Latest news with #SakiMacozoma
Eyewitness News
12-06-2025
- Business
- Eyewitness News
Job creation has been minimal in SA since democracy, claims Solidarity
JOHANNESBURG - Minority lobby group, Solidarity, claims that job creation since 1994 has been minimal, largely due to Broad-Based Black Economic Empowerment (BBBEE) policies. Solidarity, in collaboration with the Free Market Foundation (FMF), has released a new study outlining the costs associated with BBBEE compliance. Their findings indicate that these policies have contributed to rising unemployment and have hindered significant economic growth since 1994. Solidarity CEO Dirk Hermann argues that a complete overhaul of the BBBEE policy would be more beneficial for the country. 'Black Economic Empowerment does not address inequality. It increases as a result of the policy. The paradox is that inequality increases particularly in the black community as a result of a small group of elites, who are being radically enriched.' Speaking to 702 , prominent businessman Saki Macozoma said BBBEE remains necessary for transformation. 'Empowering people who are previously disadvantaged is the right kind of thing. It may be that the terminology of Black Economic Empowerment is the one that creates the emotion. The fact of the matter is that we need to have the redress, and we have not done it to the extent that we should have.' ALSO READ:
Yahoo
14-05-2025
- Business
- Yahoo
Exxaro to acquire manganese assets in South Africa for $637m
Exxaro Resources has signed binding agreements to acquire shares and claims in manganese assets owned by Ntsimbintle Holdings and OM Holdings in South Africa for a price consideration of R11.67bn ($637.1m). The assets are located within the Kalahari Manganese Field (KMF) in the Northern Cape province. The transaction includes a 74% share in Ntsimbintle Mining and a 19.99% stake in Jupiter, along with a 100% interest in Ntsimbintle Marketing and Trading, 51% in Mokala and 9% in Hotazel Manganese Mines. The deal could potentially increase to R14.64bn if Blue Falcon, which owns 49% of Mokala Mines, exercises tag along rights. Exxaro's acquisition grants it exposure to four operating mines, including a 60.1% effective ownership in the Tshipi Borwa Mine and marketing rights, a 51% stake in Mokala and a 9% share in Hotazel Manganese Mines. The transaction is subject to regulatory approvals, with an expected completion date in the first quarter of 2026. Exxaro CEO Ben Magara said: 'This transaction puts together two strong BEE [Black Economic Empowerment] companies who are both consistent dividend payers and positions Exxaro as formidable and diversified mining company of reference in South Africa and I am delighted that we can utilise our strong coal resources as a base to prudently accelerate our asset portfolio to include transition minerals and to grow our energy solutions business. 'This acquisition provides Exxaro with a strong entry point into the manganese sector. Manganese is essential to steelmaking and has a growing market in the battery and renewable technology supply chains. The acquisition will see us deploy our operational and commercial expertise in bulk commodities, logistics and deep knowledge of the South African mining landscape including the regulatory environment, to unlock sustained growth and stakeholder value in the Kalahari Manganese Field.' The acquisition marks a strategic diversification from Exxaro's coal base into a broad minerals and energy solutions business. Exxaro's broader strategy involves investments in renewable energy, exploration of essential transition minerals such as manganese and copper, and the use of innovative technologies. Safika and Ntsimbintle Holdings chairman Saki Macozoma said: 'We believe this landmark transaction in terms of which Exxaro is acquiring Ntsimbintle's portfolio of high-quality manganese assets is significant to the South African mining sector and reinforces Exxaro's position as a South African mining champion. 'We are pleased that these assets will remain in South African hands as Exxaro is an excellent custodian that shares Safika and Ntsimbintle's strong values of safety, sustainability and a social licence to operate whilst providing certainty to our valued employees and host communities. The sale of our manganese assets is consistent with our long-term plan to continue to simplify and strengthen our portfolio in order to generate shareholder value.' Earlier this year, Exxaro Resources announced the resignation of its CEO, Nombasa Tsengwa, just two months after her suspension in connection with a governance investigation. "Exxaro to acquire manganese assets in South Africa for $637m" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
