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(Bloomberg) — South African coal miner Exxaro Resources Ltd. will acquire manganese mines for about 11.67 billion rand ($640 million) to diversify into critical minerals.
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The transaction will give Exxaro controlling stakes in the Tshipi Borwa and Mokala mines in the Kalahari Manganese Field, the company said on Tuesday. The unadjusted price payable for the equity could be subject to change due to pre-emptive rights and other factors.
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Exxaro had been in discussions to buy the assets with owner Tshipi e Ntle Manganese Mining (Pty) Ltd., a joint venture between Australia-listed Jupiter Mines Ltd. and closely held Ntsimbintle Mining Ltd., Bloomberg had reported late last year.
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One of South Africa’s biggest coal miners, Exxaro has been trying to add other minerals to its portfolio, but lost out on a copper project in Botswana that sold for almost $2 billion. The country is the world’s top exporter of mid- to high-grade manganese ores, mainly used in steelmaking. Batteries – including those used in electric vehicles – are also expected to boost consumption of the mineral.
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“We are growing into future-facing minerals like manganese while continuing to invest in coal, which remains a priority for us and vital to South Africa’s economy and energy needs,” Exxaro Chief Executive Officer Ben Magara said in the statement.
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Ntsimbintle is the majority shareholder in the Tshipi mine, South Africa’s single largest manganese mine and ore exporter, and holds interests in other mines and a commodity trading business that are part of the transaction with Exxaro.
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The Mokala mine is operated by an entity owned by Glencore Plc.
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—With assistance from William Clowes.
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(Updates with details throughout)
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English (US)