South Africa: Exxaro and former coal head reach mutual agreement to separate
Exxaro has reached a separation agreement with Kgabi Masia.
Exxaro has reached a separation agreement with Kgabi Masia
The coal mining company made a statement on Monday, 5 May, regarding Masia, who had been the head of coal for the company since March, 2022.
Masia had been suspended on 24 April, along with several key employees.
'This development will not affect the company's operations, as Mervin Govender will continue in his role as acting chief coal operations officer,' the company says in a statement.
Exxaro was focused on 'the timely appointment of permanent candidates to fill critical roles,' it adds.
'The board and the new CEO of Exxaro remain committed to succession planning and the timely appointment of permanent candidates to all critical roles,' the company says in a May 5 statement.
Recently, the coal mining company has been through many high-profile departures.
CEO replacement
At the time of his suspension, Nombasa Tsengwa was the company CEO. Following bullying and intimidation allegations, Tsengwa was suspended. In the fall out up to nine executive and senior employees left the company.
Since then, Tsengwa resigned and was replaced by Ben Magara.
Tsengwa, who resigned in February, was replaced by Ben Magara, the former CEO of Lonmin and a non-executive at Exxaro Resources.
Since his appointment, Magara has reaffirmed the company's commitment to a diversification strategy, emphasising the need to pivot towards low-carbon minerals that are increasingly critical in today's economy.
"We will use our coal production to expand our portfolio towards the critical low-carbon minerals essential for the future.,' he said on 13 March.
Masia is the subject of a board-sanctioned investigation by law firm Bowmans.
All rights reserved. © 2022. Bizcommunity.com Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Business
5 hours ago
- Gulf Business
Middle East travel spend set to soar 50% by 2030: report
Image: Getty Images Travel spending in the Middle East is projected to climb 50 per cent by 2030, reaching nearly $350bn, driven by surging inbound tourism, expanding luxury and business travel, and increased investment in sports and entertainment, according to the ATM Travel Trends Report 2025 released by The report forecasts that inbound travel to the region will grow by 13 per cent annually between 2025 and 2030, significantly outpacing global averages. Key source markets fueling this rise include Asia and Africa, alongside strong demand from Europe, where the UK and India remain the top international leisure contributors. 'Travel growth in the Middle East is incredibly strong, with annual growth averaging more than 7 per cent through 2030,' said Danielle Curtis, exhibition director ME at Arabian Travel Market. 'Bold national visions, game-changing developments, and enhanced connectivity are key drivers behind this upward trajectory.' Travel spending in the region is expected to surpass pre-pandemic levels by 54 per cent in 2024, and business travel is set to grow at 1.5 times the global average, making the Middle East the world's second-fastest growing region for business tourism. Travel industry driven by key developments in regional aviation and hospitality sectors The report also underscores the region's transformation into a global aviation hub, with Emirates, Etihad Airways, Qatar Airways, and Saudia placing close to 780 aircraft orders with Boeing and Airbus, underscoring long-term growth ambitions. Meanwhile, luxury travel continues to thrive. With nearly 100 of the Middle East's 170 luxury hotels located in Abu Dhabi and Dubai, and more underway in Saudi Arabia's giga projects, the region is becoming a magnet for high-net-worth travellers. According to the report, nearly 60 per cent of visitors to the Middle East spend on luxury experiences, compared to less than 40 per cent globally. 'Travellers drawn to the Middle East tend to spend more overall, attracted by exceptional hospitality, curated experiences, and premium cultural events,' Curtis said. Sports tourism is another major growth driver. Following events such as Qatar's 2022 FIFA World Cup and Dubai Expo 2020, the region is set for a 63 per cent increase in sports-related travel, with the 2034 FIFA World Cup in Saudi Arabia expected to further boost the sector. The report highlights rising interest and investment in football, golf, motorsports, cycling, and esports. Read:
Zawya
5 hours ago
- Zawya
DP World, JP Morgan in deal to boost trade finance availability
DP World Trade Finance and JP Morgan are collaborating to improve access to working capital in emerging markets, where supply chain disruptions and limited credit continue to hinder trade. The deal comes at a time when the world is facing a $2.5 trillion global trade finance gap, hindering the growth of global trade and impacting businesses worldwide. Many businesses are underserved by traditional financial institutions due to limited data on their creditworthiness, making it challenging for businesses to secure affordable credit, said DP World Trade Finance in its statement. This collaboration aims to address this gap and enables both companies to share the risk on trade finance transactions, it stated. The first transaction supported a leading global food company in procuring cocoa from Ivory Coast, one of the world's most important agri-export regions. This collaboration unlocked over $70 million in annual procurement opportunities for the client, and brought significant value into an emerging economy like Ivory Coast, it stated. Raj Jit Singh Wallia, Board Member, DP World Trade Finance, said: "This is a significant step in our mission to bridge the global trade finance gap and help businesses tap into new sources of funding. By leveraging risk-sharing mechanisms and combining them with logistics in one ecosystem, we reduce the overall credit risk profile and enhance liquidity in emerging markets." "This is one of many transactions stemming from our collaboration with JP Morgan. As regions like Central Asia and Sub-Saharan Africa continue to grow, we anticipate our work with JP Morgan will continue expanding into new markets," he added. James Fraser, Global Head of Trade & Working Capital, said: "At JP Morgan, we are committed to supporting global trade. Our collaboration with DP World Trade Finance allows us to offer innovative financing solutions that provide working capital to businesses while mitigating risk through DP World's expertise." "Looking ahead, we are excited to work together to explore and broaden access to structured trade finance in pivotal markets through innovative financial frameworks, he added. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
2 days ago
- Zawya
Sierra Leone's Ministry of Trade and Industry, African Continental Free Trade Area (AfCFTA) Secretariat, and Economic Commission for Africa (ECA) Join Forces to Build National Capacity for African Continental Free Trade Area (AfCFTA) Implementation
The Ministry of Trade and Industry of Sierra Leone, in collaboration with the African Continental Free Trade Area (AfCFTA) Secretariat and the United Nations Economic Commission for Africa (ECA), is conducting a four-day capacity building workshop for the National Implementation Committee (NIC) on the AfCFTA. Taking place from 10 to 13 June 2025 in Freetown, with hybrid participation, the workshop aims to equip key national stakeholders with the knowledge, tools, and coordination mechanisms required to implement the AfCFTA effectively. This collaborative effort reflects Sierra Leone's strong commitment to leveraging the opportunities of the AfCFTA, which brings together a market of over 1.4 billion people with a combined GDP of $3.4 trillion. As the national coordinating body for AfCFTA implementation, the Ministry is leading efforts to ensure that Sierra Leone's institutions are fully prepared to operationalize the Agreement in alignment with national development priorities. The workshop will focus on critical areas of the AfCFTA Agreement and its protocols, including: Rules of Origin Digital Trade Intellectual Property Rights Women and Youth in Trade Trade Facilitation Key findings from Sierra Leone's AfCFTA Readiness Assessment Participants include representatives from the public and private sectors, civil society, and development partners. The training is designed to strengthen institutional coordination, enhance technical understanding of AfCFTA instruments, and promote inclusive trade practices. 'This workshop is a crucial step in ensuring that Sierra Leone is not only ready to trade under the AfCFTA, but also strategically positioned to benefit from it,' said a representative of the Ministry of Trade and Industry. 'Our collaboration with ECA and the AfCFTA Secretariat is key to building the technical foundation and partnerships we need to succeed.' The AfCFTA Secretariat and ECA are providing technical support, facilitating knowledge-sharing, and delivering expert insights based on continental experiences and best practices. This initiative also supports broader national policy goals, including export diversification, digital transformation, and inclusive growth, as outlined in Sierra Leone's National Trade Strategy and Medium-Term National Development Plan. The workshop underscores the collective commitment of the three institutions to ensuring that AfCFTA implementation is locally owned, technically sound, and inclusive, laying the groundwork for sustainable development through trade. Distributed by APO Group on behalf of United Nations Economic Commission for Africa (ECA).
