Jubilee Metals Group is pursuing up to US$100 million in cash inflows from asset disposals to support the expansion of its copper operations in Zambia, combining a proposed sale of its Large Waste Project with outstanding proceeds from previously agreed South African asset transactions.
The company has completed legal due diligence for the proposed US$35 million disposal of the Large Waste Project. The transaction is expected to proceed to a 45-day period for technical due diligence and documentation following payment of a US$2.25 million deposit.
Jubilee expects the proposed transaction, together with approximately US$65 million in remaining proceeds from previously agreed South African asset sales, to provide a combined potential inflow of around US$100 million from disposals. The Large Waste Project consideration would be paid over three years rather than as a single upfront payment. The first instalment is expected in December 2026, subject to completion of the transaction.
Asset Disposals to Support Zambian Copper Operations
Jubilee plans to redirect capital towards Zambia, where it is expanding its copper mining, concentration and refining activities. The strategy includes development of the Molefe mine and closer integration between upstream ore supply and the company’s existing processing infrastructure. The proposed asset sale forms part of a broader capital allocation strategy focused on financing the Zambian expansion through proceeds generated from disposals. The company is seeking to increase its funding capacity while reducing its reliance on new external capital.
The timing and structure of the Large Waste Project transaction remain important to the funding plan. Although the proposed disposal has a consideration of US$35 million, the three-year payment schedule means the full amount will not be available immediately.
Funding Availability Depends on Transaction Completion and Payment Timing
The anticipated US$100 million in disposal-related cash inflows comprises the proposed US$35 million Large Waste Project sale and approximately US$65 million in outstanding proceeds from previously agreed South African asset disposals. Completion of the Large Waste transaction, the timing of the remaining South African proceeds and the resulting availability of funds will determine how quickly Jubilee can deploy the capital towards its Zambian operations.
The funding strategy is intended to provide greater balance-sheet flexibility as the company advances its copper expansion. Mine development, concentrator operations and refining capacity require coordinated investment and working capital before additional production can generate cash. Using asset-sale proceeds to finance part of the expansion would allow Jubilee to fund development internally rather than depend exclusively on additional equity financing or project debt.
Molefe Development and Processing Integration Remain Key Priorities
Jubilee’s investment focus in Zambia encompasses copper mining, concentration and refining, with the Molefe mine forming part of the planned development programme.
The company’s approach involves aligning ore supply from its mining operations with existing processing infrastructure. The effectiveness of this integration will be relevant to the utilisation of processing capacity and the conversion of investment into higher mine output. The planned disposals would increasingly concentrate Jubilee’s operating focus on copper. Execution of the Zambian expansion, alongside completion of the asset sales, will determine how effectively the company translates the anticipated proceeds into additional mining and processing activity.
