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Jubilee - co-operation and development agreement
Jubilee, the Zambia-focused copper producer ("JBL"), has entered into a co-operation and project development agreement with Galileo Resources Plc ("GLR") to accelerate exploration and development at its Molefe Mine in Zambia. Galileo can earn up to a 23.75% interest in the project by funding at least USD700 000 for resource exploration within eight months, while Jubilee retains a 71.25% stake. The project aims to ramp up production to 4 500 tonnes per month of high-grade ore, with plans for an on-site processing plant and expanded exploration. Jubilee’s existing investment is secured through a preferential earnings right until fully recovered. The agreement also opens potential for further expansion into nearby properties. Additionally, Jubilee is progressing with the disposal of its chrome and PGM operations, expected to conclude by the end of 2025.
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