Jubilee Metals Group PLC has said that following the call from South African President Cyril Ramaphosa it is to shut its operations and put them on care and maintenance due to the coronavirus pandemic.
Jubilee added that, in anticipation of the lock down decision, it has put in place measures to identify high-risk situations and personnel.
At the time of the lock down announcement, the company said, it had no reported cases of the coronavirus.
Since the beginning of March, the company added, it has been proactive in minimising cost and maximising production, with all senior management, irrespective of designation, being assigned to operations.
During the lock down 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 lock down, 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 company said it “is able to withstand this disruption based on its strong liquidity and robust business model”.
Jubilee also stated its approval of the South African President’s decision.
As of 24 March, the company’s operations in Zambia remain unaffected, it added.