Exxaro Acquires Major SA Manganese Mines for $640M

Exxaro Resources, a leading South African coal miner and supplier to Eskom, has agreed to acquire major manganese assets in the Kalahari Manganese Field, including operating mines Tshipi Borwa, Mokala, and Hotazel, for R11.67 billion (~$640 million). The deal is expected to close early next year and marks a strategic shift under newly appointed CEO Ben Magara, who took the role following leadership changes due to disagreements over diversification. Exxaro will secure a 60.1% stake in Tshipi and a 51% stake in Mokala, strengthening its position in critical minerals for steelmaking, batteries, and renewable technologies. The acquisition aligns with Exxaro’s strategy to diversify beyond coal and maintain South African ownership of key resources. Industry leaders have praised Exxaro’s custodianship, and the company plans to leverage its expertise to drive regional growth. The transaction is anticipated to be earnings and cashflow accretive from the outset.