London-based Jubilee Metals Group has received the green light from South Africa’s Competition Tribunal to proceed with the sale of its local chrome and platinum businesses. The tribunal issued a merger clearance certificate, granting unconditional approval for the transaction.
In August 2025, Jubilee accepted a binding offer from One Chrome to acquire its chrome and platinum group metals (PGM) operations in South Africa. The deal is valued at $90 million (approximately R1.5 billion), reflecting the maturity of these assets and Jubilee’s strategic decision to pivot toward higher-growth opportunities.
The company noted that further expansion in its South African operations would require significant capital investment, particularly in co-investing in mining ventures—an approach that no longer aligns with its growth priorities.
The disposal will enable Jubilee to focus on its copper business in Zambia, which demands a dedicated capital structure and management team. The group sees material opportunities to scale copper production at existing sites, supported by strong market fundamentals and higher earnings potential compared to chrome, resulting in superior margins.
Importantly, Jubilee will retain all rights to the Tjate Platinum mining project, ensuring continued exposure to potential upside in the PGM market while concentrating resources on Zambia’s copper assets.
While the Competition Tribunal’s approval marks a major milestone, the deal still requires clearance from the South African Reserve Bank (SARB). Jubilee expects this approval to be granted without issue. The final condition precedent relates to audit requirements, which are anticipated to be completed by end-November 2025.
If all suspensive conditions are not met or waived by 31 December 2025, either party may terminate the agreement.
Jubilee’s move aligns with a broader trend of international companies scaling back or exiting South Africa:
- Anglo American recently unbundled its platinum business, now operating as Valterra Platinum.
- Global banking giants HSBC and BNP Paribas, trading firm IG Group, and consulting powerhouse Bain & Company have all exited the market.
- Shell plans to divest its downstream business, including hundreds of petrol stations.
- Norton Rose Fulbright announced its departure, with a new independent local firm taking its place.
Despite these exits, South Africa continues to attract investment:
- Club Med will open a resort in KwaZulu-Natal next year.
- Luxury brand OKU Hotels is entering the market after acquiring Cape Town’s Ritz Hotel.
- Tata Motors is returning, while West Wits Mining will launch South Africa’s first new underground gold mine in 15 years.
- Saudi-based Zahid Group is part of a consortium acquiring Barloworld.
