Jubilee Metals Group announces R127 million copper waste sale, share price rises by 7.7%

JUBILEE Metals Group's share price shot up 7.7% on the JSE Thursday morning after the agreement was announced to sell 1.9 million tons of copper waste to Glencore in about $6.75 million (R127.05m), from the 6.93 million tons of material to a selected international company.

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Under this agreement, Jubilee will gain a 'deferred return' into the performance of the material which is processed at the partnered company's existing facilities, which will provide a high degree of confidence in the expected performance on material if processed in future by Jubilee," Jubilee CEO Leon Coetzer said in a statement.

He did not disclose the name of the multinational company that would buy the copper waste.

The share price traded at 84 cents on the JSE, a price well down from R1.56 per share traded at a year ago.

Jubilee is a diversified metals processor in Africa with copper operations in Zambia and chrome and PGM (platinum group metals) operations in South Africa.