Latest news with #BenMagara
IOL News
14-05-2025
- Business
- IOL News
Exxaro Resources acquires manganese assets for R11. 67 billion in South Africa
JSE-listed Exxaro Resources has announced its agreement to acquire manganese assets in South Africa for R11.67 billion The deal includes key assets within the Kalahari Manganese Field and will provide Exxaro with stakes in several operating manganese mines, including Tshipi Borwa, Mokala, and Hotazel manganese mines. JSE-listed Exxaro Resources has announced its agreement to acquire manganese assets in South Africa for R11.67 billion. In a statement issued to the media on Tuesday, the Eskom coal supplier said the acquisition enhances its commodity diversity and strengthens its position with long-life assets. Ben Magara, CEO of Exxaro, said the acquisition provides Exxaro with a strong entry point into the manganese sector. "This acquisition provides Exxaro with a strong entry point into the manganese sector. Manganese is essential to steelmaking and has a growing market in the battery and renewable technology supply chains." Magara said. "The acquisition will see us deploy our operational and commercial expertise in bulk commodities, logistics, and deep knowledge of the South African mining landscape, including the regulatory environment, to unlock sustained growth and stakeholder value in the Kalahari Manganese Field.' The company added that the acquisition was also part of its natural strategic commitment to building a sustainable, future-fit portfolio.
Yahoo
14-05-2025
- Business
- Yahoo
Exxaro to acquire manganese assets in South Africa for $637m
Exxaro Resources has signed binding agreements to acquire shares and claims in manganese assets owned by Ntsimbintle Holdings and OM Holdings in South Africa for a price consideration of R11.67bn ($637.1m). The assets are located within the Kalahari Manganese Field (KMF) in the Northern Cape province. The transaction includes a 74% share in Ntsimbintle Mining and a 19.99% stake in Jupiter, along with a 100% interest in Ntsimbintle Marketing and Trading, 51% in Mokala and 9% in Hotazel Manganese Mines. The deal could potentially increase to R14.64bn if Blue Falcon, which owns 49% of Mokala Mines, exercises tag along rights. Exxaro's acquisition grants it exposure to four operating mines, including a 60.1% effective ownership in the Tshipi Borwa Mine and marketing rights, a 51% stake in Mokala and a 9% share in Hotazel Manganese Mines. The transaction is subject to regulatory approvals, with an expected completion date in the first quarter of 2026. Exxaro CEO Ben Magara said: 'This transaction puts together two strong BEE [Black Economic Empowerment] companies who are both consistent dividend payers and positions Exxaro as formidable and diversified mining company of reference in South Africa and I am delighted that we can utilise our strong coal resources as a base to prudently accelerate our asset portfolio to include transition minerals and to grow our energy solutions business. 'This acquisition provides Exxaro with a strong entry point into the manganese sector. Manganese is essential to steelmaking and has a growing market in the battery and renewable technology supply chains. The acquisition will see us deploy our operational and commercial expertise in bulk commodities, logistics and deep knowledge of the South African mining landscape including the regulatory environment, to unlock sustained growth and stakeholder value in the Kalahari Manganese Field.' The acquisition marks a strategic diversification from Exxaro's coal base into a broad minerals and energy solutions business. Exxaro's broader strategy involves investments in renewable energy, exploration of essential transition minerals such as manganese and copper, and the use of innovative technologies. Safika and Ntsimbintle Holdings chairman Saki Macozoma said: 'We believe this landmark transaction in terms of which Exxaro is acquiring Ntsimbintle's portfolio of high-quality manganese assets is significant to the South African mining sector and reinforces Exxaro's position as a South African mining champion. 'We are pleased that these assets will remain in South African hands as Exxaro is an excellent custodian that shares Safika and Ntsimbintle's strong values of safety, sustainability and a social licence to operate whilst providing certainty to our valued employees and host communities. The sale of our manganese assets is consistent with our long-term plan to continue to simplify and strengthen our portfolio in order to generate shareholder value.' Earlier this year, Exxaro Resources announced the resignation of its CEO, Nombasa Tsengwa, just two months after her suspension in connection with a governance investigation. "Exxaro to acquire manganese assets in South Africa for $637m" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
TimesLIVE
13-05-2025
- Business
- TimesLIVE
Coal miner Exxaro agrees deal to buy manganese assets in Northern Cape
Exxaro Resources said on Tuesday it has reached an agreement to buy manganese mines in SA in a deal worth R11.67bn as it diversifies into green transition minerals. The SA coal miner entered into a binding agreement to buy shares and claims in manganese assets held by Ntsimbintle Holdings and OM Holdings, it said. The coal miner has been seeking to diversify into manganese and copper as it positions itself to benefit from surging demand for the minerals, vital in the global transition from fossil fuels to cleaner energy technologies. 'The acquisition provides Exxaro with a strong entry point into the manganese sector,' said Ben Magara, who took over as CEO in April. South Africa is the world's biggest producer of the steelmaking ingredient. Manganese is also used in lithium-ion ore batteries for electric vehicles. The deal gives Exxaro exposure to four operating manganese mines in the Northern Cape. The mines have long-term contracts with customers in China and India where Exxaro sells its coal, it said.
Zawya
07-05-2025
- Business
- Zawya
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. Provided by SyndiGate Media Inc. (
Zawya
17-04-2025
- Business
- Zawya
South Africa: Exxaro, Eskom MoU to reduce carbon emissions, improve air quality and ensure a just energy transition
A Memorandum of Understanding (MoU) that focuses on collaboration on strategic initiatives, research, and projects in the areas of carbon emissions reduction, air quality and a Just Transition has been entered into by Exxaro Resources and Eskom. Dan Marokane, group chief executive, Eskom and Ben Magara, CEO of Exxaro Resources. the two organisations have signed a MoU to reduce carbon emissions, improve air quality and ensure a just transition to a low-carbon economy The agreement focuses on jointly measuring, managing, and reducing Scope 1, 2, and 3 emissions and potentially investing in innovative technologies to drive decarbonisation. It also emphasises inclusive and focused transition initiatives such as skills development, job creation in green sectors, and stakeholder engagement to ensure climate resilience. Additionally, the MoU includes provisions for data sharing and transparent reporting to track progress and ensure accountability. The initial focus in the collaboration will guide the necessary investments and stakeholders needed to find technology-based solutions to the challenges associated with the transition to a low-carbon economy, aligned with the country's Integrated Resource Plan (IRP). Eskom Research business unit The Eskom Research, Testing & Development (RT&D) business unit will lead this partnership at Eskom. The unit is dedicated to finding technology solutions that can be applied primarily within the company to embrace innovation, namely enhance efficiency and improve operations, improvements related to emissions management, Green House Gas (GHG) abatement, and beyond, One of the key areas of focus for RT&D is assisting the business in a differentiated approach with multiple pathways to move from high-carbon to low-carbon energy sources through identifying technology and processes that enable the economy to be competitive and sustainable while enabling Eskom to be as efficient as possible. Enabling a just transition 'This collaboration marks a significant step forward in our commitment to enabling a just transition (known as an impactful transition at Exxaro) and building a climate-resilient and low-carbon future,' says Ben Magara, CEO of Exxaro Resources. He adds that leveraging their deep experience in the diversified mining and energy solutions sectors, they aim to drive innovation that not only decarbonises and reduces air pollution in their operations but also delivers meaningful socio-economic benefits for the communities they serve. 'The collaboration with Eskom is important as we work to accelerate practical and scalable solutions that support South Africa's energy security and environmental ambitions as part of our purpose of Powering Better lives in Africa and beyond.' Explore practical, scalable solutions Dan Marokane, group chief executive of Eskom, says,' Both organisations are committed to driving the transition to a more sustainable energy future, while ensuring the country's electricity supply remains secure and we wanted to bring together our decades of experience in the coal value chain to explore practical, scalable solutions. He adds that this initiative forms part of Eskom's focus in this country and internationally to identify the latest developments and strategies to reduce carbon emissions and other air pollutants. The MoU is consistent with South Africa's commitment to achieving the goals of the Paris Agreement, international environmental standards, and national regulatory frameworks. Exxaro on sustainable impact Exxaro remains steadfast in advancing its Sustainable Growth and Impact strategy by embedding key ESG priorities into its operations. Exxaro's sustainable mining practice focus areas include decarbonisation and climate resilience, improving air quality, rehabilitating mined land, protecting biodiversity, and enhancing energy and water efficiency. This also includes a commitment to minimising waste through circular economy practices and by proactively fostering strategic partnerships to amplify its impact. These initiatives reflect Exxaro's dedication to building a sustainable and inclusive future for our business, communities, and the environment as part of powering better lives in Africa and beyond. A balanced and diversified energy mix Eskom remains focused on a balanced and diversified energy mix based on existing coal and nuclear and introducing gas for baseload power as well as renewables, energy storage systems including BESS (Battery Energy Storage Systems) and pumped hydro, to achieve overall security of supply and to meet South Africa's growing electricity demand in a sustainable manner.
