Jubilee Metals wraps up sale of South African chrome and PGM assets
Jubilee Metals Group PLC on Friday said it has completed the sale of its chrome and platinum group metal operations in South Africa.
The London-based metal processing company indicated that it expects the second cash installment of $10 million in coming days.
In June last year, Jubilee received a ‘conditional binding offer’ from One Chrome (Pty) Ltd to acquire Jubilee’s chrome and PGM assets for up to $90 million, which amounted to around R 1.60 billion at the time.
Following this disposal, Jubilee will solely focus on its Zambian copper business, which includes the Molefe open-pit copper mine, Sable refinery and Roan copper concentrator plant.
It has stated that it has retained its investment in the Tjate platinum project in South Africa as it continues to explore options to monetise this asset.
‘I am pleased to report that we have executed this transaction within the timelines stipulated when first announced,’ Jubilee Chief Executive Officer Leon Coetzer said.
For the 12 months to June 30, 2025, copper production declined by 35% to 2,211 tonnes from 3,422 tonnes.
Shares in Jubilee were flat at 81 rand cents on Friday morning in Johannesburg.
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