Dr Matthews Phosa is a former freedom fighter, activist, political leader and provincial premier. His appointment as chairman of Jubilee Metals follows the resignation of Ollie Pliveira as a director of the company and from the post of board chairman.
Image: Bhekikhaya Mabaso / Independent Newspapers
Tawanda Karombo
Mathews Phosa has been appointed new chairman of Jubilee Metals, which has copper and platinum group metals (PGM) operations in Zambia and South Africa, respectively.
His appointment follows the resignation of Ollie Pliveira as a director of the company and from the post of board chairman with effect from 30 April 2025.
“Oliveira has notified the company of his intention to retire from his position as chairperson and non-executive director. Oliveira will be succeeded by Dr Mathews Phosa, currently vice-chairperson of the board,” said the company on Monday.
Phosa, will also assume Oliveira’s role as member of the audit and risk committee in addition to sitting on the remuneration committee of the board of Jubilee.
In the first interim period to December 2024, Jubilee’s chrome operations in South Africa raised output to 974 659 tons on the back of improved efficiencies while PGM production at 18 435 ounces benefited from better quality feed.
The company said it was now on track to achieve and exceed its chrome concentrate production guidance of 1.65 million tons, and the PGM production guidance of 36 000 ounces.
In Zambia, Jubilee’s copper units production reached 1 454 tons compared to the prior year contrasting period’s output of 1 683 tons although this was below the revised first half-year production target of 1 800 tons.
The missed target reflected “the impact” of power constraints in Zambia due to depleted water levels at Kariba.
Copper run-of-mine (ROM) and in process stock for Jubilee also increased sharply, reaching 1.21 million tonnes containing an estimated 8 466 tons of copper units now earmarked for future processing.
Phosa said Monday that Jubilee had a solid foundation to adapt to changing market dynamics and that it was geared “navigate these changes with a clear focus on sustainability, innovation” and sound governance.
The company also announced that interim finance irector, Jonathan Morley-Kirk, had now been appointed permanently to the position.
Leon Coetzer, CEO of Jubilee said Oliveira had helped steer the company “through times faced with both opportunities and challenges”.
He said though that Jubilee would benefit from Phosa’s “deep industry knowledge and experience recognised especially within the African continent”, which would be significant for the company as it navigates the evolving mining sector landscape.
Last week, Jubilee announced the signing of an agreement with a South African PGM miner for the processing of surplus feedstock from its operations.
“Our preference is to partner with existing PGM producers to process this excess stock rather than investing further capital to expand our own PGM capacity,” said Jubilee CEO, Leon Coetzer.
Although Jubilee did not name the SA PGM producer it has partnered for this agreement, Coetzer said transaction offers the company “the opportunity to immediately commence with the processing of our excess PGM” material.
It also has “the effect of increasing our production capacity by as much as 32%” with no additional capital.
Surplus surface stock of PGM bearing material has piled up as a by-product on the back of a sharp increase in chrome production.
In the half year to December 2024, Jubilee’s chrome concentrate production reached a record half year high, increasing by 35.7% to 974 659 tons. The company says it will exceed its full year guidance of 1.65 million tons.
The increased PGM processing capacity under the new agreement equates to an estimated 11 500 PGM ounces per annum assuming a feed rate of a maximum capacity of 30 000 tons per month.
BUSINESS REPORT