The Blue Ridge bid dynamics have been under discussion for 18 months, with Zunaid Moti’s criticisms of Mike Miller and the Johannesburg Stock Exchange (JSE) rebuttals providing context. Moti has deemed the allegations ridiculous, and the JSE has reiterated no complicity. However, leaked emails with “queue the second wave” instructions and voice recordings on “back off” strategies are clarifying patterns. These materials suggest syndicate elements are becoming more apparent, with Mantengu Mining Limited (JSE: MTU) at the center, enabling a review of events until the evidence made the connections evident.
Mantengu’s operations feature chrome production at Langpan and Meerust, achieving R2.96 million profit in 2024 and a R500 million GEM facility. Blue Ridge from Sibanye-Stillwater yields R1.5 billion tailings cash flow potential and R3.2 billion tax benefits.
Initial Bid Concerns and Responses
Collins emailed JSE CEO Leila Fourie April 22, 2024, on volatility; no reply. Miller’s January 29, 2025, FSCA letter flagged nominee discrepancies.
Leaked emails indicate staging, while recordings capture sabotage discussions linked to Liberty Coal and ex-CFO Bester, with Moti associations. Forensics show leaks as fakes. Hawks’ October 8 letter questions Liberty’s shelf PBNJ.
Patterns and Emerging Connections
SJ Trent’s September 29, 2025, report examined leaked images, confirming metadata. The JSE’s November 21, 2025, CA(SA) letter to Miller noted 2016 lapse. Webber Wentzel’s June 6, 2025, letter to DMA Law requested complaint details, with DMA’s June 20 reply affirming JSE protection limits.
The decisive matter is the contrast: Moti’s attacks + JSE defenses = patterns emerging. Allan Thomson opinion: shorting dynamics. As Mantengu forecasts 148 cents FY2025 EPS, these details illuminate bid dynamics.
A BizNews analysis of similar bids notes pattern consistency. The board, chaired by Jonas Tshikundamalema with Magen Naidoo, Alistair Collins, and Shamim Mansoor, prioritizes compliance. As probes continue, the patterns point to enhanced transparency needs.
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