BACKSTORY: Emmanuel Ngulube of E&T Minerals

What’s your one top tip for doing a deal?

Take your time; excellence is in the detail. 

What was your first job?

I sold hot dogs and sweets during lunch breaks at primary school. Our family was going through a tough time and I wanted more money for going out with friends.

How much was your first pay cheque, and how did you spend it?

My first formal job was as a chef at a restaurant and I got paid R1,200 a month. I paid my tithe with it, budgeted for transport and took myself out for a movie; I had to make a booking for the 10pm show because it was after work. Not much one can do with such a salary, but it was enough for me at the time.

What is the one thing you wish somebody had told you when you were starting out?

You are only as good as the people you have around you, and don’t count the money until the deal is done. Don’t be afraid to ask questions.

If you could fix only one thing in South Africa, what would it be?

Education. It’s important for everybody to have an opportunity to step out of their circumstances, and to give young South Africans the opportunity to access jobs. If we don’t empower the youth, this country is doomed. 

What’s the most interesting thing about you that people don’t know?

I have an obsession with art, in all its forms. Back in 2011, I was part of a stage production that travelled throughout South Africa and the US. I also worked as a professional chef, so I am proficient in everything from haute cuisine to pastries. I am a decorated sportsman and secured a sports scholarship at the University of Johannesburg.

What’s the worst investment mistake you’ve made?

If I have to choose, it would be investing R25m on a mining asset. We were young and inexperienced, and overnight we almost lost the money we’d made as a business over six years.

What’s the best investment you’ve ever made, and how much of it was due to luck?

Investing in the E&T team. It allowed us to be more prepared on more complex transactions, but it was serendipitous in meeting the right people at the right time.

What’s the best book you’ve read in the past six months, and why did you like it?

Churchill & Smuts: The Friendship by Richard Steyn. It shows how iron can sharpen iron, and how two great minds can shape the modern world in which we live. They both felt that racism was an archaic and limited way of thinking that would not benefit the two countries in the long run. Jan Smuts advised Winston Churchill on the war; if we can put aside differences and take time to learn about each other, we can achieve great things.

What is the hardest life lesson you’ve learnt so far?

The passing of my parents.

If you were President Cyril Ramaphosa, what would you change, or do, tomorrow? 

I would take a more sensitive approach to the energy transition. We are taking on new debts without resolving our current power issues. I believe that we can create sustainable solutions in an efficient energy mix that utilises both coal and green energy.