Exxaro to acquire manganese assets from Ntsimbintle Holdings
In Overview of EXXARO expected business performance for 1H25, the company says that the average benchmark API4 Richards Bay Coal Terminal (RBCT) export price for 1H25 is expected to average US$91 per tonne (2H24: US$110 per tonne), free on board (FOB), reflecting a decline from 2H24.
The iron ore fines prices for 1H25 is expected to average US$100 per dry metric tonne, compared to US$101 per dry metric tonne in 2H24, cost and freight (CFR) China.
Total coal product (including buy-ins) and sales volumes for 1H25 are projected to decline by 6% and 7%, respectively, primarily due to reduced demand from Eskom (see Coal operations section for further detail).
Coal capital expenditure for 1H25 is expected to be 19% lower than 2H24, in line with the sustaining capital replacement plans at both Grootegeluk and Belfast.
Cennergi’s operating wind assets are forecast to generate 335GWh of electricity by 30 June 2025 (1H24: 339GWh; 2H24: 386GWh). Wind conditions have been slightly weaker than in the same period last year. The construction of the 68MW Lephalale Solar PV Project (LSP) at Grootegeluk is progressing, albeit with some delays.
As at 31 May 2025, the group had net cash of R19.5 billion (excluding net debt of R5.8 billion in the energy business).
On 13 May 2025, Exxaro announced the acquisition of select manganese assets from Ntsimbintle Holdings (Mauritius). The purchase consideration is estimated to range between
R9.0 billion and R14.64 billion, subject to pre-emptive rights, tag-along rights and final adjustments at closing date. The transaction is expected to close in early 2026, pending regulatory approvals.
A detailed account of our 1H25 performance and 2H25 outlook will be provided with our interim results, scheduled for release on or about 21 August 2025.
