UNDERSTANDING OUR BUSINESS | Business structure and ownership | Next: Coal asset base

Understanding our business
Business structure and ownership

Exxaro is one of the largest and foremost black-empowered, South Africa-based diversified resources companies. The company was formed in 2006 but has decades of experience as a company rooted in South Africa and respected by its peers for its innovation, ethics and integrity.

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Coal mining is Exxaro's core operation, structured under four legal entities all managed and operated by Exxaro. We also have a 50% joint venture with Anglo South Africa Capital Proprietary Limited (Anglo) in the Mafube operation, and a 49% equity interest in Tumelo Coal Mines Proprietary Limited (Tumelo).

We also have a 11.97% effective equity interest in Richards Bay Coal Terminal Proprietary Limited (RBCT).


Renewable energy (wind)

Exxaro contributes to the national energy supply through Cennergi. Two wind projects in the Eastern Cape reached commercial operation in 2016: Amakhala Emoyeni near Bedford (134MW) and the Tsitsikamma Community Windfarm on Mfengu community land (95MW).



A leading supplier of high-quality iron ore to the global steel industry and a Kumba Iron Ore Limited subsidiary. We hold a 20.62% interest in the Sishen Iron Ore Company.


Exxaro holds a 26% interest in Black Mountain Mining (BMM), a zinc-led business, and continues to evaluate it’s options.



26% direct interest in KZN Sands Proprietary Limited (KZN Sands) and Tronox Minerals Sands Proprietary Limited (Namakwa Sands) and 10.83% interest in Tronox Holdings plc, a global leader in mining, production and marketing inorganic minerals and chemicals. In 2017, Exxaro began implementing the strategic disposal of this shareholding. Subsequent to 31 December 2020, Exxaro divested from its investments in Tronox.


Eyesizwe RF
BEE special purpose vehicle
Industrial Development Corporation (IDC)
Exxaro Community NPC
* Eyesizwe (RF) Proprietary Limited (Eyesizwe), a special purpose vehicle private company, incorporated under South Africa’s laws, holds the black economic empowerment (BEE) shares.
** Acquisition of Tata Power’s 50% interest in Cennergi was effective on 1 April 2020.
*** Subsequent to 31 December 2020, Exxaro divested from its investments in Tronox.

Our asset portfolio includes interests in coal, renewable energy (wind) and titanium dioxide (TiO2). Exxaro is a 30% black-empowered and listed company on the JSE’s Top 40 Index and a top 30 member of the FTSE/JSE Responsible Investment index.

In 2020, Exxaro produced 47.4 million tonnes (Mt) (including buy-ins of 0.3Mt) of coal (2019: 45.6Mt), reflecting contributions from our expanded flagship Grootegeluk mine.

At 31 December 2020, the group had assets of R78.6 billion and a market capitalisation of R50 billion (US$3.4 billion).



Core operations

  • Largest coal reserves in the country providing a platform for sustainable early value
  • Largest supplier of energy coal to Eskom and ArcelorMittal SA Limited (AMSA) while domestically growing projects for export thermal coal
  • Grootegeluk is acknowledged as one of the largest integrated mining and beneficiation operations globally, running the world’s largest coal beneficiation complex, and the only producing mine in the coal-rich Waterberg, adjacent to Eskom’s Matimba and Medupi power stations – Grootegeluk’s capacity is expanding by 7% (1.7Mtpa) with the double-stage beneficiation plant (GG6) and new rapid load-out station to enhance the growth of our exports
  • Six managed coal operations (including 50% share of Mafube) produced 47.4Mt of thermal and metallurgical coal (up 4% in 2020) – the majority of power station coal is supplied to Eskom
  • To date, 74% of the R17.5 billion capex has been spent on greenfield and brownfield expansion and sustaining projects
Renewable energy


Cennergi is a southern African-based diversified independent power producer (IPP) that focuses on the ownership, operation and maintenance of renewable energy projects and complete asset management services of its own projects, as well as those of others.