Ben Magara

BEN Magara has his work cut out for him at Exxaro as it embarks on a diversification drive. Appointed CEO in March of 2025, he replaced Nombasa Tsengwa, an executive who enjoyed the rare distinction of the National Union of Mineworkers’ (NUM) support but left Exxaro in a swirl of acrimony. Winning the trust of NUM remains a tough task for Magara who alienated it and other unions when he tried to charm the militant Association of Mineworkers and Construction Union when he was CEO at Lonmin. 

To his credit, Magara has overseen the first concrete steps in Exxaro’s previously lumbering attempts to diversify its asset base beyond coal – a commodity about which Magara remains bullish. In May it unveiled the R11.67bn acquisition of a 60% stake in Tshipi Borwa, a large manganese mine in South Africa’s Limpopo province. Like many a coal producer these days, Exxaro is also keen on renewable energy, not least because of surging power costs in South Africa.

Exxaro plans to double the size of its renewable energy business from 229MW to 450MW by 2027 while remaining a coal producer of note given the commodity’s new and surprising lease of life. In Magara’s view, Exxaro could control 50% of South Africa’s coal production if all current mines extracted existing economic reserves. That speaks to Magara’s coal ambitions even as Exxaro hunts for other assets. It is certainly a space to keep an eye on in 2026. Magara and Exxaro have a lot on their plate and the balance sheet will be the only constraint.