South Africa’s economic woes deepen as UK company confirms exit with $90 million asset sale.
The $90 million (R1.5 billion) deal marks another significant international exit from Africa’s most industrialized economy.
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.
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.
Source: Africabusinessinsider
