Zimbabwean tycoon July Ndlovu, the CEO and executive director of Thungela Resources, the newly split thermal coal subsidiary of Anglo American Plc, received a total compensation of R129.46 million ($7.05 million) from the top thermal coal exporter in 2022.
His 2022 compensation is 73-percent higher than the previous year’s total reward of R74.82 million ($4.08 million). This increase comes as a result of the group’s robust financial performance, with profit for the reporting period reaching R18.21 billion ($1 billion) and headline earnings exceeding $440 million in the fiscal year 2022.
July Ndlovu’s 2022 earnings soar: A breakdown of his $7.05 million compensation
Ndlovu’s 2022 compensation package comprises a base salary of R7.67 million ($418,152) and a performance-based short-term incentive of R5.41 million ($295,166) derived from Thungela’s performance during the 2022 fiscal year.
He also received a long-term incentive award amounting to R112.40 million ($6.12 million) from the leading coal exporter, driven by his unwavering dedication to the group and his wealth of expertise as a seasoned professional.
July Ndlovu’s strategic brilliance turns Thungela into a lucrative thermal coal powerhouse
Ndlovu, who joined Anglo-American in 2001 as the business manager of the Polokwane Smelter, has orchestrated a remarkable turnaround for Thungela. From steering the company away from losses and a net debt position, he has shaped it into a lucrative and highly cash-generative pure-play thermal coal powerhouse. His ascent to the helm of Thungela Resources in September 2016 solidified his standing as one of the leading executives in the Southern African region.
Under Ndlovu’s leadership, Thungela has evolved to the forefront of the market, excelling in the production and export of high-quality, low-cost thermal coal. The company boasts a stockpile of approximately 2.7 million metric tonnes of coal valued at around R3 billion ($159 million) and a production infrastructure capable of delivering 16.5 million tonnes of thermal coal annually through a world-class export network.
July Ndlovu’s leadership transforms Thungela Resources, doubling revenue to $2.76 billion
Since assuming the CEO position, Ndlovu has guided Thungela Resources to significant financial milestones. The group’s revenue surged by an impressive 93 percent, escalating from R26.28 billion ($1.43 billion) in 2021 to a robust R50.75 billion ($2.76 billion) in the fiscal year 2022.
Under his leadership, Thungela, which operated as a branch of Anglo-American until June 6, 2021, when it demerged and listed its shares on the Johannesburg and London stock exchanges, has experienced substantial expansion. The company’s assets have grown from R31.29 billion ($1.70 billion) in 2021 to a formidable R40.58 billion ($2.20 billion) in 2022.