‘Caution’ lights flash for green metals plan
For one thing, doubt has been cast on Exxaro’s dealmaking ability after the suspension of its CEO
Exxaro sources say it will press on with plans to diversify production into “green metals”. In the case of the JSE coal miner, read manganese — which is used to make steel and also has a battery application in electric vehicles. It’s questionable, though, if such a deal can happen amid the suspension last week of its CEO of three years, Nombasa Tsengwa.
First, the number of senior resignations preceding Tsengwa’s suspension, including the firm’s head of coal, suggests Exxaro must deal with important internal matters before looking outward. A report in Business Times accused Tsengwa of creating “a culture of fear” while former employees told the paper there was also frustration with delivery of the diversification strategy. Exxaro’s board has enlisted law firm ENS to conduct a review...
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