REG - Jubilee Metals Group - Changes to the Board & New Dedicated Exec Boards

Jubilee MetalsAnnouncement

06/03/2024 07:00

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RNS Number : 7188F  Jubilee Metals Group PLC  06 March 2024

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
(http://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.

 

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