Exxaro appoints new CEO as profits decline

South African coal mining giant Exxaro Resources has appointed veteran mining executive Ben Magara as its new Chief Executive Officer, the company announced on Wednesday.

Magara, a former CEO of platinum miner Lonmin and a former executive at Anglo American, will take over leadership on April 1, 2025. He replaces Nombasa Tsengwa, who recently stepped down, with acting CEO Riaan Koppeschaar set to resume his role as finance director.

The leadership change comes as Exxaro faces financial headwinds, including a slump in profits due to declining coal prices and shifting global energy demands. Magara, known for his experience in navigating complex mining operations, is expected to steer the company through these challenges and drive its strategic growth in a rapidly evolving industry.

Exxaro, one of South Africa’s largest coal producers, has also been expanding into renewable energy as part of its long-term sustainability strategy. Industry analysts will be watching closely to see how Magara’s leadership shapes the company’s future direction amid global energy transitions and regulatory changes in the mining sector.