By Lehlohonolo Lehana.
Photo Credit: Moeletsi Mabe.
Exxaro Resources Limited has appointed former Lonmin boss Ben Magara as new Chief Executive Officer, effective April 1, 2025.
Magara, a mining engineer with more than 35 years of mining industry experience, will succeed acting CEO Riaan Koppeschaar, who will continue in his role as Exxaro FD.
A former CEO of Lonmin and Anglo Coal South Africa, and former executive engineering and projects head for Anglo American Platinum, Magara is chairperson of Africa Mining & Metals and also serves as nonexecutive director on the boards of Weir and Grindrod.
Magara’s first action was to recommit Exxaro towards its diversification strategy, saying in a statement this morning he would use the group’s coal production “to expand our portfolio towards the critical low-carbon minerals essential for the future”.
“This is in line with our diversification strategy which I have been part of as Exxaro’s non-executive director and investment committee chairman,” he said.
“I believe this strategy will enable us to deliver enhanced value to all our stakeholders while balancing enduring profitability with environmental and social sustainability,” said Magara.
Since leaving Lonmin in 2019 following its sale to Sibanye-Stillwater, Magara founded Africa Mining & Metals Group, a private company focused on battery and precious metals. He also worked in the Democratic Republic of Congo advising in its copperbelt.
Exxaro said he is a qualified mining engineer and highly regarded mining veteran with over 35 years of industry experience in both soft and hard rock mining at underground and open pit operations.
The company explained he is renowned for driving operational excellence and providing strategic leadership at multiple large mining operations.
This has included positions at Anglo American Coal and, most recently, the stabilisation, restructuring, and turnaround of Lonmin and its subsequent disposal to Sibanye Stillwater, creating the world’s largest PGM producer.
He is, and will remain, an independent non-executive director at Weir, a FTSE100 company, and will step down from the board of Grindrod as of 1 April 2025.
Exxaro Chairman Geoffrey Qhena said Magara brings a wealth of mining leadership, global board, and governance experience to Exxaro, along with a reputation for impeccable integrity.
“We are confident Ben will stabilise the organisation and continue to drive forward our growth and sustainability strategy, particularly with the knowledge he brings from being chairman of our Investment Committee,” he said.
“Ben’s deep experience as an engineer, mine manager, corporate leader, and listed company CEO will all be invaluable to Exxaro as we continue to maximise the value of our current assets while accelerating our prudent transition into a diversified minerals and renewable energy solutions business.”
Qhena also thanked Koppeschaar, whom he said has played a sterling role as acting CEO.
“His professionalism, leadership and impact are much appreciated. Riaan will now revert to his role as finance director, “he said.
Magara’s appointment comes just over a month after former Exxaro CEO Nombasa Tsengwa resigned following a probe into allegations over her conduct.
Tsengwa was placed on precautionary suspension in December 2024 over claims surrounding her workplace conduct and governance practice.
Exxaro also announced that Eyesizwe, its founding black-owned shareholder, had agreed to waive an option to liquidate some or all of its investments until 2027. This preserves Exxaro’s direct empowerment status at 30.81%.