Jubilee Metals: Closing of Sale of South African Operations

Jubilee, the Zambia copper focused producer, announces that, following the satisfaction of all conditions, the sale of the South African Chrome and PGM Operations to One Chrome (Pty) Ltd (Disposal) is now complete.

As per the original transaction terms, the second cash instalment of US$10 million is expected to be received by Jubilee from One Chrome in the coming days.

Following completion of the Disposal, the Company is now focused solely on its Zambian Copper Business. Whilst the Company has retained its investment in the Tjate platinum project in South Africa it continues to explore options to monetise this asset.

Leon Coetzer, CEO of Jubilee, commented:

“I am pleased to report that we have executed this transaction within the timelines stipulated when first announced. Thank you to the South African leadership team for all your efforts, not only in seeing this transaction to close, but for the hard work from you and all of our employees in building this business into one of the world’s largest chrome producers in just a few short years. I will eagerly follow your growth and wish you continued success.

I am excited to lead our remaining executive and Zambian copper team in replicating this success through our Copper Business and look forward to a year of delivering significant growth in our copper operations.”