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South African Competition Tribunal (SACT) has issued Jubilee with a merger clearance certificate and unconditionally approved the sale of the South African Chrome and PGM Operations to One Chrome (under the Competition Act (Disposal).
SACT approval is a suspensive condition to the disposal as outlined in the circular to shareholders.
However, the approval of the South African Reserve Bank is still required, and the company does not envision this being reasonably withheld.
Meanwhile the last material condition precedent is audit related.
“This workstream is well underway and is expected to be completed by 30 November 2025,” said the company.
Following completion of the Disposal, which is expected by the end of CY2025, the Company will be focused solely on its Zambian copper projects whilst retaining its investment in the Tjate platinum project in South Africa.
In addition, if all of the suspensive conditions of the Disposal are not satisfied or waived by 31 December 2025 then the sale agreement for the Disposal may be terminated by either Jubilee or One Chrome.
