JUBILEE Metals is to seek approval of a business plan for the Kabwe lead, zinc and vanadium project which is situated in Zambia after finalising a number of crucial structural agreements including a shareholders’ and operating agreement with its joint venture partner, BMR Group.
“Our immediate next project deliverable is to present the project business plan to the newly formed joint venture company for approval by the board,” said Leon Coetzer, CEO of Jubilee Metals. “I will be presenting the project execution plan to the Zambian authorities for approval in the coming days as part of our ongoing engagement with the Zambian mining department,” he added.
The Zambian authorities in April reinstated the mining licence for the project after a conditions were agreed of which one is that first production occur before the year-end.
“Our agreement with BMR calls for the final business and execution plan to be approved by the 15th of June 2018,” said Coetzer. “We will continue with site preparation work and confirming equipment specifications during this time,” he said. “The Jubilee team is ready to commence with the execution of the project on behalf of BMR.”
Jubilee also said it would provide further loan funding of £2m for an effective 40% ownership of the joint venture company holding the Kabwe project in addition to holding 29,01% of BMR Group.
