[Ferro-Alloys.com] Ntsimbintle Holdings (Ntsimbintle), a broad-based black economic empowerment (B-BBEE) mining company and associate of Safika Holdings’ subsidiary Safika Resources, and its strategic partner OM Holdings have agreed to sell their manganese portfolio to Exxaro Resources (Exxaro) for a purchase consideration of R11,674- billion. The transaction is subject to the fulfilment or waiver of conditions, including regulatory approvals, typical for a transaction of this nature with completion expected in early 2026. The purchase consideration is subject to a locked-box mechanism at 31 December 2024 with a market standard escalation interest rate and a certain market standard adjustments for leakages, such as dividends, during the interim period until completion of the transaction.

Ntsimbintle, which is led by Saki Macozoma and Moss Ngoasheng, is the majority shareholder of the Tshipi Borwa (Tshipi) mine in the Northern Cape, South Africa’s single largest manganese mine and ore exporter. In addition to Tshipi, Ntsimbintle also has interests in Mokala Manganese, Hotazel Manganese Mines, a commodity trading business Ntsimbintle Marketing and Trading, and a significant, minority shareholding in Jupiter Mines. Each of these manganese-related investments is the subject of the sale transaction with Exxaro Resources.

Manganese is an essential ingredient in the production of steel and a critical mineral needed for decarbonisation, such as in the production of renewable energy technologies and of batteries for infrastructure projects.

South Africa is the leading supplier of mined manganese ore, accounting for approximately 37% of global mined production in 2024, as well as holding an estimated 70% share of the world’s manganese resources[1].

Ntsimbintle and Safika Holdings Chairman, Saki Macozoma, said: “We believe this transaction will be beneficial for B-BBEE and is in the broader interests of the South African economy. The transaction consideration represents fair value for Ntsimbintle’s shareholders and related trust beneficiaries, and we are particularly pleased that these manganese assets will remain in South African hands. We believe that Exxaro has the technical and financial resources to continue to operate safely and to invest in this portfolio of assets. The transaction will allow Ntsimbintle and Safika shareholders to pursue other significant investment opportunities.”

Ntsimbintle Director and Safika Holdings CEO, Moss Ngoasheng, said: “This landmark transaction represents a vote of confidence in the mining sector in South Africa. It is another key value realisation milestone for Safika and our strategic partners. Over the past 23 years, we have worked hard to unlock material value in this portfolio of assets, thereby contributing positively to South Africa as an attractive investment destination and realising the vision of the country’s B-BBEE objectives. This transaction has crystalised significant value for our shareholders and will spur the growth prospects of our long-term investments.”

Ntsimbintle will work closely with Exxaro to ensure a smooth transition of ownership.

Key Highlights

Ntsimbintle’s manganese assets that are the subject of the transaction with Exxaro are:

• it’s 74% shareholding in Ntsimbintle Mining Proprietary Limited (Ntsimbintle Mining) which in turn owns 50.1% of Tshipi é Ntle Manganese Mining Proprietary Limited (Tshipi);
• 100% of Ntsimbintle Marketing and Trading Private Limited
• it’s 51% shareholding in Mokala Manganese Proprietary Limited;
• it’s 9% shareholding in Hotazel Manganese Mines Proprietary Limited; and
• a 19.99% shareholding in Australian Stock Exchange listed Jupiter Mines Limited, which in turn is the owner of the remaining 49.9% shareholding in Tshipi OM Holdings’ has agreed to dispose of it’s 26% shareholding in Ntsimbintle Mining.

Ends

About Ntsimbintle Holdings

Ntsimbintle Holdings is a leading mining investment company established in 2003, when nine Black South African groups formed a company specifically to pursue manganese mining opportunities. Since establishment, the company has grown from a junior miner applying for prospecting rights to being the majority shareholder of Tshipi Borwa, South Africa’s single largest manganese mine and ore exporter. The Group’s other assets include Ntsimbintle Marketing and Trading, Mokala Manganese, Hotazel Manganese Mines, and Khwara Manganese. In addition to the 39.66% interest held by Safika Resources (a subsidiary of Safika Holdings), other shareholders include 13 community members, women and entrepreneurial entities based mostly in the Northern Cape. The John Taolo Gaetsewe Development Trust, established to uplift the local Northern Cape communities, is Ntsimbintle’s second largest shareholder with a 14.47% interest.

About Safika Holdings

Safika Holdings is a prominent international investment holding company headquartered in Johannesburg, South Africa. Established in 1995, the company has built a diverse portfolio spanning financial services, mining, gaming and real estate. Safika is recognised for its active investment approach, adding value across a wide range of industries by fostering talent and encouraging initiative at all levels. Safika Holdings has played a significant role in advancing South Africa’s Broad-Based Black Economic Empowerment policies, promoting economic participation for previously disadvantaged groups.

About Exxaro

Exxaro Resources Limited (Exxaro) is a South Africa-based, diversified minerals and energy solutions business. Exxaro is listed on the Johannesburg Stock Exchange since 2006, headquartered in South Africa and has business interests extending to Asia, Europe and Australia. The company’s primary assets include coal production, a growing energy solutions division, and investments in iron ore and zinc, and now transition minerals. Exxaro prioritises sustainability, innovation, and social impact, aiming to empower communities and protect human rights while fostering diversity, inclusion, and a culture of continuous learning among its workforce.

Johannesburg, 13 May 2025 

• [Editor:tianyawei]