Jubilee Metals Moves Forward with $90M Sale to Boost Zambian Copper Growth
Jubilee Metals Advances $90M Sale of South African Chrome & PGM Assets to Strengthen Zambian Copper Growth Strategy
Jubilee Metals, listed on AIM and AltX, has informed shareholders that the sale process of its South African chrome and platinum group metal (PGM) business is progressing following shareholder approval on August 28. The company has already received the first tranche payment of $15 million.
In June, Jubilee announced its decision to divest its South African chrome and PGM operations to focus entirely on its growth opportunities in Zambia.
The company received a conditional binding offer from a private mining and metals trading company to acquire the South African chrome and PGM assets for up to $90 million. Payment will be made through a combination of upfront cash and deferred payments over three years.
Both Jubilee and the buyer have submitted the transaction for approval to the South African Competition Commission. The remaining significant condition precedent is an audit-related requirement. Jubilee expects the sale to be completed by the end of the year.
Jubilee will retain its investment in the Tjate platinum project in South Africa. Proceeds from the sale will provide the company with steady, non-dilutive capital, enabling it to advance its “three-pillar strategy” in Zambia.
Jubilee’s Three-Pillar Strategy
Jubilee aims to become a long-term, comprehensive copper producer, targeting an annual output of 25,000 tonnes. This will involve exploration, mining, concentrating, and cathode refining through its three core business units: Roan, Sable, and the Large Waste Project.
Roan Operation: This facility processes waste, tailings, and previously mined material, primarily sourced from bought run-of-mine material with an average grade of 1.65% copper.
Over 85% of the copper concentrate produced is oxide copper, which is further refined at the Sable operation. Roan’s first-quarter production for the 2026 financial year is on track to reach 915 tonnes of copper in concentrate.
Jubilee plans to add a dedicated copper leach circuit to recover superfine oxide copper, reducing losses in the process.
Sable Refinery: Currently undergoing expansion, Sable is set to increase capacity by the third quarter of the 2026 financial year to process approximately 14,000 tonnes of copper units annually — including 11,500 tonnes of cathode and 2,500 tonnes of copper-equivalent sulphide concentrate.
The expansion will support increased production from the nearby Molefe and Project G mines. Jubilee is exploring joint venture opportunities for the Molefe mine and expects $5.5 million in further investment, to be funded from existing resources and proceeds from the South African asset sale. Relocating the Sable refinery closer to the mines is planned to reduce transport costs.
Large Waste Project: Jubilee is upgrading the project’s resource definition to improve ore reclamation designs for a vast historical rock dump. Near-final designs are expected by the end of the third quarter of the 2026 financial year.
Discussions with a potential funding partner are ongoing and expected to conclude before year-end. Jubilee acquired rights to this project for $18 million, half of which has been paid. The company is developing separation techniques to pre-classify the site’s 240 million tonnes of surface material.
CEO Perspective
Jubilee CEO Leon Coetzer highlighted that the three-pillar strategy strengthens operational flexibility and mitigates in-country risks while creating growth opportunities.
“Our Roan operation is performing to plan, processing about 30,000 tonnes per month of its installed 45,000 tonnes per month capacity. We have the option to increase throughput through expanded tailings processing and a new Roan front-end, which will be considered after the upcoming rainy season,” Coetzer explained.
The company plans to publish its first-quarter operational results for the 2026 financial year within the next four weeks.
