WITH Mxolisi Mgojo as president of the Chamber of Mines, the chamber has continued to take a tougher stance than it used to on issues like a unilaterally imposed Mining Charter, changes to the Mineral and Petroleum Resources Development Act, and arbitrary Section 54 stoppages. The refusal of at least one senior chamber executive to sit down with minerals minister Mosebenzi Zwane at the 2017 Joburg Indaba dinner delivered a strong reproof. At the same time, Mgojo has had to defend his company’s empowerment record against the tantrums of former Eskom CEO, Matshela Koko, who also took the line that black equity ownership had to be maintained in perpetuity at Eskom’s requirement of 51%. Mgojo has warned against becoming fixated with gross values rather than taking a broader view of economic transformation. Exxaro has put in place a new black equity ownership structure at a 30% level, which introduces new capital, reduces the normal discount for BEE deals, and improves the tradability of Exxaro shares. Exxaro is no longer dancing to Eskom’s tune. Since the acquisition of the Total Coal SA assets it has been diversifying into exports and supplying a future independent coal power producer. It also has interests in renewables with partner Tata Power and is looking at other opportunities, such as microgrids.
LIFE OF MOLISI
Mxolisi has a background in information technology and logistics and therefore brings a different perspective to a coal mining company. He is looking at ways in which technology can disrupt Exxaro’s markets. He was a founder member of Eyesizwe Coal, the black empowerment company that now leads Exxaro’s black shareholding structure.
- Web Address: www.exxaro.com