By Dylan Bettencourt
- Jubilee is selling its South African chrome and platinum operations to One Chrome for R1.5-billion, with an initial R255-million payment.
- The company says copper mining in Zambia is more profitable as demand grows with the shift to electric power.
London-based mining company Jubilee has decided to sell its South African chrome and platinum mines for R1.5-billion and shift its focus to copper mining in Zambia.
The company confirmed that One Chrome, a private mining and metals trading firm, has made an offer to buy its local operations. The deal includes an upfront payment of R255-million and will be finalised once all approvals are completed.
Jubilee said its South African mines had reached their full potential and would need big new investments to keep growing. Instead, the company plans to put its money into Zambia, where copper mining offers better profits and more room to expand.
“The world is going electric, and copper is in demand,” the company said.
Copper is one of the most important materials used in electric vehicles and renewable energy. Jubilee believes Zambia’s copper industry gives it a better chance to grow as global demand rises.
The company will keep its rights to the Tjate Platinum project in Limpopo, meaning it will still have a small presence in South Africa’s platinum market.
The sale is expected to be completed by the end of 2025 once competition authorities approve it.
Jubilee is not the only global company scaling down in South Africa. Others include Shell, HSBC, BNP Paribas, Bain & Company and Anglo American. Anglo’s platinum spin-off led to more than R73-billion leaving the country earlier this year.
Still, some businesses are investing. Club Med is opening a new resort in KwaZulu-Natal, OKU Hotels has bought the Ritz Hotel in Cape Town, and West Wits Mining is opening South Africa’s first new underground gold mine in 15 years.
Pictured above: A Jubilee Metals Group mine.
Image source: Jubilee Metals Group
