StockMarketWire.com - Jubilee Metals said it had completed its acquisition of Sable Zinc Kabwe from Glencore for up to $12m, giving it control of a multi-metal refinery project in Zimbabwe.

The company said the deal significantly reduced the Kabwe project implementation time lines and project capital requirement.

It was planning to recommission the current copper-cobalt circuit during the fourth quarter of 2019 to achieve earnings during the build phase of the zinc vanadium, and lead circuit.

First production of zinc and vanadium was targeted for the second quarter of 2020.

Jubilee had already made a $6m payment to Glencore.

A second payment of $3m would fall due on the earlier of the completion of the conversion of the plant to a zinc processing plant or six months after closing.

The third payment of $3m would fall due on the earlier of commencement of commercial production of any saleable product at the plant or six months after the second payment.


At 1:23pm: [LON:JLP] Jubilee Platinum PLC share price was +0.2p at 3p



Story provided by StockMarketWire.com