Saki Macozoma sells manganese assets to Exxaro in $638 million deal

Key Points

• Exxaro will acquire full ownership of Ntsimbintle Mining, buying 74% from Ntsimbintle Holdings and 26% from OM Holdings.
• The deal includes stakes in Jupiter Mines, Mokala, and Hotazel, expanding Exxaro’s manganese footprint across four operating mines in South Africa’s Northern Cape.
• Valued at $638 million and rising to $800 million with tag-along rights, the deal supports Exxaro’s shift from coal to energy-transition metals like manganese.

South African mining magnate Saki Macozoma has finalized the sale of a portfolio of high-quality manganese assets to Exxaro Resources in a landmark $638 million transaction. The transaction was executed through his investment company, Ntsimbintle Holdings, in partnership with Singapore-based OM Holdings.

The sale marks a significant step for both Macozoma and Exxaro. For Ntsimbintle, it represents a timely exit from a valuable investment. For Exxaro, it’s a bold move to broaden its business beyond coal and into minerals like manganese, which play an essential role in steel production and emerging battery technologies.

Located in South Africa’s Northern Cape Province, the assets are known for their long operational life and strong cash flow. With this acquisition, Exxaro is positioning itself for steady growth as it adapts to a changing global energy landscape.

Strategic play in South Africa’s manganese heartland

Subject to regulatory approval and expected to close in Q1 2026, the transaction will give Exxaro full control of Ntsimbintle Mining by acquiring a combined 100 percent stake—74 percent from Ntsimbintle Holdings (controlled by Macozoma’s Safika resources) and 26 percent from Singapore-based OM Holdings, an ASX-listed manganese and ferro-alloy producer. OM Holdings’ exit consolidates Exxaro’s complete ownership of the asset.

Exxaro is also acquiring 19.99 percent of ASX-listed Jupiter Mines, 100 percent of Ntsimbintle Marketing and Trading, 51 percent of Mokala Manganese Mine, and 9 percent of Hotazel Manganese Mines—securing exposure to four producing operations, including Tshipi Borwa, Mamatwan, and Wessels.

Portfolio realignment and shareholder value creation

Valued at R11.67 billion ($637.61 million), the deal could rise to R14.64 billion ($799.89 million) if Mokala’s minority partner, Blue Falcon, exercises its tag-along rights. Exxaro expects to retain a strong net cash position and continue its consistent dividend payouts.

Saki Macozoma, Chairman of Safika and Ntsimbintle Holdings, said the divestment reflects a strategic move to streamline Ntsimbintle’s portfolio and unlock value. “This landmark transaction strengthens Exxaro’s position as a mining leader and ensures these assets remain under South African stewardship,” he said.

Transformation and growth in mining

Founded in 2004 as a Black-Broad-Based Economic Empowerment (B-BBEE) company, Ntsimbintle Mining has grown to become one of South Africa’s largest Black-owned mining investments after its initial prospecting activities in 2006. Its flagship Tshipi Borwa mine, acquired in collaboration with Pallinghurst Resources and OM Holdings, has been a top manganese exporter to China and India.

Ntsimbintle Mining, through its subsidiary Tshipi Manganese Mining, established a multi-billion rand manganese mine in South Africa’s Northern Cape in 2012. With this deal, Exxaro inherits not only the physical assets but also long-term customer relationships and a legacy of transformation.