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Workstreams to conclude the sale by Jubilee Metals of its South African chrome and platinum group metals (PGM) operations are progressing well, the now Zambia copper focused London AIM- and Johannesburg AltX-listed company stated on Friday, October 17.
Approval by South Africa's Competition Commission as well as delivery of the audited accounts for the disposal of the group for the year ending June 30, are the two remaining significant conditions precedent to the sale.
Jubilee is hopeful that completion of the sale will be achieved by the end of this calendar year amid delivery of audited results for the financial year ending June 30 during the second half of November.
"Our South African operations have delivered a solid performance whilst the sale of our South African chrome and PGM Operations is progressing to expectation," Jubilee CEO Leon Coetzer stated in a release to Mining Weekly.
Shareholder approval received for the disposal of the South African chrome and PGM operations was received in August and the first $15-million of the sale consideration has been received in cash.
In the three months to September 30, Jubilee stated in an operational and project update for South Africa that the lost time frequency injury rate for the period was 0.96, a 27.8% decrease compared with the previous quarter with one classified injury recorded.
Chrome concentrate production for the three months to September 30 was an 11.2% lower 404 151 t compared with the corresponding period of last year owing mainly to the cessation in July of the OBB chrome ore supply contract but offset by increased production from Thutse operations.
The OBB contract contributed the equivalent of 450 000 t/y of chrome concentrate while PGM tailings from the OBB processing facility continue to be processed at the Inyoni PGM facility.
PGM production for the three months was a 10.1% lower 8 382 oz, with both decreases owing mainly to the impact of the cessation of the OBB contract on chrome concentrate and PGM feed supply.
South Africa production guidance for Jubilee's 2026 financial year is 1.65-million tons to 1.80-million tons of chrome concentrate production and 36 000 oz to 40 000 oz of PGM production.
The now Zambia-focused Jubilee first established its integrated multi-metals recovery and refining operational footprint in Zambia with the acquisition of the multi-metal Sable Refinery in Kabwe, in August 2019.
The acquisition served as an entry point for Jubilee into Zambia, presenting a platform from which to pursue the various base metal opportunities and to begin actively engaging with third-party suppliers to develop strategic partnerships to grow copper production.
Jubilee is focussing on growth in copper operations in Zambia where there is a supply of on-surface copper waste material and a junior mining sector with limited processing facilities.