London-based Jubilee Metals Group has moved a step closer to exiting its South African operations after the Competition Tribunal granted unconditional approval for the sale of its chrome and platinum businesses. The decision brings the group nearer to completing a major restructuring that will shift its focus to expanding copper production in Zambia.
Jubilee announced earlier this year that it had accepted a binding $90m offer from One Chrome to acquire its chrome and platinum group metals (PGM) assets in South Africa. The company said the operations had reached maturity and that future growth would require substantial investment in mining ventures, something it believes is better directed towards markets with higher returns.
Chief executive Leon Coetzer said the sale would allow the group to channel capital and management capacity towards Zambia, where Jubilee is developing a copper portfolio with what it describes as “significant long-term potential”. Copper prices have strengthened in recent years, supported by global demand for electrification and green energy technologies.
The company still holds rights to the Tjate Platinum Project, giving it exposure to any future recovery in the PGM market without tying up capital in large-scale operations.
Although the Competition Tribunal’s approval is a major milestone, the transaction still requires consent from the South African Reserve Bank. Jubilee said it does not anticipate the approval being withheld. A final audit process, expected to conclude by the end of November, is the last remaining condition before the sale can be completed. If all requirements are not met by 31 December 2025, either party may terminate the agreement.
Jubilee’s exit comes at a time when several high-profile international firms have scaled back operations in South Africa or left the market entirely. Anglo American recently unbundled its platinum unit – now operating as Valterra Platinum – while banks HSBC and BNP Paribas have closed their local operations. Energy giant Shell has confirmed plans to sell its South African downstream business, and consulting firm Bain & Company is withdrawing from the country following its role in state capture scandals.
The legal sector has also seen changes, with Norton Rose Fulbright announcing its departure this year. Trading firm IG Group has already exited, while other multinational companies have cited regulatory uncertainty, weak growth and energy shortages as reasons for leaving.
Despite the exodus, South Africa continues to attract new investors. Club Med is opening a resort in KwaZulu-Natal in 2025, while luxury hospitality brand OKU Hotels is refurbishing the iconic Ritz Hotel in Cape Town. Tata Motors has confirmed its return to the South African market, and Australian company West Wits Mining plans to open the country’s first new underground gold mine in 15 years. Saudi conglomerate Zahid Group is also part of a consortium acquiring JSE-listed industrial giant Barloworld.
For Jubilee, the shift northwards signals a broader strategic realignment in southern Africa’s mining sector, where copper is seen as a higher-margin commodity with stronger long-term demand. The company believes that concentrating on Zambia will unlock greater value for shareholders while positioning it in a market undergoing rapid transformation.
