Mantengu’s Acquisition: A Strategic Turning Point in South African Mining

Mantengu Limited has rapidly evolved from a niche environmental remediation company into a bold and ambitious mining and resources investor. Its recent acquisitions — particularly of Blue Ridge Platinum and the New Salt Rock City (NSRC) stake in the Kilken-Imbani joint venture — mark a transformative moment in its history. These moves are redefining the company’s trajectory and positioning it as a growing force in South Africa’s platinum group metals (PGM) industry.

From MRI to Mantengu: A New Vision

Mantengu’s journey began under the name Mine Restoration Investments (MRI), a company focused primarily on environmental rehabilitation and mine water management. Despite meaningful early work in environmental remediation, MRI faced operational and financial headwinds that led to restructuring and a strategic reset.

In 2021, the company rebranded as Mantengu Mining Limited, reflecting a decisive shift toward mining ownership, resource development, and value creation. The acquisition of Langpan Mining soon followed — a company holding chrome and PGM-rich tailings assets — marking Mantengu’s first concrete step into direct mining operations.

This pivot signaled a broader transformation: from cleaning up after mining to becoming a participant in the resource economy itself.

Th Blue Ridge Platinum Acquisition

Structure and Details

One of Mantengu’s most notable milestones was its acquisition of Blue Ridge Platinum, a mine that had been on care and maintenance since 2011. The transaction included the purchase of shares and claims related to Blue Ridge, as well as control of a valuable tailings dump containing approximately one million tonnes of chrome- and PGM-bearing material.

Initially, Mantengu’s focus is on tailings processing — a relatively low-risk, low-capital method to generate revenue through the recovery of chrome and PGMs. Longer-term plans include feasibility studies to assess the potential reopening of underground operations.

The acquisition required extensive regulatory, funding, and board approvals, along with compliance with South Africa’s Broad-Based Black Economic Empowerment (B-BBEE) framework. These conditions were ultimately fulfilled, paving the way for Mantengu to take operational control of Blue Ridge.

Strategic Rationale

The acquisition makes strategic sense on multiple fronts:

• Low-cost entry point: The tailings dump offers an immediate, lower-risk revenue stream without major capital outlay.

• Potential expansion: If underground operations are revived, Mantengu gains exposure to a significant long-term PGM resource.

• Diversification: The acquisition broadens Mantengu’s footprint beyond chrome into platinum, palladium, and rhodium — metals vital for clean energy technologies.

• Empowerment alignment: The deal includes employee and community ownership structures, enhancing Mantengu’s social license to operate.

• Portfolio synergy: Blue Ridge complements Mantengu’s existing assets, allowing shared processing infrastructure and operational efficiencies.

 Challenges and Risks

Despite its promise, the acquisition comes with real challenges. Blue Ridge had a negative net asset value and historical financial losses. Restarting operations requires substantial capital, technical expertise, and careful management of environmental and social obligations.

Commodity price volatility, particularly in the PGM sector, adds further uncertainty. Moreover, securing long-term funding while maintaining compliance with regulatory and empowerment requirements will test the company’s execution capabilities.

3. The NSRC / Kilken-Imbani Acquisition

3.1 Overview of the Deal

In September 2025, Mantengu announced its intent to acquire New Salt Rock City Proprietary Limited (NSRC), which holds a controlling interest in the Kilken-Imbani joint venture. Through this deal, Mantengu gains indirect control over the Kilken Platinum Plant, which processes tailings from Anglo American Platinum’s Rustenburg operations under a long-term agreement.

The Kilken plant currently produces around 60 kilograms of PGMs per month and has an expected operational life of more than 50 years, ensuring stable, long-term feedstock and cash flow potential.

The deal structure involves a combination of cash and shares, subject to due diligence and final approval.

Strategic Value

This acquisition strengthens Mantengu’s portfolio in several key ways:

• Assured supply: The tailings supply agreement guarantees feedstock from a major producer, reducing mining and exploration risk.

• Long-term visibility: The 50-year operational horizon provides predictable revenue and supports stable planning.

• Operational synergy: Mantengu can leverage expertise from Blue Ridge to enhance processing efficiency and cost control.

• Sustainable growth: The deal underscores Mantengu’s focus on tailings beneficiation — a strategy aligned with circular economy principles and low-impact mining.

• Strategic positioning: With this acquisition, Mantengu deepens its role in the PGM value chain, positioning itself as a mid-tier player in one of South Africa’s most strategic industries.

isks and Considerations

As with Blue Ridge, Mantengu faces due diligence and integration challenges. The company must carefully assess Kilken’s technical and financial condition, align governance structures, and manage potential regulatory and B-BBEE requirements.

Commodity price fluctuations and operational costs remain ever-present risks. In addition, successful integration of multiple acquisitions within a short timeframe requires strong management coordination and access to capital.

Stategic Implications and Future Outlook

 Reinvention and Identity

Mantengu’s recent acquisitions are more than just asset purchases — they represent a complete reinvention of its business model. The company has transitioned from environmental remediation to active resource ownership and beneficiation, aligning itself with South Africa’s drive for inclusive, sustainable mining growth.Value Creation Pathway

Mantengu’s acquisition strategy opens several avenues for growth:

• Short-term cash generation from tailings processing operations.

• Medium-term scalability through potential underground mining at Blue Ridge.

• Operational integration across chrome and PGM assets for cost efficiency.

• Enhanced access to capital through a more diversified and resource-backed asset base.

• Strategic positioning in critical metals supporting green and hydrogen energy transitions.

 Execution and Risk Management

The key to Mantengu’s success will be disciplined execution. The company must secure sufficient funding, maintain operational excellence, and uphold ESG commitments to communities and regulators. Transparent governance and stakeholder engagement will be vital to sustaining investor confidence.

Market Positioning

In a competitive landscape dominated by established mining houses, Mantengu’s advantage lies in its agility, empowerment credentials, and focus on tailings reprocessing — a niche with significant growth potential as environmental and efficiency standards tighten across the sector.

Conclusion

Mantengu’s Acquisition marks a defining chapter in the company’s evolution. Through the strategic acquisition of Blue Ridge Platinum and the NSRC/Kilken stake, Mantengu has repositioned itself as an emerging integrated player in South Africa’s mining sector.

These moves embody a bold shift from cleanup contractor to resource producer — a transformation grounded in both ambition and risk. If successfully executed, Mantengu could become a model for modern, inclusive, and sustainable mining growth in South Africa.