Magara reflects on return as Exxaro CEO, discusses diversification strategy
Exxaro Resources CEO Ben Magara discusses Exxaro's diversification strategy
Reflecting on his return as CEO of Exxaro Resources, Ben Magara discussed the group’s diversification strategy at this year’s Joburg Indaba, highlighting the “next dawn” at the company.
In a discussion with Bernard Swanepoel on October 9, Magara noted the company’s acquisition of manganese assets and its renewable-energy business.
“That excites me – to be having a company which is very clear about its vision, or decarbonisation plan and carbon neutrality, where we are growing the renewables business while we still have coal and growing our transition metals, because manganese is as key to the steel industry as it is becoming an emerging chemical for battery technology,” he said.
As previously reported in Mining Weekly, Exxaro 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.
Magara also described the long-term fundamentals of manganese as robust, adding that, because Exxaro had expert mining capabilities for bulk mining, it could become a diversified bulk miner in this space using the expertise it had in coal.
Speaking on its coal business, Magara noted that Exxaro had a life beyond 2050 for its coal mines, adding that the company was also looking for life extension opportunities.
Magara further noted that Exxaro aimed to double its renewable-energy business from 229 MW to 450 MW by 2027.
“This is a diversified portfolio which we are only growing, and we think our new era is about seeing Exxaro as a diversified natural resources company – not just a mining company,” he said.
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