JSE-listed coal and heavy metals mining company Exxaro has strengthened its board with the addition of business heavyweight and former Lonmin CEO Ben Magara, with effect from February 7.
In a nod to the company’s commitment to growing its renewables business and meeting its emissions targets it has appointed an international specialist in sustainability issues, Karin Ireton, as an independent nonexecutive director.
Magara, also a former CEO of Anglo Coal SA, will join Exxaro’s board as an independent nonexecutive director, the group said on Thursday. In 2021, Magara joined the board of freight and financial services company Grindrod.
Ireton, who headed up sustainability and sustainable development at Standard Bank and Anglo American, has 30 years of experience in sustainability matters, in coal power generation, mining and banking sectors. “A significant focus of her current work is the impact of climate change on business and the need to reduce emissions and adapt business strategies,” the company said.
Exxaro has embarked on a strategy to diversify earnings away from carbon-based commodities while also reducing its carbon footprint. The company said at a shareholders engagement last year that within 10 years 70% of its earnings should be noncoal earnings to reduce the company’s emissions by 46%. Exxaro, through its wholly owned company Cennergi, is SA’s second-largest locally owned renewables developer.
Billy Mawasha, former country head of Rio Tinto in SA and head of Kumba Iron Ore operations and integration, as well as Pumla Mnganga, the founder and MD of Lehumo Women’s Investment Holdings, a women-owned and managed investment holding company, were also appointed as independent nonexecutive directors.
Mawasha is a nonexecutive director of Murray & Roberts and Metair Investments. Mnganga serves as an independent nonexecutive director at Altron, Adcorp, Spar and Novus.
Exxaro’s share price has strengthened about 11% since the start of the year and after losing a little ground from a high of R18 in January, was trading at about R17.30 on Thursday.
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