Kumba Iron Ore has tapped one of SA’s leading logistics executives to be its new CFO, with freight and rail taking centre stage as the country opens its railways to private sector participation.
The group announced last week it had recruited Grindrod CEO Xolani Mbambo as CFO and executive director to replace Bothwell Mazarura, who will be stepping down from the role after almost eight years.
The move comes as Transnet is introducing private sector participation in its 21,232km rail network in a drive to patch up the country’s ailing logistics infrastructure.
Despite being welcomed by logistics operators, the advent of private sector access has elicited concerns from Kumba, the continent’s largest iron ore producer, in recent months.
Of particular concern is the Transnet-owned and operated Sishen-Kolomela-Saldanha iron ore export corridor, which Kumba is totally reliant on to export its ore.
The group said earlier this year the corridor needed R16bn to be refurbished, while mounting pressure from new market entrants, including manganese producers and BEE miners, threatened to reduce its contractual capacity.
Mbambo’s appointment comes as Kumba is developing a potential industry-driven concessionaire model for the corridor to navigate these challenges.
In its latest annual report, the group said it had developed a blueprint proposing that private sector parties have operational and maintenance responsibilities for the corridor for a defined period.
Grindrod is well acquainted with the opportunities and risks that SA’s logistics network reform agenda will provide this year, having begun the bidding process for third-party access earlier this year.
Additionally, Mbambo’s blend of mining, logistics and finance experience makes him well placed to guide the company into this new chapter, Kumba said.
Mbambo is a chartered accountant and holds an advanced management programme qualification from Harvard Business School. He held senior leadership roles at Anglo American, where he gained extensive experience across finance, project execution, business performance analysis and commodity marketing.
Mazarura will continue to serve as Kumba’s CFO until the end of December and Mbambo takes over on January 1 2026, Kumba said on Friday.
Mazarura said Kumba had continuously delivered solid results, and he was proud of the collective accomplishments and support of Kumba employees, contractors, members of the Kumba executive team and board.
“While I will leave Kumba later this year, my commitment to delivering our clear objectives for the remainder of this year is as firm as ever,” he said.
Kumba CEO Mpumi Zikalala said under Mazarura’s financial stewardship, Kumba had delivered strong operational and financial results, and had advanced its sustainable mining strategy.
Kumba chair Terence Goodlace said Mbambo’s proven track record in mining and logistics, as well as his strategic acumen, would be invaluable as Kumba continued to advance its strategic ambitions and operational objectives.
“I am honoured to join Kumba at such a pivotal time in its journey. Kumba’s commitment to operational excellence delivering shareholder value and sustainability resonates deeply, and I look forward to working with the talented team to build on the strong foundation laid by Bothwell and to drive continued success for all stakeholders,” Mbambo said.
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