24th Mar 2020 12:06
(Alliance News) - Miner Jubilee Metals Group PLC on Tuesday said it will place its South African operations under care and maintenance, adhering to a lockdown imposed by the country's president.
The company said it has not reported any Covid-19 cases from its sites, but in anticipation of the lockdown, has adopted measures to "identify high risk situations and personnel".
Jubilee added: "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."
South African President Cyril Ramaphosa said a three-week lockdown will be imposed from midnight Thursday, in a bid to slow the spread of Covid-19. New curbs on which businesses remain open will also be introduced.
Rampahosa had said all businesses will be closed, save for "pharmacies, laboratories, banks, essential financial and payment services, including the JSE, supermarkets, petrol stations and health care providers".
Jubilee said: "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."
Shares in the company were 0.1% higher at 2.00 pence each in London around midday. In Johannesburg, they were 2.4% higher at ZAR0.42 each.
By Eric Cunha; [email protected]
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