SOUTH AFRICAN 21-DAY LOCKDOWN UPDATE

RNS Number : 3791H

Jubilee Metals Group PLC

24 March 2020

 

Jubilee Metals Group PLC

Registration number (4459850)

AltX share code: JBL

AIM share code: JLP

ISIN: GB0031852162

("Jubilee" or "the Company")

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR). Not for release, publication or distribution in whole or in part in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction.

SOUTH AFRICAN 21-DAY LOCKDOWN UPDATE

On the 23^rd of March at 7:30 pm South African time the President of South Africa, Cyril Ramaphosa, announced a 21 day nationwide lockdown to combat the potential rapid rise COVID-19 infection rate.

The key elements of the lockdown is that from midnight Thursday the 26^th of March 2020, people will not be allowed to leave their homes except to buy food, medical supplies, collect social grants or seek medical attention.

The effect of the lockdown is that most businesses will be forced to close during the period and only essential services will remain open and as such Jubilee will be forced to put its South African operations under care and maintenance for the 21 day period.

The board has in anticipation of the lockdown decision put in place, at all of Jubilee's relevant operations, measures to identify high risk situations and personnel.  At the time of the lockdown announcement the company had no reported cases of COVID-19.  Management, since the beginning of March, has been proactive in minimising cost and maximising production, with all senior management, irrespective of designation, being assigned to operations to pursue the aforementioned objectives. 

During the lockdown period, security staff will maintain their duties and vigilance.  Process components will be prepared for orderly shutdown with in-process stocks available for a seamless restart. 

During the period prior to lockdown, saleable stocks will be liquidated including current work in progress.  

Jubilee has taken measures to minimise the negative financial effects on its operations and where possible cushion the effect on our loyal and dedicated employees.  The business is able to withstand this disruption based on its strong liquidity and robust business model.

We applaud the pro-active decision by the President and are confident that the operational interruption will be contained and we look forward to resume business as normal to the benefit of all our stakeholders.

We will of course, continue to monitor the situation and put in place further measures should the lockdown period be extended or the situation for whatever reason materially changes. 

At the time of writing this statement our operations in Zambia remain unaffected by the COVID-19 virus.  We wish South Africa, all our employees and associates a speedy resolution to this unexpected social and economic challenge.

United Kingdom

24 March 2020

**ENDS**

For further information visit www.jubileemetalsgroup.com   or contact:

Jubilee Metals Group PLC

Colin Bird/Leon Coetzer
Tel [phone] / Tel [phone]

Nominated Adviser - SPARK Advisory Partners Limited
Andrew Emmott/James Keeshan
Tel: [phone]

Broker - Shard Capital Partners LLP
Damon Heath/Erik Woolgar
Tel [phone]

Joint Broker - WHIreland

Harry Ansell/Katy Mitchell 

Tel: [phone]

JSE Sponsor - Sasfin Capital (a member of the Sasfin group)

Sharon Owens
Tel [phone]

PR & IR Adviser - St Brides Partners Limited

Catherine Leftley/Juliet Earl

Tel [phone]

 

END

 

 

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