Pursuant to a change in the AIM Rules, AIM-quoted companies are required to follow a recognised Corporate Governance Code, and where previously voluntarily done, an AIM Company is now required to adopt an appropriate code setting out its corporate governance code of practice.
Jubilee Metals Group has adopted the Quoted Companies Alliance Corporate Governance Code (2018) (the ‘QCA Code’) and is of the opinion that this code is appropriate given its listing on AIM and being used by most AIM-quoted companies.
The QCA Code is more appropriate for most AIM companies and employs the “comply or explain” approach. Comply with the QCA Code or explain why the Company does not and what plans (if any) the Company has to correct the non-compliance.
The Board recognises the importance of sound corporate governance, which they believe is the most appropriate recognised governance code for a company with shares admitted to trading on AIM.
Chairman’s Corporate Governance Statement:
As Chairman of the Company, I have a keen interest in ensuring that an effective and focused Board leads the business and builds upon its successes to date. Strong corporate governance helps underpin the foundations of a solid and successful business. The Board is committed to ensuring good corporate governance, from executive level and throughout the operations of the business. Following the revisions to the AIM Rules for Companies in March 2018, pursuant to which, all AIM companies are required to comply with a recognised corporate governance code, the decision has been made by the Company that it will adopt the Quoted Companies Alliance Corporate Governance Code 2018. The Directors believe that the QCA Code is the most appropriate recognised governance code for the Company.
As Chairman, it is my duty to ensure that good standards of governance are delivered and fed down throughout the organisation. The Board, as a whole, looks to instil a culture across the Company, delivering strong values and behaviours.
The last two years have seen a transformation within the Jubilee Group. It was a time of strategising and growing the Company. The Board and executive team have worked tirelessly to bring the Company’s projects to account.
Jubilee is continuously updating its project execution plan for the various pipe-line surface processing projects. These pipe-line projects offer significant growth potential and we continue to actively pursue further opportunities.
Jubilee’s project pipe-line currently includes:
- Platinum project to recovery PGMs from the estimated 1 450 000 tonnes surface stock at PlatCro Minerals in South Africa (increasing at an estimated 12 000 tonnes per month)
- Platinum project to recover PGMs from the estimated 800 000 tonnes at surface at DCM in South Africa
- Kabwe project to recover lead, zinc and vanadium from the estimated 6 400 000 tonnes (3 200 000 tonnes JORC compliant) surface tailings at the Kabwe operations in Zambia
The Board and management’s primary focus is to deliver a strategy to ensure that the Company’s projects are fully funded to strengthen the business financially and secure the ability to move the Company forward.
This is achieved by a number of successful fund raisings the last of which was announced 19 January 2018, as well as new appointments to the Board and executive management. The Company has in place a larger and stronger management team who are all focused on driving the business forward and delivering growth for shareholders. The Company’s position has been strengthened further by a US$50m project funding facility enhances the Company’s ability to deliver on its operational commitments and to pursue new business opportunities.
Throughout this period the importance of good governance and working for the benefit of all stakeholders has been at the forefront of the Board and executive management.
As the Company enters the next phase of development I, as Chairman, will work with the Board and management to build upon the existing values that are in place and ensure that good corporate governance continues to be present within the organisation and delivered throughout the business, ensuring that we grow with foundations of integrity and strong principles for the benefit of all stakeholders.