JUBILEE Metals, a diversified metals processing and recovery company, is considering selling its long-held Tjate platinum group metals project in South Africa after receiving interest from potential buyers, as the company narrows its focus to copper production in Zambia.

The AIM- and JSE AltX-listed metals processor retained Tjate when it sold its South African chrome and PGM operations earlier this year. On Monday, Jubilee said several companies had expressed interest in the project, which is now being assessed as part of a broader strategic review.

A sale would further streamline Jubilee’s portfolio as it builds an integrated copper mining, processing and refining business in Zambia.

Zambia becomes the main focus

Jubilee is also seeking to sell its Large Waste Project in Zambia for $35 million, with an option to accelerate the deal at $30 million. Due diligence is expected to finish soon, after which a $2.25 million deposit would be payable if the transaction proceeds.

The company said the changes reflect its move away from mainly processing third-party material toward controlling more of its own copper supply chain.

Its Zambian operations include third-party processing at Roan, refining at Sable and the development of its own mines and exploration assets. Molefe, Jubilee’s first owned and operated mine, is expected to become an important source of copper feed for Sable, although it has yet to reach steady production.

Mining at Molefe was reduced in the fourth quarter as Jubilee accelerated pre-stripping and pit development to combine two pits into a larger open-pit operation. The company expects high-grade ore production to reach about 7,500 tons a month in October as it tests the mine’s performance.

If results remain consistent, Jubilee plans to move toward its target of 10,000 tons a month before the end of 2026.

Roan remains key to Jubilee’s copper forecast

Roan remains the only operation included in Jubilee’s production forecast, with fiscal 2027 output estimated at 2,850 to 3,150 tons of contained copper. Molefe and Project G will be added once they demonstrate stable and predictable performance.

Copper production before refining rose 225% to 3,739 tons in the year ended June, while finished copper products available for sale increased 1.3% to 2,120 tons.

Tjate, in Limpopo province on the Eastern Limb of the Bushveld Complex, dates back to 2003. An independent study in 2011 estimated the project could contain about 65 million ounces of PGMs, although much of the resource lies at depth.

Jubilee, which has been developing metals recovery projects for more than two decades, is focused on copper, cobalt, PGMs and chrome. Its Zambia strategy now sits at the center of the company’s plans as it seeks to build a more integrated mine-to-metals business.