South African businessman Saki Macozoma is championing black economic empowerment (BEE) after Ntsimbintle Holdings, a company linked to him, agreed to sell a portfolio of manganese assets to Exxaro Resources for 11.67 billion rand ($723 million).
Macozoma, chairman of Safika Holdings and Ntsimbintle, argues the deal shows BEE can create lasting value, despite public criticism.
The sale includes stakes in the Tshipi Borwa mine, the country’s largest manganese operation, as well as interests in Mokala Manganese and Hotazel Manganese Mines.
Exxaro aims to diversify its portfolio, focusing on minerals tied to steelmaking and the energy transition.
Macozoma believes the deal demonstrates that empowered firms can be long-term owners, not just short-term beneficiaries.
He emphasizes the importance of translating empowerment deals into jobs, supplier development, and community benefits.
The transaction is expected to close in early 2026, pending regulatory approvals. Exxaro’s CEO, Ben Magara, sees the acquisition as a strategic move, combining two dividend-paying empowerment companies.
