Jubilee establishes separate subsidiary boards for its South African, Zambian operations

6th March 2024 By: Sabrina Jardim - Creamer Media Online Writer

Metals processor Jubilee Metals has established separate subsidiary boards for its South African and Zambian operations to better reflect the current level of business maturity of those operations.

"Jubilee has reached an exciting inflection point in its business journey with the ability to significantly further grow its South African 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 South African and Zambian boards establishes dedicated senior executives for each of our South African and Zambian business units, that are aligned with the respective levels of maturity reached by these business units,” comments Jubilee CEO Leon Coetzer.

Jubilee points out that its South African operations have reached a high level of maturity, with stable, sustainable and established business operations and a clear vision to grow organically, while 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 South African operations are capable of self-funding future growth by leveraging their balance sheets and cash flows, while delivering returns to Jubilee on the investment made during the development phases of the business,” it notes.

Jubilee has appointed Dr Mathews Phosa as chairperson of the holding company of Jubilee's South African operations, while Jubilee COO Bertus van der Merwe has been appointed MD of the South African board.

Phosa will continue to serve as nonexecutive deputy chairperson of Jubilee but will resign, with immediate effect, as chairperson of Jubilee's remuneration committee (Remco).

Jubilee's nonexecutive chairperson Ollie Oliveira, who is a member of the Remco, will temporarily be appointed chairperson of the committee, pending the appointment of an additional independent nonexecutive director.

Further, Jubilee CFO Neal Reynolds will be appointed executive director of the South African operations, while a nonexecutive director will be appointed in due course.

Meanwhile, the formation of a dedicated board of directors for Jubilee's Zambian operations will take place through a yet-to-be-nominated Zambian subsidiary of Jubilee.

The Zambian board will include representation from the Jubilee Strategic Committee (StratCo), 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 comprise Coetzer as chairperson and Jubilee chief of energy metals Ricus Grimbeek as MD.  

A representative from Jubilee’s local Zambian partnership, Muna Hantuba, will also join the board as nonexecutive director, with Reynolds serving as executive director.

The formation of a dedicated board in Zambia is aligned with Jubilee's focussed and strategic direction for the implementation and rollout of its copper business.

This includes establishing the Sable Refinery's 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, combined, offer a long-term feed supply capable of sustained operational output well in excess of 16 000 t/y of copper.

Further, the company aims to establish 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 13 000 t/y.

Rollout of the copper business also involves the development of the waste rock project in partnership with International Resources Holding, targeting copper output in excess of 25 000 t/y.

Moreover, the Jubilee in-house technical services team continues to progress with the research and development programme to unlock the value of copper contained in historical processed tailings in Zambia.

“The implementation of the two boards signals a new level of maturity reached by Jubilee, offering greater agility in decision-making not only to seize opportunities but to also rapidly respond to changing market dynamics,” says Coetzer.

The members of the Jubilee StratCo, comprising Coetzer, Reynolds, Van der Merwe and Grimbeek, as well as Jubilee chief strategy officer Pedja Kovacevic, remain unchanged.

Meanwhile Dr Evan Kirby will step down as technical director of Jubilee, effective March 31. Kirby will instead provide direct technical insight and support to the Jubilee Technical Services Division.