Mantengu Mining Limited, listed on the JSE’s AltX, has recently acquired Sublime Technologies from Sintex Minerals. As the only producer and distributor of silicon carbide (SiC) in Africa, Sublime is a strategic fit for Mantengu’s investment goals aimed at enhancing the mining sector’s intrinsic value.
This acquisition secures a profitable venture, with Mantengu committing to preserving all jobs. SiC, a vital compound of silicon and carbon, has diverse applications across various markets. In the abrasives market, it serves as a key ingredient in products like grinding wheels and sandpaper. The refractory market leverages its high-temperature resistance for furnace materials, while the metallurgical sector uses it for improving cast iron and steel.
Michael Miller, Mantengu’s Chief Executive Officer, highlighted the immense growth potential of Sublime, which currently captures 2% of the global SiC market. The acquisition cost was $100,000 (about R1.7 million), against Sublime’s impressive turnover of R337 million and net profit of R12 million as of December 2023. This strategic move not only reinforces Mantengu’s financial standing but also promotes Broad-Based Black Economic Empowerment by offering local ownership stakes.
The Mantengu Board views this acquisition as a significant step toward building a sustainable mining investment company, committed to growth and shareholder value.