Exxaro
Exxaro Resources Limited is a South African diversified resources company specializing in coal mining, energy transition minerals, and renewable energy solutions, with operations across Africa and internationally.[1] Formed in November 2006 through the merger of Kumba Resources Limited's coal assets and Eyesizwe Coal, it has grown into one of the country's largest black-empowered mining entities, listed on the Johannesburg Stock Exchange (JSE) as a Top 40 constituent with a market capitalization of approximately R45 billion as of November 2025.[2][3] The company's core business revolves around thermal coal production, where it ranks among the top three producers in South Africa, operating five coal mines including the large-scale Grootegeluk operation in the Waterberg region, which integrates mining and beneficiation.[1] Exxaro holds equity stakes in key diversified assets, such as 21% in Sishen Iron Ore Company (SIOC) for iron ore and 26% in Black Mountain for zinc-lead, while pursuing growth in manganese, bauxite, and copper to support the global energy transition.[2] Its energy segment, managed through subsidiary Cennergi, focuses on renewables, generating 725 GWh in 2024 from wind farms (Tsitsikamma at 95 MW and Amakhala Emoyeni at 134 MW), with operational renewable capacity of approximately 297 MW including the 68 MW LSP solar project commissioned in 2025, and ambitions to reach 1.6 GW capacity by 2030.[4][5] Guided by the vision to "produce resources that Power a Clean World," Exxaro emphasizes sustainable growth, with assets valued at R94.7 billion as of 2024 and a commitment to carbon neutrality by 2050 through decarbonization efforts and low-carbon resource development.[2][4] The company maintains 30.81% black ownership and adheres to strong governance principles, including ethics and societal impact, positioning it as a leader in responsible mining and energy innovation in a low-carbon future.[2][4]Overview
Company profile
Exxaro Resources Limited is a South Africa-based diversified resources company, primarily focused on thermal coal production, where it ranks among the top three producers in the country.[4] The company was founded in November 2006 and is listed on the Johannesburg Stock Exchange under the ticker EXX, with a secondary listing on A2X Markets effective from April 2020.[6][7] Headquartered in Centurion, South Africa, Exxaro employs approximately 6,966 people as of 2025.[8] As a leading black-empowered mining entity, Exxaro's operations extend beyond coal to include investments in iron ore, zinc, base metals such as manganese, and renewable energy solutions, positioning it for a transition to a low-carbon future.[9][2] Its vision is "to produce resources that power a clean world," underpinned by a purpose of powering better lives in Africa and beyond, with a commitment to achieving carbon neutrality by 2050.[2][10] Exxaro maintains a global presence with core assets in South Africa across coal mining and energy projects, alongside equity investments and operations in Australia, such as the Moranbah South project, and a marketing and logistics office in Switzerland.[2][4]Financial performance
Exxaro Resources Limited reported group revenue of R40.7 billion for the year ended 31 December 2024, marking a 5% increase from R38.7 billion in 2023, driven primarily by higher coal sales volumes despite softer market prices.[11] Earnings before interest, taxes, depreciation, and amortization (EBITDA) declined by 22% to R10.4 billion from R13.4 billion, reflecting the impact of lower coal prices and increased operating costs.[11] Attributable earnings per share fell 32% to R31.92 from R46.66, while total assets grew modestly to R94.7 billion from R92.9 billion.[11] Historically, Exxaro's market capitalization stood at R53.4 billion as of 31 December 2021, up from a closing share price of R56.00 in 2006 when the company first listed on the Johannesburg Stock Exchange.[6] Price realization rates for coal averaged 95% in 2024, down slightly from 97% in 2023, as the company navigated global commodity market volatility.[11] Coal operations remained the primary revenue driver, contributing approximately R39.1 billion in 2024, or over 96% of total revenue, with the ferrous metals and energy segments adding R1.4 billion combined.[11] Declining coal prices pressured margins across segments, though equity-accounted investments in iron ore provided some offset through dividends.[11] The board declared a final cash dividend of R8.66 per share for 2024, payable in May 2025, alongside the initiation of a R1.2 billion share repurchase program approved in March 2025 to enhance shareholder value amid favorable cash positions. For the six months ended 30 June 2025, Exxaro achieved interim revenue of R20.6 billion, an 8% rise year-on-year, with EBITDA increasing 10% to R5.6 billion on improved operational efficiencies.[12] Attributable earnings per share rose 13% to R17.17, supporting an interim dividend declaration of R8.43 per share, up 6% from the prior period.[12]| Key Financial Metrics | 2024 (R billion) | 2023 (R billion) | Change (%) |
|---|---|---|---|
| Revenue | 40.7 | 38.7 | +5 |
| EBITDA | 10.4 | 13.4 | -22 |
| Total Assets | 94.7 | 92.9 | +2 |