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Exxaro Resources, led by CEO Ben Magara, has completed a 575 million dollar deal to acquire premier manganese assets, securing a key role in the global transition to green energy and battery manufacturing
Ntsimbintle will distribute proceeds from Exxaro’s manganese buyout, with Macozoma-linked Safika positioned for roughly R4.4bn before taxes and final adjustments.
Exxaro’s $615 million manganese deal consolidates key assets in South Africa’s Northern Cape, marking a major shift in the country’s mining landscape.
The transaction was executed through his investment company, Ntsimbintle Holdings, in partnership with Singapore-based OM Holdings.
Ben Magara’s appointment follows a fast-tracked selection process after the resignation of former CEO Nombasa Tsengwa.
Commenting on the financial results, Tsengwa expressed confidence in the company’s ability to create value despite the challenges faced during the fiscal year.
Despite the recent decline in the market value of his stake, Mgojo remains one of South Africa’s most esteemed executives.
Under Mgojo’s leadership, Exxaro Resources attained unprecedented heights.
Tsengwa became the group CEO of Exxaro Resources in March 2021.
Mgojo owns a beneficial 0.17-percent ownership in the leading diversified resources firm.
The rise in the company’s earnings is attributed to increased equity-accounted income from Sishen Iron Ore.
Exxaro Resources has announced Nombasa Tsengwa as its new CEO-designate.