Jubilee Metals Group is advancing a proposed €31.2 million sale of its Large Waste Project in Zambia, with the transaction expected to provide additional funding for the company’s copper expansion once due diligence and documentation are completed.
The London-listed company has completed legal due diligence on the proposed disposal. The transaction process is moving into a further 45-day period for technical due diligence and final documentation, with an initial deposit of approximately €2 million expected as the deal progresses. The sale has not yet been completed, and the anticipated deposit cannot be treated as cash received by Jubilee until payment is made. The proceeds remain contingent on completion of the transaction.
Disposal Proceeds Targeted at Zambian Copper Operations
Jubilee intends to direct capital towards its Zambian copper business, including the expansion of the Molefe Mine and greater utilisation of existing processing and refining infrastructure. The planned disposal forms part of a strategy to concentrate investment on copper while selling assets considered less central to the company’s growth plans.
Including outstanding proceeds expected from previously announced disposals in South Africa, Jubilee estimates that potential cash inflows from the transactions could approach €89 million. This represents prospective receipts from multiple asset sales rather than funds already available to the company.
If completed, the transactions would provide an internal source of capital for expansion. The expected proceeds are not equivalent to committed project debt, new equity financing or an institutional funding package that is already in place.
Copper Expansion Combines Mining and Processing Infrastructure
Jubilee’s Zambian strategy combines copper mining with processing and recovery activities supported by existing mineral resources and infrastructure. The company plans to expand the Molefe Mine while increasing the utilisation of its processing and refining facilities. This approach differs from conventional greenfield mine development by incorporating existing processing infrastructure into the expansion strategy. The planned investment is intended to increase copper operations through the integration of mining, concentration, processing and refining activities.
The company’s focus on copper also reflects the metal’s role in electricity grids, renewable energy, electric vehicles and industrial electrification. European manufacturers remain heavily dependent on imported mine supply, while Zambia is becoming increasingly relevant to Western and European raw-material strategies.
Transaction Completion Remains the Key Funding Milestone
The next step for Jubilee is to complete the Large Waste Project disposal following the technical due-diligence and documentation process and receive the agreed proceeds. The timing of the transaction and the availability of the funds will determine when the company can deploy the capital towards its Zambian operations. Until completion and receipt of payment, the proposed sale represents a potential funding route rather than available expansion capital. If the transaction closes alongside the previously announced South African disposals, Jubilee would have a larger pool of internally generated funds to support its copper growth plans and reduce reliance on repeated equity issuance.
