Exxaro Resources Completes First Conditions in R11.67 Billion Manganese Deal in South Africa
JSE-listed Exxaro Resources has taken a major step forward in its R11.67-billion acquisition of manganese assets, with the fulfilment of the first transaction conditions.
The company has entered into binding agreements to acquire shares and claims in manganese assets held by Ntsimbintle Holdings and OM Holdings, in what Exxaro describes as a “transformational” transaction.
The acquired assets, situated in the globally significant Kalahari Manganese Field in the Northern Cape, include:
74% of Ntsimbintle Mining
19.99% of Jupiter
100% of Ntsimbintle Marketing and Trading
51% of Mokala
9% of Hotazel Manganese Mines, which operates the Mamatwan and Wessels mines
Through this acquisition, Exxaro gains exposure to four operating mines, including an effective 60.1% stake in the Tshipi Borwa mine, 51% in Mokala, and 9% in Hotazel Manganese Mines.
Exxaro confirmed in a stock exchange announcement that the acquisition of select assets from Ntsimbintle and OM Holdings is now unconditional.
The Mokala transaction remains subject to the fulfilment of remaining suspensive conditions, with a long-stop date set for 27 February. Further updates regarding these conditions will be provided in due course.
Exxaro’s broader strategy, led by CEO Ben Magara, focuses on significant investments in renewable energy, including wind and solar, alongside the exploration of essential transition minerals such as manganese and copper.
The company also continues to integrate innovative technologies to improve operational efficiency and reduce environmental impact, aligning its mining operations with sustainable practices.
About the Author
