Diversified metals processor Jubilee Metals, which has operations in South Africa and Zambia, has reported increased disruptions at its Roan facilities, in Zambia, owing to unplanned power outages in that country.

These blackouts have significantly impacted on production, with the Roan operations being particularly vulnerable compared with the Sable refinery, which benefits from private electricity supply.

Despite these challenges, Jubilee's Munkoyo and Project G mining operations remain unaffected and on schedule.

The company is actively working with Zambian authorities to manage the timing of outages and power restoration, seeking to mitigate costs where possible. However, the uncertainty surrounding the national power supply raises concerns about meeting production targets for the second quarter of the 2025 financial year.

Jubilee on December 17 assured stakeholders that further updates would follow as the situation develops. The company’s share price on the JSE, nevertheless, fell by more than 15% on the back of the announcement.

Meanwhile, in more positive news, Jubilee has advanced its Large Waste Project, also in Zambia, which targets over 260-million tonnes of copper-containing rock. The company has successfully extended the due diligence period for the project to January 2025 and secured improved commercial terms for its acquisition.

The revised acquisition cost of the project now stands at $18-million, down from an initial $30-million, with $11.5-million remaining payable by December 2025.

Jubilee remains on track to complete due diligence within the new timeline, it confirmed.

Additionally, Jubilee has announced the issuance of more than 2.7-million new ordinary shares following the exercise of options at 1p per share.

These shares, representing 0.09% of the company’s enlarged capital, will be admitted to trading on Aim and listed on the Altx of the JSE on December 20.

Following this issuance, Jubilee’s total issued capital will rise to more than three-billion shares.

The company continues to address operational challenges while pursuing strategic growth opportunities, demonstrating resilience and adaptability in a fluctuating operating environment.

However, Jubilee’s share price decreased following the announcement on December 17.