Jubilee Metals Group PLC notified BMR Group PLC that discussions with Zambian authorities, in the company's capacity as operator of the proposed Kabwe lead-zinc-vanadium joint venture, are not expected to conclude until later this month, according to a June 14 release.
As a result, Jubilee will not be able to finalize its initial design, work program and budget for the construction phase of Kabwe until after the talks conclude. The company will also not be able to decide whether to proceed with plant development.
BMR and Jubilee executed a joint venture to operate the Kabwe project in May, and the latter was expected to reach a decision regarding the partnership by June 14.
BMR said it will further update shareholders by the end of June.
Jubilee holds a 57.41% interest in the project, comprising a 40% direct interest and a 17.41% indirect interest as a BMR shareholder.