‘Decarbonising the global economy must not lead to further human rights violations’ - Agnès Callamard Massive expansion in demand for metals for lithium-ion batteries for electric cars is fuelling abuse Phase 3 of the Project Roan was completed towards the end of the 2022 Financial Year.One-hundred page report shows how multinational mining companies are driving people from their homes and land.Phase 2 is complete with commissioning commenced to produce a higher-grade intermediate copper concentrate to further increase the production of copper units.To be completed in 3 phases, Phase 1 is complete allowing early production of intermediate copper concentrate.Secured rights to process 2 million tonnes of copper run-of-mine material with potential to increase to 4 million tonnes with an additional 2.5 million tonnes available.Project Roan is a new copper concentrator processing both ROM copper ore and tailings to produce copper concentrates for refining at Sable (10,000 tonnes per annum).When alloyed with aluminium and nickel, it has powerful properties. Along with its use in electric vehicle batteries, cobalt also finds its use in electroplating, cancer treatments and can be used as a magnet. With the global rhetoric focused on the transition to net zero emissions, this has positive implications for the market fundamentals of cobalt and its pricing. What is cobalt used for?Ĭobalt is a strategic metal and importantly is used in batteries needed for electric vehicles. The additional cobalt revenue offers Jubilee further opportunities to secure metal backed funding in support of the implementation of the Northern Refining Strategy. The Company is currently considering to upscale the production of cobalt through potential acquisition of refining infrastructures to expand its cobalt footprint. The Sable Refinery will initially maximise cobalt production in the short-term to facilitate the targeted expansion of the Roan copper operations, targeting output of 450 tonnes per month of cobalt hydroxide (125 tonnes of contained cobalt) from recycled waste. The implementation of the Company’s refined cobalt strategy, following a joint review by the Zambian authorities and the Jubilee project team, will result in the potential to accelerate the roll-out of the Northern copper and cobalt strategy. Cobalt production holds the potential to significantly contribute to overall earnings and positions Sable as one of the few cobalt refineries in Zambia able to process and refine cobalt containing materials at commercial scale. This pressure is expected to increase with a greener future and a low carbon global commitment.Īs a part of Jubilee’s Southern Refining operations, the Sable Refinery achieved production of export grade cobalt product from waste in November 2022 with targeted production of 1200 tonnes of contained cobalt metal annual capacity, which equates to 5280 tonnes of final product. Demand for copper has grown with the market moving from surplus to deficit, putting pressure on stocks and having the effect of increasing prices with analysts estimating a continuous rise in prices. By far the most common application is in moving electrons, be it in electricity transmission and distribution or home and appliance wiring. ![]() What is copper used for?Ĭopper is a strategic and complementary, highly ductile semi-precious metal with high thermal and electrical conductivity and excellent corrosion resistance, finding extensive use in construction and appliances. Offering the potential for long term quality sustained earnings. ![]() A “game-changing” target of reaching 25,000 tonnes of copper units per annum in four years has been set and following some key transactions in 2020, some 300 million tonnes of copper and cobalt tailings have been secured to be upgraded and refined at both the Sable Refinery and the targeted Northern Refinery through its agreement with Mopani Copper Mines. Focussed on replicating the PGM and chrome success seen in South Africa, Jubilee is focussing on growth in copper operations in Zambia where there is a huge supply of on-surface copper waste material, with the view to taking a leading role in the processing of surface tailings by applying technical know-how and IP.
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