By: OrePulse

Jubilee Metals Group has completed legal due diligence on the proposed sale of its Large Waste Project copper-tailings operation in Zambia, the company said.

Chief executive Leon Coetzer called the completion of legal due diligence "an important milestone in progressing the disposal of the LWP."

Under binding heads of terms governing the proposed sale, a deposit of $2.25 million is expected to be paid within days, the company said. A further 45-day period will cover technical due diligence and the preparation of final transaction documentation.

If that process is completed, the total consideration for the sale would be $35 million, payable over three years, with the first installment due in December. Jubilee Metals said the transaction remains subject to completion of final due diligence, agreement of definitive documentation and other standard conditions precedent.

The company, which is focused on copper production in Zambia and is listed on the London Stock Exchange's AIM market and the Johannesburg Stock Exchange's AltX board, said the proposed disposal is part of a plan to reduce risk in its broader asset portfolio and redirect capital toward its Zambian copper operations, including the expansion of its Molefe mine.

Jubilee Metals said a separate installment of about $15 million, relating to the earlier sale of its South African operations, is due in early January 2027.