Pan African Mining Logistics — Appendices
Supporting appendices and reference schedules underpinning the Pan African Mining Logistics business plan and financial model.
Section 13 · Business Plan
Appendices
Supporting appendices and reference schedules underpinning the Pan African Mining Logistics business plan and financial model.
13.1 Appendix A — Detailed Financial Assumptions
The complete schedule of financial modelling assumptions is set out
below. All assumptions have been validated against industry benchmarks,
indicative term sheets from prospective lenders, and operational data
from comparable mining-logistics operators.
| Assumption | Value | Basis / Source |
|---|---|---|
| Revenue per tonne-km (avg, Y1) | R 1.18 / tkm | Weighted average across all corridors |
| Revenue per tonne-km (avg, Y5) | R 1.42 / tkm | Reflects mix shift to higher-margin corridors |
| Average loaded distance (km/trip) | 780 km | Mining export-corridor weighted average |
| Average payload (tonnes/trip) | 33.2 t | Fleet-weighted average |
| Trips per truck per month (Y3+) | 11.8 | Mature operational benchmark |
| Diesel consumption (l/100km loaded) | 44.5 | Heavy-duty side-tipper, loaded |
| Diesel consumption (l/100km empty) | 32.0 | Heavy-duty side-tipper, unloaded |
| Driver gross monthly cost (Y1) | R 28,500 | Includes basic, allowances, benefits |
| Driver gross monthly cost (Y5) | R 36,200 | Including merit increases and CPI |
| Truck purchase price (Y1, side-tipper) | R 3.45m | Including VAT, with trailer |
| Truck purchase price (Y1, interlink) | R 4.85m | Including VAT, with two trailers |
| Tyre cost per tyre (Y1) | R 18,500 | Industry benchmark |
| Tyre life (km) | 120,000 km | Mining-spec tyres, blended |
| Insurance (% of fleet value, p.a.) | 2.8% | Industry benchmark for mining haulage |
| Maintenance cost (cents per km) | R 2.85 | Industry benchmark, hub-and-spoke model |
| Working capital (days of revenue, Y3+) | 60 days | Industry-standard for mining-house customers |
| Capex per truck (lifetime, R million) | 4.20 | Including replacement and major refurb |
| Depot capex per mega-hub (R million) | 180 | Land, buildings, workshop, infrastructure |
| Depot capex per regional depot (R million) | 55 | Smaller-scale facilities |
| IT and technology stack (initial) | ZAR 200m | Telematics, FMS, ERP, customs systems |
13.2 Appendix B — TAM/SAM/SOM Derivation
The Total Addressable Market (TAM), Serviceable Available Market
(SAM), and Serviceable Obtainable Market (SOM) figures presented in
Section 3.5 are derived as follows:
Total Addressable Market (TAM) — ZAR 220 billion
All SADC mining logistics activity, including road, rail, port
handling, warehousing, customs, and value-added services. Derived from:
(i) South African mining logistics ≈ ZAR 165 billion (estimated 22% of
USD 64 billion total RSA logistics market); (ii) Zambia, Botswana,
Namibia, Mozambique mining logistics ≈ ZAR 55 billion (proportional to
mining GDP and trade flows). Sources: Expert Market Research, Mordor
Intelligence, Minerals Council of South Africa, World Bank Logistics
Performance Index.
Serviceable Available Market (SAM) — ZAR 78 billion
Bulk commodity road and multimodal logistics in PAML’s target
corridors only, excluding (i) air freight, (ii) container shipping,
(iii) general cargo/manufactured goods, (iv) urban distribution, and (v)
corridors outside PAML’s planned footprint. SAM represents 35.5% of
TAM.
Serviceable Obtainable Market (SOM) — ZAR 14.8 billion
Realistic Year-7 capture by PAML, equivalent to 19% of SAM (or 6.7%
of TAM). This share is consistent with the position of leading
specialist operators in mature regional markets and aligns with the Y7
revenue target of ZAR 14.8 billion in the financial model.
13.3 Appendix C — Sources and References
This Business Plan draws on the following principal industry,
government, and academic sources:
- Expert Market Research, “South Africa Logistics Market Size and
Outlook 2025–2035” - Mordor Intelligence, “South Africa Freight & Logistics Market
Forecasts to 2031” - Mordor Intelligence, “South Africa Mining Equipment Market 2030
Growth Trends Report” - Minerals Council of South Africa, Annual Reports and Industry
Submissions 2023–2025 - Transnet, Quarterly Operational Reports and Corporate Plan
2025 - Department of Transport, Republic of South Africa, “Rail Network
Access Framework” (Dec 2024) - Department of Mineral Resources and Energy, Mineral Production
and Sales Statistics - Statistics South Africa, Quarterly Financial Statistics and
Industry Reports - South African Reserve Bank, Monetary Policy Reviews and Quarterly
Bulletin - National Treasury, Republic of South Africa, Medium-Term
Expenditure Framework 2025–2027 - World Bank, Logistics Performance Index 2024 — South Africa
profile - African Development Bank, Country Strategy Paper for South Africa
2024–2028 - International Council on Mining and Metals (ICMM), “Mining
Logistics Trends in Africa” - World Coal Association, World Coal Market Statistics
- International Copper Association, Global Copper Demand and Supply
Forecasts
13.4 Appendix D — Glossary of Terms
| Term / Acronym | Definition |
|---|---|
| AfCFTA | African Continental Free Trade Area |
| B-BBEE | Broad-Based Black Economic Empowerment (South Africa) |
| CAGR | Compound Annual Growth Rate |
| CAPEX | Capital Expenditure |
| DFI | Development Finance Institution (e.g., African Development Bank, Development Bank of Southern Africa) |
| DSCR | Debt Service Coverage Ratio |
| EBITDA | Earnings Before Interest, Tax, Depreciation, and Amortisation |
| FMS | Fleet Management System |
| FX | Foreign Exchange |
| IFC | International Finance Corporation |
| IFRS | International Financial Reporting Standards |
| IRR | Internal Rate of Return |
| IPO | Initial Public Offering |
| JSE | Johannesburg Stock Exchange |
| LTIFR | Lost Time Injury Frequency Rate |
| NPV | Net Present Value |
| OEM | Original Equipment Manufacturer (truck manufacturer) |
| OPEX | Operating Expenditure |
| PAML | Pan African Mining Logistics (the Company) |
| PBS | Performance-Based Standards (heavy-vehicle regime) |
| PGM | Platinum Group Metals |
| PIK | Payment-In-Kind (debt interest accrual) |
| RBCT | Richards Bay Coal Terminal |
| SADC | Southern African Development Community |
| SAM | Serviceable Available Market |
| SOM | Serviceable Obtainable Market |
| SMME | Small, Medium, and Micro Enterprises |
| TAM | Total Addressable Market |
| WACC | Weighted Average Cost of Capital |
| ZAR | South African Rand |
END OF DOCUMENT
— Pan African Mining Logistics (Pty) Ltd —
Confidential — this business plan is provided to prospective investors and lenders for evaluation purposes only and may not be reproduced or distributed without the written consent of Pan African Mining Logistics (Pty) Ltd.