Jubilee Metals reported a slowdown in output at its local operations as the diversified miner looks to conclude its SA exit by the end of this year.
The group now awaits regulatory approval from local competition authorities and the delivery of its SA operations’ audited accounts for the latest financial year before it can hand over its chrome and platinum group metals (PGM) assets to buyer One Chrome.
The deal will result in Jubilee disposing of all its local assets except the Tjate platinum project, a largely undeveloped exploration asset on the eastern limb of the Bushveld Complex, to focus solely on copper mining in Zambia.
Jubilee first announced the strategic shift in June, declaring that its chrome and PGM business had reached a high level of maturity, with further growth opportunities limited to joint ventures and projects requiring significant capital outlay.
Earlier this month the miner announced that it had received the first $15m of the $90m sale proceeds after receiving shareholder approval in August.
Jubilee reported an 11.2% quarterly dip in chrome concentrate production to 404,151 tonnes for the three months to end-September after a chrome ore supply contract was terminated in the previous quarter.
Improved output from the group’s Thutse operations offset this slightly, but the cessation of the supply contract also resulted in a 10% slip to 8,382oz of PGM production compared to the previous quarter.
“The sale of our SA chrome and PGM operations is progressing to expectation,” said CEO Leon Coetzer.
“We are hoping to receive approval for the completion of the sale by the end of this calendar year, and we look forward to updating our shareholders accordingly.”
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