Latest news with #R11.6
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. 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. Advertisement 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. 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:
The South African
28-04-2025
- Sport
- The South African
Kaizer Chiesfs and Orlando Pirates in race for R12-million striker from PSL rivals!
Kaizer Chiefs and Orlando Pirates are in a bidding war over the services of this striker. Kaizer Chiefs and Orlando Pirates want the same man. So, Richards Bay striker Yanela Mbuthuma has options on his table. Chiefs have been linked with Mbuthuma for several weeks. Meaning, he is one of Amakhosi's striker targets for next season. However, Soweto rivals, Pirates also want to recruit the Richards Bay attacker. Interestingly, the Bucs are poised to make an offer for Mbuthuma 'There are several players that the club is looking at for next season but the first priority is the striking department and it's believed that they have identified Richards Bay United's Yanela Mbuthuma and the club is set to table an offer for him,' the insider stated on SoccerLaduma. Moreover, the Bucs are set to overcome Amakhosi in the race for his signature. 'At the moment I am not sure of how much they are offering but they are willing to sign him and that's why they are tabling that offer. But you know Chiefs are also apparently interested in the same player and that's why Pirates are ready to table the offer and have an advantage over their rivals,' he added. Meanwhile, he won't come cheap to prospective clubs. This is because his current reported transfer market value is around R12 million (R11.6 million), according to Transfermarkt. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
IOL News
22-04-2025
- Business
- IOL News
How Banks Use 'Reputational Risk' to Hide Corruption
By Sipho Tshabalala There's no need for sugarcoating here. South Africa is not simply dealing with unethical banking behaviour. We are dealing with a cartel, a network of financial institutions that hide behind legal jargon and lofty phrases like "reputational risk" while reinforcing racial, economic, and political gatekeeping. It is no longer speculation. It is a fact. South Africa's major banks have perfected the art of selective enforcement, turning a blind eye to real, proven corruption while ruthlessly targeting those who don't fit the mould of corporate comfort or white monopoly capital. Need proof? Let's start with McKinsey. The consulting giant admitted to facilitating corrupt contracts with Eskom and Transnet. They didn't just whisper through the halls of state capture - they walked in, briefcases open, collecting billions. After public pressure, McKinsey agreed to pay back over R2 billion. Yet, not one bank has closed their accounts. Then there's Angelo Agrizzi of Bosasa, facing a R1.8 billion fraud and corruption case. His revelations exposed a tangled web of bribes and backdoor deals. Still, no bank saw fit to declare him a reputational risk. No urgent closures. No moral panic. Now, contrast that with what happened to Sekunjalo. No fraud. No conviction. No state capture payout. Just an inconvenient identity: black, independent, and unapologetic. The banks needed no court ruling, no documented wrongdoing. Just enough smoke to justify their fire. This is the double standard at the heart of our financial system. It is not driven by ethics. It is driven by economics, politics, and race. Consider Lancaster Group's deal with Steinhoff. R11.6 billion of public money funnelled through a middleman. A loan never serviced. A B-BBEE trust was never established. An underwriting fee paid without board approval. A PIC board member approving a deal for a company he also served. If "reputational risk" had integrity, Lancaster and Steinhoff would have been blacklisted years ago. Instead, they kept their accounts. Open. Safe. Unbothered. At the centre of this pattern stands Nedbank – a bank entangled in a mess of its own making. From its historical ties to apartheid finance to recent allegations of collusion in interest rate swap corruption with state entities like Transnet, Nedbank has worn scandals like cologne. And yet, the Reserve Bank hasn't moved. The regulators haven't spoken. The courts haven't challenged. When the rot rises from the boardrooms of the powerful, the silence is deafening. Banks have transformed "reputational risk" into a weapon. Not a shield. Not a safeguard. A weapon, deployed against those who challenge them, bypass their influence, or threaten the existing economic hierarchy. It is a phrase so vague, it can mean anything. And that is the danger. It gives them absolute discretion. No oversight. No burden of proof. Just vibes and a verdict. This is not financial regulation. This is economic repression. The hypocrisy is staggering. It is not that banks are incapable of acting. It is that they choose who to act against. The rules are not universal. They are subjective, shifting with colour, class, and convenience. When white-run companies collapse in scandal, the response is measured, cautious, and understanding. When black-owned firms rise in defiance of corporate gatekeeping, the response is swift, punitive, and final. We must ask ourselves: who watches the bankers? Who audits the auditors? If those entrusted with economic stewardship are the very agents of exclusion, then we are not living in a democracy. We are living under a regime of corporate capture, where wealth determines innocence, and power decides access. Sekunjalo is merely the latest example, not the only one. And unless the public demands clarity, accountability, and legislative reform, they won't be the last. Today, it's Sekunjalo. Tomorrow, it could be any black business that refuses to bow. The time has come to strip banks of the unchecked power to declare people unworthy of participation in the economy. We need legislation that defines reputational risk, enforces transparency, and holds banks accountable for weaponising their position. If not, we will continue to live in a country where the real looters bank freely, while those building a future get locked out. This isn't just about Sekunjalo. It's about a system. One that protects the corrupt, rewards the powerful, and punishes the audacious. It's time to call it what it is. And it's time to fight back. * Sipho Tshabalala is an independent writer, commentator and analyst. ** The views expressed do not necessarily reflect the views of IOL or Independent Media.
