EXXARO Resources’ acquisition of manganese mines from Ntsimbintle Holdings and OMH Mauritius Corp. was today declared unconditional.
First announced in May, the deal – which brings partial consolidation to the Northern Cape manganese mines – is expected to be completed by February 27.
Exxaro’s subsidiary ManganExx will buy 100% of Ntsimbintle Mining, which holds a 50.1% stake in the Tshipi Borwa manganese mine. Jupiter Mines, listed in Australia, will retain its 49.9% shareholding. The parties will jointly control operations.
Exxaro will hold a 19.99% stake in Jupiter Mines, full ownership of Ntsimbintle Marketing, and a 9% interest in Hotazel Manganese Mines, controlled by Anglo American and South32.
The separate acquisition of 51% of Glencore-controlled Mokala by Exxaro remains subject to outstanding conditions, with a completion deadline also set for February 27.
“Partnering with Exxaro combines complementary strengths and marks a major milestone that will deliver long-term value for all stakeholders,” said Ezekiel Lotlhare, Tshipi CEO in a statement.
Saki Macozoma, chairman of Tshipi and Ntsimbintle Holdings, said the deal strengthened the value of South Africa’s manganese assets whilst ensuring they remained in domestic hands. “Exxaro’s bulk commodity expertise will bring significant benefits to Tshipi and the wider mining sector,” he said.
