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Jubilee Metals Seals Zambian Regulator Approval For Sable Refinery Buy

(Alliance News) - Jubilee Metals Group PLC said Thursday that Zambian regulators had approved its ...

Alliance News 11 July, 2019 | 11:42AM
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(Alliance News) - Jubilee Metals Group PLC said Thursday that Zambian regulators had approved its acquisition of a zinc refinery in the country.

In March, Jubilee confirmed it had secured funding for its GBP9.2 million acquisition of the Sable zinc refinery in Kabwe leaving it only to secure regulatory approval.

On Thursday, Jubilee explained the Zambian Competition & Consumer Protection Commission has provided final approval for the transaction. Regulatory approval was the final condition before the deal could close.

Jubilee will now start circuit upgrades in order to integrate the Sable refinery to process lead, zinc and vanadium.

"Jubilee continues to demonstrate progress with the implementation of its strategy to diversify earnings through both widening our existing metals exposure with the implementation of additional projects as well as expanding our geographic footprint with our Kabwe project in Zambia," Jubilee Chief Executive Officer Leon Coetzer said.

"I am delighted that we have successfully achieved all conditions precedent for the implementation of the Sable Zinc Kabwe acquisition with the final approval from the ZCCPC being ratified and completion formalised," Coetzer added.

"With the design process near finalised, this allows Jubilee to commence with the circuit upgrade and expansion of the Sable Zinc Kabwe refinery for the processing of the Kabwe tailings to produce zinc, vanadium and lead," Coetzer continued. "The first phase of the project targets the production of vanadium pentoxide and a zinc concentrate with phase two bringing the zinc metal refining step and lead concentrate online."

Shares in Jubilee were 4.4% higher at 3.24 pence in London on Thursday, and 3.5% higher at ZAR0.60 in Johannesburg on Thursday.

By Ahren Lester; ahrenlester@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Jubilee Metals Group PLC 4.10 GBX 14.69 -

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