Jubilee buys Zambian zinc refinery for $12m
Purchase from Glencore speeds up its multimetal project, the first outside its three tailings treatment businesses in SA
As Jubilee Metals Group gains traction on its three SA chrome and platinum group metal projects, it has bought a refinery with secured funds of $22.5m in shares and debt to fund a new multimetal project in Zambia. Jubilee, which is traded on the London and Johannesburg bourses, bought the Sable zinc refinery for $12m from Glencore subsidiaries in Zambia, for which Jubilee will make phased payments. By refurbishing the zinc refinery, Jubilee will cut 18 months out of the timeline to build a new zinc circuit. The total capital for Kabwe is $24m. The Kabwe project in Zambia, which entails the retreatment of tailings, the waste product coming out of a processing plant, will deliver 8,000 tonnes of zinc, 15,000 tonnes of lead and 1,500 tonnes of vanadium a year once the project ramps up to steady state production over a two-year period. The share issue to raise $14.5m and the debt funding of $8m ensures there is enough capital to build the project, said CEO Leon Coetzer. In SA the larges...
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