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[Ferro-Alloys.com] Coal miner Exxaro names new CEO to drive search for battery metals

* Mining veteran Magara to lead Exxaro's battery metal quest

* Exxaro pursuing manganese deal in South Africa

* Miner pivots to copper greenfield assets amid high prices

Exxaro Resources said it has appointed veteran mining executive Ben Magara as its new CEO following the departure of Nombasa Tsengwa, as the South African coal miner steps up its search for battery metals.

Magara, a former CEO of platinum miner Lonmin and a former executive at Anglo American, takes over in April from acting CEO Riaan Koppeschaar, who will resume his role as finance director.

The new CEO is expected to steer the coal miner amid declining profits due to lower prices for the fossil fuel as well as drive Exxaro's strategy to buy manganese and copper assets, which are crucial to the green energy transition, chairman Geoffrey Qhena said in a statement.

Exxaro has made "good progress" on plans to buy manganese assets in South Africa, chief growth officer Richard Lilleike told Reuters. It has taken Exxaro longer to reach a deal due to the value that potential sellers attach to manganese mines, he added.

"I think there's good alignment in looking at a transformational deal," Lilleike said.

Exxaro will also target buying into copper exploration projects probably in Zambia due to the difficulty of bidding for mines amid competition from Chinese investors, Lilleike said.

Exxaro lost out to China's MMG after bidding for Botswana's Khoemacau copper mine in 2023.

"Our strategy has pivoted slightly to look at exploration opportunities," Lilleike said. "Get in slightly earlier in prolific copper areas like Zambia where we can build up the next copper company."

Exxaro's profit declined to about 7 billion rand ($381.44 million) in 2024, from nearly 11 billion a year earlier. It cut its dividend to 8.7 rand per share from 10.10 rand previously.

Magara was CEO of platinum miner Lonmin when it was acquired by rival Sibanye Stillwater in 2019. He is succeeding Tsengwa, who resigned after being suspended by the board, which had initiated an investigation into her governance conduct.

JOHANNESBURG, March 13 (Reuters) -  March 13, 2025 at 01:50 am EDT

Exxaro Announces New CEO Appointment

Exxaro Resources Limited is pleased to announce the appointment of Ben Magara as Exxaro’s new Chief Executive Officer, effective 1 April 2025. Following an expedited and targeted selection process. Ben will succeed Acting CEO Riaan Koppeschaar who will continue in his role as Finance Director.

Ben is a qualified Mining Engineer and highly regarded mining veteran with over 35 years’ industry experience in both soft and hard rock mining at underground and open pit operations. He is renowned for driving operational excellence and providing strategic leadership at multiple large mining operations from his early days at Anglo American Coal and most recently, and notably, the stabilisation, restructuring, and turnaround of Lonmin Plc and its subsequent disposal to Sibanye Stillwater, creating the world’s largest PGM producer.

In 2020, Ben founded Africa Mining & Metals Group (AMMG), a mining and advisory company focused on battery metals and precious metals. He has also spent several years in the Democratic Republic of Congo’s mining industry advising in the Copperbelt. He is, and will remain, an independent non-executive director at Weir Plc, a FTSE100 company, and will step down from the Board of Grindrod Limited as of 1 April 2025.

The Exxaro Chairman, Geoffrey Qhena said; “Ben Magara brings a wealth of mining leadership, global board, and governance experience to Exxaro along with a reputation for impeccable integrity. We are confident Ben will stabilise the organisation and continue to drive forward our growth and sustainability strategy, particularly with the knowledge he brings from being chairman of our Investment Committee. Ben’s deep experience as an engineer, mine manager, corporate leader, and listed company CEO, will all be invaluable to Exxaro as we continue to maximise the value of our current assets while accelerating our prudent transition into a diversified minerals and renewable energy solutions business.

Geraldine Fraser-Moleketi, Exxaro’s lead independent director and member of the Nomination Committee, said: “Ben is a seasoned mining executive who is highly regarded for his people skills and emphasis on teamwork and collaboration. I am delighted to say that Ben’s appointment had the unanimous support of our Board. As trusted and experienced CEO, he has excellent knowledge of the company and industry and is well-prepared to lead.” Expressing the Board’s gratitude to acting CEO, Riaan Koppeschaar, Qhena added: “I also want to thank Riaan Koppeschaar who has played a sterling role as acting CEO. His professionalism, leadership and impact are much appreciated. Riaan will now revert to his role as finance director.”

Ben Magara said: “I am honoured to be taking up the role of Exxaro CEO, and excited to have the opportunity to utilise our strong coal foundation as a base from which to expand our portfolio towards the critical low-carbon minerals essential for the future. This is in line with our diversification strategy which I have been part of as Exxaro’s Non-Executive Director and Investment Committee chairman. I believe this strategy will enable us to deliver enhanced value to all our stakeholders while balancing enduring profitability with environmental and social sustainability.”

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• [Editor:tianyawei]