Jubilee Metals Group reports solid performance amid the ongoing sale of its chrome and PGM businesses

JUBILEE Metals Group, the Zambia-focused copper producer, said Friday the workstreams to conclude the R1.6 billion sale of its South African chrome and PGM businesses were progressing well, while production at these operations remained firmly on track.

- EDWARD WEST

JUBILEE Metals' Inyoni is a platinum group metals and chrome recovery facility in Suth Africa. Jubilee is selling its chrome and platinum group metal processing facilities to One Chrome, a privately owned company in South Africa, and Competition Commission approval is one of the last conditions necessary to conclude the sale.

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The company, which is listed on the London Stock Exchange AIM market and the JSE, said in an operational update for its first quarter to September 30 that approval by the South African Competition Commission and delivery of detailed accounts for the disposal group were the only two outstanding conditions precedent for the sale.

The share price notched up 2.94% on Friday on the JSE to 70 cents, but the price is still well down from 106 cents a year before.