Exxaro Resources has completed the 10.6 billion rand ($650 million) acquisition of manganese assets from Ntsimbintle Holdings Proprietary Limited and OMH (Mauritius) Corp, cementing its shift from a predominantly coal-focused producer into a more diversified supplier of energy-transition metals.
The deal, which closed on Feb. 27, gives Exxaro full ownership of Ntsimbintle Mining and an effective stake in the Tshipi Borwa mine, one of the world’s largest open-pit manganese operations in South Africa’s Kalahari Manganese Field — home to about 80% of known global manganese resources.
Exxaro paid a final closing price of 10.6 billion rand in cash, funded from existing resources. The original headline price of 11.67 billion rand was subject to adjustments tied to pre-emptive and tag-along rights and a locked-box pricing mechanism.
Under the transaction, Exxaro acquired 100% of Ntsimbintle Mining, which owns 50.1% of the Tshipi Borwa mine, alongside a 19.99% stake in Jupiter Mines Limited, which holds the remaining 49.9% of Tshipi. The miner also took full control of Ntsimbintle Marketing, the manganese sales arm, and a 9% interest in Hotazel Manganese Mines.
The deal also represents consolidation among black-empowered mining groups. Ntsimbintle Holdings, whose shareholders include Safika Resources Proprietary Limited and community-linked trusts, has been a key player in South Africa’s manganese sector. The combination brings two established BEE mining houses under a single structure.
A separate agreement to acquire a 51% stake in the Mokala Manganese Mine remains subject to outstanding conditions, with a long-stop date set for February 2027.
For South Africa, the transaction reinforces the strategic importance of the Northern Cape’s manganese basin in global supply chains, as demand for industrial and battery materials continues to reshape mining investment across the continent.
The transaction was supported by a strong team of advisors. Exxaro was advised by Investec Corporate and Investment Bank and Itai Capital as financial advisors, with ENS serving as legal advisor. Investec Bank pl also acted as sole transaction sponsor, while Absa Corporate and Investment Banking served as lead equity sponsor and debt sponsor, and Tamela as joint equity sponsor. Deloitte provided financial and tax due diligence advisory services. On the sellers' side, Ntsimbintle Holdings was advised by Barclays Investment Bank as financial advisor, Webber Wentzel as legal advisor, Gadens as Australian legal advisor, and Werksmans Attorneys as tax advisor.
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