JUBILEE Metals said it had been paid $10m (R163.5m) from local buyer One Chrome, bringing total proceeds to $25m of the $90m due for its South African chrome and platinum group metals processing operations.
The group formally completed the disposal last week as part of a dramatic portfolio restructuring that has transformed the R2.5bn JSE-listed company into a pure-play copper miner focused on Zambian assets, said Business Day in a report this week.
Over the past six months, Jubilee has shed nearly all its South African operations except the undeveloped Tjate platinum mine. Its Zambian portfolio now comprises multiple mines, a sizeable tailings dump containing 240 million tons of copper material, and the Roan concentrator, where mine waste and previously extracted material undergoes processing.
The strategic pivot, announced in June, followed Jubilee’s assessment that its chrome and PGM businesses had matured, with further growth requiring substantial capital outlays or joint ventures. The group indicated that disposal proceeds would substantially exceed its short-term capital requirements in Zambia, where power outages have disrupted operations, said Business Day.
Jubilee’s share price has surged nearly 25% over the past month as initial sale proceeds arrived alongside steadily climbing copper prices. The metal used in power cables and electrical equipment jumped 40% last year amid supply crunch fears.
Investor appetite has been fuelled by anticipated demand growth from data centres and electric vehicles, alongside mounting concerns that US President Donald Trump may impose tariffs. JPMorgan forecast in November that global refined copper markets would face a deficit of approximately 330,000 tons in 2026.
