Jubilee Metals Group, a London-headquartered diversified miner, has confirmed substantial progress in divesting its South African chrome and platinum group metals (PGM) operations. This move aligns Jubilee with a growing trend of international companies scaling back or exiting South Africa amid challenging economic conditions.
In August 2025, Jubilee received a binding offer from One Chrome, a private mining and metals trading firm, to acquire its mature chrome and PGM assets for $90 million (R1.5 billion). The transaction includes Jubilee’s chrome-dominant processing and PGM tailings recovery operations, which have reached peak maturity with limited avenues for further growth without significant capital investment.
The sale marks a pivotal shift in Jubilee’s strategic direction, allowing the company to concentrate on its copper operations in Zambia, where it sees greater long-term value and stronger market fundamentals. Jubilee’s copper strategy is built around a Three-Pillar Model:
- Roan Concentrator – a cash-generating facility processing third-party copper feedstock.
- Sable Refinery – a vertically integrated hub for cathode copper production.
- Large Waste Project (LWP) – focused on reclaiming copper from historical tailings.
Jubilee has already begun expanding its copper footprint, with production at Roan reaching 915 tonnes of copper in concentrate in Q1 FY2026. The company is also developing the Munkoyo (Molefe) Mine and Project G, targeting high-grade copper ore and scalable open-pit operations. These initiatives are supported by robust copper prices and the global push for electrification, which continues to drive demand for the metal.
- Shareholders approved the sale in late August 2025.
- Jubilee has received the first tranche of $15 million (R255 million).
- The company has made detailed submissions to the South African Competition Commission, with audit-related conditions currently being finalized.
- Completion of the sale is expected by year-end 2025.
The deal also includes debt relief, with One Chrome assuming approximately $56.8 million in loans and trade finance obligations, significantly strengthening Jubilee’s balance sheet.
Despite the divestment, Jubilee Metals Group retains full rights to the Tjate Platinum Project, preserving its exposure to potential upside in the PGM market while focusing operational and financial resources on Zambia.
Jubilee’s exit adds to a growing list of global firms reducing their footprint in South Africa. Other notable exits include:
- Anglo American, which spun off its platinum business into Valterra Platinum, triggering R73.5 billion in foreign direct investment outflows in Q2 2025.
- HSBC, BNP Paribas, Shell, Nielsen, and Bain & Company have also exited or downsized operations.
Despite these exits, South Africa continues to attract new international investments:
- Club Med is launching a R2 billion beach and safari resort in KwaZulu-Natal in 2026,
- OKU Hotels acquired the iconic Ritz Hotel in Cape Town.
- Tata Motors is re-entering the market with new passenger vehicles.
- West Wits Mining is opening the country’s first new underground gold mine in 15 years.
