Latest news with #Magara
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.
IOL News
14-05-2025
- Business
- IOL News
Exxaro embarks on major manganese acquisition as new CEO refocuses strategy
Under the new deal, Exxaro will take over a portfolio of manganese assets owned by the Saki Macozoma-fronted Ntsimbintle Holdings, as well as those held by OM Holdings. Image: Supplied Tawanda Karombo Eskom coal supplier Exxaro Resources is diversifying its portfolio, sinking R11.6 billion into the acquisition of manganese assets in the Northern Cape in a deal expected to be closed early next year. Exxaro recently appointed Ben Magara as CEO, taking over from Nombasa Tsengwa after a protracted fall-out with the former top executive. Insiders on Tuesday said the company's stalled diversification was among points of disagreement between the company's board and Ndengwa. Magara's appointment appears to have refocused the company on its diversification into manganese. Under the new deal, Exxaro will take over a portfolio of manganese assets owned by the Saki Macozoma-fronted Ntsimbintle Holdings, as well as those held by OM Holdings. 'This acquisition provides Exxaro with a strong entry point into the manganese sector,' said Magara. He explained that manganese had become an essential component in steelmaking and had an additional growing market in the battery and renewable technology supply chains. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. 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Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ '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,' he added. In cementing the transaction, Exxaro has already entered into binding agreements to acquire shares and claims in the manganese assets held by Ntsimbintle Holdings and OM Holdings. The targeted assets consist of a 74% of Ntsimbintle Mining, a 19.99% stake in Jupiter, 100% of Ntsimbintle Marketing and Trading as well as 51% of Mokala. Additionally, Exxaro has snapped up a 9% interest in Hotazel Manganese Mines. According to Macozoma, chairman of Safika and Ntsimbintle Holdings, the landmark transaction 'is significant to the South African mining' sector. '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 license to operate whilst providing certainty to our valued employees and host communities,' said Macozoma. He added that the sale of the manganese assets to Exxaro was consistent with Safika and Ntsimbintle's 'long-term plan to continue to simplify and strengthen our portfolio' so as to generate shareholder value.' Exxaro expects that the transaction will close by the end of March next year. The transaction is also still subject to regulatory approvals. Executives at Exxaro said during a media briefing on Tuesday that the assets under the transaction 'are well capitalized' with no immediate need for new capital, except stay in business capital. 'We will be looking to optimise what's on the ground for the benefit of all the joint venture partners, and that's work that we will have to start on completion of this transaction and we look forward to that and use our expertise not only in the operation itself,' said an executive from the company. 'I think we know that there's logistics that we could look to see how we optimize all that and our markets are predominantly the same except China.' Analysts said the acquisition positioned Exxaro 'to capitalize on the rising global demand for manganese, a critical component in steel manufacturing and emerging battery' technologies. Exxaro's revenues for the full year to December firmed up by 5% to R40.7bn, although group earnings before interest, tax, depreciation and amortisation (Ebitda) decreased by 22% to R10.4bn. This meant that headline earnings per share for the period of R30.16 per share fell by 36%. Nonetheless, Exxaro declared a final cash dividend of 866 cents per share,and also resolved to embark on a R1.2bn share repurchase programme. Visit:
Zawya
14-03-2025
- Business
- Zawya
South Africa: Mining veteran, Ben Magara appointed Exxaro CEO
Bennetor (Ben) Magara is Exxaro Resources Limited's (Exxaro) new chief executive officer, effective 1 April 2025, succeeding acting CEO, Riaan Koppeschaar, who will continue in his role as finance director at the company. Bennetor (Ben) Magara is Exxaro Resources Limited's (Exxaro) new chief executive officer, effective 1 April 2025 (Image supplied) 'I am honoured to be taking up the role of Exxaro CEO and excited to have the opportunity to utilise our strong coal foundation as a base from which to expand our portfolio towards the critical low-carbon minerals essential for the future. 'This is in line with our diversification strategy, which I have been part of as Exxaro's non-executive director and Investment Committee chairman. 'I believe this strategy will enable us to deliver enhanced value to all our stakeholders while balancing enduring profitability with environmental and social sustainability.' A mining veteran Magara is renowned for driving operational excellence and providing strategic leadership at multiple large mining operations from his early days at Anglo American Coal and, most recently and notably, the stabilisation, restructuring, and turnaround of Lonmin Plc and its subsequent disposal to Sibanye Stillwater, creating the world's largest PGM producer. A qualified mining engineer, he is a mining veteran with over 35 years of industry experience in soft and hard rock mining at underground and open pit operations. In 2020, he founded Africa Mining & Metals Group (AMMG), a mining and advisory company focused on battery metals and precious metals. He has also spent several years in the Democratic Republic of Congo's (DRC) mining industry, advising in the Copperbelt. He is and will remain an independent non-executive director at Weir Plc, an FTSE100 company, and will step down from the Board of Grindrod Limited as of 1 April 2025. Wealth of mining leadership Exxaro chairman Geoffrey Qhena says Magara brings a wealth of mining leadership, global board, and governance experience to Exxaro, along with a reputation for impeccable integrity. 'We are confident he will stabilise the organisation and continue to drive forward our growth and sustainability strategy, particularly with the knowledge he brings from being chairman of our Investment Committee.' He adds that Magara's deep experience as an engineer, mine manager, corporate leader, and listed company CEO will all be invaluable to Exxaro as it continues to maximise the value of its current assets while accelerating its prudent transition into a diversified minerals and renewable energy solutions business. Geraldine Fraser-Moleketi, Exxaro's lead independent director and member of the Nomination Committee, adds that Magara is a seasoned mining executive who is highly regarded for his people skills and emphasis on teamwork and collaboration. 'I am delighted to say that Ben's appointment had the unanimous support of our Board. 'As trusted and experienced CEO, he has excellent knowledge of the company and industry and is well-prepared to lead.' Koppeschaar thanked Expressing the Board's gratitude to acting CEO Koppeschaar, Qhena says, 'I also want to thank Koppeschaar, who has played a sterling role as acting CEO. 'His professionalism, leadership and impact are much appreciated. He will now revert to his role as finance director.'
Bloomberg
13-03-2025
- Business
- Bloomberg
Exxaro Appoints Ex-CEO of Platinum Miner to Head Coal Extractor
Exxaro Resources Ltd. appointed Ben Magara as chief executive officer, a month after the previous leader of the South African coal miner resigned. Magara, previously the CEO at Lonmin Plc, will take over on April 1, Exxaro said in a statement on Thursday. Nombasa Tsengwa, who had been on precautionary suspension over claims related to workplace conduct, resigned last month over the handling of a probe into the allegations.
