PIC increases investment in Exxaro
The Public Investment Corporation (PIC) has increased its shareholding in coal and renewable-energy company Exxaro Resources to just over 15%, the JSE-listed Exxaro stated in a stock exchange news service announcement this month.
South Africa’s State-owned PIC is Africa’s largest asset manager, with R2.083-trillion in assets under management as of March 31, 2018.
Exxaro has established itself as one of South Africa’s largest black-empowered resource companies, operating in the Mpumalanga and Limpopo regions, where the country’s highest coal resource concentrations are located.
Eighty per cent of the coal it mines is sold to domestic markets, with the balance sold internationally.
Headed by CEO Mxolisi Mgojo, the company has the only producing mine in the coal-rich Waterberg region through its Grootegeluk operation.
The company states that it is committed to contributing positively to the achievement of the United Nations Sustainable Development Goals.
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