Latest news with #R11.67bn
TimesLIVE
19-05-2025
- Business
- TimesLIVE
Exxaro accelerates diversification with strategic manganese acquisition
Exxaro Resources announces its entry into the manganese sector with the acquisition of a portfolio of assets in SA's world-class Kalahari Manganese Field. The company entered into binding agreements to acquire a portfolio of manganese assets from Ntsimbintle Holdings and OM Holdings. These include interests in Tshipi Borwa, Mokala and Hotazel manganese mines. The R11.67bn transaction marks a strategic expansion into transition minerals essential for steel and renewable technologies. This bold step aligns with Exxaro's strategy to diversify into transition minerals and energy solutions while remaining anchored in its coal base. The acquisition enhances Exxaro's operational footprint, unlocks long-life resources, and supports SA's just energy transition — reinforcing Exxaro's role as a purpose-driven leader in the mining sector.
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.
