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Jubilee Metals has announced that it has received two offers for its Large Waste Project in Zambia, a Copper tailings resource the company purchased in 2025 for $18 million.
The London-listed firm said it was advancing the sale as part of a broader strategy to derisk its business and redirect capital to higher-return operations.
According to a statement, the Large Waste Project was acquired last year but had not yet moved into full development and it was classified as a greenfields asset that would require substantial upfront investment.
Proceeds from the disposal, expected to close in the fourth quarter, would be allocated to the expansion of Jubilee’s Molefe mine in Zambia.
“The Large Waste Project is a Greenfields project and as such requires significantly higher capital at greater project execution risk,” the company said.
Molefe currently supplies 3,500 to 4,500 tonnes of copper ore per month to Jubilee’s Sable refinery for processing into cathode and management plans to increase deliveries to 10,000 tonnes per month by October.
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“The Large Waste Project is a Greenfields project and as such requires significantly higher capital at greater project execution risk,” the company said.
At full expansion, Sable was targeting annual cathode production of 2,000 tonnes and the refinery was also fed by concentrate from Jubilee’s Roan processing facilities, with some output sold to third parties.
Under the proposed transaction timeline, interested bidders have until August 27 to submit an initial deposit, followed by a 90-day due diligence period.
The successful bidder would then have 10 days to finalize a definitive agreement, with the balance payable in instalments over three years.
Jubilee shares were down 27 percent year-to-date despite elevated Copper prices, reflecting its position as a third-party processor rather than a primary producer.
The company also withheld annual Copper guidance, citing weather disruptions and changes to Molefe’s mine plan.
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