Jubilee Metals Group PLC
Registration number: 4459850
Altx share code: JBL
AIM
share code: JLP
ISIN: GB0031852162
Jubilee Metals Group PLC (Jubilee or the
Company)
Dissemination of a Regulatory
Announcement that contains inside information according to UK
Market Abuse Regulations. Not for release, publication or
distribution in whole or in part in, into or from any jurisdiction
where to do so would constitute a violation of the relevant laws or
regulations of such jurisdiction.
Formation of dedicated
executive boards for
South African and Zambian
Operations and
Changes to the
board
Jubilee, a leading diversified
metals processor in Africa, with a substantial contribution to
global chrome concentrate production in South Africa (SA
Operations) and expanding copper operations in Zambia (Zambia
Operations), is pleased to announce the formation of dedicated
executive subsidiary boards to better reflect the current levels of
business maturity attained by the SA and Zambia Operations and
capture and implement the various growth
opportunities.
Highlights
SA
Operations
·
Formation of a dedicated board of directors for
Jubilee's SA Operations.
·
With immediate effect, Dr Mathews Phosa will be
appointed as chairperson of the holding company of Jubilee's SA
Operations (SA Board) with Jubilee's current Chief Operating
Officer, Bertus van der Merwe, appointed as Managing Director of
the SA Board. The formation of the dedicated SA Board recognises
the maturity of the SA Operations as an established cashflow
generative business able to fund its growth objectives with its
partners.
Zambian Operations
·
Formation of a dedicated board of directors
(Zambian Board) for Jubilee's Zambian Operations through a yet to
be nominated Zambian subsidiary of Jubilee.
·
The Zambian Board will include representation from
Jubilee's StratCo (as announced 14 August 2023), providing
experienced strategic direction to successfully implement and
support the Zambian Operations in its transition to an established
and self-sustained business.
·
The Zambian Board will include Jubilee's Chief
Executive Officer, Leon Coetzer, as chairperson of the Zambian
Board and joined by current Chief of Energy Metals, Ricus Grimbeek,
as Managing Director.
·
Mr Muna Hantuba, a respected businessman offering
a wealth of local industry and country knowledge will also join the
Zambian Board.
·
The seniority of the Zambian Board speaks to the
growth opportunities offered by copper and the metals strategic
value in the future growth of Jubilee.
Statement from Leon Coetzer, Chief
Executive Officer:
"Jubilee has reached an exciting
inflection point in its business journey with the ability to
significantly further grow its SA Operations as a recognised
processor of choice, while rapidly stepping up its copper
production on the back of the rollout of its secured Zambian copper
projects.
The formation of the SA and Zambian
Boards, establishes dedicated senior executives for each of our SA
and Zambian business units, that are aligned with the respective
levels of maturity reached by these business units. Each Board has
a focussed mandate to deliver on expected key performance
indicators.
The SA Board with Dr Mathews Phosa
as chairperson and Bertus van der Merwe as Managing Director have
both played a pivotal role in the success and growth of the SA
Operations. They bring together a wealth of industry
expertise and regional knowledge well positioned to capitalise on
the growth opportunities on offer.
Our Zambian Board, comprising a
strong representation of the current Jubilee StratCo and local
business leadership, will focus on driving the implementation and
roll-out of our copper strategy in Zambia at a time when we look to
significantly step-up our copper output on the back of the
investment made to date.
It is a great honour to welcome Mr
Muna Hantuba as a member to the Zambian Board. Muna is a respected
figure within the local Zambian business community and comes with a
wealth of local and industry experience.
The implementation of the two boards
signals a new level of maturity reached by Jubilee offering greater
agility in decision making to not only to seize opportunities but
to also rapidly respond to changing market dynamics."
SA
Operations
The SA Operations have reached a
high-level of maturity, with stable, sustainable, and established
business operations and a clear vision to grow organically whilst
securing direct ownership of resources. In addition, the business
has matured its managerial structures across operational,
financial, legal, and human resources areas.
The business has established new
benchmarks for performance in the industry. Management is
continually evaluating opportunities for organic growth and the SA
Operations are capable of self-funding future growth by leveraging
their balance sheets and cashflows while delivering returns to
Jubilee on the investment made during the development phases of the
business.
The SA Board will oversee the
strategic and operational management of the SA Operations and will
comprise the following members:
·
Chairperson: Dr Mathews Phosa will remain the
non-executive deputy chairperson of Jubilee but will resign, with
immediate effect, as chairperson of Jubilee's remuneration
committee (REMCO) to afford him the time and focus on this new
role.
·
Managing director: Bertus van der Merwe
·
Executive director: Neal Reynolds, Chief Financial
Officer of Jubilee and
·
Non-executive director: An external position, to
be confirmed, to strengthen independent oversight
Zambian Operations
In Zambia, the formation of a
dedicated board is aligned with Jubilee's focussed and strategic
direction to the implementation and rollout of its copper business
which includes:
·
Establishing the Sable Refinery's (Sable)
operational footprint as an independent processing node underpinned
by the Munkoyo resource and third-party supplies. The expansion of
the copper resource base targets at Sable which, combined, offer a
long-term feed supply capable of sustained operational output well
in excess of 16 000t of copper per annum.
·
Establishing the Roan Concentrator's operational
footprint as an independent processing node with the potential to
expand the resource base to include longer-term opportunities. An
expanded resource portfolio will allow Roan to sustain a production
output in excess of 13 000t per annum.
·
Development of the Waste Rock project in
partnership with IRH, targeting copper output in excess of 25 000t
per annum.
·
Jubilee in-house Technical Services team
continuing to progress with the research and development program to
unlock the value of copper contained in historical processed
tailings in Zambia.
The creation of a Zambia Board will
facilitate efficient allocation of capital investment, management's
focus on strategic growth areas, and improvement of the Zambian
Operation's ability to manage risks, identify opportunities and
strengthen operational resilience.
The Zambia Board includes
representation from Jubilee's StratCo to guide in the specific
jurisdictional and industry dynamics of Zambia, providing
experienced strategic direction to support the Zambian
Operations.
The Zambian Board will comprise the
following members:
·
Chairperson: Leon Coetzer, Chief Executive Officer
of Jubilee, ensuring overarching leadership and strategic
alignment
·
Managing Director: Ricus Grimbeek
·
Executive director: Neal Reynolds, Chief Financial
Officer of Jubilee
·
Non-executive director: Mr Muna Hantuba, a
representative from Jubilee's local Zambian partnership
Jubilee Strategic Committee (StratCo)
The members of the StratCo,
comprising the Jubilee CEO, Leon Coetzer, the two managing
directors of the SA and Zambian Operations Bertus van der Merwe and
Ricus Grimbeek respectively, the Jubilee Chief Financial Officer,
Neal Reynolds, and the Jubilee Chief Strategy Officer, Pedja
Kovacevic, remains unchanged.
Changes to the Jubilee Metals Group board
Dr Evan Kirby will step down as
technical director of Jubilee, effective 31 March 2024. Dr Kirby
will instead provide direct technical insight and support to the
Jubilee Technical Services Division.
With the resignation of Dr Phosa as
chairperson of REMCO, Jubilee's non-executive chairperson, Ollie
Oliveira, currently a member of the committee will temporarily be
appointed as the new chairperson of REMCO, pending the appointment
of an additional independent non-executive director who would also
take up membership of this committee.
Statement from Ollie Oliveira, Jubilee
Chairperson:
"On behalf of Jubilee, I would like to extend our thanks to Dr
Kirby for his services and valued contributions during his tenure
as Technical Director. We look forward to continuing our
relationship and benefiting from his expertise as he transitions to
a technical advisory and support role at
Jubilee."
6 March 2024
For further information,
visit www.jubileemetalsgroup.com,
follow Jubilee on Twitter (@Jubilee_Metals) or contact:
Jubilee Metals Group
PLC
Leon Coetzer (CEO)/Neal Reynolds (CFO)
Tel: +27 (0) 11 465
1913
Nominated adviser - SPARK Advisory
Partners Limited
Andrew Emmott/James
Keeshan
Tel: +44 (0) 20 3368
3555
Public Relations and Investor
Relations adviser - Tavistock
Jos Simson/Gareth Tredway
Tel: +44 (0) 20 7920
3150
Joint broker -
Berenberg
Matthew Armitt/Jennifer Lee/Detlir
Elezi
Tel: +44 (0) 20 3207
7800
Joint broker -
WHIreland
Harry Ansell/Katy
Mitchell
Tel: +44 (0) 20 7220 1670/+44 (0)
113 394 6618
JSE sponsor - Questco Corporate
Advisory Proprietary Limited
Alison McLaren
Tel: +27 (0) 11 011 9207
About Jubilee
Jubilee is a low-cost, diversified
producer, specialising in the recovery and processing of metals
from previously overlooked resources, such as unprocessed
historical waste rock, run-of-mine materials and tailings in Zambia
and South Africa. The Company's low-capex, modular processing
facilities are deployed close to these various types of material,
producing high grade concentrates for sale or further refining to
finished metal at the Company's downstream facilities. Production
currently consists of copper, chrome, and platinum group metals
(PGMs). The modular processing facilities offer a platform for
growth and the rapid expansion of Jubilee's operational footprint
in Zambia and South Africa. Jubilee's success is derived from
operational and technical excellence, a highly experienced
management team and a pioneering Technical Development
Centre.