Exxaro appoints Magara as CEO amid earnings dip, dividend cut

** Exxaro Resources has appointed Bennetor ("Ben") Magara as its new Chief Executive Officer, effective April 1, 2025. Magara, a seasoned mining engineer with over 35 years of industry experience, succeeds acting CEO Riaan Koppeschaar, who will resume his role as Finance Director. The leadership change comes as Exxaro released its reviewed financial results for the year ended December 31, 2024, reporting a 5% increase in revenue to R40.7 billion, but a 28% decrease in profit to R7.6 billion. Headline earnings per share (HEPS) fell by 36% to 3016 cents, leading to a reduced final dividend of 866 cents per share. The board also approved a share repurchase program of R1.2 billion and announced that Eyesizwe, in its economic empowerment transaction, will keep their 30.81% shareholding in Exxaro until 2027. Magara's appointment aligns with Exxaro's strategic shift towards diversified minerals and renewable energy solutions.