{"id":851473,"date":"2026-02-19T11:36:11","date_gmt":"2026-02-19T09:36:11","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=851473"},"modified":"2026-02-19T12:05:47","modified_gmt":"2026-02-19T10:05:47","slug":"uk-mining-company-officially-sells-south-african-businesses-for-r1-5-billion","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/851473\/uk-mining-company-officially-sells-south-african-businesses-for-r1-5-billion\/","title":{"rendered":"UK mining company officially sells South African businesses for R1.5 billion"},"content":{"rendered":"\n

London-based Jubilee Metals says that the sale of its South African assets has fully gone through. <\/p>\n\n\n\n

In August 2025, Jubilee announced that it received a binding offer from One Chrome to acquire its chrome and platinum group metal (PGM) operations in South Africa. <\/p>\n\n\n\n

The deal would see the group receive $90 million (around R1.5 billion) for the chrome and PGM business, which it said had reached a high level of maturity. <\/p>\n\n\n\n

Jubilee said that further growth opportunities in South Africa were limited due to the intensive capital requirements needed for investing in the mines. <\/p>\n\n\n\n

The disposal would allow the group to focus on its copper business in Zambia, which it said required a dedicated capital structure and management team.<\/p>\n\n\n\n

The group said there are significant opportunities to deliver growth at its existing sites in Zambia by expanding its copper-producing assets, as many miners look to increase their copper exposure. <\/p>\n\n\n\n

Jubilee previously said that the strong copper markets support higher earnings potential, leading to margins higher than those of chrome.<\/p>\n\n\n\n

However, Jubilee retains all current rights to the Tjate Platinum mining project, which provides it with continued exposure to the potential upside of the PGM market while focusing on Zambia. <\/p>\n\n\n\n

In an operational update, Jubilee has confirmed that the sale of the South African chrome and PGM operations is now complete. <\/p>\n\n\n\n

The group said that it received the second cash instalment of $10 million (R160 million) from the purchaser. <\/p>\n\n\n\n

This means that total cash payments received to date stand at $25 million (R400 million). Other parts of the deal are linked to deferred payments and performance-linked payments. <\/p>\n\n\n\n

International companies coming and going<\/h2>\n\n\n
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Jubilee joins a host of companies that have pulled back or completely exited South Africa, including: <\/p>\n\n\n\n

    \n
  • Anglo American (Mining)<\/li>\n\n\n\n
  • HSBC (Banking)<\/li>\n\n\n\n
  • BNP Paribas (Banking)<\/li>\n\n\n\n
  • IG Group (Finance) <\/li>\n\n\n\n
  • Nielsen (Media Analytics)<\/li>\n\n\n\n
  • Bain & Company (Consulting)<\/li>\n\n\n\n
  • Shell (Energy)<\/li>\n<\/ul>\n\n\n\n

    In mining, Anglo American exited its platinum business as part of a global restructuring to counter a takeover bid from BHP. Anglo American Platinum has now become Valterra Platinum following its unbundling. <\/p>\n\n\n\n

    This occurred amid a massive outflow of capital from South Africa, with the nation’s foreign direct investment recording outflows of R73.5 billion in Q2 2025, which was directly linked to Anglo exiting Valterra.<\/p>\n\n\n\n

    On the positive side, Anglo American did keep Kumba Iron Ore, which BHP sought to get rid of in its takeover bid. With the BHP deal falling through, Anglo is now merging with Canada’s Teck Resources.  <\/p>\n\n\n\n

    While several international companies have exited South Africa, many are also entering or returning to the country. <\/p>\n\n\n\n

    In mining, Australian-based West Wits Mining recently opened South Africa\u2019s first new underground gold mine in 15 years.<\/p>\n\n\n\n

    In the financial space, Swiss private banking giant Picket recently opened a new office in South Africa. London-based digital banking provider Revolut is also expanding into South Africa. <\/p>\n\n\n\n

    In hospitality, Club Med will soon launch a massive resort next in KwaZulu-Natal’s North Coast, while OKU Hotels recently bought the rundown Ritz Hotel in Cape Town. <\/p>\n\n\n\n

    Tata Motors has also announced that it will return to selling passenger vehicles in South Africa, with the Indian company joining a host of Chinese motoring companies expanding in the country.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Jubilee Metals has completed the sale of its chrome and PGM operations in South Africa, but could still benefit from any upsides as per the deal with One Chrome. <\/p>\n","protected":false},"author":95,"featured_media":851477,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[2318,23506,20750,5368,23761,4356,24795,2239,15063],"class_list":["post-851473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-anglo-american","tag-bain-company","tag-club-med","tag-hsbc","tag-jubilee","tag-nielsen","tag-one-chrome","tag-shell","tag-tata-motors"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/851473","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=851473"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/851473\/revisions"}],"predecessor-version":[{"id":851486,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/851473\/revisions\/851486"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/851477"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=851473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=851473"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=851473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}