Home » South African Exxaro Resources mining giant names CEO designate

South African Exxaro Resources mining giant names CEO designate

by Editorial Team

Exxaro Resources, once led by multimillionaire Sipho Nkosi, has announced Nombasa Tsengwa as its new CEO-designate. She will assume office on May 31, 2023, when current CEO Mxolisi Mgojo reaches retirement age at 63, Mining Weekly reported.

The Board of Directors decided that the CEO-designate should take up the position as soon as possible as it expands its activities in the mineral and energy industry. The two-year runway will allow the company to ensure a smooth, phased transition.

In 2015, Exxaro announced the resignation of Siphon Nkosi, who officially left the post on March 31, 2016. Mgojo was appointed as CEO-designate effective May 1, 2015.

Exxaro is attempting to fortify its position in renewable energy, extracting premium value from its current coal assets. It is currently searching for new-era minerals to enhance its low-carbon aspirations, while implementing new projects. 

Exxaro is listed on the Johannesburg Stock Exchange (JSE).  On March 18, 2021, when Mining Weekly broke the news of Tsengwa becoming CEO-designate, the miner also declared its dividend for 2020 on the JSE. The company’s revenue amounted to R28.9 billion ($1.96 billion), a 12-percent increase from the previous year, Moneyweb reported

Exxaro is a South Africa-based mining company focused on extracting and processing a range of minerals and metals, including coal, mineral sands, base metals and selected industrial minerals. According to Forbes, it holds a 19.98-percent interest in Sishen Iron Ore Company Proprietary Limited, which extracts and processes iron ore.

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