One Chrome (Pty) Ltd has completed the acquisition of the chrome and platinum group metals (PGM) operations in South Africa from Jubilee Metals Group PLC (AIM: JLP), marking the culmination of a transaction valued at up to $90 million. The agreement, initially formalised through a letter of intent on 5 June 2025, represents a significant restructuring of Jubilee Metals’ asset portfolio, signalling its strategic shift towards copper production in Zambia while maintaining its investment in the Tjate platinum project in South Africa.
Under the finalised terms of the transaction, One Chrome will make total payments of up to $90 million comprising $25 million in upfront cash and a further $50 million in deferred payments. The deferred component includes a minimum of $15 million payable within one year of completion, followed by annual payments of at least $10 million until the full amount is settled. In addition, One Chrome has agreed to a minimum royalty of $12 million, rising to a potential maximum of $15 million, payable to BHM.
The transaction, first approved by Jubilee Metals’ shareholders on 28 August 2025, received final clearance from the South African Competition Tribunal on 17 November 2025, following the issuance of a merger certificate under the Competition Act. Regulatory approval represented the final hurdle in a process that required shareholder consent, audited accounts for the disposal group and competition authority clearance.
As of the completion date, One Chrome has fulfilled the initial $15 million cash payment, with a second instalment of $10 million expected to be received by Jubilee in the coming days. The full closing of the transaction aligns with Jubilee’s previously stated intention to conclude the disposal by the end of the 2025 calendar year.
For the financial year ending 31 December 2024, the divested South African chrome and PGM operations generated revenue of $133.206 million and earnings before interest, tax, depreciation and amortisation (EBITDA) of $16.526 million. These figures underscore the importance of the assets within South Africa’s broader mining landscape, particularly within the precious metals sector which continues to play a central role in the country’s industrial economy.
The successful transfer of these operations to One Chrome reflects a growing trend of asset consolidation within the Southern African mining industry, as local and regional operators increasingly assume ownership of production capacity historically dominated by international entities. It also highlights the continuing evolution of Africa’s mineral sector governance and ownership frameworks that increasingly prioritise domestic stewardship and long-term sustainability over short-term external extraction.
The deal was structured and advised by a consortium of leading financial institutions. Andrew Emmott and James Keeshan of SPARK Advisory Partners Limited, alongside Craig Brewer of Absa Corporate and Investment Bank, acted as financial advisors to Jubilee Metals Group. Joint brokerage services were provided by Harry Ansell and Katy Mitchell of Zeus Capital, together with Erik Woolgar and Gareth Burchell of Shard Capital Partners LLP.
The completion of this transaction not only repositions Jubilee Metals’ focus toward Zambia’s copper development projects but also signals the company’s sustained confidence in the region’s long-term mineral potential. Meanwhile, One Chrome’s acquisition consolidates its footprint within the Southern African mining industry and strengthens its position in the global PGM and chrome markets at a time when commodity markets remain sensitive to shifts in global demand and resource nationalism dynamics.
This acquisition, taking place against the backdrop of modest gains in the South African market and precious metals indices, comes as the DOW Jones South Africa Index rose by 0.31 percent, platinum prices by 1.99 percent and silver by 0.22 percent, while the S&P GSCI Precious Metals Index experienced a marginal decline of 0.17 percent. Shares of Jubilee Metals Group PLC registered a 5.88 percent increase following the announcement, reflecting investor confidence in the company’s strategic redirection.
The transaction underscores a growing narrative of African economic agency in mineral resource management and ownership, positioning local firms such as One Chrome as emerging custodians of the continent’s industrial resources. This shift reflects a nuanced understanding of regional economic self-determination that continues to define Africa’s evolving mining and industrial landscape.
