What Exxaro Resources does

Exxaro Resources Limited is one of South Africa's largest diversified mining and renewable-energy groups, listed on the JSE (ticker EXX) with a market capitalisation of approximately R75bn and FY2025 revenue of R41.8bn. The company's operations span thermal and metallurgical coal mining (Grootegeluk, Matla, Belfast, Leeuwpan and the 50%-owned Mafube joint venture with Anglo American), renewable energy generation through wholly-owned subsidiary Cennergi (229MW across the Amakhala Emoyeni and Tsitsikamma community wind farms), a 68MW solar plant at Lephalale, and — following the February 2026 R10.6bn acquisition — a globally significant manganese portfolio anchored by a 50.1% stake in Tshipi Borwa (the world's fourth-largest manganese mine). It also retains minority equity interests in Sishen Iron Ore (21%) and Black Mountain zinc (26%, under disposal review), and a joint development with Anglo American on the Moranbah South metallurgical coal project in Queensland, Australia.

The business model is transaction-based commodity sales executed via direct enterprise field-sales channels. Thermal coal is delivered to state utility Eskom under long-term supply agreements (Matla's new 17-year contract runs to November 2043 for ~9.3 Mtpa), while export coal flows through the Richards Bay Coal Terminal (in which Exxaro holds equity) to customers in India, Pakistan and China; export prices averaged around $105/tonne in 1H26 versus $92/tonne a year earlier. Renewable energy is sold under power purchase agreements, materially reducing Exxaro's own coal-mine electricity costs (R100m annually) and Scope 2 emissions (25% reduction). Revenue is therefore concentrated in two commodities (coal and now manganese), one anchor customer (Eskom for domestic coal) and one concentrated export channel (RBCT), with diversification into renewables and the just-energy-transition narrative providing the strategic offset. Underlying technology includes the Digital@Exxaro programme targeting lowest-quartile cost positioning, integrated rail logistics with Transnet, and BEE-compliant ownership structures that anchor licence-to-operate in South Africa.

Name

Exxaro Resources

Legal name

Exxaro Resources Limited

Website

https://exxaro.com

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Exxaro Resources Limited is a South African JSE-listed diversified mining group producing thermal and metallurgical coal, manganese and renewable energy (wind and solar), with long-term offtake contracts supplying Eskom and exporting through Richards Bay Coal Terminal.

Ownership category

akta.pro rank

Product category

Diversified Mining and Renewable Energy

NAICS

Petroleum and Coal Products Manufacturing (324), Iron Ore Mining (212210), Copper, Nickel, Lead, and Zinc Mining (21223)

SIC

Bituminous Coal & Lignite Surface Mining (1221), Bituminous Coal & Lignite Mining (1220), Metal Mining (1000), Miscellaneous Metal Ores (1090)

akta.pro primary industry

Mine Development & Processing EPC (Critical Minerals) (IMAKAFAM)

akta.pro secondary industries

Ferrous Metals Trading & Distribution (Iron Ore, Pig Iron, DRI/HBI, Ferroalloys) (IMAKAJAA), Temporary Construction Utilities & Logistics (Laydown Yards, Temporary Power, Transport) (EUAMAFAL), Project & Construction Management (EPCM, Owner’s Engineer, Scheduling/Controls) (IMAKAOAG)

Keywords

• Thermal coal mining
• Metallurgical coal supply
• Manganese ore mining
• Renewable energy generation
• Diversified mining resources

Headquarters

HQ city

Pretoria

HQ country

South Africa

HQ region

Africa

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Coal Mining and Sales: Exxaro generates revenue through thermal and metallurgical coal mining operations, supplying both domestic market (Eskom) and export markets. Average export coal prices were approximately $105/tonne in 1H26, up from $92/tonne year earlier. Production increased 10% and sales volumes rose 6%.
2. Renewable Energy Generation: Revenue from wind and solar energy generation through Cennergi subsidiary. The company has 239MW of wind capacity and is expanding solar capacity. Renewable energy supply to coal mines reduces electricity costs and scope 2 emissions.
3. Manganese Mining: Following the R10.6 billion acquisition of manganese assets from Ntsimbintle Holdings and OM Holdings in February 2026, Exxaro now holds 100% of Ntsimbintle Mining (including 50.1% of Tshipi Borwa Mine), 19.99% of Jupiter Mines, and stakes in Hotazel Manganese Mines, positioning as a globally significant manganese producer.
4. Iron Ore Investment: 21% equity interest in Sishen Iron Ore Company (SIOC), a subsidiary of Kumba Iron Ore Limited, supplying high-quality iron ore to the global steel industry.
5. Zinc Investment: 26% equity interest in Black Mountain, operating two underground mines and a processing plant in Northern Cape producing zinc and other minerals. Exxaro is evaluating options to dispose of this shareholding.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Exxaro is a diversified South African resources group that mines and sells thermal coal (primarily to Eskom under a 17-year supply agreement to 2043 and for export), metallurgical coal for the steel industry, manganese ore (following the 2026 acquisition of Ntsimbintle/Tshipi Borwa and stakes in Jupiter Mines and Hotazel Manganese Mines), and generates wind and solar renewable energy through wholly-owned Cennergi and the Lephalale Solar Project. The group also holds minority equity interests in Sishen Iron Ore (21%) and Black Mountain (26%, zinc) and invests in skills development, community programmes and rail logistics partnerships.

Differentiator

Problem solved

Functional benefit

Products and services

• Grootegeluk thermal and metallurgical coal Open-pit coal mine in Limpopo Province producing thermal coal for Eskom power stations and metallurgical coal for the global steel industry; integrates a 68 MW Lephalale Solar Project to reduce scope 2 emissions.
• Matla thermal coal supply (Eskom Matla CSA) Long-term contracted thermal coal supply from Matla Colliery (Mpumalanga) to Eskom's Matla Power Station under a 17-year agreement to November 2043, supplying approximately 9.3 million tonnes per annum.
• Belfast export thermal coal Export-focused open-pit thermal coal mine south of Belfast, Mpumalanga, with an 11-year life-of-mine supplying the international seaborne market.
• Leeuwpan thermal coal Open-pit thermal coal mine south-east of Delmas in Mpumalanga Province with an 8-year life-of-mine and life-extension project supplying export and domestic markets.
• Mafube thermal coal (50/50 JV with Anglo American) Thermal coal joint venture with Anglo American (50% each), operating an open-pit mine east of Middelburg in Mpumalanga Province.
• Manganese ore (Ntsimbintle/Tshipi Borwa, Jupiter Mines, Hotazel) Diversified manganese ore portfolio serving global steel-making and ferro-alloy customers, anchored by the controlling 50.1% stake in Tshipi Borwa Mine and the 19.99% stake in Jupiter Mines, with logistics optimised through Transnet rail agreements.
• Cennergi wind power (Amakhala Emoyeni 134 MW + Tsitsikamma 95 MW) Wholly-owned Cennergi wind generation portfolio of 229 MW (Amakhala Emoyeni 134 MW + Tsitsikamma Community 95 MW), supplying renewable electricity to Exxaro's mining operations under PPAs and to the grid.
• Lephalale Solar Project (68 MW) On-site 68 MW solar PV plant at the Lephalale coal hub, integrated with the Grootegeluk mine to displace grid electricity and lower scope 2 emissions by up to 36%.

Quantifiable outcome

• Coal production increased 10% in first half 2026
• +10 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

19 partnerships are on record, tiered core and minor.

• TransnetcoreStrategic or Co-development Partner · 22 June 2026Exxaro is working with state-owned freight firm Transnet to boost rail capacity for manganese exports, shifting from road to rail transport which is 37% cheaper. Logistics costs account for 43% of FOB costs for manganese. Exxaro has signed a public-private service agreement with Transnet Freight Rail to improve rail logistics performance and support Leeuwpan coal mine turnaround plan.
• South African Government (Mining Minister Gwede Mantashe)coreStrategic or Co-development Partner · 15 May 2026Exxaro reopened Matla coal mine with government support as part of South Africa's critical mineral strategy. Mining Minister promoting coal as part of national strategy citing South Africa's coal reserves sufficient for at least 150 years of production.
• Eskom Holdings SOC LtdcoreStrategic or Co-development Partner · 1 April 2026Exxaro and Eskom signed a new 17-year coal supply agreement from Matla Mine to Matla Power Station (April 2026 to November 2043), replacing the original 1983 contract. The mine will supply approximately 9.3 million tonnes of coal annually. This partnership supports South Africa's energy security and represents over 40 years of collaboration.
• Mining Qualifications Authority (MQA)coreStrategic or Co-development Partner · 25 March 2026Exxaro signed MoU with MQA and Lephalale TVET College to strengthen skills development, aligning training with industry demands. The partnership has supported 1,553 learners through bursaries, 617 engineering learnerships, and secured R206 million in MQA grants between 2022-2025.
• Lephalale TVET CollegecoreStrategic or Co-development Partner · 25 March 2026MoU partnership to provide industry-led management and technical training at the Ga Seleka Multipurpose Centre (completion expected end 2026), focusing on youth, women, and people living with disabilities. Aims to bridge education-industry gap through curriculum alignment and workplace-integrated learning.
• Acciona EnergíacoreStrategic or Co-development Partner · 14 February 2026Exxaro signed a deal with Acciona Energía to supply renewable energy to its coal mines, reducing scope 2 emissions by 25% and cutting electricity costs by R100 million annually. This partnership supports Exxaro's energy transition and carbon neutrality goals.
• Anglo AmericancoreStrategic or Co-development Partner · 27 January 2026Exxaro partnered with Anglo American on Moranbah South metallurgical coal project in Queensland, Australia, one of the largest new met coal project developments tracked globally.
• Transnet Freight RailcoreStrategic or Co-development Partner · 9 December 2025Exxaro and Transnet Freight Rail signed a public-private service agreement to improve rail logistics performance and support Exxaro's Leeuwpan coal mine turnaround plan through joint planning initiatives and enhanced rail capacity. This partnership follows similar ten-year manganese rail contracts.
• United Manganese of KalahariminorStrategic or Co-development Partner · 5 December 2025Transnet partnered with United Manganese of Kalahari alongside Exxaro to strengthen infrastructure readiness for coal, manganese, and bulk mineral transportation to global markets.
• EverSeed EnergyminorChannel Partner/ Reseller/ Distributor · 3 November 2025Exxaro sold its FerroAlloys subsidiary for $13.8 million to consortium including EverSeed Energy and its employees, as part of strategic shift from coal to energy transition minerals.
• Ntsimbintle HoldingscoreTechnology or Integration · 27 February 2025Exxaro completed the R10.6 billion acquisition of manganese assets from Ntsimbintle Holdings, gaining 100% of Ntsimbintle Mining including 50.1% of the Tshipi Borwa Mine (world's fourth-largest manganese mine), 19.99% of Jupiter Mines, and stakes in Hotazel Manganese Mines.
• OM Holdings (OMH Mauritius Corp)coreTechnology or Integration · 27 February 2025Exxaro acquired manganese assets from OM Holdings as part of the R10.6 billion transaction that also included Ntsimbintle Holdings assets, solidifying Exxaro's position as a globally significant manganese producer.
• Tsitsikamma Development TrustminorStrategic or Co-development Partner · 1 January 20229% shareholder in Tsitsikamma Community Wind Farm (TCWF), with Cennergi holding 75% and Watt RE Times holding 16%. Community trust structure ensures local benefit from wind energy operations.
• Cookhouse Community Trust and Bedford Community TrustminorStrategic or Co-development Partner · 1 January 2022Each trust holds 2.5% stake in Amakhala Emoyeni Wind Farm, with Cennergi holding 95%. Community trust structure ensures local benefit from wind energy operations.
• Vision for ChangeminorStrategic or Co-development Partner · 2 November 2021Partnership for school learner eye testing campaign providing prescription glasses to children in Exxaro host communities. Over 3,000 learners tested with 121 glasses provided across multiple schools.
• University of PretoriaminorStrategic or Co-development Partner · 3 September 2021Partnership with University of Pretoria for cutting-edge technology research programme to drive safer and sustainable mining. Dr Lerato Khumalo from Exxaro completed PhD at University of Pretoria focusing on atmospheric pollutants near coal mining areas.
• Small Business Institute (SBI)minorStrategic or Co-development Partner · 21 July 2020Partnership to promote development of small and medium enterprises (SMEs) in South Africa and focus on functional and economic viability of small towns beyond life of mines.
• CennergicoreTechnology or Integration · 1 April 2020Exxaro acquired full ownership of Cennergi from Tata Power in April 2020, gaining control of Amakhala Emoyeni Wind Farm (134MW) and Tsitsikamma Community Wind Farm (95MW), totalling 229MW of wind capacity. Cennergi's wind farms were commissioned in 2016.
• Richards Bay Coal Terminal (RBCT)coreChannel Partner/ Reseller/ DistributorExxaro holds equity interest in Richards Bay Coal Terminal, South Africa's primary coal export facility. RBCT handled 57.66 million tonnes in 2025, an 11% increase from 52.08 million tonnes in 2024.

Scale indicators18 records

Recent moves12 records

Expansion highlights6 records

Direct peers

• Kumba Iron Ore: South African iron ore producer (Sishen mine) in which Exxaro holds a 21% interest via SIOC. Directly comparable through the structural iron ore exposure and its role as Exxaro's iron ore investment platform.
• Anglo American: Global diversified miner with significant South African coal exposure (through its former Anglo American Coal business and ongoing Moranbah South JV with Exxaro). Directly comparable as a large diversified mining group with overlapping metallurgical coal, iron ore, and platinum operations.
• Tshipi é Ntle Manganese Mining: Operator of the Tshipi Borwa manganese mine in the Kalahari Basin, now 50.1%-owned by Exxaro through Ntsimbintle Mining. Directly comparable as a South African manganese producer targeting the same Chinese and global steel customer base.
• Sibanye-Stillwater: Major South African diversified miner with operations spanning platinum group metals, gold, and battery metals (nickel, lithium). Comparable as a JSE-listed, black-empowered mining group pursuing a critical-minerals pivot alongside Exxaro's manganese and renewable energy strategy.
• South32: Diversified miner spun out of BHP with South African manganese (via the Hotazel Manganese Mines JV with Exxaro-related counterparties), aluminum, and coal exposure. Highly comparable diversified resource portfolio and energy-transition positioning.
• African Rainbow Minerals: South African diversified miner with coal, ferrous metals, and platinum exposure, chaired by Patrice Motsepe. Comparable as a black-empowered, JSE-listed diversified mining peer with overlapping commodity mix and South African operating footprint.

Broad incumbents

• Glencore: Largest diversified mining and commodities trading group globally, with major coal trading and industrial metals exposure. Comparable as a broad incumbent in both thermal coal marketing and battery/industrial metals trading that competes for the same global customer base.
• BHP Group: World's largest diversified miner with major iron ore, copper, and coal operations including metallurgical coal joint ventures. Comparable as a broad incumbent competing for global thermal and metallurgical coal offtake and industrial metals customers.

Regional players

• Sasol: South African energy and chemicals company with significant coal-to-liquids operations and growing renewable energy ambitions. Comparable as a fellow South African energy transition operator with renewable buildout and carbon neutrality targets.
• Impala Platinum (Implats): Major South African PGM producer pursuing a critical-minerals strategy with growing battery-metals exposure. Comparable as a JSE-listed, BEE-credentialed South African miner executing an energy transition narrative.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights6 records

Customer concentration

• Xx.com/ExxaroResources
• YouTubeyoutube.com/channel/UCWDCTdYHjMIp3lZzo1-_0YQ
• Facebookfacebook.com/ExxaroResources
• LinkedInlinkedin.com/company/exxaro-resources
• Instagraminstagram.com/exxaro_resources

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries5 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Exxaro Resources