Exxaro’s manganese entry points advance
JOHANNESBURG (miningweekly.com) – The binding agreements of JSE-listed Exxaro Resources to acquire manganese assets advanced further on Thursday with the fulfilment of first transaction conditions.
Exxaro has entered into binding agreements to acquire shares and claims in manganese assets held by Ntsimbintle Holdings and OM Holdings in a "transformational" R11.67-billion transaction.
The involved assets, located within the globally significant Kalahari Manganese Field in the Northern Cape, comprise 74% of Ntsimbintle Mining; 19.99% of Jupiter; 100% of Ntsimbintle Marketing and Trading; 51% of Mokala; and 9% of Hotazel Manganese mines.
Through the acquisition, Exxaro gains exposure to four operating mines, including 60.1% effective ownership in the Tshipi Borwa mine, 51% in Mokala and 9% in Hotazel Manganese Mines which operates the Mamatwan and Wessels mines.
The acquisition of select manganese assets from Ntsimbintle and OM Holdings has become unconditional, Exxaro stated in a stock exchange announcement.
The Mokala sale transaction remains subject to the fulfilment of the remaining suspensive conditions, with the long stop date also now February 27. Mining Weekly can report that a further announcement will be made regarding remaining suspensive conditions in due course.
The broader strategy of Exxaro, headed by CEO Ben Magara, includes significant investments in renewable energy, including wind and solar; exploration of essential transition minerals such as manganese and copper; and the use of innovative technologies to enhance operational efficiency and reduce environmental impact.
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