Copper, chrome and platinum group metal (PGM) producer Jubilee has appointed ANC veteran Mathews Phosa as its new board chair.
The JSE-listed group on Monday also appointed Jonathan Morley-Kirk to the role of CFO on a permanent basis.
Ollie Oliveira, Phosa’s predecessor, announced his retirement after three years at the helm of Jubilee’s board, effective from April 30.
Phosa, who is a former premier of Mpumalanga and member of the ANC’s national executive committee, told investors it was “both an honour and a privilege” to step into the role of chairperson at Jubilee.
“I would like to express my sincere gratitude to Ollie for his exceptional leadership and dedication. Under his stewardship, Jubilee has built a solid foundation upon which it will continue to grow,” he said.
Under Oliveira’s tenure, Jubilee has grown its presence in Zambia’s copper mining sector through strategic dealmaking, such as its partnership with Abu Dhabi’s International Resources Holding in December 2023, which helped the company secure one of the largest waste rock assets in Zambia.
Copper is expected to play a critical role in industrialisation, the electrification of the automotive sector and growth of data centres, and demand for the metal is underpinned by structural economic development and the green energy transition.
Through the ongoing Zambian expansion, Jubilee increased its annual copper output from 2,269 tonnes in the year to end-June 2022 to 3,422 tonnes in the 2024 financial year.
In the six months to end-December, however, the group failed to meet copper production guidance due to unplanned Zambian power outages. Jubilee thus reported a 14% year-on-year fall in interim headline earnings per share.
Depressed chrome and PGM prices have added to these headwinds, with the group reporting a weaker financial performance despite a record high level of interim chrome output in the first half.
Oliveira thanked Jubilee management for their “strong and constant dedication to the company in what has proven to be very challenging circumstances in the industry and the region”.
Jubilee CEO Leon Coetzer said the new chairperson’s “leadership, deep industry knowledge and experience recognised especially within the African continent is invaluable as the group continues to navigate the evolving landscape of our industry”.
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