
Jubilee Metals Group PLC (AIM:JLP,JSE:JBL, OTC:JUBPF) CEO Leon Coetzer speaks to Thomas Warner fromProactive at the end of a week Coetzer is happy to describe as"one of the most significant" in the metal recoverybusiness' history.
Jubilee thisweek announced a deal with the Abu Dhabi-based International ResourcesHolding RSC (IRH) to acquire and jointly extract copper from a largewaste rock dump in Zambia, where Jubilee aims to produce more than20,000 tonnes per year of copper using its newly developed modularcopper units.
Construction ofprocessing units is planned to begin in the first quarter of 2024 andJubilee said it has the capability to commission within 12 months. TheAIM-listed company has also announced a £10mln placing specificallyto fund the work. Coetzer emphasises the project's scale,highlighting the opportunity to surpass the company's earliercopper production targets of 25,000 tonnes.
Additionally, thesuccessful targeted capital raise, though dilutive, securesJubilee's fully funded position for accelerated project execution.Coetzer also highlights the significance of this move, reducing thecapital burden on Jubilee and positioning the company for acapital-light future with self-funding capabilities.
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