Exxaro clinches BEE Deal of the Year for R11.67bn manganese transaction
EXXARO Resources has been named the winner of the BEE Deal of the Year at the 2025 DealMakers Annual Awards, recognising its landmark R11.67 billion acquisition of manganese assets from Ntsimbintle Holdings and OMH — a transaction that marks a significant shift in South Africa’s mining landscape.
The Johannesburg Stock Exchange-listed diversified miner beat out other shortlisted transactions following adjudication by an independent panel, which evaluated deals on transformational impact, execution complexity, innovation in structuring, regulatory considerations, and the advancement of Broad-Based Black Economic Empowerment (B-BBEE).
The transaction, described as the first of its kind in the manganese sector, brings together two of South Africa’s largest black-empowered mining companies under a single deal framework. For Exxaro, it represents a strategic pivot toward energy transition metals — a growth pillar that sits alongside its dominant coal business, an expanding energy solutions division, and equity-accounted investments in iron ore and base metals including zinc.
CEO Ben Magara said the award reflected deliberate portfolio reshaping with transformation at its core. “This transaction brings together two large successful BEE mining companies in South Africa, showcasing how collaboration, shared goals and innovative structuring can deliver both meaningful transformation and strong commercial outcomes,” he said.
The deal was not without complexity. Execution required multi-layered structuring, regulatory approvals across several jurisdictions, and coordinated engagement with a broad stakeholder base. Exxaro and its advisors navigated these challenges while maintaining what the company described as “strategic clarity” — a hallmark of its Sustainable Growth and Impact strategy.
Beyond the commercial rationale, the transaction is designed to deepen empowerment participation and deliver sustainable economic inclusion, positioning Exxaro as a leader in transformation beyond mere compliance. The company says the structure enhances long-term value through strengthened partnerships and broadened ownership.
The transaction, excluding the Mokala mine component, became unconditional at the end of January 2026. Exxaro anticipates full conclusion of the deal on or before 27 February 2026.
The DealMakers Annual Awards are widely regarded as the benchmark for corporate finance excellence in South Africa, making the recognition a significant endorsement of both the deal’s commercial merit and its empowerment credentials.
