Wedoany.com Report-Nov. 29, Jubilee Metals Group, listed in Johannesburg and London, has entered a cooperation and project development agreement with Galileo Resources to advance the Molefe copper mine in Zambia's Central Province. Galileo can earn up to a 23.75% interest in the project by investing $700,000 in resource definition and exploration work over the next eight months.

The partnership combines Jubilee's operational strength and processing expertise in Zambia with Galileo's geological and exploration capabilities. Jubilee will continue managing daily mining operations and design an on-site processing plant, while Galileo leads an expanded drilling programme to upgrade and extend the resource base at Molefe and surrounding licences already secured by Jubilee.

Upon successful completion of the earn-in, Jubilee will hold 71.25% of the Molefe holding company, Galileo 23.75%, and a local Zambian partner 5%. Jubilee's existing investment will be converted into a combination of interest-bearing and non-interest-bearing loans, with the interest-bearing portion receiving priority repayment.

Molefe is already in production, currently delivering 4,500 tonnes per month of run-of-mine ore grading above 2% copper to Jubilee’s nearby Sable refinery. An additional stockpile of approximately 2.2 million tonnes grading 0.7% copper has been established on site since late October.

The planned processing facility will treat both fresh high-grade ore and the lower-grade stockpile. The accelerated exploration campaign aims to confirm the project's potential as one of Zambia's significant copper deposits.

Jubilee CEO Leon Coetzer stated: "We are delighted to have found a partner with such an established record in Zambia for the co-development of Molefe. The combined skill set of the two teams is seldom available to a single mining project of this size.

"The joint agreement enables Jubilee to dedicate its focus on the day-to-day operations and the development of the processing solution for the Molefe mine. Outsourcing the mine planning and resource measurement to Galileo, which has an exceptional team with decades of experience and a wealth of in-country and African knowledge, was a natural and pragmatic option.

"The Jubilee operational team is looking forward to working with the Galileo operational team to accelerate the development of the Molefe mine project.

The joint shareholding in Molefe mine ensures a common purpose to develop this opportunity and offer shareholder returns – potentially one of the most significant, major copper deposits in the Central province of Zambia."

The agreement establishes a joint executive committee chaired by Jubilee, with two Jubilee representatives and one from Galileo. Future cooperation may extend to additional contiguous exploration areas held by Jubilee, applying the same development model.