South Africa’s economic woes deepen as UK company confirms exit with $90 million asset sale

London-headquartered Jubilee Metals Group has become the latest multinational to trim its South African footprint, confirming progress in selling its chrome and platinum group metals (PGM) operations to One Chrome, a private mining and metals trading company.

• Jubilee Metals is selling its chrome and platinum assets in South Africa to One Chrome for $90 million.
• The company plans to allocate resources to its copper operations in Zambia, citing higher growth and improved margins.
• The move follows a wave of international companies exiting or downsizing in South Africa.
• Jubilee retains rights to the Tjate Platinum project while eyeing Zambia’s expanding role in global copper production. 

The $90 million (R1.5 billion) deal marks another significant international exit from Africa’s most industrialized economy.

Jubilee said the sale reflects a strategic pivot to focus on its copper operations in Zambia, where it sees greater long-term value.

“Our South African chrome and PGM businesses have reached a high level of maturity. Growth opportunities are now limited, and further expansion would demand significant capital outlay. By contrast, copper offers higher earnings potential and stronger market fundamentals,” the group explained.

Jubilee bets on Zambia’s copper boom

The decision aligns with global trends favoring copper amid a worldwide surge in electrification.

Jubilee noted that “strong copper markets support higher margins than chrome, and Zambia presents material opportunities to expand our copper-producing assets.”

Under the deal, Jubilee will retain its rights to the Tjate Platinum mining project, maintaining exposure to South Africa’s PGM sector while redirecting focus and resources northward.

Shareholders approved the transaction in August, and the company has already received the first $15 million (R255 million) tranche.

The sale still awaits approval from the Competition Commission and clearance from the audit, with completion expected by the end of 2025.

Foreign firms continue to pull out as South Africa faces capital flight

Jubilee’s move adds to a growing list of global firms pulling out of or scaling back in South Africa. Recent exits include Anglo American, HSBC, BNP Paribas, IG Group, Nielsen, Bain & Company, and Shell.

In mining, Anglo American recently spun off its platinum arm, now known as Valterra Platinum, as part of a restructuring aimed at countering a takeover bid from BHP. The unbundling triggered a staggering R73.5 billion in foreign direct investment outflows in the second quarter of 2025, according to the South African Reserve Bank.

Despite these outflows, specific sectors continue to attract foreign capital. Club Med is launching a new resort in KwaZulu-Natal next year, luxury hotel brand OKU Hotels recently acquired Cape Town’s iconic Ritz Hotel, and Tata Motors plans a return to South Africa’s passenger vehicle market. Meanwhile, West Wits Mining is set to open the country’s first new underground gold mine in 15 years.

For Jubilee, the sale underscores a broader realignment of Africa-focused mining strategies. Zambia’s copper potential, buoyed by global demand for electric vehicles and renewable energy infrastructure, is emerging as a magnet for new investment.

“This disposal allows us to dedicate management and capital resources where the growth trajectory is strongest,” the company said.

As Africa’s mining landscape evolves, Jubilee’s pivot signals both a retreat from South Africa’s mature sectors and a vote of confidence in the continent’s broader resource-driven future.