Jubilee Metals Group said it had been appointed as the sole operator of the Kabwe lead, zinc and vandium project in Zambia.

The company said BMR has further agreed to grant to Jubilee an effective 87.5% fully paid-up shareholding in Kabwe Operations.

In return Jubilee has agreed it would fund the project by way of debt finance, without dilution of BMR's 12.5% shareholding.

Should the total capital investment of Jubilee to fully execute the project exceed $15, BMR's shareholding would immediately dilute to a fixed 11% level.

At 1:54pm: (LON:JLP) Jubilee Platinum PLC share price was +0.18p at 2.68p