Exxaro Resources, the Gauteng-based diversified mining group, has appointed seasoned finance executive Mbali Motanyane as its new debt officer, following the retirement of long-serving executive Dawood Cassim after more than three decades with the company.

The appointment, effective immediately, was announced in compliance with the Johannesburg Stock Exchange’s Debt Listings Requirements. Motanyane, who currently serves as Treasury Manager, steps into the role as Exxaro continues to strengthen its financial governance and leadership structure.

Motanyane steps into key treasury role

Mbali Motanyane, also known as Mbali Phejaolema, brings extensive experience in corporate treasury, financial strategy, and dealmaking across South Africa’s mining and energy sectors. The Exxaro board confirmed that it had assessed her qualifications and is satisfied with her competence and experience to assume the position.

An MBA graduate of the Gordon Institute of Business Science, Mbali Motanyane is a certified director through the Institute of Directors in South Africa and has built a reputation as a leading voice in corporate governance. Mbali Motanyane previously spent nearly a decade managing major manganese assets at Safika and has been involved in high-profile transactions, including a deal recognized at the DealMakers Awards.

Beyond her corporate role, she serves as chairperson of ABSIP Women in Focus, where she advocates for financial inclusion, boardroom diversity, and increased participation of Black women in high-impact financial roles.

End of an era for Cassim

Mbali Motanyane’s appointment follows the retirement of Dawood Cassim, a veteran of more than 30 years at Exxaro. The board expressed its gratitude for his longstanding service and contributions to the company’s growth and financial stability, wishing him well in his retirement.

Broader leadership changes at Exxaro

The appointment comes amid a broader wave of governance and board changes at Exxaro in recent months, underscoring a renewed focus on succession planning and strategic refreshment.

In July 2026, the company appointed Shireen Naidoo as an independent non-executive director, strengthening its expertise in sustainability, ESG strategy, and corporate governance. Naidoo brings more than three decades of experience and currently serves on several prominent boards, including FirstRand Limited and the National Business Initiative.

Exxaro also appointed Kefilwe Bopape as a non-executive director and member of its Social, Ethics and Responsibility Committee. Bopape, a representative of Eyesizwe RF, brings a background in social development, strategy, and stakeholder engagement, with a focus on inclusive growth and community impact.

The board noted that both appointments followed a rigorous nomination and vetting process, including independent verification of qualifications and integrity assessments.

Positioning for the next phase

Exxaro’s recent leadership changes reflect a deliberate effort to align governance, financial oversight, and sustainability priorities as the company navigates evolving market conditions in the mining and energy sectors.

With Motanyane now overseeing debt-related responsibilities, the company is reinforcing its treasury leadership at a time when disciplined capital management and strategic financing remain critical to long-term growth.

Exxaro Resources was founded in November 2006 when Kumba Resources Limited unbundled its iron ore operations and merged its remaining coal and non-iron assets with Eyesizwe Coal to form a new, diversified, and black-empowered mining company. Exxaro, listed on the JSE, has grown into one of South Africa’s largest diversified resources groups, with operations spanning coal, renewable energy, and emerging minerals critical to the global energy transition.

For a mining group operating at the intersection of traditional energy and the transition economy, board composition is increasingly a reflection of future intent. Exxaro’s balance sheet strengthened over the period, with total assets rising by 8.97% from R94.72 billion ($5.76 billion) to R103.21 billion ($6.28 billion). Total equity climbed from R68.55 billion ($4.17 billion) to R71.25 billion ($4.33 billion), while retained earnings climbed from R51.89 billion ($3.15 billion) to R54.19 billion ($3.30 billion).

However, profit for the year declined slightly from R10.07 billion ($612 million) to R9.86 billion ($600 million), reflecting emerging pressures even as the company expands beyond coal. As Exxaro navigates this transition, the focus is no longer just on replacing a director, but on defining the expertise required for the next phase of its evolution.