01
Resource depth
A multi-commodity resource base
South Africa holds world-class reserves of coal, manganese, iron ore, PGMs, chrome and battery metals. Few single-commodity funds can match that pipeline breadth.
AMF Fund I · Now raising US$50m
From mineral right
to global capital.
Africa Mining Fund invests at the exploration and rights-conversion stage of the mining value chain. This is where South Africa's mineral rights are most undercapitalised and where asset value steps up most sharply.
- Prospecting Rights sourced
- 71
- Accepted or approved by DMRE (69%)
- 49
- Commodity groups across 6 provinces
- 6
- Minimum AMF equity per project
- 75%
Prospecting Rights sourced
Accepted or approved by DMRE (69%)
Commodity groups across 6 provinces
Minimum AMF equity per project
The opportunity
Most South African Prospecting Rights never become mines. The geology is often there. What is missing is the capital to prove it. AMF exists to close that gap between discovery and development.
02
Structural gap
A funding gap AMF is built to fill
Many Prospecting Right holders cannot fund the work needed to reach CPR stage. AMF funds that gap on commercial terms and shares in the upside it helps create.
03
Value inflection
A discrete re-rating event
Value jumps at CPR publication and Mining Right conversion rather than building gradually. Each project therefore has a clear point where value is created and an exit becomes possible.
04
Execution
A proven delivery network
Signed rate cards with StrataProbe, Diabor and Frontline give AMF a level of cost certainty that most funders and right-holders cannot get on their own.
Where we invest
Capital deployed ahead of the re-rating.
Mineral asset value does not build gradually. It steps up when a Competent Person's Report is published and again when the Mining Right is granted. AMF funds the work up to the first step and holds equity through the second.
The AMF pathway
Five steps from undercapitalised right to realised exit.
Every project follows the same MPRDA-compliant pathway. Exploration is costed against confirmed, partner-signed rate cards, so investors underwrite a tested methodology rather than a top-down estimate.
- 01
Prospecting Right
Sourced from right-holders with high-potential ground but no exploration capital.
- 02
Funded Exploration
Geophysical targeting by StrataProbe, drilling by Diabor and geology by Frontline, on rate-carded terms.
- 03
Competent Person's Report
An independent CPR establishes the resource and becomes the first re-rating event.
- 04
Mining Right
The SPV uses its statutory preferent right under the MPRDA to convert to a Mining Right.
- 05
Exit
Realised through trade sale, joint venture or listing, with the right-holder staying on as a partner.
Pipeline
71 rights. Every major South African commodity group.
Coal makes up 42% of rights by count. Manganese and iron ore together with PGMs and chrome provide 49% non-coal optionality. We select projects for funding on diligence readiness and bankability, not to weight the portfolio toward any one commodity.
View pipeline detailBy primary commodity · n = 71
- Coal30 · 42%
- Manganese & Iron Ore26 · 37%
- PGM & Chrome9 · 13%
- Aggregate & Construction4 · 6%
- Battery & Critical Metals1 · 1%
- Diamonds1 · 1%
Current raise
AMF Fund I
A US$50m vehicle to fund five Prospecting Right projects to CPR standard and through to Mining Right conversion, on confirmed delivery-partner terms.
- US$50m
- Target fund size
- 5
- Prospecting Right projects
- 10.0x
- Base-case MOIC*
- 54.2%
- Base-case IRR*
*Illustrative planning estimate. Not a forecast or guarantee of returns.
Fund I overviewLeadership
Capital markets, project finance and operating experience.
AMF's leadership combines fund management and fundraising, development-finance transaction execution, hands-on contract mining, mineral-processing engineering and project delivery, and Competent Person geology.
Chief Executive Officer
Menzi Nkosi
Twenty years in investment management, fundraising and transaction advisory, starting in currency trading and debt capital markets at Deutsche Bank.
Chief Investment Officer
Nhlalala Kazamula
CA(SA) with more than 15 years in infrastructure finance, project development and corporate finance across emerging markets, including New Development Bank transactions that mobilised about US$3bn.
Chief Commercial Officer
Serema Tshesane
Serial entrepreneur with more than 12 years of hands-on contract mining and mineral processing experience in coal, chrome and magnetite.
Chief Technical Officer
Mekgwe Mfolo
Chemical engineer and engineering business builder with more than 22 years across mineral processing, engineering consulting and project delivery, including 16 years at Worley culminating in sector leadership for Mining, Minerals & Metals.
Chief Geologist
Patrick Fann
Registered professional natural scientist with more than 30 years in South African mining and exploration, and a Competent Person for gold, PGMs and chrome.
Meet the team
Let's build the next mining asset together.
We welcome conversations with institutional investors, corporate finance partners and Prospecting Right holders looking for a funding partner, including meetings at Mining Indaba in Cape Town.