MANTENGU MINING to acquire Birca Copper and Metals
Mantengu has entered into a sale of shares agreement (“the Agreement”) dated 10 May 2024 (“Signature Date”) with Birca Investments Proprietary Limited (“Birca Investments”) and SA Metals and Fossils Proprietary Limited (“SA Metals and Fossils”) (collectively referred to as “the Sellers”) for the acquisition of the entire issued share capital of Birca Copper and Metals Proprietary Limited (“BCM”) (“Sale Shares”) for the consideration, subject to the fulfilment of the Conditions set out in paragraph 2.3 below. The Sellers are not related parties to Mantengu.
Birca Investments is owned by Johann Jaen Brummer (20%), Carl Hoepner (20%) and Smit Family Trust (60%). SA Metals and Fossils is owned by Marius Pienaar (100%).
The Acquisition secures a strategic resource for the Group that complements Mantengu’s existing chrome ore mining and processing operation. The addition of this resource to the Group will approximately double the Group’s chrome ore supply, provide long term cost stability, and supply chain resilience as well as unlock significant economic and technical synergies within the Group. The addition of BCM to the Group’s investment portfolio will enable the Group to operationally streamline its mining operations, thereby increasing overall efficiency and profitability. The management of BCM have significant skill and experience, and have proven to be dynamic in their approach to mine optimisation, which is evident from the tremendous value they have unlocked in BCM.
