Dr Nombasa Tsengwa
Photo by: Creamer Media
Dr Nombasa Tsengwa will take up the position of CEO of diversified natural resources company Exxaro Resources from August 1.
When named CEO-designate in March 2021, she was expected to take up the position only from May 31, 2023, but that date has now been brought forward.
Current CEO Mxolisi Mgojo will retire with effect from July 31.
Further, Kgabi Masia will succeed Tsengwa as MD of minerals.
Masia has had exposure to manganese, coal and aluminium operations in his career and he has worked across multiple functions such as operations, commercial, supply and logistics at a GM level and brings deep insight of the sector.
He has led and executed decarbonisation strategies and exits, says Exxaro.
He operated at executive level when he led South32’s South African coal business and has served more broadly on the Minerals Council South Africa.
INCREASED EARNINGS
Meanwhile, Exxaro reports in a trading update that its headline earnings for the year ended December 31 are likely to be between 50% and 64% higher year-on-year.
"Despite the logistical challenges experienced in our coal business and the impact of the stronger rand against the dollar on export revenue, this was more than offset by the higher prices realised on both export and domestic sales, and an increase in our equity-accounted income, mainly from Sishen Iron Ore Company," the company comments.
Attributable earnings a share are expected to increase by between 70% and 84% year-on-year, while earnings before interest, taxes, depreciation and amortisation are expected to be between 37% and 51% higher year-on-year, driven mainly by the positive earnings contribution of the coal business and renewable energy subsidiary Cennergi’s financial results being included for the full 12 months, compared with nine months in the previous year.
Exxaro's full-year results will be published on March 3.
The company's share price on the JSE rose by more than 8% on Tuesday.