South African businessman Saki Macozoma is pushing back against critics of black economic empowerment, pointing to a multibillion rand manganese deal with Exxaro Resources as proof that the policy can build durable companies.
Macozoma, chairman of Safika Holdings and Ntsimbintle Holdings, said the transaction shows what is possible when empowered firms are treated as long term owners rather than short term beneficiaries. The deal, valued at about 11.67 billion rand 723 million, is expected to close in early 2026, subject to regulatory approvals.
Exxaro, a major coal producer that has been looking to diversify, agreed to buy a portfolio of manganese assets held by Ntsimbintle and partner OM Holdings. The package includes stakes linked to the Tshipi Borwa mine in the Northern Cape, the countrys biggest manganese operation and a major exporter, plus interests in Mokala Manganese and Hotazel Manganese Mines.
