Jubilee Metals said it had received another $10m (R163.5m) pay cheque from local buyer One Chrome as the group’s transition into a pure-play copper miner gathers momentum.
The company has now secured $25m of the $90m compensation for its local chrome and platinum group metals (PGM) processing plants, having formally completed the disposal of its South African operations last week.
The group, valued at R2.5bn on the JSE, has dramatically slimmed down its portfolio over the past six months to focus on the copper mines, tailings and processing plants purchased in Zambia in recent years.
Its portfolio includes a number of mines and a sizeable tailings dump, home to 240-million tonnes of copper material, and the Roan concentrator, where mine waste and previously mined material is processed.
Its only remaining South African asset is the undeveloped Tjate platinum mine, which is yet to be monetised.
Jubilee first announced the strategic shift in June, declaring that its chrome and PGM business had reached a high level of maturity, with further growth opportunities limited to joint ventures and projects requiring large capital outlays.
Spurred by fears of a supply crunch, the metal used to make power cables and all things electrical saw its price climb 40% last year
In its circular on the South African exit published in June, Jubilee told investors that the $90m proceeds would “substantially exceed” its short-term capital demands in Zambia, which has been weighed down by power outages disrupting operations.
Its share price has remained volatile in the six months since the announcement but surged nearly 25% in the past month as the first sale proceeds began pouring in amid steadily rising copper prices.
Spurred by fears of a supply crunch, the metal used to make power cables and all things electrical saw its price climb 40% last year.
Investors also anticipate strong demand growth from data centres and electric vehicles, while fears that US President Donald Trump will impose tariffs on the metal are mounting.
Reuters reported on Monday that the metal’s record price signalled a broader acceleration in the race for critical minerals, which may be advanced by US aggression in Venezuela.
US bank JPMorgan said in November that copper’s market balance was expected to persist, with a global refined copper deficit of about 330,000 tonnes in 2026.
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