Jubilee has executed a share purchase agreement for the acquisition of Sable Zinc refinery.
Situated adjacent to the large stock piles of zinc, lead and vanadium, Jubilee has contracted from BMR Group PLC, the acquisition reduces the time to build the refinery by some 18 months delivering the first metal within a year from the acquisition.
Jubilee has secured a combination of debt and equity financing to fully complete the transaction and deliver the project.
Through an equity raising of $14.5 million and a secured convertible loan note of $8 million, the company is financing the acquisition and ramp up.
The combined secured funding fully funds the acquisition as well as the project capital required to implement the project to produce zinc, vanadium and lead from the surface material at Kabwe.
Sable Zinc refinery targets an initial processing rate of 20 tonnes per hour producing a zinc concentrate and vanadium pentoxide before ramping up to a targeted 40 tonnes per hour producing zinc metal, vanadium pentoxide and a lead concentrate.
In addition, the project targets to produce annually over 8 000 tonnes of zinc, 1 500 tonnes of vanadium and 15 000 tonnes of lead as it ramps up to full capacity over a 2-year period.