Jubilee executes Kabwe project agreements
Date: May 3, 2018
Following the reinstatement of the small-scale mining licence for the Kabwe lead/zinc/vanadium project, in Zambia, AltX- and Aim-listed Jubilee Metals has executed its shareholders’ agreement and its operating agreement with Aim-listed BMR Group to start the joint execution of the project.
Jubilee, which has been appointed as operator and is tasked with completing the Kabwe project’s business plan and implementation, will now work to present the project business plan to the newly formed joint venture (JV) company for approval by the board by June 15.
“I will [also] 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. We will continue with site preparation work and confirming equipment specifications during this time,” said Jubilee CEO Leon Coetzer in a statement on Wednesday.
The group is also set to provide further loan funding of £2-million for an effective 40% ownership of the JV holding the Kabwe project, in addition to holding 29.01% of BMR.
