(3 Minutes Read)
Jubilee Metals Group, listed on both the AIM and JSE exchanges, has entered a strategic cooperation and project development agreement with AIM-listed Galileo Resources to jointly advance the Molefe copper project in Zambia’s Central Province. The partnership aims to consolidate African technical expertise, accelerate exploration activities, and support the rapid growth of a promising copper operation.
Under the agreement, Galileo may earn up to a 23.75% interest in the project by investing US$700,000 toward exploration and resource definition. Once completed, Jubilee will retain 71.25% ownership, with the remaining 5% held by a Zambian partner in line with national empowerment frameworks.
The collaboration is structured to leverage Jubilee’s processing and operational strengths alongside Galileo’s geological and exploration capabilities. This shared model aligns both companies toward establishing sustainable copper production within an African-driven development framework.
Currently operating as a brownfield restart, the Molefe mine supplies high-grade ore to Jubilee’s Sable Refinery in Kabwe. Output targets stand at around 4,500 tonnes of run-of-mine ore per month, with copper grades above 2%. Meanwhile, 2.2 million tonnes of lower-grade material averaging 0.7% copper have accumulated on site since October. Plans are underway to build an on-site plant to process both new ore and legacy stockpiles—supporting Jubilee’s strategy of maximising resource value through modular processing solutions.
The financial arrangement recognises Jubilee’s current funding as both an interest-bearing capital loan and a non-interest-bearing shareholder loan, with preferential returns allocated until the capital loan is repaid. This model balances investment risk with long-term operational returns.
Project oversight will be provided by a joint executive committee comprising two Jubilee representatives (including the chair) and one from Galileo. After the earn-in phase, Jubilee will appoint two directors and Galileo one to the Molefe project’s holding company, ensuring balanced governance.
Beyond Molefe, the agreement signals the potential for further cooperation across Jubilee’s growing portfolio of mineral tenures in Zambia’s Central Province—a region gaining recognition for scalable copper opportunities. The structure embodies Zambia’s broader policy environment, which encourages partnerships that blend capital, technical capacity, and local participation.
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Both companies bring established footprints in Zambia: Galileo through exploration licences across key prospects, and Jubilee through expanding copper and cobalt recovery operations aligned with national goals for increased copper output by 2030.
Jubilee CEO Leon Coetzer emphasised that the partnership aligns the strengths of both companies, supporting cohesive execution and long-term value creation. More broadly, the Molefe initiative showcases a shift toward African-centred development models, where technical expertise, operational investment, and local participation work together to shape a more inclusive and self-determined mining future.
