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History


Exxaro is the results of an empowerment transaction that involved the unbundling of Kumba Resources' iron ore assets and the relisting of Kumba as Exxaro in November 2006. The two companies formed through the transaction are:
  • Exxaro –  focused on coal, mineral sands and base metals and industrial minerals
  • Kumba Iron Ore – focused on iron ore

The primary rationale behind the unbundling was to create a new generation South African company and to broaden the spread of shareholders in both companies to people from previously disadvantaged backgrounds, employees and communities in proximity to the company's operations.

Kumba Resources itself was unbundled from its parent, Iscor Limited (which became Mittal Steel South Africa in 2005) in 2001, and listed on the JSE Limited in November of the same year. Iscor, initially a government-owned corporation, has been the major integrated South African steel producer for more than 70 years and its mining division, Iscor Mining, had provided a secure supply of iron ore and other raw materials for its steel mills. At the time of the Iscor unbundling, the mines it had developed for coal, zinc, mineral sands and certain industrial minerals used in steel production, together with its two iron ore mines and mineral sands interests, became part of Kumba.

In just five years, Kumba built a portfolio of world-class assets in Africa, Asia and Australia to become a prominent force in its selected commodities and a respected global participant for its governance standards and business approach based on sustainable development.

Prior to merging with Kumba, Eyesizwe Coal was South Africa's fourth-largest coal producer with a production capacity of about 25Mtpa. Eyesizwe Coal assets consist of four operating mines.

This is the legacy Exxaro takes with it in its new form.

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