• PROJECTS AND EXPLORATION
We have addressed the power supply challenge by entering into an additional power supply agreement that sources power across a broader generation network to avoid localised exposure to network instabilities and a single power generation plant .
The Roan operations were more severely affected by these interruptions than the Sable refinery due to the supply of its private electricity across the national power grid , while Munkoyo and Project G mining operations remained on target and unaffected by the power interruptions .
Jubilee was liaising closely with Zambian officials to try to manage , as far as possible , the timings of outages and recommencements of power . This allowed for some costs to be avoided .
At the time , Large Waste Project Jubilee updated the industry on its Large Waste Project containing in excess of 260 million tonnes of copper containing rock on surface . In addition , Jubilee was successful in securing significantly enhanced commercial terms for the outright acquisition of the Large Waste Rock Project . The total acquisition value of a 100 % interest in the project has been reduced to USD18-million payable over 12 months to December 2025 ( originally announced a target acquisition value of USD30-million ) of which approximately USD11.5-million remains payable . Jubilee is on track to complete its final due diligence by end January 2025 .
Highlights :
• The company ’ s copper units produced reached 1 454 tonnes ( H1 FY2024 : 1 683 tonnes ) below the revised half year production target of 1 800 tonnes mainly due to the impact of the power constraints .
• Run-of-Mine ( ROM ) and in process stock increased sharply as a result , reaching approximately 1.21 million tonnes containing an estimated 8 466 tonnes of copper units for future processing .
• An additional power agreement executed with a new broad based power provider to supplement the existing power supply agreement , specifically aimed at achieving steady power supply at Roan . The agreement : - Secures access to a distributed power base from multiple sources of power generation to avoid dependency on a single supply source and localised power network distribution limitations ; - The new additional power supply is capable of supplying all of Sable and Roan ’ s power demands , if required , at a power cost similar to the existing power agreement . Sable refinery was able to continue operating and remains operational given its proximity to the power producer . - Roan upgrade and commissioning completed reaching ramp-up throughput targets of a combined 45 000 tonnes per month during the period before experiencing shut-downs due to power constraints . - Roan was commissioned and ramped up initially using low-grade waste materials before targeting the switch to feed materials containing approximate 1.5 % copper ( Cu ). - Roan was placed under care and maintenance to prioritise maintenance activities and to avoid any risk of equipment damage due to unstable power supply ; and o Roan will restart with the commencement of power supply under the additional power supply agreement . - Munkoyo mining on target producing in excess of 70 000 tonnes per month of ROM ready for future processing ; - High grade ROM at a rate of 8 000 tonnes per month exceeding 2.5 % total copper , continues to be directly refined at Sable . - Pilot-scale leach trials targeting all of the ROM produced at Munkoyo have shown exceptional results and implementation will be accelerated with final designs and capital estimations expected by end of Q1 CY2025 .
Statement from Leon Coetzer , Jubilee CEO : “ Over the past quarter , we have experienced significant challenges in our Zambian operations brought on by a combination of extraordinary circumstances outside of our direct control .
“ We have addressed the power supply challenge by entering into an additional power supply agreement that sources power across a broader generation network to avoid localised exposure to network instabilities and a single power generation plant . This power supply contract should successfully address current power supply limitations that affected Roan ’ s ability to operate .”
Despite unexpected setbacks mainly outside of the company ’ s control , Coetzer said that he remains confident in the company ’ s ability to bring full value to the investment made into the expansion of its operating and processing footprint .
Copper production rates are expected to return to target on the back of the commencement of the additional power agreements and the restart of Roan plant . •
Source : supplied by Jubilee Metals
The Roan operations were more severely affected by these interruptions than the Sable refinery due to the supply of its private electricity across the national power grid , while Munkoyo and Project G mining operations remained on target and unaffected by the power interruptions .
12 • African Mining • March 2025 www . africanmining . co . za