Exxaro completes R10.6bn purchase of Ntsimbintle manganese interests

Exxaro Resources, best known as a supplier of coal to Eskom, announced on 13 May 2025 that it would pay R11.67bn, about $640m at the time according to MINING.COM, for controlling stakes in two Kalahari Manganese Field mines. The purchase from Ntsimbintle Holdings and OMH Mauritius was meant to give it 60.1% of Tshipi Borwa and 51% of Glencore-operated Mokala.

What completed

The Tshipi part of the transaction became unconditional in late January 2026 and was implemented at the start of March for a total of R10.6bn, paid from Exxaro's cash. Exxaro, through its subsidiary ManganExx, now owns 100% of Ntsimbintle Mining, which holds 50.1% of Tshipi Borwa. Australia's Jupiter Mines keeps the other 49.9%, and the two partners jointly control operations. Exxaro also acquired 19.99% of Jupiter Mines, all of Ntsimbintle Marketing and 9% of Hotazel Manganese Mines, which is controlled by Anglo American and South32. The separate acquisition of 51% of Mokala was still subject to outstanding conditions at the time.

Why it matters

Tshipi Borwa is described as the world's fourth-largest manganese mine and can produce up to 3.5 million tonnes of ore a year. The Kalahari field holds most of the world's known land-based manganese resources. Chief executive Ben Magara said the deal made Exxaro a globally significant manganese producer, fitting its plan to diversify away from thermal coal into minerals linked to steel and batteries.

The transaction also brings together two black-owned South African mining groups. Ntsimbintle chair Saki Macozoma said it kept the assets in domestic hands. To pay for it, Exxaro dropped the R12bn to R15bn cash buffer it used to hold and refinanced R13bn of corporate facilities.

Sources

• MINING.COM: Exxaro buys manganese mines in $640M diversification push, 13 May 2025
• Miningmx: Exxaro manganese deal becomes unconditional, 29 Jan 2026
• BusinessTech: South African mining giant completes deals worth R10.6 billion, 02 Mar 2026
• Business Day: Exxaro solidifies global manganese position with R10.6bn acquisition, 02 Mar 2026

Photo: Manganese ore from the Kalahari Manganese Field in South Africa's Northern Cape. James St. John, Wikimedia Commons, CC BY 2.0.