At a Glance
- Jubilee sells South African chrome and platinum assets for $90 million to fund copper growth.
- The sale allows Jubilee to strengthen its Zambian copper operations amid rising global demand.
- Jubilee retains its Tjate Platinum Project for potential future platinum market recovery.
Jubilee Metals Group, a London-listed miner, has agreed to sell its South African chrome and platinum group metals (PGM) operations to local company One Chrome (Pty) Ltd for about $90 million. The sale marks a turning point for Jubilee as it shifts its focus to copper production in Zambia.
The deal, which comes after months of talks and shareholder approval in late August, includes an upfront payment of $15 million. The remaining balance will be paid once regulatory and audit reviews are complete. Jubilee expects the transaction to close by the end of 2025. The move allows the company to streamline its portfolio and concentrate on assets that promise stronger long-term growth.
A shift from maturity to growth
Jubilee said its chrome and PGM business in South Africa had reached a “high level of maturity,” meaning that expansion would require heavy new investment. Rather than commit more capital to older assets, the company chose to pivot toward Zambia, where its copper operations hold greater potential returns.
Copper’s growing role in the global energy transition has guided this shift. Demand for the metal continues to rise as nations invest in electric grids, vehicles, and renewable infrastructure. For Jubilee, copper’s price outlook offers higher margins than those available in chrome or platinum. The proceeds from the sale will also bolster its balance sheet and help fund expansion at its Zambian processing sites.
Keeping a foothold in platinum
Despite selling its active chrome and PGM operations, Jubilee will retain full ownership of the Tjate Platinum Project in South Africa. The company described Tjate as a long-term strategic asset that keeps it exposed to any recovery in the platinum market. This approach, Jubilee said, balances short-term financial discipline with the option to re-enter the sector if conditions improve.
A buyer stepping into a changing sector
The buyer, One Chrome, is a privately owned mining and metals trading firm established specifically for this deal. Jubilee said the structure allows One Chrome to assume existing liabilities and maintain production with minimal disruption. The parties are now awaiting regulatory clearance, including approval from South Africa’s Competition Commission. Audit and compliance reviews are also underway, with completion expected in the coming months.
South Africa’s shifting corporate landscape
Jubilee’s departure reflects a wider corporate realignment in South Africa. In the past year, several global firms — including Anglo American, HSBC, BNP Paribas, and Shell — have reduced their local footprint or exited altogether. Anglo American’s recent decision to spin off its platinum division, now operating as Valterra Platinum, underscored how the mining sector continues to reshape itself amid changing market conditions and investor expectations.
Even so, new investments continue to emerge in other parts of the economy. Tourism and manufacturing are showing signs of life, with Club Med preparing to open its KwaZulu-Natal resort next year and OKU Hotels acquiring Cape Town’s Ritz Hotel. In the automotive sector, Tata Motors is returning to the passenger car market, while West Wits Mining is set to open the country’s first new underground gold mine in 15 years.
A bet on copper’s future
For Jubilee, the sale is more than a divestment — it’s a deliberate bet on copper’s future. With global demand expected to climb as industries push toward cleaner energy, the company sees Zambia as the next growth hub for its operations. Jubilee’s copper projects there have already shown promising production results and stronger profit potential.
Chief Executive Officer Leon Coetzer said the decision represents a natural stage in Jubilee’s evolution. “In mining, it’s important to know when to consolidate and when to grow,” he said. “This move gives us the clarity and capital we need to expand where the opportunities are strongest.”
For Jubilee, that means closing one chapter in South Africa — and opening a new one in Zambia.
