Jubilee Metals Group PLC SOUTH AFRICAN 21-DAY LOCKDOWN UPDATE (3791H)
24 March 2020 - 10:33PM
UK Regulatory
TIDMJLP
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
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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 +44 (0) 20 7584 2155 / Tel +27 (0) 11 465 1913
Nominated Adviser - SPARK Advisory Partners Limited
Andrew Emmott/James Keeshan
Tel: +44 (0) 20 3368 3555
Broker - Shard Capital Partners LLP
Damon Heath/Erik Woolgar
Tel +44 (0) 20 7186 9900
Joint Broker - WHIreland
Harry Ansell/Katy Mitchell
Tel: +44 (0) 20 7220 1670/+44 (0) 113 394 6618
JSE Sponsor - Sasfin Capital (a member of the Sasfin group)
Sharon Owens
Tel +27 (0) 11 809 7500
PR & IR Adviser - St Brides Partners Limited
Catherine Leftley/Juliet Earl
Tel +44 (0) 20 7236 1177
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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