The company is the primary vehicle through which private investment company Jonah Capital would pursue mining investment opportunities. Jonah Capital also owned 35% of Andulela, with the balance of the company held by a variety of South African institutions.
In March this year, African mining entrepreneur Sir Sam Jonah's Jonah group announced it had teamed up with diversified investment group Abalengani, headed by South African businessman Zunaid Moti, in a venture that would house the two groups' future noncoal mining investments in South Africa.
Andulela said in a statement on Thursday that it effectively owned 29% of metallurgy business Kilken, which processed platinum-group metals tailings concentrate, and Andulela also had the option to grow its interest in Kilken to an effective 59% between April and October 2009.
The company stated that its investment strategy would rely on its ability to be highly selective in terms of screening potential investment opportunities, and would focus primarily on high potential businesses of sufficient capital critical mass, with established track records.
The company would make use of Jonah Capital to source strategic relationships for investment opportunities. However, the company would not undertake any coal opportunities, as this would be left to prospective power producer Asenjo, Jonah Coal, and JSE-listed Sentula Mining.