LONDON (ShareCast) - (Sharecast News) - Jubilee Metals said on Friday that work on completing the sale of its South African chrome and platinum group metals (PGM) operations was progressing well, with only two key conditions outstanding - approval from the South African Competition Commission and delivery of audited accounts for the year ended 30 June.
The AIM-traded company said it expected to finalise the transaction by the end of the calendar year.

Shareholders approved the disposal on 28 August, and Jubilee had already received the first $15m of the sale proceeds in cash.

The group said audited financial results for the year ended 30 June were expected to be published in the second half of November.

In its operational update for the first quarter to 30 September, Jubilee reported chrome concentrate production of 404,151 tonnes, down 11.2% from a year earlier, primarily due to the end of the OBB chrome ore supply contract at the close of the prior financial year.

The impact was expected to be largely offset by increased output from the company's Thutse operations.

PGM output fell 10.1% year-on-year to 8,382 ounces, reflecting the same loss of OBB feed supply.

Jubilee also reported an improvement in safety performance, with its lost time injury frequency rate falling 27.8% from the prior quarter to 0.96.

Chief executive Leon Coetzer said the South African business had performed well despite the operational transition.

"Our South African operations have delivered a solid performance whilst the sale of our South African chrome and PGM operations is progressing to expectation," he said.

"The sale ... has only two remaining significant conditions to be fulfilled, being approval from the South African Competition Commission and delivery of the audited accounts of the Disposal Group for the year ending 30 June.

"Additionally, the period saw us receive the first tranche of the sale consideration of $15m.

"We are hoping to receive approval for the completion of the sale by the end of this calendar year and we look forward to updating our shareholders accordingly."

At 1022 BST, shares in Jubilee Metals Group were down 5.95% at 2.85p.

Reporting by Josh White for Sharecast.com.

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