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The legal checks are done, the deposit is due within days, and the proceeds are already earmarked for copper. Jubilee Metals, a Zambia focused integrated copper producer and resource developer listed on the LSE’s Aim and the JSE’s AltX, says legal due diligence on the proposed disposal of its Large Waste Project in Zambia has been completed.
Chief Executive Officer Leon Coetzer said the result is an important milestone in progressing the sale. The company expects the $2.25 million deposit to be paid within the next few days. Under the binding heads of terms, which set out the agreed outline of the deal, a further 45 days is allowed to complete the remaining due diligence, which is the buyer’s detailed checking and focuses mainly on the technical aspects of the material, and to finalise the transaction documents.
If that is completed within the period, the consideration of $35 million will be settled over three years, with the first instalment due in December. The deal remains subject to the final due diligence, definitive documentation and the satisfaction or waiver of conditions precedent normal for a transaction of this nature.
Jubilee says the sale is another step in its strategy to reduce the risk in its growth portfolio and prioritise capital for expanding its existing Zambian copper operations. Selling the Large Waste Project lets it redirect capital to opportunities with stronger returns, using its established mining and processing footprint in Zambia, including the continued expansion of the Molefe mine. Separately, the next installment from the sale of its South African operations, of about $15 million, falls due in early January 2027.
“The disposal remains firmly aligned with our strategy to recycle capital into the accelerated growth of our existing Zambian copper operations, where we can leverage our established operating and processing footprint to target stronger returns,” concluded Coetzer.
