Tribunal approves Jubilee's sale of its South African chrome, PGM operations
The South African Competition Tribunal has issued AltX- and Aim-listed Jubilee Metals Group with a merger clearance certificate, after unconditionally approving the sale of the company's South African chrome and platinum group metal (PGM) operations to One Chrome.
Jubilee in June announced its plans to sell its South African operations to One Chrome for up to $90-million and to focus on its copper assets in Zambia. At the time, the company noted that it would, however, retain its rights to the Tjate platinum project in South Africa.
The transaction still needs to be approved by the South African Reserve Bank, but Jubilee does not expect this approval to be withheld.
The company further points out that the only remaining material condition precedent to the transaction is audit related.
"This workstream is well under way and is expected to be completed by November 30. Following completion of the disposal, which is expected by the end of the 2025 calendar year, the company will be focused solely on its Zambian copper projects while retaining its investment in the Tjate platinum project in South Africa," it states.
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