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Experienced Sponsor and Developer

Petmin Holdings (Proprietary) Limited (“Petmin” or “Company”), formerly Petmin Limited prior to its delisting from the Johannesburg Stock Exchange, is South Africa’s leading producer and major exporter of metallurgical anthracite coal. These operations were developed from greenfields in 2007, and currently employ in excess of 1,000 employees at its mine in Kwa-Zulu Natal, South Africa.

Arc Furnance

Petmin is the sponsor and developer of Petmin USA Incorporated (“Petmin USA”), a 90% held subsidiary of Petmin, focused on the development and construction of a 425,000 tons per annum (TPA) Nodular Pig Iron (“NPI”) manufacturing facility located in a port terminal, in the State of Ohio, in the United States. Its key major foundry customers are located principally in the U.S.; however a portion is expected to be shipped to Europe as well.

Strategic High-Value Niche Product

Pig iron is the intermediate metallic product derived from smelting iron ore in the steel industry containing 95% Fe (iron) content. Traditionally it is produced in blast furnaces and fed directly into steel production in integrated steel mills. Pig Iron produced for third-party consumption outside of the integrated steel mills is referred to as Merchant Pig Iron (“MPI”). NPI is a high-grade derivative of MPI, which is used primarily in the metal casting industry by foundries in the production of ductile iron. NPI is a high-purity pig iron which is low in elements (or impurities) such as manganese, sulphur and phosphorous.

NPI is a key strategic metallic input in the U.S. metal casting industry which comprises circa 1,935 foundries. As it is low in impurities, NPI is used to dilute all the elements in a ductile iron charge which may be harmful to the ductile iron process. Metal casting is the backbone of the U.S. manufacturing economy. It is a $33 billion industry that provides nearly 200,000 U.S. jobs. The industry is central to a growing economy, modern infrastructure, and national defense.

Technology/Process Guarantee

The basic production process flow can be divided into three main steps:

  • Step 1 - Raw material handling
  • Step 2 - Direct Reduced Iron (DRI) production utilizing Tenova HYL Energiron ZR
  • Step 3 - Hot metal smelting and casting

Tenova Core Inc., experts in the steel sector with over 100 years of engineering excellence, will provide process, throughput, product quality and environmental emissions guarantees.

The processing facility will consume 700 000 TPA of iron ore pellets, 15,000 mm BTU/d natural gas and 75 MW electrical power to produce 433,673 TPA hot metal transferred from the electric arc furnace to the pig caster.

Ohio EPA Air Permit Pending

The application for the Air Permit to install was submitted to the Ohio EPA in September 2018. The air permit public hearing is scheduled for December 20, 2018.

Widespread Ohio Support

The project will provide significant job creation in the U.S. and the state of Ohio (in excess of 500 jobs during construction and 110 jobs during production). This has resulted in widespread local support from both the public and private sector for the project. This includes local grant support all the way through to the expediting and/or prioritizing of activity timelines for delivery of the various utility pipelines (raw water, potable water, oxygen, nitrogen, electricity transmission and natural gas pipelines.

Advanced Progress on Key Project Milestones

The project is significantly advanced, having commenced its Front-End Engineering Design (“FEED”) Phase I in September 2018. Detailed engineering for the entire project is expected to be completed by the end of June 2019 to allow orders for the total plant in July 2019. Additionally, the Ohio EPA air permit is expected to be issued in February 2019 following public consultation scheduled for December 20, 2018. Key raw material and infrastructure agreements are also in the process of being concluded in advance of the planned July 2019 construction date, with planned plant commissioning in Q1 2021 and production targeted for Q2/Q3 in 2021.

Total Project Funding – $ 474 million

A total amount of US$ 474 million (“Total Project Funding”) will cover costs from the beginning of the (Front-End Engineering Design) (“FEED”) phase (currently underway having commenced in September 2018), through to construction, commissioning, expected in Q1 2021, and into full production, expected in Q2/Q3 2021. The Total Project Funding includes US$ 68 million in working capital facilities.

Management Team with a Proven Track Record

Bradley Doig

(Petmin USA President & CEO and Petmin Group Director) (54)

Bradley has been the driving force behind Petmin’s strategy in North America over the past eight years, culminating in the development of Petmin USA and has overall executive responsibility for Petmin USA. Bradley is also responsible for the commercial aspects of the Petmin including business development, sales and group marketing.

Bradley has 30 years of mining, finance and business development experience and was appointed a non-executive director of Petmin from November 30, 2005. He became Chief Operating Officer in February 2006. Prior to that, Bradley spent inter alia 10 years at Billiton Ltd (now BHP) and was Chief Investment Officer of the New Africa Mining Fund.

Palmira Farinha

(Petmin USA COO and Director) (42)

Palmira is responsible for establishing local on-the-ground operations, facilitating the debt fundraising and driving the various engineering teams on the project to ensure the targeted construction milestones and production timelines are achieved. Responsibilities include efficient deployment of available resources through the two-year construction period, as well as co-ordinating of the funding required for development and construction of the pig iron facility at Pinney Dock.

Palmira has 20 years engineering, mining and mining finance experience. She is a graduate of Chemical Engineering at the University of Pretoria (1998) and MBA at Stellenbosch University (2003). Her experience spans operational process engineering at Sasol Ltd, design engineering at Fluor Daniel and over 16 years’ experience in mining debt and equity finance, including project finance at Investec Bank in Commodities and Resource Financing, and Standard Corporate and Investment Bank in Mining Project Finance.

Jan Du Preez

(Petmin Group CEO and Director) (54)

Jan is a proven entrepreneur in various industry sectors and has 23 years of mining experience. He was appointed CEO of Petmin on February 1, 2006 and is a qualified chartered accountant (Deloitte & Touche, 1990) with a Master of Commerce degree in Financial Management (including mergers and acquisitions).

Jan has built a number of very successful companies including JIC Mining Pty (Limited), a mining services company which eventually employed 20,000 people, servicing major mining clients including Anglo-American, AngloGold, Amplats, Implats and Billiton.

Bruce Tanner

(Petmin Group CFO and Director, Petmin USA CFO) (48)

Bruce has over 20 years’ experience in mining finance and administration. Bruce was appointed Financial Director of Petmin Group in 2009. Bruce joined the Petmin Group in 2005 as group Financial Manager and CFO and has served on the Petmin Executive Committee since joining the Group. Bruce obtained a B.Com Degree from University of Cape Town, a B.Com (Hons) (CTA) from the University of South Africa (Unisa) and is qualified as a chartered accountant (Deloitte & Touche, 1997).

Prior to joining Petmin, Bruce’s experience included five years involvement in the marketing of coal and copper at Metorex Ltd. From June 2002 to November 2004, Bruce was the CFO of AfriOre Ltd (then listed on the TSX) and COO of AFriOre Ltd’s coal operations which were acquired by Petmin.

VP: Construction & Engineering (TBA)

20 years’ experience in operation, design, implementation, construction and commissioning in the petro-chemical and mining process sectors. He has fulfilled the role of project manager on numerous projects over the past 10 years. He is a graduate of the University of Pretoria of BSC Chemical Engineering, Honours in Engineering – Technology Management. He is also a graduate from the University of Stellenbosch of master’s in business administration (MBA). He further holds a membership at the Project Management Institute.

His skills include the effective facilitation and management of projects from concept phase through to construction and commissioning. He has an excellent knowledge of engineering and design principles, project management and project setup.

Non-executive directors – Petmin Holdings

The key executive team are supported by the non-executive directors of Petmin, which comprise Chad Smart, Darshan Daya and Jimmy Shahim. The non-executive directors represent the majority shareholder of Petmin, Capitalworks, which is an established private equity firm with third-party assets under management of more than $ 900 million.