COAL miner Exxaro was considering buying back its shares from its black empowerment shareholders as it put in place a new empowerment holding structure, CEO Mxolisi Mgojo said on Thursday. Any buyback must be made with shareholder approval, at the right price, and without eroding the cash needed for growth projects, he said. Exxaro has projects worth R11.5bn in the planning or construction phase over the next three years. Exxaro, the biggest supplier of thermal coal to state-owned power utility Eskom, is majority-owned by a black consortium headed by former CEO Sipho Nkosi under a 10-year structure that expires in November. READ THIS: Cooking invoices costs Africa billions Eskom will sign new long-term coal supply contracts only with entities that are majority black-owned but Exxaro has said previously it might not achieve 50% black ownership under the new structure because it wanted to limit the debt involved. At Thursday’s closing share price of R81.46, Exxaro’s market capitalisat...
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