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South African coal miner Exxaro Resources is considering potential deals to acquire copper and manganese assets as part of its diversification strategy, Chief Executive Nombasa Tsengwa said on Thursday.
It earlier reported that logistics constraints and softer coal prices contributed to a 22% dip in Exxaro’s headline earnings to 11.33 billion rand last year. Exxaro had about 14.8 billion rand in net cash at the end of last year. Exxaro was among investors that wanted to buy Khoemacau Copper Mine in Botswana but were eventually outbid by China’s MMG, which paid about $1.9 billion for the assets.
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