Jubilee Metals Cashes in on South African Chrome Sale to Boost Copper Operations in Zambia
AltX-listed Jubilee Metals Group, now concentrating on copper production in Zambia, has received the second $10-million cash instalment from South African private mining group One Chrome, following the completion of its sale of Jubilee’s South African chrome and platinum group metals (PGM) operations.
In a statement dated August 12, 2025, Jubilee said the transaction strategically positions the company within the copper sector, which offers higher investor recognition, stronger valuation multiples, and a well-defined peer group.
The proceeds from the sale significantly exceed Jubilee’s short-term capital requirements to establish itself as a large-scale, scalable copper producer, enhancing its presence in an industry noted for superior valuation metrics.
The transaction values Jubilee’s South African chrome and PGM operations at approximately $146 million on an enterprise value basis, representing a six-times multiple of its 2024 earnings before interest, taxes, depreciation, and amortization (EBITDA).
Jubilee is set to receive up to $90 million for the disposal. Of this, $87 million is payable immediately and not linked to performance measures, while the remaining $3 million is contingent on certain metal price and exchange rate criteria.
Additionally, One Chrome will assume roughly $56.8 million in loans and trade finance. This assumption substantially reduces Jubilee’s gearing and financing costs, enabling the company to manage its capital structure more efficiently and focus resources on its Zambian copper operations.
Jubilee described the disposal as a compelling opportunity to unlock value from its South African chrome and PGM assets and redirect it toward expanding its copper business in Zambia.
The company highlighted Zambia as a highly attractive growth platform, supported by robust copper market fundamentals, expanding resource potential, and significant economic upside.
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