Jubilee Metals working to finalise sale of chrome and PGM assets

(Alliance News) - Jubilee Metals Group PLC on Thursday said it is working to finalise the sale of its chrome and platinum group metal operations in South Africa.

Early last month, Jubilee received a "conditional binding offer" from a private mining and metals trading company to acquire its chrome and PGM assets in South Africa for up to USD90 million, or ZAR1.60 billion.

The London-based metal processing company said on Thursday it expects to post a circular containing full details of the proposed disposal to its shareholders during or about the last week of this month.

The proposed transaction is subject to a number of conditions, including entering into final definitive agreements, shareholder approval and regulatory clearances.

Under the terms of the binding offer, Jubilee would retain all current rights to the Tjate platinum mining project, offering it continued exposure to the potential upside of the PGM market, while focussing to further advance its copper strategy in Zambia.

Jubilee said then its board had reviewed the offer and recognised the value proposition of the binding offer.

The disposal of the chrome and PGM business in South Africa allows the group to focus its efforts on Zambia, Jubilee said at the time.

By Artwell Dlamini, Alliance News senior reporter South Africa

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