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(Sharecast News) - Jubilee Metals announced the completed sale of its South African chrome and platinum group metals operations on Friday, marking a strategic shift to focus exclusively on its copper business in Zambia.
The company said the disposal of its South African Chrome and PGM Operations to One Chrome had now completed following the satisfaction of all conditions.
Under the terms of the original transaction, Jubilee expected to receive the second cash instalment of $10m from One Chrome in the coming days.
Following completion of the sale, Jubilee said it was now solely focused on its Zambian copper operations.
The group retained its investment in the Tjate platinum project in South Africa, but said it continued to explore options to monetise this asset.
Chief executive Leon Coetzer said the transaction had been delivered in line with expectations.
"I am pleased to report that we have executed this transaction within the timelines stipulated when first announced," he said.
Looking ahead, Coetzer said the focus would be firmly on growth in copper.
"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."
At 1142 GMT, shares in Jubilee Metals Group were up 4.41% at 3.55p.
Reporting by Josh White for Sharecast.com.
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