Elandspruit Project

Location: Middelburg
Permit Holder: Emmanja Mining
Project Value: +- 180,000 tons
Timeline: February 2019 – December 2019

Synopsis

The Elandspruit Project marked the inception of our investment journey and proved instrumental in shaping our risk management and operational frameworks. Situated in Middelburg under a permit held by Emmanja Mining, the project encountered significant hurdles, including contractor performance issues and regulatory challenges related to blasting near Eskom power infrastructure.

Originally scoped as a 6 to 8-month operation, the project extended into a 12-month timeframe. As cost pressures mounted and returns eroded, we made the strategic decision to wind down the project in December 2019. While the outcome was not as initially anticipated, it delivered crucial real-world insights into project execution under South African mining conditions.

Lessons learned & Institutional Growth

Our experience at Elandspruit informed the design of our internal due diligence protocols, strengthened our contractor vetting processes, and reinforced the value of conservative forecasting. For our Limited Partnership model, these learnings now serve as embedded safeguards, designed to protect investor capital and ensure long-term sustainability across our project portfolio.

Key Takeaways for Investors

• The project catalyzed the development of robust internal governance systems.

• We have since refined our investment filters to prioritize economic resilience and execution certainty.

• Elandspruit remains a cornerstone case study in our institutional evolution, serving as both a cautionary tale and a blueprint for smarter deployment of capital.