The metals processor is planning to build a new concentrator at the resource site.

It obtained the rights for the material via its Braemore Holdings subsidiary, by entering a joint venture with mining rights holder Star Tanganika.

"The magnitude of the secured copper tailings resources and related project offers a long-term sustainable earnings profile to Jubilee's Zambian business," the company said.

"Based on current operating margins maintained at the Sable refinery for the production of copper cathode, combined with the performance of Jubilee's large-scale piloting test program on copper tailings, the project holds the potential to more than double Jubilee's current earnings profile."

Specifically, building the new dedicated copper concentrating facility can potentially produce feedstock in excess of the refinery's 14,000-tonne-per-year capacity of copper cathode. Jubilee plans to increase capacity to 25,000t/y over time.

"The Sable refinery has already successfully completed the commissioning of its copper refinery circuit producing A-grade copper cathode from tailings commanding a premium in the market."

Jubilee CEO Leon Coetzer said teaming up with Tanganika lines up with Jubilee's strategy to take on a leading role in surface tailings processing in Zambia through the application of its technical expertise.

"I am excited [for]…rapidly building our copper production profile in the same manner as we delivered our chrome and PGM profiles."