At a Glance
- Jubilee and Galileo partner to expand Zambia’s Molefe copper mine operations.
- Galileo can earn up to 23.75% stake through $700,000 exploration investment.
- Mine production scales to 4,500 tonnes monthly, targeting high-grade copper output.
Jubilee Metals Group, a leading metals processing and recovery firm, has partnered with UK-based exploration company Galileo Resources PLC to accelerate development at the Molefe copper mine in Zambia.
Under the agreement, Galileo can earn up to a 23.75% stake in the project through a $700,000 investment in exploration and resource definition.
The partnership leverages Jubilee’s operational expertise in Zambia and Galileo’s geological and exploration capabilities. The structure allows dedicated teams to focus on key workstreams, including daily mine operations, design and construction of an on-site processing plant, and a comprehensive drilling and exploration program across Molefe and adjacent areas.
Molefe mine boosts copper production output
Galileo’s earn-in is contingent on completing the agreed resource program within eight months. Once achieved, Jubilee will retain a 71.25% interest, while a local Zambian company holds the remaining 5%.
Jubilee’s existing investment in the mine will be treated as an interest-bearing capital loan and a non-interest-bearing shareholder loan, with the capital loan earning preferential returns until fully repaid.
Jubilee’s existing investment in the mine will be classified as an interest-bearing capital loan and a non-interest-bearing shareholder loan, with the capital loan to receive preferential earnings until it has been fully repaid.
The Molefe mine is currently producing high-grade copper ore for processing at Jubilee’s Sable refinery. Monthly output is being scaled to 4,500 tonnes of run-of-mine ore at grades above 2%, with approximately 2.2 million tonnes of lower-grade ore at 0.7% copper stockpiled on-site.
Joint development aims for copper potential
The planned processing facility will handle both new and stockpiled ore, while the expanded drilling program aims to confirm and grow the mine’s resource base.
The agreement establishes executive committees to oversee development, with Jubilee nominating two members, including the chairperson, and Galileo nominating one. Board representation will follow the same ratio once Galileo completes its earn-in.
Jubilee CEO Leon Coetzer highlighted the strategic value of the partnership: “Combining our operational expertise with Galileo’s in-country and African knowledge allows both teams to accelerate development.
This joint approach optimizes mine planning and processing while creating significant potential shareholder returns. Molefe could become one of the most important copper deposits in Zambia’s Central Province.”
Decades of metals recovery, future-ready mining
Jubilee Metals Group, listed on the LSE and JSE, is a diversified metals recovery company with over 20 years of experience and a robust portfolio in South Africa and Zambia.
Galileo Resources specializes in copper and critical battery metals essential for the green energy transition, leveraging data-driven exploration strategies to fast-track projects from acquisition to production.
