Prominent South African business executive, Reuel Khoza has joined the board of Jubilee Metals after the resignation of the junior miner’s chief financial officer, Neal Reynolds.
Khoza’s appointment to the Jubilee Metals board is with effect from next month, although it is subject to regulatory approvals.
Jubilee Metals chief executive Leon Coetzer said yesterday: “Khoza brings a wealth of experience and knowledge that will strongly compliment the Jubilee board, especially at a time when we look to expand our operating footprint in Africa.”
Khoza currently holds the executive positions of president of the Institute of Directors Southern Africa, chairman of Discovery Bank, and is also a visiting professor for several South African universities, as well as lectureships in corporate governance, business leadership and business strategy, among others.
Previously, Khoza held high profile positions for large companies that include the JSE, Nedbank and the Public Investment Corporation, as well as state-owned power utility Eskom.
The Jubilee Metals board of directors also includes another prominent figure, Dr Mathews Phosa, who serves as a non-executive vice-chairman.
Jubilee Metals also announced yesterday that Reynolds was leaving the company to pursue new opportunities.
“Neal will leave Jubilee after publication of the company’s annual results, which are targeted for release during the week of September 30, 2024,” it said.
Jubilee Metals has roped in Riaan Smit, currently chief financial officer for the company’s chrome and platinum group metals (PGM) division in South Africa, as an interim replacement for Reynolds.
Prior to his resignation, Reynolds was part of the company’s leadership team tasked with “the successful implementation of a decentralised executive management structure” to ensure dedicated focused leadership by the South African and Zambian-appointed executive team.
Jubilee Metals’ decentralised executive teams now include dedicated country and commodity area managing directors and chief financial officers.
“The implemented executive structure ensures clear accountability and leadership across each of the company’s operations, namely copper and chrome and PGM. This new decentralised structure has put in place significant finance capabilities across the group,” said the company.
Jubilee is involved in copper in Zambia, as well as chrome and platinum group metals (PGM) in South Africa. It said last month that the upgrade of the Roan project in Zambia had added more processing capacity and flexibility to the plant’s milling and flotation sections.
“Roan’s new front-end capacity has been constructed adjacent to the already operating milling and flotation circuits, increasing the overall capacity of Roan to a maximum design of 13 000 tons of copper per annum,” said Jubilee.
This falls under the company’s overall operational capacity increase strategy that also covers upgrades to the Sable refinery, currently underway. Jubilee is targeting a combined processing capacity of 25 000 tons per annum of copper over the coming 12 months.
BUSINESS REPORT