Exxaro Resources, Eskom’s biggest black-owned coal supplier, received the green light from its shareholders at a meeting on Friday for the first step in a transaction that will see its black ownership slip to 30% from above 50%, staring down pressure from Eskom. Mzila Mthenjane, Exxaro’s executive head of stakeholder accountability, said on Monday that with its replacement black shareholding structure Exxaro would continue to be the largest black-owned JSE-listed entity and the largest black-owned supplier to Eskom. But for the past few years Eskom has pursued a policy of only signing new contracts with suppliers that have more than 50% black shareholding. While Eskom cannot change the terms of its existing long-term supply agreements with Exxaro, more than 50% black shareholding is increasingly a requirement of new ones. Exxaro management said in the latest annual report the company intended to diversify away from its significant exposure to Eskom. The company had engaged with Exxa...
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