Mining Indaba Programme

Conference Schedule

How to apply for finance

In the case of take-overs and buy-ins by historically disadvantaged partners we require:

• A signed Offer to Purchase agreement between the seller and the buyer or a signed Letter of Undertaking from the seller indicating the buyer's preferred bidder status.
• The Offer to Purchase should be valid for at least three months and give the IDC an exclusivity period of at least two months with clearly stated payment terms.
• Detailed information on the partners, such as the group structure and business activities.
• An independent valuation (including underlying assumptions) of the target company.
• Details of IDC funding and the application thereof.
• Details of the contribution by the purchaser.
• A signed draft plan explaining involvement by the historically disadvantaged persons in operational and/or executive management.
• Proof of limited scope of due diligence performed by historically disadvantaged persons on the seller's business.
• A business plan.
• Signed Audited statements at least for the last three years, management accounts and financial projections for the target company as is without the purchaser's value add.
• A covering letter with details of the finance required from the IDC.

In the case of expansions by existing businesses we require:

• Latest audited and actual financials signed by the finance director, MD or CEO.
• Your updated business plan focusing on the proposed project/expansion.
• A detailed description of the nature of the expansion, its related costs and revenues.

In the case of small, medium and start-up businesses we require:

• A comprehensive business plan.

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Funding Criteria

We have specific criteria that applicants must meet to be considered for funding. They must have a well-developed, bankable plan with the required prospecting and/or mining permits, as well as a good understanding of the ore resource.

All regulatory and environmental permits must have been completed or successfully submitted and been accepted by the appropriate authorities.

Regarding equity funding, applicants need to have "discovered" all the resources and must have plans to develop the project through various evaluation phases to produce bankable feasibility studies.

On receiving an application, we will carry out an initial assessment and the applicant will be advised on whether the parameters of the proposal are consistent with the IDC's funding criteria.

Examples of successful projects funded by the Mining and Minerals Strategic Business Unit include Kalagadi Manganese, Tendele Coal Mine, Matla Diamond, Sudor Coal (Pty) Limited, Hernic Ferrochrome and Freda Rebecca Gold Mine Limited.