Portfolio Strategy,

Garrison Capital operates mines and quarries across South Africa through six specialized funds, generating enterprise value, creating allocation for deployable capital.

Focused Depth

R27B

Enterprise value across 37 portfolio companies

16

Operational mines and quarries

R15B

Available capacity for deployment

6

Specialized Funds spanning aggregates to rare earth elements

Specialized Funds, Integrated Platform

Large marble quarry with excavator at work among white marble blocks.

Thandiwe Stone

Quarries serving construction, cement, and infrastructure demand.

Portfolio core with blue-chip off-take agreements.

Aggregates and Bulk Materials Fund
Two large mining trucks on a dirt road in a quarry with exposed rocky, dirt, and mineral-rich soil walls in the background.

Nandi Metals

Specialty metals operations. Single-commodity group focus with contracted industrial off-take.

Opencast extraction with favorable operating economics.

Industrial Metals Fund
Orange excavator working on a rocky slope. 
Coal Fund

Senza Coal

Thermal coal for domestic South African consumption. Energy sector and industrial off-take.

Established operations with multi-year reserve life.

An offshore oil rig at dusk with cranes and lights, partially obscured by other cranes in the foreground. 
Oil, Gas & Uranium Fund

Singita Energy

Energy-related minerals supporting power generation and renewable installations. Oil and gas infrastructure.

Strategic positioning for transmission and generation infrastructure build-out.

A large open-pit quarry with layered rock formations and a yellow excavator working on the ground. 
Rare Earth Elements Fund

Langa Rare Earth

Rare earth elements addressing technology sector and energy transition demand.

Strategic minerals with long-term supply agreements under development.

Three yellow construction vehicles parked on a muddy, rocky construction site with a hillside in the background. 
Mine Exploration Venture Capital

Muhluri Mining

Earthworks. Mining asset developments for direct feed into main funds. Mining technology, services, and enabling businesses. Equipment manufacturers, technical service providers, and innovation companies supporting core operations.

Platform-Scale Operations

Our portfolio spans six specialized funds, each targeting distinct segments of South Africa's mining infrastructure value chain.

The Thandiwe Stone Fund anchors our aggregates and industrial minerals operations—50-55% of portfolio value—delivering materials to blue-chip construction and cement manufacturers.

Nandi Metals Fund and Singita Energy Fund address specialty metals and energy-related minerals, while Senza Coal Fund serves domestic thermal coal demand.

Langa Rare Earth Fund positions us in strategic minerals, and Njangwa Venture Capital invests across mining technology and services businesses that strengthen the broader ecosystem.

 

This fund structure enables capital deployment at scale while maintaining operational focus. Each fund operates within our vertically integrated platform, immediately accessing shared logistics, petroleum distribution, and technical capabilities that reduce operating costs 12-18% versus standalone operations.

A mountainside with a large open-pit marble quarry, showing terraced steps carved into the mountain for extracting marble, with winding pathways around the site.

National Reach, Regional Depth

Geographic Distribution:

·       Gauteng: 25-30% - Industrial heartland positioning with proximity to cement manufacturers, construction majors, and infrastructure investment concentration.

·       Western Cape: 20-25% - Coastal region operations serving Cape Town metro construction demand and port infrastructure development.

·       KwaZulu-Natal: 15-20% - Durban industrial basin and regional infrastructure programs.

·      Other Regions: 25-35% - Diversified exposure across Northern Cape, Mpumalanga, Eastern Cape.

Commodity Allocation:

·       Aggregates: 50-55% - Sand, stone, and gravel operations

·       Industrial Minerals: 20-25% - Silica, limestone, and dolomite

·       Thermal Coal: 15-20% - Domestic use coal

·       Specialty Materials: 5-10% - Rare earth elements and strategic minerals

A mountainous landscape with winding mountain roads, fog or clouds settled in the valleys, and rugged terrain with varying shades of brown and gray.

Operational Excellence Through vertical Integration

Vertically Integrated Platform:

Every portfolio operation plugs into our established infrastructure from day one. Integrated logistics achieve 12-18% lower per-ton-kilometer costs through fleet optimization across multiple mine sites and direct fuel procurement. Bulk diesel purchasing delivers 3-7% discount to retail pricing, while on-site storage reduces equipment downtime 6-8%. Centralized technical capabilities deploy across portfolio, accelerating value creation and transferring best practices within 60-90 days.

 

Risk Management by Diversification:

Our portfolio construction delivers low correlation (0.15-0.35) across operations through geographic diversification across distinct regional economies, commodity diversification with different end-market exposures, and operational independence that reduces systemic exposure. Portfolio-level volatility runs 40-60% lower than individual assets.

Open-pit copper mine with terraced slopes, construction vehicles, and a small water pond at the bottom, surrounded by green forested hills under a cloudy sky.

BLUE-CHIP REVENUE FOUNDATION

Contracted Cash Flow Certainty

We prioritize revenue certainty over pricing optimization. Long-term off-take agreements with investment-grade counterparties provide minimum volume commitments spanning 5-10 year terms. These contracts deliver predictable cash flows supporting institutional debt structures while reducing market exposure.

 

Garrison Capital key insight:

*During South Africa's 2019-2020 construction downturn, portfolio operations with blue-chip contracted off-take maintained 92% of revenue levels. Spot-market operators experienced 31% revenue decline.

Investment Approach

R1 Trillion Market Opportunity

South Africa's R943.8 billion infrastructure commitment through 2028—including R402 billion for roads, R219.2 billion for energy, and R156.3 billion for water and sanitation—creates sustained demand for construction materials.

Each R1 billion of infrastructure investment consumes 500,000-700,000 tons of aggregates.

At R333 billion annually from public infrastructure alone, this represents 200 million tons of annual demand—a 40-50% increase over baseline consumption.