A5 BOOKLET 140617 PRINT

A True
Transformation
Story
Ntsimbintle
Mining

How it all began
Ntsimbintle Mining (Proprietary) Limited
(“Ntsimbintle”) is a manganese mining and
exploration business which has been born out of the
transformation of South Africa. Ntsimbintle's story is
one of dedication, determination and hard work.
In 2003, nine black groups formed Ntsimbintle to
create a Broad-Based Black Economic Empowerment company to pursue manganese opportunities in South Africa.
Later, in February 2011 Friedshelf was introduced as a new shareholder within the group.
Today, after the unbundling of some of our groups the Ntsimbintle family consists of 16 shareholders.
1

Our shareholders
2

Sa ka Resources (Pty) Ltd
Bosasa Operations (Pty) Ltd and Bosasa
Youth Development Centres (Pty) Ltd
Sa ka Resources was established in 2002 with its
main objective being to pursue mining related
investment opportunities. The introduction of the
Mineral and Petroleum Resources Development Act of
2004 (“the MPRDA”) opened up the opportunity for
junior mining companies, including Sa ka Resources,
to enter the mining industry.
Sa ka Resources holds shares in various subsidiaries
and associated companies and enters into strategic
partnerships with large mining companies for mutual
bene t.
Sa ka Resource's agship investment is a 35%
investment and the management thereof in
N t s i m b i n t l e . T h e c o m p a n y i s e x t r e m e l y
knowledgeable about every aspect of doing business
in South Africa and has an extensive international
network and is particularly strong in Africa,
Singapore, Australia and China.
BOSASA's history began when Gavin Watson
acquired Meritum Hostels, a wholly white-owned
business, and started transforming it, rst into
Dyambu Operations, then BOSASA Operations and
nally the BOSASA Group. The BOSASA story
mirrors that of democratic South Africa: with courage
and principled leadership an apartheid-era “white”
entity was transformed into a fully integrated group at
the forefront of Broad-Based Black Economic
Empowerment (BBBEE).
BOSASA's activities now extend across South Africa.
BOSASA's management services and solutions
include risk, safety and security, information
technology, solar power, business process, project
management, property and facilities, eet
management, rehabilitation, repatriation, youth
development, training, catering, health and wellness.
3

John Taolo Gaetsewe Developmental
Trust (Previously “Kgalagadi Rural Poverty Node
Charitable Trust”)
Friedshelf 1239 (Pty) Ltd
In 2002 the Kgalagadi Rural Poverty Node
Charitable Trust, a specialist unit with a sole mandate
to champion sustainable socio-economic solutions for
the poor and needy people of the then Kgalagadi
district came into being. Under the guidance of the
then Minister of Minerals and Energy, Minister
Phumzile Mlambo-Ngcuka the Trust was formed with
a key focus on issues pertaining to the youth, people
living with disabilities, HIV/AIDS, poverty alleviation,
women and children. In 2005 the Trust was identi ed
by Ntsimbintle Mining as a bene ciary and
shareholder.
Friedshelf was formed in February 2011 to facilitate
the entry of a new black economic empowerment
entrepreneurial group into the Ntsimbintle
consortium.
Friedshelf is focused on creating wealth for the
shareholders through viable and pro table
investments. The company's most signi cant
investment is its shareholding in Nstimbintle Mining.
4

Women Investment Portfolio Holdings
Limited (WIPHOLD)
Ditikeni Investment Company Limited
WIPHOLD is an investment and operating company
owned and managed by black women. The company
is dedicated to the empowerment of black women and
has in over twenty years pioneered an innovative
business model, which integrates development and
empowerment into robust business operations.
WIPHOLD was established in 1994 and in 1999
became the rst women's group to be listed on the
Johannesburg Stock Exchange (JSE). In 2003, it
delisted from the JSE to focus on increasing the
economic ownership of black women in the company.
Half of the company's shares are held by black
women, all the executive directors are black women,
the board is entirely composed of women, and, of the
shares held by management and employees, 70% are
women-owned. Its business interests are primarily
focused on mining, infrastructure and nancial
services. It currently has over 200 000 women
bene ciaries.
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Ditikeni is an investment holding group and means
“something to lean on” in tshiVenda. Ditikeni currently
has eighteen shareholders, all of which are non-pro t
organisations (NPOs) running social development
and upliftment programmes in black South African
communities. The work performed by the shareholder
NPOs, directly and indirectly, impacts the lives of
millions of the country's most underprivileged and
marginalised black citizens, making Ditikeni a 100%
broad-based empowerment company. In order to
provide its shareholders with “something to lean on”,
Ditikeni makes long-term investments as a broadbased
black economic empowerment (B-BBEE)
investor, with a view to creating sustained capital
growth and therefore a dependable stream of
dividends for the NPOs.

Future Inde nite Investment 225 (Pty) Ltd
Sunshine Street 131 Investments (Pty) Ltd
Future Inde nite was established in 2003 with 5 initial
shareholders and 2 directors with the primary aim of
actively participating in mining within the Northern
Cape.
Sunshine Street was established in 2003, with 7 initial
shareholders and directors with the primary aim of
actively participating in mining within the Northern
Cape.
The company aims to give its clients products and
services that add value to the operations, be socially
responsible and remain aware of all stakeholders.
The company aims to be the preferred SA HDI's
Investment Company with superior services in its
chosen markets and a leading brand among Small,
Medium and Micro Enterprises (SMME), large
corporate rms and public companies.
6

Thunder Cats 92 Investments (Pty) Ltd
Turquoise Moon Trading 8 (Pty) Ltd
Thunder Cats Investments is a South African based
company started in 2004 with a vision of investing in
the South African mining industry.
The company is fully owned by the Khululekile Family
Trust. The company realised that even though the
mining industry has traditionally been the big
contributor to South Africa's national GDP, it has
potential for the development of mineral bene ciation
which will contribute to job creation and skills transfer.
The company is also aware of the environmental
impact of the mining industry, hence is also interested
in promoting cleaner production processes and
technologies. In the long-term, the company is
planning to invest in the entire value chain of the
mining sector in South Africa.
Turquoise Moon is the brainchild of Mr Sabelo
M a c i n g w a n e a n d i s a n e v o l u t i o n o f M r
Macingwane's Nkonjane Economic Prospecting
holding. Turquoise Moon's interests lie in Ntsimbintle
Mining and various property investments.
The directors of Turquoise Moon bring a combined
professional experience of over 100 years in Black
Business development, commercial re-insurance,
public policy development, construction development
and community development amongst others.
It is a commercial entity committed to the
establishment of sustainable, co-operative and
experienced black business processes that bolster
Ntsimbintle's vision of equitable and pro table
economic transformation.
7

Specialised Belting Products (Pty) Ltd
Soul City Broad-Based Empowerment
Company (Pty) Ltd
Specialised Belting was formed in 1985 to trade in
conveyor belting and allied products, including steep
incline conveyor belting solutions. In 1996 the
company acquired a rubber hose & sheeting
manufacturing plant from de Beers. From 2004 to
2006 Specialised Rubber & Industrial partnered with
Anglo on Zimele Empowerment Initiative Ltd.
Soul City Broad-Based Empowerment Company (Pty)
Ltd (“SCBBEC”) is a 100%-held investment company
of the Soul City Institute, a not-for-pro t and nongovernmental
organisation whose vision is to create a
just society in which young women and girls are safe,
and have the opportunities to enable them to reach
their full potential.
Specialised Belting is now, after disposing of its
operating businesses, an investment holding
company with investments in property (destined for a
Mega Housing project), listed instruments and
Ntsimbintle Mining.
SCBBEC is a Level One B-BBEE company and it
acquires stakes in companies operating in South
Africa as their broad-based empowerment
shareholder. Its sole aim is to generate an endowment
of equity which will promote the nancial selfsustainability
of Soul City Institute and its socioeconomic
programmes. Soul City Institute is currently
almost entirely funded by local and international
donors.
8

Bagaetsho Mining (Pty) Ltd
Bo Mme Ba Meepo Investments (Pty) Ltd
Bagaetsho Mining is a Northern Cape company
focusing on acquiring, exploring and developing
prospective mining opportunities. The company was
established in 2002 where a group of professionals
from different background came together to establish
Bagaetsho Mining.
Bagaetsho Mining's goal is to identify mining
opportunities in the John Taolo region of the Northern
Cape, create a shareholder value by discovering and
acquiring minerals that have the potential to grow.
The company is committed to ensuring that
communities surrounding the mines bene ts by
lobbying for these communities to big mining
companies. The company currently holds a share
percentage in Ntsimbintle with a diversity of other
opportunities in the future.
Bo Mme Ba Meepo was formed in 2003 and is wholly
owned by a group of women in the Northern Cape
Province. The company's main business activity is to
explore investment opportunities especially in the
mining sector and to negotiate and conclude
favourable deals. Bo Mme Ba Meepo is focused on
creating wealth for the shareholders through viable
and pro table investments thereby empowering
women within the Northern Cape.
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Celebrating transformation
2004
Ntsimbintle applies for 3
prospecting rights in 3 areas
Awarded 2 of the 3 applications
2009
Close of transaction
to acquire 9% interest in
Hotazel Manganese Mines
2005
Ntsimbintle applies for
5 additional prospecting rights
2008
Prospecting rights at Gloria R/E
& Wessels North awarded
2006
Ntsimbintle commenced prospecting
on its Mamatwan permit
2007
Concludes transaction with Pallinghurst
Co-Investors/Jupiter Mines
2010
OMH acquires 26% of Main Street 774 - Tshipi fully funded
Planning and feasability studies for construction of Tsipi Borwa Mine
2011
Tshipi Borwa Mine
development commences
10

2016 2017
Ntsimbintle reaches agreement with Lehating
(and its major shareholder, Traxys Projects LP)
to amalgamate Lehating and Wessel North Mining
Right into one mine.
Tshipi repays R1bn of shareholder loans
Ntsimbintle declares R300m dividend to shareholders
Tshipi achieves monthly production volumes
capable of supporting in excess of 3 million
tonnes per year
2015
Tshipi reaches nameplate capacity -
produces 2m tonnes per annum
2014
Close of the Gloria R/E Prospecting right
transaction & formation of Mokala Manganese
2012 2013
Tshipi produces rst ore in October
OM Tshipi established to market Tshipi Ore
First train railed to Port Elizabeth in November
& rst vessel loaded in December
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The most exciting portfolio
of manganese assets the world has seen in 50 years

Tshipi é Nlte
At a glance
OVERVIEW
DESCRIPTION
• Based in the Kalahari Manganese Field, Tshipi Borwa is a shallow open-cast mine
located on a large and homogenous ore body
RESOURCE BASE
• Total estimated manganese resource of c.418 million tonnes as of 31 December 2016
OWNERSHIP
PRODUCTION
OPERATIONS
AND INFRASTRUCTURE
• 50.1% by Main Street 774 and 49.9% by Jupiter Kalahari S.A.
• Ntsimbintle, a Broad-Based Black Economic Empowerment (BBBEE) consortium with
signi cant experience in the industry, is the majority shareholder of Main Street 774
• Estimated to be one of the ve largest manganese exporters globally and the largest
single manganese mine in South Africa
• Expects to increase production for FY 2018 to in excess of 3 million tonnes per yearsupported
by current run-rate production
• Operations are simple drill-and-blast and load-and-haul mining
• Tshipi’s infrastructure has a signi cant competitive advantage with an 8km
private rail siding loop, fast load-out station, and a large Transnet rail allocation
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LOCATION
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Tshipi é Nlte
A premium asset
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One of the largest and lowest cost manganese exporters globally
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Abundant and shallow resource
3
Flexible onsite and offsite infrastructure capacity allowing
for a rapid response to evolving market conditions
4
Recognised and established product quality
5
Experienced management team
6
Strategy to enhance cash ow through optimisation initiatives
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Regional consolidation and co-development opportunities
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Mokala Manganese
In September 2013, Blue Falcon Trading 222 (Pty) Ltd (“Blue Falcon”) acquired a 49% interest in the Gloria Remaining Extent
prospecting right resulting in the establishment of Mokala Manganese (Proprietary) Limited (“Mokala”). Ntsimbintle owns 51%
of the ordinary shares issued in Mokala, with Blue Falcon holding the remaining 49%.
It is approximated that 18 million tonnes of manganese ore is mineable from the Mokala project by opencast means, with the
possibility of an underground mine from which additional ore can be extracted in later years. A feasibility study was completed
on the project, with the Mining Right application submitted thereafter. The award of this mining right is imminent.
Khwara Manganese
In December 2016, Ntsimbintle reached agreement with Lehating Mining (Proprietary) Limited (“Lehating”) and its major
shareholder, Traxys Projects LP, to amalgamate the Lehating Mining Right and the future mining right in respect of the Wessels
prospecting area into one mine.
In terms of this transaction the Wessels North Prospecting Right was sold to Khwara Manganese (Proprietary) Limited (‘Khwara”),
a wholly owned subsidiary of Ntsimbintle. Khwara has applied for a mining right in respect of the Wessels area. It is anticipated that
once this right is awarded Lehating and Khwara will amalgamate their two mining rights to include the Khwara Mining Right area into
the Lehating Mining Right.
The soon to be Lehating/Khwara amalgamated mine is one of the few remaining high grade (49%) manganese deposits in the
Kalahari Manganese Field with approximately 25 million tonnes of mineable manganese ore.
18

Hotazel Manganese Mines
In December 2007, Samancor Manganese ("Samancor"), owned 60% by South32 and 40% by Anglo American,
and Ntsimbintle successfully concluded a transaction relating to its 100% owned Manganese mines, Wessels and
Mamatwan, and associated prospecting rights in the Hotazel area in the Northern Cape.
In terms of the transaction Samancor vended its Hotazel manganese mines and prospecting rights into Hotazel
Manganese Mines (Pty) Limited ("HMM"), a new vehicle created for effecting the transaction. Ntsimbintle vended in
portions of its prospecting rights contiguous to Samancor's Mamatwan and Wessels mines in exchange for a 9%
ungeared interest in HMM. The transaction was subject to the approval of the Department of Minerals and Energy
for the transfer of Ntsimbintle's prospecting rights and Samancor's mining and prospecting rights to HMM.
Such approval was obtained in July 2009.
The transaction provides Ntsimbintle with immediate ownership of pro table assets and their associated cash ow
whilst Samancor gains access to further resources and reserves, some of which were immediately accessed from
existing Samancor mine operations.
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Social responsibility
and socio-economic development

Social Responsibility and Socio-Economic Development
In partnership with the Department of Mineral Resources and the Joe Morolong District Municipality,
Tshipi has developed and implemented a comprehensive Social and Labour Plan (“SLP”).
The Joe Morolong Local Municipality is the largest and least developed municipality in the John Taolo
Gaetsewe District Municipality. Some of Tshipi projects include:
Teacher Development Programme
A foundation phase teachers’ development programme, in collaboration with the University of Johannesburg, in which Tshipi
sponsored the development of 40 foundation phase teachers from schools in the Joe Morolong Municipality. If each teach a
class of 20 students this will result in the education of 800 students.
Maphiniki Rural Bulk Water Supply Project
A bulk water supply project in the Mapiniki village in which Tshipi sponsored water infrastructure to the value of R5 million to
the Maphiniki village in the Joe Morolong Municipality. This project was handed over to the municipality and community on
05 December 2014. A second phase is currently underway to further extend the water supply to other villages.
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Itsoso Waste Management
An enterprise development project entailing the
incubation of young entrepreneurs from the
community to empower them to run a waste
management business.
Construction of the New Heuningvlei Clinic
Together with the Northern Cape department of
Health, Tshipi embarked on the construction of the new
Heuningvlei Clinic. The construction of the clinic
started in late 2015 and includes the construction of
housing for the clinic staff.
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1

Adult Basic Education and Training
This initiative was originally intended for the development
of the employees of Tshipi but was extended to the John
Taolo Gaetsewe District Municipality (“JTGDM”)
communities with the support of the NC Department of
Education. This project commenced in 2016 with 250
learners in 10 ABET Community Centres within JTGDM
participating to date.
Other Education Initiatives
Tshipi is currently sponsoring 24 learners who are doing
leanership programmes at training centres in Mothibistad
and Welkom. 21 of the learners are from John Taolo
Gaetsewe District Municipality.
Nine Bursars at different universities across South Africa are
also being sponsored by Tshipi. Seven of these Bursars are
members of the John Taolo Gaetsewe District.
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John Taolo Gaetswe Developmental Trust
(Previously “Kgalagadi Rural Poverty Node Charitable Trust”)
The John Taolo Gaetsewe Developmental Trust (“JTGDT”) has become a signi cant
developmental stakeholder within the John Taolo Gaetsewe district.
The JTGDT has much to be proud of. Listed below are some of the key projects that JTGDT has
embarked on.
JTGDT Human Resource Development Foundation
This is the rst of the Trust’s agship programmes. The HRDF is responsible for the administration of bursaries from the Trust and
serves as an information technology hub for access to information about job opportunities. The hub also assists in career
guidance and counselling, mentorship and how to apply for various jobs online as well as teaching basic computer literacy
skills.
JTGDT Bursary Scheme
Education sits at the apex of the JTGDT eight pillar mandate. The Trust has already provided 299 bursaries to deserving
students from the JTG district and boasts 166 graduates to date.
Thabo Moorosi Multi-purpose Centre
In 2013 the JTGDT constructed a multi-purpose centre in Mothibistad, and thereafter partnered with the Department of Sports,
Arts & Culture to implement arts, culture and sporting activities at the centre.
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Kurara FM
Kurara FM is a community radio station with trained presenters,
established with the aim of reaching communities in the whole
region of JTG District. With the Trust’s continued support as well as
the support of other donors, the station has ourished.
Mandela Day Programme
Under the Mandela Day project, the Trust assists 10 destitute
families around the JTG District through the building of homes,
purchase of groceries and provision of medical assistance.
JTG Roads Project
The JTGDT in partnership with SIOC-cdt and Department of Roads
and Public Works has contributed funds towards construction of
20km of tarred roads in the Joe Morolong area.
Ntsimbintle Mining has made dividend payments
amounting to R46,2 million to date, to the John Taolo
Gaetswe Developmental Trust to assist it in carrying out its
mandate to champion sustainable socio-economic solutions
for the poor and needy people of the Kgalagadi district.
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Socio economic initiatives and projects
embarked on by some of our other shareholders

The Bosasa Group
The Bosasa Group have associated themselves with various CSI initiatives and projects in the form of support
and contributions and have even gone on, together with the WATSON Corporate Academy, to receive the
Gold Award for 'Leveraging Corporate Responsibility' at the 2017 Global CCU Awards held in Paris,
France. Below are some of the many projects that Bosasa is involved in.
• The Sun ower Fund
• Primestars Educate Programme
• Orange Farm Creché Project
• Community Computer Centres
Ditikeni Investment Company Limited
The Ditikeni shareholders, most of whom have been in existence for decades, are committed to making a
meaningful and sustained difference to the communities they serve despite the barrage of challenges faced by
most NPOs in the country at present. Some of the projects that it is involved in includes:
• Association for rural advancement
• New world foundation
• Social change assistance trust
• Western cape association for persons with disabilities
• National institute for crime prevention and reintegration of offenders
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Women Investment Portfolio Holdings Limited (WIPHOLD)
The WIPHOLD Investment Trust has more than 1 200 direct and 18 000 indirect women bene ciaries.
The Trust is a 15.4% shareholder in WIPHOLD, with distributions to bene ciaries owing from dividends.
The WIPHOLD NGO Trust, with an 18.2% shareholding in WIPHOLD, is a powerful instrument that enables
the group to touch the lives of more than 200 000 black women through the various non-governmental
organisations that make up the trust's indirect bene ciaries. More than R115 million has owed to these
organisations from WIPHOLD's investment activities, some of which are listed below.
• National Baptist Church
• SASBO
• Makaota Development Trust
• The Tshwaranang Legal Advocacy Centre
• People Opposing Women Abuse
• Mnquma and KwaDrabo Trusts
• Democratic Nursing Organisation of South Africa
• Tshepang Educare Trust
• Thandanani Children's Foundation
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General Enquiries
Ntsimbintle Mining (Pty) Ltd
Tel: +27 11 483 0840
Safika House, 89 Central Street, Houghton