TitanForge — Core Business Divisions
The five core business divisions - mining and mineral production, ferroalloys and beneficiation, logistics and infrastructure, energy infrastructure and industrial parks - and the divisional operating KPIs underpinning TitanForge.
Section 9 · Business Plan
Core Business Divisions
The five core business divisions – mining and mineral production, ferroalloys and beneficiation, logistics and infrastructure, energy infrastructure and industrial parks – and the divisional operating KPIs underpinning TitanForge.
Division 1 — Mining & Mineral Production (45% of revenue)
Target commodities: coal, anthracite, manganese, nickel, copper, rare
earth elements, graphite and vanadium. The division combines the
existing operating base with Iron Crown and the Horizon acquisitions.
Operating model: owner-mining on flagship assets with selective
contractor mining during ramp-up; ore-reserve governance under SAMREC
with annual competent-person sign-off.
Division 2 — Ferroalloys & Beneficiation (20%)
Products: ferromanganese, silicomanganese, battery-grade manganese
and industrial alloys from the Vulcan complex. The division converts
group ore at transfer prices set on an arm’s-length netback basis,
capturing conversion margin while insulating the mining division’s
export economics.
Division 3 — Logistics & Infrastructure (15%)
Assets: rail rolling stock, private sidings, export terminals and
inland logistics hubs. Revenue is roughly 60% group volumes at cost-plus
transfer tariffs and 40% third-party haulage and terminal handling at
market rates — the third-party share is the growth kicker as corridor
reform matures.
Division 4 — Energy Infrastructure (10%)
Assets: solar farms, wind farms and battery storage under Helios.
Group offtake is contracted under 15–20 year PPAs at tariffs set below
the Eskom megaflex trajectory; surplus energy is wheeled to third-party
industrial offtakers.
Division 5 — Industrial Parks (10%)
Products: battery precursor materials, industrial chemicals, steel
additives and processed industrial minerals at Forge Industrial Park,
plus tenant rental and services income. SEZ incentives are assumed only
for qualifying activities and are treated as upside, not base case.
8.6 Divisional operating KPIs
The volume and utilisation assumptions beneath the sponsor revenue
line, presented for the plan decade. These are the operational
deliverables against which divisional management is scored.
| Operating KPI | Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | Y9 | Y10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Iron Crown ore sold (Mt) | 0.0 | 0.0 | 1.5 | 3.5 | 5.0 | 6.0 | 6.0 | 6.0 | 6.0 | 6.0 |
| Vulcan alloys produced (kt) | 180 | 220 | 320 | 480 | 600 | 650 | 650 | 650 | 650 | 650 |
| Rail tonnes hauled (Mt) | 4 | 6 | 12 | 20 | 28 | 32 | 34 | 35 | 35 | 35 |
| of which third-party (Mt) | 1 | 1 | 2 | 8 | 11 | 13 | 14 | 14 | 14 | 14 |
| Port throughput (Mt) | 3 | 4 | 8 | 13 | 17 | 19 | 20 | 20 | 20 | 20 |
| Helios generation (TWh) | 0.0 | 0.4 | 1.6 | 2.9 | 3.4 | 3.6 | 3.6 | 3.6 | 3.6 | 3.6 |
| Forge Park output (kt, Mn sulphate eq.) | 0 | 0 | 0 | 10 | 25 | 45 | 55 | 60 | 60 | 60 |
| Group headcount (000s, direct) | 3.5 | 5.5 | 8.5 | 12.0 | 15.0 | 17.5 | 19.0 | 20.5 | 21.5 | 22.0 |
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 TitanForge Resources & Infrastructure Holdings.