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Formation of dedicated executive boards for South African and Zambian Operations and Changes to the board
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)
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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.
Date: 06-03-2024 09:00:00
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