Jubilee Metals Group (AIM:JLP), the integrated copper producer and resource developer in Zambia, has chosen its preferred purchaser for the sale of its Large Waste Project (LWP) after receiving two binding offers.
The buyer has offered total consideration of $35 million, which Jubilee says represents a substantial premium to its original acquisition price.
The disposal marks a shift in capital priorities toward Jubilee's existing mining, processing and refining operations, which the company describes as a lower-capital, lower-risk route to expanding copper production compared with the LWP, a greenfield project that would have needed significant standalone investment.
The deal proceeds in two due diligence stages, starting with a roughly 10-day review of the legal and regulatory framework governing the LWP.
If that stage is satisfactory, the purchaser will pay $2.25 million to secure 45 days of exclusivity for further due diligence.
Once due diligence and documentation are finalised, the remaining balance will be settled over three years, with an option to accelerate payment within two years in exchange for a reduced total of $30 million.
The agreement replaces an earlier arrangement to sell 10 million tonnes of waste material from the LWP for $6.75 million, under which roughly 550,000 tonnes have been collected to date, generating payments of approximately $0.6 million to Jubilee.
The company said it will provide further updates as the transaction advances through due diligence and documentation.
News Intelligence what this means for the company
Jubilee Metals has agreed to sell its Large Waste Project (LWP) in Zambia for $35 million—described as a premium to its original acquisition price—and will redeploy the capital toward its core Roan concentrator and Sable refinery operations instead. The deal is structured in stages: a 10-day legal and regulatory review, followed by a $2.25 million exclusivity payment for 45 days of further due diligence, with the balance paid over three years (or $30 million if accelerated within two years). This marks a strategic pivot away from a greenfield project requiring standalone investment toward lower-capital, lower-risk expansion of existing processing capacity.
The sale frees capital for Jubilee's integrated processing and refining operations, which management frames as a lower-risk path to copper production growth than the LWP's greenfield model. However, the deal remains conditional on two due diligence stages and is not yet binding; the buyer's $2.25 million exclusivity payment only triggers if the initial regulatory review passes, and final settlement is deferred over three years, limiting near-term cash benefit.
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