Jubilee Metals unveils separate boards for SA and Zambia operations
Separate executive teams to oversee diversified metals producer’s expansion plans in each country
06 March 2024 - 15:51
by Denene Erasmus
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Diversified metals processor Jubilee Metals has appointed dedicated executive boards for its operations in SA and Zambia, to “better reflect the current levels of maturity” of its operations in the countries.
The new boards will also oversee Jubilee’s growth strategy.
Prominent political and business leader Mathews Phosa will chair the SA board, while Jubilee’s current COO Bertus van der Merwe has been named MD. CFO Neal Reynolds has been appointed executive director.
Phosa will remain the non-executive deputy chair of Jubilee but will resign, with immediate effect, as chair of Jubilee’s remuneration committee. Ollie Oliveira, Jubilee’s non-executive chair, will fill the role on a temporary basis.
“The formation of the dedicated 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,” Jubilee said in a statement.
The Zambian board will include CEO Leon Coetzer as chair, current chief of energy metals Ricus Grimbeek as MD, and Reynolds as executive director.
Muna Hantuba, a representative from Jubilee’s local Zambian partnership, will serve as a non-executive director.
“Our Zambian board, comprising a strong representation of the current Jubilee StratCo and local business leadership, will focus on driving the implementation and rollout 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,” Coetzer said.
In December Jubilee reported it had partnered with Abu Dhabi’s International Resources Holding to develop a waste rock project in Zambia — a deal that helped the company secure one of the largest waste rock assets in Zambia.
In February the group said it had successfully concluded an oversubscribed placing to accelerate the copper expansion drive at the project. The project, in the northern part of Zambia’s Copperbelt, is estimated to hold more than 350-million tonnes of material. The waste comprises dumped material and ore from 60 years of mining that was regarded as too low grade at the time.
The targeted copper output of the project is 25,000 tonnes a year.
It is also developing two other projects that are expected to deliver output of 16,000 tonnes and 13,000 tonnes per year, respectively.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Jubilee Metals unveils separate boards for SA and Zambia operations
Separate executive teams to oversee diversified metals producer’s expansion plans in each country
Diversified metals processor Jubilee Metals has appointed dedicated executive boards for its operations in SA and Zambia, to “better reflect the current levels of maturity” of its operations in the countries.
The new boards will also oversee Jubilee’s growth strategy.
Prominent political and business leader Mathews Phosa will chair the SA board, while Jubilee’s current COO Bertus van der Merwe has been named MD. CFO Neal Reynolds has been appointed executive director.
Phosa will remain the non-executive deputy chair of Jubilee but will resign, with immediate effect, as chair of Jubilee’s remuneration committee. Ollie Oliveira, Jubilee’s non-executive chair, will fill the role on a temporary basis.
“The formation of the dedicated 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,” Jubilee said in a statement.
The Zambian board will include CEO Leon Coetzer as chair, current chief of energy metals Ricus Grimbeek as MD, and Reynolds as executive director.
Muna Hantuba, a representative from Jubilee’s local Zambian partnership, will serve as a non-executive director.
“Our Zambian board, comprising a strong representation of the current Jubilee StratCo and local business leadership, will focus on driving the implementation and rollout 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,” Coetzer said.
In December Jubilee reported it had partnered with Abu Dhabi’s International Resources Holding to develop a waste rock project in Zambia — a deal that helped the company secure one of the largest waste rock assets in Zambia.
In February the group said it had successfully concluded an oversubscribed placing to accelerate the copper expansion drive at the project. The project, in the northern part of Zambia’s Copperbelt, is estimated to hold more than 350-million tonnes of material. The waste comprises dumped material and ore from 60 years of mining that was regarded as too low grade at the time.
The targeted copper output of the project is 25,000 tonnes a year.
It is also developing two other projects that are expected to deliver output of 16,000 tonnes and 13,000 tonnes per year, respectively.
With Lindiwe Tsobo
erasmusd@businesslive.co.za
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