Jubilee Metals Group plc (LON:JLP), the AIM and Altx traded metals processing company, has provided the following update.
Kabwe Mining Licence Renewal
The Company has received notification from the Minister of Mines and Mineral Development in Zambia of the approval of the Company’s application for the renewal of Small Scale Mining Licence 7081-HQ-SML in Kabwe, Zambia. The Licence is in respect to the minerals lead, zinc, copper and cobalt.
The Licence renewal has been approved for a period of ten years and is subject to a number of customary conditions specified by the Minister of Mines and Mineral Development.
Jubilee is also pleased to announce the appointment of Nicholas (Nick) Taylor as non-executive director to the Jubilee board of directors effective 1 October 2020. Based in the UK, Mr. Taylor (aged 51) is a seasoned finance professional with some 27 years’ of experience in identifying and executing strategic transactions. Having qualified with Price Waterhouse as a Chartered Accountant, Nick spent over 20 years in investment banking previously as European Head of Metals & Mining and Co-Head of Asia Pacific Natural Resources Investment Banking at Deutsche Bank, and latterly as European Head of Natural Resources Investment Banking at The Royal Bank of Canada. While his background extends across sectors, Nick has a specific focus on the mining and minerals sector where his experience in corporate transactions, particularly public and private M&A, and deal structuring, is vast. Nick currently acts as a consultant with EMR Capital, a specialist resource private equity manager, and is a non-executive director at Maya Gold & Silver Inc., a TSX listed mineral exploration and development company. Nick holds an MA in Natural Sciences from the University of Cambridge.
Nick’s experience strongly compliments not only the breadth of experience held by Jubilee’s existing board members but also supports the expanded financial and corporate governance team under the leadership of Jubilee’s Chief Financial Officer, Pedja Kovacevic.
Leon Coetzer, CEO of Jubilee, commented: “As Jubilee continues to aggressively drive its expansion across both its Zambian and South African operations, the renewal of the Licence in Zambia is an endorsement of the work that we are doing on the ground at Kabwe and the support from Government and the Department of Mines.
“We have made significant progress in Zambia since the acquisition of the Sable Refinery in 2019, particularly in recent months with Jubilee securing access to vast amounts of copper containing surface tailings. We expect to be able to produce the first copper concentrate from the most recently acquired copper run-of-mine material within the next three months, which has the potential to significantly bolster earnings, whilst also commencing the processing of the 150 million tonnes of copper tailings that we secured in June. Jubilee has a track record of continuously driving to set new industry standards and we look forward to providing further updates as we continue on this growth trajectory in Zambia with further expansion and development over the long term.
“I am very pleased to welcome Nick to the Jubilee board. Nick is a well-respected professional and known for his prowess in driving successful M&A transactions in our industry. Nick, together with my CFO Pedja, form a strong complimentary team who jointly hold exceptional experience and a depth of knowledge of the financial and capital markets as well as the natural resources industries.
“The Jubilee Metals Group team is pivotal to Jubilee’s continued success and the commitment of my team is displayed in the results that we continue to achieve.”