Jubilee Metals Group PLC warned on Monday that it is uncertain about its copper production outlook due to power outages in Zambia.

The London-based metal processing company, with projects in South Africa and Zambia, said that there has been a noticeable increase in the number of hours of production lost at its Roan copper concentrator facilities in Zambia.

These have been caused by unplanned power outages across the national grid including blackouts on the national power grid, the company said.

‘The Roan operations are more severely affected by these interruptions than the Sable refinery due to the supply of its private electricity across the national power grid,’ it said.

Munkoyo and Project G mining operations remain on target and unaffected by the power interruptions, Jubilee said.

Given the ‘uncertainty of power supply’ at present there is ‘uncertainty’ whether guidance production volumes will be met for second quarter ending December 31.

Jubilee also said on Monday it has extended the due diligence period for the Large Waste Rock Project to the end of January 2025.

In addition, Jubilee was successful in securing significantly enhanced commercial terms for the outright acquisition of the Large Waste Rock Project.

The total acquisition value of a 100% interest in the project has been reduced to $18 million payable over 12 months to December 2025,own sharply from a target acquisition value of $30 million.

Jubilee said it is on track to complete its final due diligence by end January 2025.

Also, Jubilee said on Monday it has issued 2.7 million new shares, following the exercise of options.

Jubilee shares closed 17% lower at 4.00 pence each in London on Monday. In Johannesburg, its shares were closed Monday for the Day of Reconciliation holiday.

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