By Staff Writer – Johannesburg
In a market often dominated by Goliaths and legacy players, one resource company is proving that speed, discipline, and ethical ambition can shift the game.
Mantengu Mining, listed on the JSE’s AltX, posted financial results for FY2025 that surpassed even the most optimistic forecasts. Revenue surged to R317.5 million, up from R109.9 million the previous year. Gross profit doubled. Comprehensive income jumped from R1.2 million to R303.3 million, while earnings per share leapt from 1 cent to 148 cents a transformation that would make most boardrooms envious.
The secret? According to CFO Magen Naidoo, it wasn’t just the market. “We brought mining in-house. We bought our own fleet. That cut our costs per tonne by more than 50%,” he said.
Beyond the numbers lies a company reinventing its operational DNA. Mantengu’s decision to internalize production was bold and risky, but it paid off. Not only did this reduce exposure to volatile contractors, but it allowed greater control over output, safety, and environmental compliance.
The company also executed three major acquisitions, Sublime Technologies (SiC), the Blue Ridge Platinum Mine, and the MIB iron plant, all within a single fiscal year. The move signaled more than ambition; it announced Mantengu as a new kind of operator: strategic, agile, and unafraid to take on complex assets where others saw liability.
The establishment of Mantengu Mining Equipment further reflects this philosophy. Instead of being reliant on OEMs or rental providers, the company is investing in self-sufficiency, developing the muscle to manage its own growth curve.
In a sector often weighed down by regulatory friction and market manipulation, Mantengu is also showing it will not hesitate to defend its reputation, legally and publicly. This mix of strategic patience, operational strength and an assertive stance on governance is a rare commodity.
As global economies turn to “just transitions” and ESG-driven mining, Mantengu may very well be one of the few African companies to scale impact, profit, and local empowerment simultaneously. Its trajectory is now a case study in how underdogs can become incumbents.
