Exxaro acquires South African manganese mines in $660 million deal

South Africa’s mining sector is seeing another major consolidation. Exxaro Resources has completed a R10.6 billion ($660 million) acquisition of manganese assets, expanding its footprint in one of the world’s most important mineral belts.

The deal, agreed with Ntsimbintle Holdings and OMH, gives Exxaro full ownership of Ntsimbintle Mining and a controlling interest in the Tshipi Borwa Mine.

The transaction closed on Feb. 27, 2026, after key conditions were met or waived.

For Exxaro, long known as a coal producer, the move marks a clear step deeper into manganese, a mineral widely used in steelmaking and increasingly tied to electric vehicle battery production.

Analysts say the acquisition strengthens South Africa’s role in supplying minerals critical to global industry.

The assets sit in the Kalahari Manganese Field, which holds roughly 80% of the world’s known manganese resources.

That scale gives the transaction weight beyond the companies involved.

*Exxaro seals $660 million manganese deal, lifting South Africa’s supply role*

Deal structure and assets

Following completion, Exxaro now owns 100% of Ntsimbintle Mining, which holds a 50.1% stake in Tshipi Borwa.

The remaining 49.9% is owned by Jupiter Mines. Exxaro also acquired 19.99% of Jupiter, 100% of Ntsimbintle Marketing and a 9% interest in Hotazel Manganese Mines.

The proposed sale of the Mokala mine remains subject to outstanding conditions.

The deadline for those requirements is Feb. 27, 2027.

*Exxaro now owns 100% of Ntsimbintle Mining, which holds a 50.1% stake in Tshipi Borwa.*

Strategy and funding

Chief Executive Officer Ben Magara said the transaction supports Exxaro’s long-term strategy and positions the company as a significant manganese producer.

He described Tshipi as a low-cost, long-life asset with steady production and established export channels.

Funding came from Exxaro’s $743 million to $929 million cash reserves and its recently refinanced $805 million corporate facilities, limiting pressure on the balance sheet.

The agreement also brings together two established Black Economic Empowerment mining groups.

Company executives said the partnership reflects a shared commitment to transformation, steady operations and long-term investment in South Africa’s mining sector.