South African Exxaro Resources mining giant names CEO designate

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.