Jubilee Metals Group, a metals-processing group, said yesterday that it had formed dedicated executive boards for its South African and Zambian operations, with the local board to be led by deputy chairperson Mathews Phosa.
Jubilee makes a big contribution to chrome concentrate production in South Africa (SA Operations) and has expanding copper operations in Zambia.
Phosa was appointed chairperson of the holding company of Jubilee’s South African operations, with immediate effect, while Jubilee's chief operating officer Bertus van der Merwe was appointed as managing director (MD) of the SA board.
“The formation of the SA board recognises the maturity of the SA operations as an established cash flow generative business, able to fund its growth objectives with its partners,“ the group said in a statement.
In Zambia, a dedicated board of directors had been formed for an as yet to be nominated Zambian subsidiary of Jubilee.
The Zambian board would provide strategic direction to implement and support the Zambian copper operation in its transition to a self-sustained business.
The Zambian board would include Jubilee’s CEO, Leon Coetzer, as chairperson and he would be joined by current chief of Energy Metals, Ricus Grimbeek, as MD, and executive director Neal Reynolds, the chief financial officer of Jubilee.
Muna Hantuba, a businessman offering much local industry and country knowledge, would also join the Zambian board as non-executive director.
“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,” the group said in a statement.
Coetzer said Jubilee had 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 also rapidly stepping up its copper production on the back of the roll-out of its secured Zambian copper projects.
“Our Zambian board will significantly step up our copper output on the back of the investment made to date,” he said.
The South African operations had 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.
Phosa would remain the non-executive deputy chairperson of Jubilee, but would resign as chairperson of Jubilee’s remuneration committee (Remco).
The South African board would comprise MD Bertus van der Merwe, executive director Reynolds, and another independent non-executive director still to be confirmed.
In Zambia its board would establish the Sable Refinery’s operational footprint as an independent processing node underpinned by the Munkoyo resource and third-party supplies.
They would oversee the expansion of the copper resource base targets at Sable which, combined, offered a long-term feed supply capable of sustained operational output well in excess of 16 000 tons of copper per annum.
They would 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 would allow Roan to sustain a production output in excess of 13 000 tons per annum.
The development of the Waste Rock project in partnership with IRH would target copper output in excess of 25 000 tons per annum.
Dr Evan Kirby will step down as technical director of Jubilee, from March 31. Kirby will instead provide direct technical insight and support to the Jubilee Technical Services Division.
BUSINESS REPORT