Table of Contents
Exxaro Resources, under the leadership of CEO Ben Magara, has officially completed a major step in its transformation, solidifying its place on the global mining stage.
The company has finalized a deal worth approximately $575 million to acquire a suite of manganese assets from Ntsimbintle Holdings and OMH Mauritius Corp.
This move is a clear signal that Exxaro is successfully shifting its focus from a coal-centered business to a diversified, future-proof powerhouse in the minerals and energy sectors.
Ben Magara has long been respected as a leader who balances industrial grit with a forward-thinking mindset. Since returning to the helm, he has championed a strategy that seeks to "power better lives" by repositioning Exxaro to meet the demands of a changing world.
While the company still values its strong foundation in coal, Magara has been vocal about the necessity of embracing energy transition metals like manganese.
His leadership is often described by industry insiders as both disciplined and bold. By using the company's own cash reserves to fund this $575 million acquisition, Magara avoided piling on new debt, a move that speaks to the financial prudence he insists upon. It is this combination of strategic foresight and careful financial management that has cemented his reputation as a top-tier mining tycoon.
Gaining control of a world-class asset
At the heart of this deal is the Tshipi Borwa Mine, which is widely recognized as one of the most significant manganese operations in the world.
By acquiring full control of Ntsimbintle Mining, Exxaro now holds a 50.1% stake in this mine. Located in the Kalahari Manganese Field, an area that holds about 80 percent of the world’s known manganese resources, Tshipi Borwa is a long-life, low-cost asset that is expected to keep producing for decades.
Manganese is increasingly important because it is essential for steelmaking, but it is also becoming a critical component for batteries in electric vehicles. With this acquisition, Exxaro is not just digging for minerals; it is positioning itself to be a primary supplier for the green technologies of the future.
Magara noted that this asset is favorably placed on the industry cost curve, ensuring that it will remain profitable even if commodity markets experience their usual ups and downs.
This transaction is also a major milestone for South African transformation. The deal effectively brings together two of the country's most successful black-owned mining companies, Exxaro and Ntsimbintle Holdings.
Saki Macozoma, the chairperson of Ntsimbintle Holdings, has praised the partnership, highlighting how collaboration between leading players can create a natural resources champion while keeping critical assets in local hands.
For Magara, this is about more than just business growth. It represents a way to ensure that the mining sector continues to support social upliftment and economic inclusion in South Africa.
By finalising this deal, he has demonstrated that corporate success and broad-based black economic empowerment can go hand in hand, setting a standard for other companies in the industry to follow.
