South Africa coal miner Exxaro agrees deal to buy manganese assets
JOHANNESBURG, May 13 (Reuters) - Exxaro Resources (EXXJ.J), opens new tab said on Tuesday it has reached an agreement to buy manganese mines in South Africa in a deal worth 11.67 billion rand as it diversifies into green transition minerals.
The South African coal miner entered into a binding agreement to buy shares and claims in manganese assets held by Ntsimbintle Holdings and OM Holdings, it said in a statement.
The coal miner has been seeking to diversify into green transition minerals including copper.
"This acquisition provides Exxaro with a strong entry point into the manganese sector," CEO Ben Magara said in the statement.
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The Guardian
5 hours ago
- The Guardian
‘Too many people lost work': doubts in South Africa's coal belt over ‘just energy transition'
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Over the same period, wind and solar power expanded from 0.4% each to 4.5% and 8% respectively, after 2021 government reforms enabled more private sector generation. Only two of South Africa's 14 operating coal power stations are scheduled to still be running fully by 2050, as it aims to reach net zero greenhouse gas emissions. At the Cop26 climate conference in 2021, countries including the UK, France and Germany pledged $8.5bn (£6.5bn), mostly in loans, to support South Africa's plans for a just transition away from coal. In 2022, South Africa said it needed 1.5tn rand (£62bn) by 2027 in international and local private investments to meet its greenhouse gas cutting targets while protecting jobs. International pledges have since risen to $12.9bn as other lenders joined, while the US dropped out. However, the transition has hit multiple roadblocks. One has been the prospect of job losses in a country where unemployment has risen from 36% to 43% since 2015. 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There are too many people who lost their work,' said Maria Masango, who works with coal trucks. Poppy Phindile, a real-estate agent and local politician with the African National Congress, the largest party in South Africa's coalition government, wanted a medical clinic and high school for the town, which has an adult population of about 4,600 people, and for Eskom to build a bridge to the Big House (Eskom said it was the local government's responsibility). She also missed the coal dust: 'We were able to live better lives, because we had money. Now there's no dust, there's no food.'
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- Coin Geek
African telco regulator launches metaverse adoption framework
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Reuters
7 hours ago
- Reuters
African Union agency says Fitch's downgrade of Afreximbank is 'flawed'
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