Zambia’s copper production for the first half of the 2024 financial year dropped to 1,454 tonnes, falling short of the 1,683 tonnes produced during the previous period and the revised target of 1,800 tonnes. Despite this setback, the company reported a significant increase in run-of-mine (RoM) and in-process stock, reaching approximately 1.21 million tonnes, containing an estimated 8,466 tonnes of copper units for future processing.
The decline in copper production is primarily attributed to ongoing power supply constraints at Roan, which led to temporary shutdowns. To address this issue, Jubilee Metals Group secured an additional power supply agreement with a new, broad-based provider. This move diversifies the power sources to prevent reliance on a single network, ensuring a more stable supply. The new power arrangement is expected to meet all power demands at both Roan and Sable refineries within seven business days, pending regulatory approval, and at a cost similar to the current agreement.
Jubilee CEO, Leon Coetzer, acknowledged the significant challenges faced due to power disruptions but expressed confidence that the new power supply will enable the company to resume production at Roan at previously achieved levels.
Meanwhile, operations at the Sabrefinery and Munkoyo copper mine were unaffected by the power issues. The Munkoyo mine continued to meet its targets, producing over 70,000 tonnes of RoM per month, with high-grade RoM being directly refined at Sable. Pilot-scale leach trials at Munkoyo demonstrated promising results, and Jubilee is set to finalize designs and capital estimations by the end of Q1 2025.
While copper production remains under review until power stability is restored, Jubilee’s other operations, particularly in chrome, have shown strong performance, with record production and positive outlooks for meeting annual targets.
