Jubilee Copper Output Growth Accelerates as Roan Ramp-Up Strengthens Zambia Operations

Jubilee

Jubilee copper output growth strengthened in the first half of its 2026 financial year as Roan delivered a sharp production increase. Total saleable copper units reached 1,543t in the six months to 31 December, up 8.7pc from a year earlier. Roan produced 1,246t during the period, rising 173pc year on year. As a result, Jubilee copper output growth is becoming a more important Zambia copper production story.

This matters because Roan is now the main driver behind Jubilee copper output growth. Higher throughput and better operating stability pushed feed rates to about 30,000 t/month. That performance held despite seasonal disruption from heavy rains. Therefore, Roan copper ramp-up is giving Jubilee a stronger operational base than before.

The production mix also shows broader processing flexibility. Roan delivered copper in oxide concentrate refined at Sable, sulphide concentrate sold directly, and oxide fines stockpiled for future refining. That means the company is not relying on one single recovery route. Consequently, Jubilee copper output growth is being supported by both current output and future processing potential.

Roan Copper Ramp-Up Supports Higher 2026 Production Ambitions

Roan copper ramp-up is central to Jubilee’s plan to more than double output in 2026. The company maintained production guidance of 4,500-5,100t for the year, compared with 2,211t in 2025. That target depends on continued operating gains and stronger mining support. As a result, Zambia copper production from Jubilee could rise meaningfully if Roan stays on track.

A key next step is the upgraded concentrate dewatering facility at Roan. The company expects it to be commissioned in March. Once that unit is online, Jubilee should be able to process stockpiled oxide fines into additional cathode output. Therefore, Roan copper ramp-up still has another layer of upside ahead.

Zambia Copper Production Outlook Gains Support From Expanding Feedstock

Zambia copper production at Jubilee also gains support from a growing feed pipeline. The group said it has accumulated significant copper-bearing stockpiles, including more than 2.3mn t at Molefe. That inventory can supply future refining as processing capacity expands. Meanwhile, Molefe and the wider asset base give Jubilee more optionality than a single-plant growth story.

The company is also advancing its Large Waste Project in Zambia, which contains an estimated 240mn t of material. Jubilee is evaluating possible joint-venture partners to support future recovery and processing. That suggests management is thinking beyond short-term output gains. Consequently, Jubilee copper output growth now looks tied to a wider platform build rather than only a temporary operational improvement.

The Metalnomist Commentary

Jubilee’s update matters because it shows how quickly secondary and waste-based copper projects can gain momentum when throughput and plant stability improve. The bigger signal is not just the first-half gain. It is that Roan, Molefe, and the Large Waste Project together could give Jubilee a more scalable Zambia copper growth story than the market previously assumed.