Jubilee Metals secures $10M to boost copper growth in Zambia

AltX-listed Jubilee Metals Group has taken another decisive step in its strategic transformation after receiving a second cash instalment of $10 million from South African private mining group One Chrome. 

The payment follows the completion of One Chrome’s acquisition of Jubilee’s South African chrome and platinum group metals (PGM) operations, marking a major milestone in Jubilee’s shift toward copper production in Zambia.

The transaction forms part of a broader strategy announced by Jubilee in August 2025, aimed at repositioning the company within the global copper sector.

Jubilee said the move aligns the group with a commodity that enjoys stronger investor recognition, clearer peer comparisons and more attractive valuation multiples than its former South African operations.

“This payment reinforces the strength of the transaction and our confidence in the strategic direction we have chosen,” Jubilee said in an update. “By exiting our South African chrome and PGM assets, we are unlocking value and redirecting capital into a copper growth story with far greater long-term upside.”

The disposal values Jubilee’s South African chrome and PGM portfolio at approximately $146 million on an enterprise value basis.

This equates to a six-times multiple on the operations’ 2024 financial year earnings before interest, taxes, depreciation and amortisation, highlighting what the company has described as a compelling valuation outcome.

Under the terms of the deal, Jubilee stands to receive total consideration of up to $90 million. Of this amount, $87 million is fixed and payable, while a further $3 million is conditional on specific metal price and exchange rate thresholds being met.

In addition, One Chrome has assumed around $56.8 million in loans and trade finance linked to the assets, significantly reducing Jubilee’s gearing and financing costs.

Jubilee said the strengthened balance sheet will give the group greater flexibility to support its continuing operations in Zambia.

“This transaction leaves Jubilee well capitalised, with proceeds comfortably exceeding our near-term funding requirements,” the company noted. “It allows us to focus fully on building a substantial and scalable copper business.”

The group has identified Zambia as a core growth platform, citing strong copper market fundamentals, expanding resource potential and meaningful economic upside.

With global demand for copper rising on the back of electrification, renewable energy and electric vehicle adoption, Jubilee believes its Zambian assets are well positioned to benefit from long-term structural trends.