The corporate structure of VCP is represented below:
Since 2008 VCP has been the BEE partner and a 37.5% shareholder in Black Wattle Colliery, an operating junior coal miner in Middleburg. Black Wattle Colliery has a 120 000tpm washing plant and rail facilities which enables the mine to sell both domestic and export coal. Black Wattle Colliery is in the process of securing additional resource rights which will extend the life of mine to over five years.
VCP holds 7,2 million A par value shares in (registered in the British Virgin Islands), representing 0,76% of the total A par value shares in issue. Ferrox is the majority owner of the Tivani Project (commodities include ilmenite (TiO2), iron, vanadium (V2O5) and phosphate) which is currently in the development stage located in the Limpopo province in South Africa.
VCP is a 33,3% founding shareholder of Butsanani Energy set up in 2012 in partnership with Anglo American which owns the balance of the shareholding. Butsanani Energy’s most significant investment is its 51% shareholding in Rietvlei Coal Mine (near Middleburg) which was developed from a greenfield resource to steady state production in 2020. It currently supplies coal to Eskom and has the capacity to produce some 3 million tons per annum over its life of mine, estimated at 15 years. Butsanani Energy is in the process of closing a transaction which will give it a 25% shareholding in Zondagsvlei Colliery, which holds mining rights to 18 MTIS coal and an estimated life of mine of 8 years.
Through Vunani Resources a mining team has been established which has been reclaiming and beneficiating coal from an Anglo Coal discard deposit called Schoongezicht since 2017. The coal that is produced is sold into both the export and domestic market. With a number of years of operating experience VCP expects this business to grow its volumes through securing additional deposits from the coal majors.
Vunani is exploring opportunities to enter into renewable energy investments.
Together with its partners VCP has secured gaming licences in various African countries, namely Zambia, Zimbabwe, Ghana, Cameroon and the DRC. The Company has activated online sports betting licences in Zambia, Ghana and Zimbabwe and intends to secure further licences across the continent as this sector has shown significant growth potential.
VCP holds significant stakes in three financial services businesses.
A 65% shareholding in Purpose Asset Management which is based in Harare, Zimbabwe and a 45% shareholding in Alliance Holdings, which is based in Blantyre, Malawi. Both of these businesses have significant potential for growth and expansion in their respective markets. Purpose Asset Management is an asset manager and Alliance Capital operates in the financial services industry with investment interests in asset/portfolio management, stockbroking, life insurance and microfinance businesses.
VCP owns a 51% shareholding in Phakamani Impact Capital. Phakamani Impact Capital provides enterprise development services to the mining sector.
The Vunani Fintech Fund is an investment vehicle to enable VCP to invest in businesses focused on digital and tech based solutions in the financial sector.
The investment philosophy has been to focus on a pre-series A and series A rounds where business models have been proven and the potential investee company is seeking expansion capital to scale its operations. The fund also looks to co-invest with established venture capital partners. To date eight investments have been approved for investment and closed.
Just prior to the Workforce Holdings 2006 listing, Vunani acquired a 20% BEE shareholding in Workforce Holdings, which is held via Verbicept. Vunani’s effective shareholding today is 21,45 million shares in Workforce Holdings, which is listed on the AltX. Workforce Holdings’ core business is the placement of temporary staff. Over the last five years it has also been growing a number of related human capital services including training, workplace health and employee financial services. Pre the Covid-19 lockdown Workforce Holdings had over 30 000 staff placed across some of South Africa’s largest corporate names. Workforce Holdings has also been expanding into other African countries where there are significant opportunities.
VCP holds a 2,34% interest in African Legends, which in turn is the 15% anchor BEE shareholde in Astron Energy (rebranded from Chevron when it disposed of its shareholding to Glencore).
VCP owns a 29,25% shareholding in Swiss domiciled Anatrica AG and SA domiciled Anatrica. Anatrica started a commodity trading business when it was offered an opportunity together with its Turkish partners to exclusively trade ETI Maden’s boron product range
across the African continent. ETI Maden is the world’s largest miner and producer of boron products. Anatrica currently sells boron and agri-commodities in 23 African countries. Anatrica has expanded into agri-trading and is actively looking for other niche industrial
minerals to add onto its platform.
Vunani Limited made its first investment in commercial property in 2004 and together with its management partners grew a significant property business which led to a listing of the Vunani Property Investment Fund in 2011. Together with the management company, the
property business was largely disposed of in 2013. Property is a sector that Vunani group got to know well and approximately 18 months ago re-established Vunani Properties with our founding management partner, and we are actively looking for opportunities. VCP holds a 70% interest in Vunani Properties.
