Mxolisi Mgojo: South African tycoon with $4.8 million in Exxaro shares

Africa’s economic landscape has birthed remarkable entrepreneurs who have left an indelible mark on the continent’s financial terrain. Among these luminaries stands Mxolisi Mgojo, a visionary South African tycoon whose influence in Africa’s mining and energy industry is nothing short of legendary.

Mgojo’s move into the world of business began as a software engineer after earning his degree in computer science from the prestigious Northeastern University in the United States. But he was destined for grander things, as he soon realized that his true calling lay in the mining and energy sectors. Fueling his passion further, he obtained a B.Sc. in Energy Studies from Rand Afrikaans University and an MBA from Henley Management College.

Armed with knowledge and determination, Mgojo partnered with Sipho Nkosi to establish Eyesizwe Coal, which they would eventually metamorphose into the resources and energy company, Exxaro, in 2006. Assuming the role of the executive head of coal in 2008, Mgojo’s leadership acumen and strategic insights became evident as he guided Exxaro toward a transformative phase.

Taking the reins from his former partner, Sipho Nkosi, as CEO in 2016, Mgojo faced an arduous task. He inherited a company heavily reliant on coal, and the winds of change were blowing. With foresight and courage, he steered Exxaro toward a groundbreaking shift—diversifying into a spectrum of commodities with the potential for significant capital investments.

The journey was not without turbulence, but Mgojo’s unwavering determination and resolve proved pivotal in shaping Exxaro’s transformational trajectory. From that point onwards, there was no looking back.

Under Mgojo’s remarkable stewardship, Exxaro Resources attained unprecedented heights. The company’s profit and revenue in 2021 surged to R16.37 billion ($877 million) and R32.77 billion ($1.75 billion), respectively, a testament to Mgojo’s strategic brilliance. Moreover, Exxaro’s retained earnings and total assets swelled to R44.13 billion ($2.36 billion) and R85.14 billion ($4.56 billion), respectively.

Exxaro is the 44th most valuable company on the Johannesburg Stock Exchange, boasting a staggering market capitalization of R52.7 billion ($2.82 billion). And at the heart of this phenomenal success lies Mgojo’s astute investment.

While Mgojo’s journey to the helm of Exxaro was awe-inspiring, his prowess as an investor is equally breathtaking. Holding a minority 0.17-percent stake in Exxaro Resources, which amounts to 412,591 ordinary shares, the value of his holdings stands at an impressive R89.6 million ($4.8 million) at the current trading price of R152.61 ($8.17) per share.

As a result, Mgojo has carved his place among the wealthiest investors on the Johannesburg Stock Exchange. His unparalleled foresight in acquiring and retaining shares in Exxaro has secured his financial future and cemented his status as one of South Africa’s leading mining executives.

From his humble beginnings as a software engineer to becoming a mining magnate and a beacon of philanthropy, Mgojo’s journey exemplifies the spirit of Africa’s untamed ambition. His visionary leadership and strategic acumen make him a true titan of industry, inspiring generations to come.