Investment partner appointment – rock island gold mine tender in limpopo

{"name":"Ms Maxine","email":"[email protected]","phone":"015 633 4700","department":null,"address":"trategic Partner/Investor – Rock Island: (Ref: RFP/Rock"}

• Rock Island reserves the right not to appoint an investor/partner or to withdraw this

RFP at any stage.

• Rock Island reserves the right to reject any or all proposals that do not meet the

required standards or fail to comply with submission conditions.

• All information contained in this document is confidential and may not be copied,

reproduced, or shared with third parties without written consent from Rock Island.

• The issuance of this RFP does not constitute a commitment to proceed with the

project.

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Rock Island: Request For Proposals (RFP)

Annexure a:

Declaration of Legal Standing (South African and International Investors) Declaration

of Legal Standing

I, the undersigned, hereby declare on behalf of the bidding entity that:

1. The company is duly registered and in good legal standing in its country of incorporation.
2. The company is not currently under liquidation, judicial management, business

rescue, or equivalent legal proceedings.

3. The company has not been declared insolvent or bankrupt.
4. There are no pending legal actions or regulatory restrictions that would prevent the

company from entering into an investment partnership or joint venture with a South African

public entity.

5. The information provided in support of this bid is true, accurate, and complete to the best

of my knowledge.

For South African Entities Only

6. I confirm that the company’s registration is current with the Companies and Intellectual

Property Commission (CIPC).

7. I acknowledge that the evaluation team may independently verify the company’s legal and

registration status via public or official records.

For International Entities Only

8. I acknowledge that, if shortlisted, the company will provide any additional legal

documentation required (e.g., certificate of good standing, legal opinion, or registration

documents) prior to contracting.

9. I confirm the company is willing to register a local Special Purpose Vehicle (SPV) in South

Africa in partnership with Fumani Greenstone Mine, as required by the Terms of

Reference.

Signed:

Full Name : ____________________________

Position : ____________________________

Company Name :____________________________

Registration Number : ____________________________

Country of Incorporation : ____________________________

Signature : ____________________________

Date : ____________________________

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Rock Island: Request For Proposals (RFP)

Annexure b:

Declaration of Commitment to the Partnership Model & Declaration of Understanding

and Commitment to the Proposed Partnership Model

I, the undersigned, hereby declare on behalf of the bidding entity that:

1. I have read and understood the Terms of Reference (ToR) issued for the proposed

investment partnership with the Rock Island and the Corridor Mining Resources (CMR).

2. I acknowledge that the preferred model for this investment opportunity is an equity-based

joint venture or strategic partnership between the investor and the Fumani, in line with

the objectives outlined in the ToR.

3. I confirm that, if selected, the company is willing and able to:

✓ Enter into a formal partnership or joint venture agreement with Rock Island or

its designated entity.

✓ Participate in the formation of a Special Purpose Vehicle (SPV) to serve as the

operating and shareholding entity for the estate.

✓ Contribute capital, operational expertise, and capacity as outlined in the final

negotiated agreement.

✓ Align with relevant government policies on empowerment, transformation,

sustainability, and local participation.

4. I acknowledge that the terms of the final partnership agreement, including governance,

equity shareholding, risk-sharing, and profit distribution, will be subject to further

negotiation between the parties.

5. I further confirm that the company understands this process is structured as an

investment partnership opportunity, not a traditional procurement or service contract,

and that the evaluation process will consider commercial farming experience, financial

capacity, and alignment with strategic objectives.

Signed:

Full Name : ____________________________

Position : ____________________________

Company Name : ____________________________

Registration Number : ____________________________

Signature : ____________________________

Date : ____________________________

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8. Evaluation and selection process

The evaluation and selection of the preferred investor/partner will be conducted through a

8.1. Phase 1: Mandatory Submission Requirements (At Proposal Stage)

evaluation.

Phase 2 (Technical Evaluation).

8.2. Phase 2: Technical Evaluation Requirements

Technical Evaluation Means of Verification / Evidence

evaluation panel.

▪ Respond to queries from the evaluation team.

Presentation scoring may be incorporated as part of the final functionality score or used

8.6. Phase 6: Contracting-Stage Requirements (Post-Evaluation)

financial, and due diligence evaluation, before the partnership agreement is signed.

Minimum Qualifying Score: 80 points (out of 100)

8.3. Phase 3: Financial and Investment Evaluation

Evaluation Criteria required

Request for proposal for the

Appointment of an investment partner

2026

Reference: RFP/Rock Island - KL/2026 -01

or

RFP/Rock Island – LM/2026 – 01

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Rock Island: Request For Proposals (RFP)

The company named Rock Island Trading was established over fifteen years ago to

pursue exploration and mining of gold in the province of Limpopo, South Africa. The

company is a subsidiary of a state-owned company called Corridor Mining Resources

(CMR) and it is duly incorporated in terms of the companies’ laws of South Africa. The

company is managed by Corridor Mining Resources (CMR), a wholly owned subsidiary of

the Limpopo Economic Development Agency (LEDA).

The project is located in Limpopo Province of South Africa, on the farms known as Klein

Letaba, Franki, Horseshoe, Birthday (REF: # RFP/Rock Island - KL/2026 -01) and Louis

Moore (REF: # RFP/Rock Island – LM/2026 – 01) (see figure 1 below). The nearest town

is called Giyani which is less than 10Km from the project site.

Figure 1: Location of the project, and the properties covered by the prospecting right.

Following a limited drilling campaign which produced exciting results, Rock Island seeks

a suitably competent and financially capable strategic partner/investor to participate in the

financing, development, and operation of this exciting gold mine project.

2. Purpose of the RFP

The purpose of this Request for Proposals (RFP) is to identify, evaluate, and appoint a

financially capable and technically competent strategic partner/investor to:

▪ Provide capital investment and/or financial resources for project implementation.

▪ Contribute technical and operational expertise in gold mining development; and

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Rock Island: Request For Proposals (RFP)

▪ Collaborate with Rock Island in the delivery of a commercially viable and sustainable

mining operation aligned with national economic and transformation objectives.

3. Objectives

The primary objective of this RFP is to secure a strategic investment partner who will:

▪ Finance the development of this gold mine project covering among other:

✓ Exploration,

✓ Feasibility study,

✓ Mine development.

▪ Bring technical, managerial, and operational expertise to ensure successful project

execution; and

▪ Contribute to local economic development, transformation, and empowerment

objectives in compliance with South African legislation.

4. Qualifying criteria

This RFP is open to both South African and international investors, subject to compliance

with applicable legal and regulatory requirements.

4.1. South African Investors

Bidders must:

▪ Be registered with the Companies and Intellectual Property Commission (CIPC);

▪ Be in good standing with the South African Revenue Service (SARS) and hold a valid

Tax Clearance Certificate.

▪ Demonstrate technical capability and financial capacity to invest in and develop mining

projects; and

▪ Provide valid BBBEE certification and a plan outlining empowerment and community

development commitments.

4.2. International Investors

International bidders must:

▪ Be duly registered and in good legal standing in their country of incorporation.

▪ Provide a certificate of good standing or equivalent legal verification.

▪ Commit to compliance with all South African laws and regulations governing

investment, mining, taxation, and environmental management.

▪ Agree, if appointed, to establish or participate in a South African-registered Special

Purpose Vehicle (SPV) or joint venture with CMR; and

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Rock Island: Request For Proposals (RFP)

▪ Provide a signed Declaration of Legal Standing (Annexure A) confirming eligibility and

willingness to comply with these requirements.

4.3. Financial Eligibility

Bidders must:

▪ Demonstrate verifiable access to capital or committed funding of not less than ZAR

100 million (or USD equivalent) for initial commencement evidenced by:

✓ Bank issued proof of funds,

✓ Term sheet, or

✓ Irrevocable letter of intent from a recognizable financial institution.

▪ Provide proof of liquid funds of at least R25 million of the above required capital.

4.4. Technical Eligibility

Bidders must:

▪ Have a minimum of five (5) years of proven experience in mining or large-scale

industrial project financing and implementation evidenced by:

✓ At least two (2) completed mining or equivalent projects exceeding ZAR 500

million in value.

Scope and framework of the proposal

Proposals should be comprehensive and must include the following key components as

listed in table 1 below:

Table 1: Proposal key components

Key Component Detailed description

▪ Background, ownership structure, and key management

profiles.

Corporate profile

▪ Demonstrated experience in mining or large-scale

infrastructure projects.

▪ Detailed investment structure and financing plan.

Funding proposal ▪ Sources of capital, funding timelines, and proof of

commitments.

Projected financial performance, capital expenditure, and return

Financial model

expectations.

Project implementation plan including milestones, governance and

Project delivery model

risk management.

Technical and operational expertise, and availability of key

Organizational capacity

personnel.

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Rock Island: Request For Proposals (RFP)

Proposed partnership arrangement, allocation of roles, and

Deal structure proposal

governance structure.

▪ BBBEE status and scorecard (for South African entities);

Empowerment and

▪ Local employment, community, and enterprise development

Socio-economic

initiatives.

Commitments

5. Deliverables

Respondents must submit:

▪ A comprehensive written proposal addressing all the key components listed in Section

5 above; and

▪ A PowerPoint presentation summarising the key highlights of their proposal.

6. Key considerations

All pending or outstanding regulatory requirements shall be for the partner / investor to

complete prior to project commencement. Respondents should therefore include these

items in their proposals.

It is also not recommended that new legal entities be established for this opportunity unless

absolutely necessary. Furthermore, in cases where joint ventures (JV), or consortiums, or

associations are formed to bid for this opportunity, a signed JV agreement will be required.

However, it is preferable that engagements and execution of the project be done through

existing structures.

7. Partnership duration

The strategic partnership is anticipated to last the period of the project life, covering

financing, exploration, mine development, operations, and mine management, subject to

the terms and conditions of the partnership agreement and project performance

milestones.

8. Evaluation and selection process

The evaluation and selection of the preferred investor/partner will be conducted through a

structured five-phase process designed to ensure transparency, fairness, and alignment

with Fumani’s strategic objectives.

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Rock Island: Request For Proposals (RFP)

8.1. Phase 1: Mandatory Submission Requirements (At Proposal Stage)

Investors must submit the following documents at the time of proposal submission. Failure

to provide any of these will result in automatic disqualification and exclusion from further

evaluation.

Table 2:

No. Requirement Means of verification

Proof of legal registration of the Company registration certificate (e.g. CIPC or

bidding entity (local or international) equivalent for international entities)

Signed declaration legal standing (Annexure A)

confirming the entity is not under liquidation,

2. Declaration of legal standing business rescue, or equivalent proceedings.

For SA entities, verification will also be

conducted via CIPC.

Signed declaration confirming the entity is not

Declaration of no blacklisting or

3. blacklisted by any public institution or

Restriction

multilateral body.

SA Investors: Valid B-BBEE certificate or

affidavit

B-BBEE Certificate or

4. International investors: Empowerment plan

Empowerment Plan

and Local participation plan outlining

transformation commitments

Signed Declaration of Commitment to

Commitment to the partnership Partnership Model (Annexure B) confirming

model willingness to establish a JV/SPV with

Fumani/CMR

Enlisting and signing of the attendance

6. Attendance of Mandatory Site Visit

register

Note:

Only proposals that fully comply with the above mandatory submissions will proceed to

Phase 2 (Technical Evaluation).

8.2. Phase 2: Technical Evaluation Requirements

This phase assesses the bidder’s technical capacity, competence, and operational

readiness to implement the Fumani Greenstone Gold Mine development.

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Rock Island: Request For Proposals (RFP)

Table 3:

Technical Evaluation Means of Verification / Evidence

No. Weight

Criteria required

Company profile and list of similar

Local Participation & Outline of local employment, training,

6. 5

Skills Transfer Plan and supplier development initiatives.

Compliance with

Mining & Evidence of commitment to safety,

7. 5

Environmental environmental, and labour laws.

Standards

Total 100

Minimum Qualifying Score: 80 points (out of 100)

Proposals below this threshold will not advance to Phase 3.

8.3. Phase 3: Financial and Investment Evaluation

This phase evaluates the investor’s financial capacity, funding credibility, and investment

model to ensure viability and sustainability.

Table 4:

Financial and Investment Means of Verification / Evidence

No. Weight

Evaluation Criteria required

Audited financial statements for the last 3

Financial Capacity and

1. years; bank reference letter and liquidity 25

Strength

proof (see 4.3 above).

Proof of Funding Funding letters, guarantees, or term

2. 25

Commitments sheets from credible financial institutions.

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Rock Island: Request For Proposals (RFP)

Financial and Investment Means of Verification / Evidence

No. Weight

Evaluation Criteria required

Detailed investment structure outlining

3. Funding Model and Structure 20

sources of capital and deployment plan.

Proposed partnership structure with roles,

Deal Structure and

4. responsibilities, and equity shares (where 15

Partnership Proposal

applicable).

Financial Viability and Project Financial model showing IRR, NPV,

5. 10

Economics payback period, and sensitivity analysis.

Risk Management and Identification and mitigation of key

6. 5

Mitigation Plan financial and operational risks.

Total 100

Minimum Qualifying Score: 80 points (out of 100)

Only financially credible bidders will proceed to Phase 4.

8.4. Phase 4: Presentation by shortlisted investors

Shortlisted investors will be invited to make in-person or virtual presentations to the

evaluation panel.

Objectives of the presentation:

▪ Elaborate on the proposed development and operational plan.

▪ Demonstrate understanding of the partnership model.

▪ Present approach to governance, risk sharing, and profit distribution.

▪ Detail plans for community empowerment and local participation.

▪ Respond to queries from the evaluation team.

Presentation scoring may be incorporated as part of the final functionality score or used

as a qualitative input into final deliberations.

8.5. Phase 5: Due Diligence

The selected investor or strategic partner will be required to undergo a comprehensive

due diligence process prior to finalization of the partnership. This process will include

verification of the investor’s legal, financial, operational, and reputational standing, as

well as confirmation of their ability to meet the funding and technical requirements of the

Rock Island Gold Mine project.

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Rock Island: Request For Proposals (RFP)

Completion of due diligence exercise is a prerequisite for engagement in final

negotiations and contracting. Rock Island reserves the right to disqualify any investor

that does not satisfactorily meet the due diligence requirements.

8.6. Phase 6: Contracting-Stage Requirements (Post-Evaluation)

The following requirements apply only to the preferred investor(s) after technical,

financial, and due diligence evaluation, before the partnership agreement is signed.

These are conditions precedent to final contracting:

Table 5:

No. Requirement Notes

For international investors,

The SPV will be the operating entity responsible

registration of a local Special

for the implementation of the project.

Purpose Vehicle (SPV)

SARS registration and tax Must obtain SA tax clearance certificate for new

compliance of the SPV entity.

CIPC registration of the SPV Proof of formal registration in South Africa.

4. Detailing among other, governance

Signed Shareholders’

arrangements, equity structure, and profit-sharing

Agreement and JV contract

mechanism.

Final B-BBEE compliance for

Based on turnover and legal form of the SPV.

the SPV (if applicable)

Submission of required

guarantees or funding Finalised versions of financial commitments.

instruments

9. Submission requirements

All proposals must include the following:

▪ Cover letter signed by an authorised company representative.

▪ Completed and signed Annexure A: Declaration of Legal Standing.

▪ Company registration and ownership documents.

▪ Valid Tax Clearance Certificate.

▪ Valid BBBEE Certificate or sworn affidavit (for South African entities).

▪ Proof of financial capacity or funding commitments.

▪ List of contactable references for similar projects; and

▪ Detailed pricing or investment values expressed in South African Rand (ZAR).

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Rock Island: Request For Proposals (RFP)

management approach.

practices.

Approach

▪ Elaborate on the proposed development and operational plan.

▪ Demonstrate understanding of the partnership model.

▪ Present approach to governance, risk sharing, and profit distribution.

▪ Detail plans for community empowerment and local participation.

▪ Respond to queries from the evaluation team.

1. mining projects (see 4.4 above) with 25

and Track Record

references and completion details.

CVs of key technical staff (mining

Technical Expertise

2. engineers, metallurgists, etc.) and 25

and Capacity

organisational structure.

Comprehensive project plan with

Project Implementation

3. milestones, timelines, and risk 20

Plan & Methodology

management approach.

Understanding of Narrative demonstrating understanding

4. Project and Site of the project scope, geology, and 10

Conditions operational environment.

Innovation,

Details on technology use, ESG

Technology &

5. compliance, and sustainable mining 10

Sustainability

practices.

▪ Have a minimum of five (5) years of proven experience in mining or large-scale

industrial project financing and implementation evidenced by:

✓ At least two (2) completed mining or equivalent projects exceeding ZAR 500

million in value.

▪ Demonstrated experience in mining or large-scale

infrastructure projects.

▪ Detailed investment structure and financing plan.

Funding proposal ▪ Sources of capital, funding timelines, and proof of

commitments.

Relevant Experience

1. mining projects (see 4.4 above) with 25

and Track Record

references and completion details.

CVs of key technical staff (mining

▪ Cover letter signed by an authorised company representative.

▪ Completed and signed Annexure A: Declaration of Legal Standing.

▪ Company registration and ownership documents.

▪ Valid Tax Clearance Certificate.

▪ Valid BBBEE Certificate or sworn affidavit (for South African entities).

▪ Proof of financial capacity or funding commitments.

▪ List of contactable references for similar projects; and

▪ Detailed pricing or investment values expressed in South African Rand (ZAR).

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Rock Island: Request For Proposals (RFP)

10. Enquiries

investment partnership opportunity, not a traditional procurement or service contract,

and that the evaluation process will consider commercial farming experience, financial

capacity, and alignment with strategic objectives.

valid Tax Clearance Certificate

joint venture agreement with Rock Island or

SARS registration and tax Must obtain SA tax clearance certificate for new

Tax Clearance Certificate.

B-BBEE Details: n

Proof of legal registration of the Company registration certificate (e.g. CIPC or

bidding entity (local or international) equivalent for international entities)

Signed declaration legal standing (Annexure A)

confirming the entity is not under liquidation,

2. Declaration of legal standing business rescue, or equivalent proceedings.

For SA entities, verification will also be

conducted via CIPC.

Signed declaration confirming the entity is not

Declaration of no blacklisting or

3. blacklisted by any public institution or

Restriction

multilateral body.

SA Investors: Valid B-BBEE certificate or

affidavit

B-BBEE Certificate or

4. International investors: Empowerment plan

Empowerment Plan

and Local participation plan outlining

transformation commitments

Signed Declaration of Commitment to

Commitment to the partnership Partnership Model (Annexure B) confirming

model willingness to establish a JV/SPV with

Fumani/CMR

Enlisting and signing of the attendance

6. Attendance of Mandatory Site Visit

register

Note:

Only proposals that fully comply with the above mandatory submissions will proceed to

Phase 2 (Technical Evaluation).

8.2. Phase 2: Technical Evaluation Requirements

This phase assesses the bidder’s technical capacity, competence, and operational

readiness to implement the Fumani Greenstone Gold Mine development.

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Rock Island: Request For Proposals (RFP)

Table 3:

Technical Evaluation Means of Verification / Evidence

No. Weight

Criteria required

Company profile and list of similar

Relevant Experience

1. mining projects (see 4.4 above) with 25

and Track Record

references and completion details.

CVs of key technical staff (mining

Technical Expertise

2. engineers, metallurgists, etc.) and

▪ Be registered with the Companies and Intellectual Property Commission (CIPC);

▪ Be in good standing with the South African Revenue Service (SARS) and hold a valid

guarantees or funding Finalised versions of financial commitments.

instruments