Exxaro Resources (JSE: EXX) has appointed veteran mining executive Ben Magara as its new CEO, tasking him with accelerating the company’s diversification into battery metals.
Magara, a former CEO of platinum miner Lonmin and an Anglo American veteran, will assume the role on April 1. He replaces finance director Riaan Koppeschaar, who has been serving as interim CEO following Nombasa Tsengwa’s resignation in February. Tsengwa stepped down amid controversy over the handling of a workplace conduct investigation.
Magara is expected to navigate Exxaro through declining profits due to lower coal prices while advancing its strategy to acquire manganese and copper assets—key materials for the green energy transition. “Ben’s leadership will be crucial in guiding Exxaro’s next phase of growth,” chairman Geoffrey Qhena said in a statement.
Exxaro has faced challenges in diversifying beyond coal. In 2023, the company lost a bid to acquire Botswana’s Khoemacau copper mine to China’s MMG.
The company reported a sharp decline in its 2024 financial results, with net income dropping 32% to 9.68 billion rand ($527 million) and coal output falling by 6.9%. Profit plummeted to approximately 7 billion rand ($381 million) from nearly 11 billion the previous year, prompting Exxaro to cut its dividend from 10.10 rand per share to 8.7 rand.
With Magara at the helm, Exxaro aims to strengthen its position in the battery metals sector while managing coal market challenges.
