History

Petmin was incorporated in 1972 and listed on the JSE in 1986 as Petra Granite Limited. In 1990 the name of the company changed to Petra Mining Limited when Pretklerk Beleggings (Pty) Ltd acquired control in 1992, following which the granite assets were sold.

Between 1990 and 2002, the company acquired a number of gold mining interests on the East Rand of the Witwatersrand Basin, and 51% of JIC Mining Services (Pty) Ltd, one of South Africa’s foremost mining services companies. The company’s interest in JIC was sold with effect from 1 March 1997 to a BEE–controlled group. Its gold assets were sold in 2002 for US$66.7 million to EAGC Ventures Limited and were subsequently acquired by Bema Gold Corporation. Following these disposals, a capital distribution of approximately R700 million was made to shareholders in 2003 and the company remained a cash shell until the acquisition of SamQuarz in 2004.

In February 2004, Midnight Storm Investment Holdings (Proprietary) Ltd acquired Pretklerk’s interest in the company with a vision of developing a black-empowered multi-commodity mining business.

Since then the group has assembled a new management team at corporate and operational levels which has refocused Petmin’s strategy to create a platform that will ensure long-term sustainable shareholder wealth.

Following the acquisitions of SamQuarz in September 2004 and Springlake Holdings (including the Somkhele project) in December 2005, Petmin became the largest producer of silica and anthracite in South Africa.

On 20 December 2006 the group concluded its secondary listing on the London Stock Exchange’s Alternative Investment Market (AIM).

Somkhele was commissioned on 1 June 2007. Two months later the group announced that a new order mining right had been granted for the colliery’s Area 1. This has boosted the production outlook for this operation, increased its life of mine and raised its estimated value by 310%.

On 6 November 2007 Petmin announced that definitive agreements had been reached with Framework Investments Limited, a 100% subsidiary of the Kermas Group, for the joint acquisition of Veremo Holdings Limited (Petmin 25%; Kermas Group 75%). Petmin and the Kermas Group, which is the controlling shareholder of Samancor Chrome, will develop and commission the Veremo project, a substantial iron ore deposit on the Eastern Bushveld at Stoffberg in Mpumalanga Province.