2 Seam (Pty) Ltd

Name: Transvaal Navigational Collieries (OC2A & OC4 Pits)

Location: Kriel, Mpumalanga, South Africa

Commodity: Coal

Entry date: Feb 2020

Exit date: Oct 2023

Capital Committed: R5,000,000

ROI: 64%

MOIC: 1.64%

Model: Revenue-Based Financing (RBF)

Mine stage: Pre-production, resource statement validated

Production: 1,500,000t, RB1,2,3 coal

Operators: Paul Erskine, Genet Mining, Trollope Mining

Impact: 162 jobs created

Limited Partners: Gibela Fund

Milestones: Mined 70% of the projected coal until mining contractor complications forced the project to close. The project achieved record-high profits during 2022.

Challenges: Flooding of underground mining in OC2A, then moved mining operations to OC4 Pit.