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Jubilee secures Private Power Purchase Agreement in Zambia
Jubilee Metals Group PLC
Registration number (4459850)
AIM share code: JLP
Altx share code: JBL
ISIN: GB0031852162
("Jubilee" or "the Company" or "the Group")
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Jubilee secures Private Power Purchase Agreement in Zambia
Jubilee, a diversified metals producer with operations in Zambia and South Africa, is pleased to
announce the signing of a three-year renewable power purchase agreement with Lunsemfwa Hydro
Power Company (LHPC), an independent hydro and solar power producer in Zambia. The power
purchase agreement ensures that the total power supply needs of both Roan and Sable will be
continuously met at competitive rates to the prevailing power tariffs, commencing on 1 September
2024.
In addition, the agreement allows Jubilee the option to secure a further 10MW of solar generated
power discounted by more than 30% below the initial power purchase agreement power rates. The
additional power secures Jubilee's future power demands to meet its expanding operational footprint.
Leon Coetzer, CEO of Jubilee commented:
"The successful implementation of the private power purchase agreement is a critical step towards
securing a reliable and continuous power supply for our operations and addresses the current
shortage of power experienced. This comes at a critical time as we step up the production at our Roan
and Sable operations and look to further expand our operational footprint. Our Roan operation has
been impacted by power shortages, which is comprehensively addressed by this agreement.
The additional power allocation of 10MW which holds the potential to be further scaled, ensures that
our immediate power demands for our operational expansion targeting 25 000 tonnes of annual
copper processing capacity will be met. Security of power supply is a critical factor in the successful
roll-out of our Zambian copper strategy."
Further Background to the Power Purchase Agreement
LHPC is an established independent power producer in Zambia and owns and operates two
hydropower plants in the central province. LHPC is a member of the Southern Africa Power Pool and
an active power trader in the regional market. LHPC is building a 20MW solar plant and plans to use
its portfolio of renewable power sources to meet Jubilee Zambia's power requirements. The
agreement highlights Jubilee's dedication to sustainable energy practices. The power will be supplied
from an integrated solar power and hydro-storage facility which is expected to be brought into
operation over the coming 12 months.
On 10 June 2024, the government of the Republic of Zambia held a special cabinet meeting chaired by
the President and approved the Open Access regime allowing private players to access the electricity
transmission and distribution lines in the country to give consumers alternative sources of electricity
to encourage the development of power generation in the country. LHPC and Jubilee are excited to
be among the pioneers in actualising this government policy.
*ENDS*
27 August 2024
For further information visit www.jubileemetalsgroup.com, follow Jubilee on Twitter
(@Jubilee_Metals), visit www.lunsemfwahydro.com.zm or contact below:
Jubilee Metals Group PLC
Leon Coetzer (CEO) / Neal Reynolds (CFO)
Tel: +27 (0) 11 465 1913
Nominated Adviser - SPARK Advisory Partners Limited
Andrew Emmott/James Keeshan
Tel: +44 (0) 20 3368 3555
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Tel: +44 (0) 207 920 3150
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Tel +44 (0) 20 7653 4000
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Harry Ansell/Katy Mitchell
Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618
JSE Sponsor - Questco Corporate Advisory Proprietary Limited
Alison McLaren
Tel: +27 (0)11 011 9207
About Jubilee
Jubilee is a low-cost, diversified producer, specialising in the recovery and processing of metals from
previously overlooked resources, such as unprocessed historical waste rock, run-of-mine materials and
tailings in Zambia and South Africa. The Company's low-capex, modular processing facilities are
deployed close to these various types of material, producing high-grade concentrates for sale or
further refining to finished metal at the Company's downstream facilities. Production currently consists
of copper, chrome, and platinum group metals (PGMs). The modular processing facilities offer a
platform for growth and the rapid expansion of Jubilee's operational footprint in Zambia and South
Africa. Jubilee's success is derived from operational and technical excellence, an experienced
management team and a pioneering Technical Development Centre.
Date: 27-08-2024 08:00:00
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