Name: Transvaal Navigational Collieries (OC4 & OC4a Pits)

Location: Kriel, Mpumalanga, South Africa

Commodity: Coal rail logistics

Entry date: Apr 2024

Exit date: Aug 2025

Capital Committed: R5,750,000

ROI: 34.78%

MOIC: 1.35x

IRR: to be confirmed, deal still active.

Model: Revenue-Based Financing (RBF)

Mine stage: Pre-production, resource statement validated

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

Operators: Centaur IPC Holdings South Africa, Transnet, Sekwala Logistics

Impact: 10 jobs created

Limited Partners: Gibela Fund

Milestones: 65% of the projected coal has been railed to Richards Bay, and the exit date has been moved to December 2025 instead of August 2025.

Challenges: Transnet breakdowns, planned and unplanned maintenance; equipment theft at Siding, resulting in a 4-month delay in exit.

OC4B Deal 1

OC2A & OC4