Jubilee Metals’ Zambia copper production more than triples

Jubilee Metals’ copper production from its Zambian operations more than tripled in the year to end-June, driven by higher output at its Roan operations and the start of production at its Molefe mine.

The company produced a combined 3,739 tonnes of copper from its Roan operations in Luanshya and Molefe open-pit mine, both in Zambia’s Copperbelt, up 225% from the previous year, the company said on Monday.

Roan, which processes copper-bearing material from other mining operations, produced concentrate containing 2,823 tonnes of copper, up 145.5% year on year. Molefe contributed 916 tonnes of copper contained in mined material after production began in September 2025.

However, the company said the increase in copper produced by the operations did not translate into a similar increase in final products for sale.

Jubilee produced 2,120 tonnes of copper in final products during the year, only slightly more than the previous year.

The gap was partly due to copper-bearing material at Roan being stockpiled while Jubilee installed a new circuit to remove excess water before further processing.

Jubilee’s Sable copper refinery in Kabwe, in Zambia’s Central province, faced supply pressures in the final quarter, as reduced domestic availability of sulphuric acid, a key input in copper refining, affected production.

Jubilee expects Roan to produce between 2,850 tonnes and 3,150 tonnes of copper in the 2027 financial year, its first formal production guidance for the operation.

The guidance is based on processing 25,000 to 30,000 tonnes of material a month and does not include any potential contribution from a dense-media separation circuit, which remains under review.

The company said Molefe remains in a ramp-up phase and has not yet been included in formal production guidance. Jubilee plans to increase mining at Molefe to about 7,000-7,500 tonnes a month in October, with a target of 10,000 tonnes a month by the end of 2026. The company said it would first test whether the higher rate could be sustained while maintaining copper grades and recoveries.

Jubilee plans to start developing Project G in February and is negotiating a joint venture with operators near the project.

The move forms part of a shift in Jubilee’s copper strategy, with the company increasing its reliance on its own mining assets after previously relying heavily on material supplied by other mining operations.

The shift follows Jubilee’s agreement in August to sell its Large Waste Project for $35m, or $30m if the deal is settled early. The company said it plans to focus on copper processing, refining and mining.