Exxaro Resources Limited
Tax report for the year ended 31 December 2022

About Exxaro

Our business's sustainability and impact depend on our contribution to accelerating economic growth, practicing environmental stewardship and driving positive change.

Our diversified asset portfolio comprises interests primarily in thermal coal (where we are among the top five South African coal producers), a growing renewable energy solutions business and equity-accounted investments in ferrous (iron ore) and zinc among other base metals. We will contribute to a more sustainable future by expanding our business portfolio to include manganese, bauxite and copper. Our business interests in Europe comprise a marketing and logistics office in Switzerland. A joint operation with Anglo Coal Grosvenor Proprietary Limited, the Moranbah South project, is conducted in Australia.

We are aiming to be carbon neutral by 2050, and are committed to being an active participant in the just transition to a low-carbon economy. The renewable energy solutions business and our scope 1 and 2 emissions reduction efforts are critical activities in this regard. Reduction of scope 3 emissions is a longer-term goal influenced by the country's energy mix.


R85.1 billion

at 31 December 2022

(2021: R75.7 billion)

Fivecoal mines##


Coal production


(2021: 42.3Mt), excluding buy-ins



(2021: 724GWh)


R75.9 billion

(2021: R53.4 billion)

Constituent of the
JSE Top 40 Index




Among the top 30
in the FTSE/JSE Socially Responsible Investment Index

Ownership structure

Our core operation is thermal, semi-soft coking and metallurgical coal mining, supplying Eskom, other domestic markets and offshore markets.

Our coal mining business is structured under four legal entities, all managed and operated by Exxaro, supplemented by a 50% JV with Thungela Resources Limited in Mafube and a 12.04% legal equity interest in RBCT.

Our renewable energy business, Cennergi, consists of 229MW of wind generation assets in the Eastern Cape that contribute to the national energy supply.

SIOC is a leading supplier of high-quality iron ore to the global steel industry and a subsidiary of Kumba Iron Ore.

Black Mountain operates two underground mines and a processing plant in the Northern Cape that produces zinc and other minerals.

We continue evaluating our options to dispose of our shareholding in Black Mountain.

* Eyesizwe (RF) Proprietary Limited (Eyesizwe), a special purpose vehicle (SPV) private company, incorporated under South Africa's laws, holds the black economic empowerment (BEE) shares.
* Exxaro Matla Setshabeng NPC.
## Including one joint venture, Mafube.

Our assets

Minerals business

Our minerals business comprises coal operations and our equity investments in iron ore and zinc. We have deep roots in mining with a track record of operational excellence and delivering value. Our coal asset base is a key differentiator and critical part of how we create value for our stakeholders. Only mineral assets with Measured and Indicated Resources are listed in this report. Inferred Resources are reported in the supplementary CMRR report.



  • Largest high-quality Coal Reserves remaining in the country, providing a platform for early value returns
  • Largest supplier of energy coal to Eskom and ArcelorMittal South Africa Limited
  • Produced 43.1Mt of thermal and metallurgical coal (2021: 42.3Mt), up 1.9% in 2022 – the majority of power station coal is supplied to Eskom
  • Grootegeluk is one of the largest integrated mining and beneficiation operations globally, running the largest coal beneficiation complex, and the only producing mine in the coal-rich Waterberg, adjacent to Eskom's Matimba and Medupi power stations
  • As at 31 December 2022, 15% of R1.7 billion capital expenditure was spent on greenfield and brownfield expansion projects (2021: 34%, R2.5 million)




Grootegeluk complex

Location: West of Lephalale

Market: Domestic and export

Product: Thermal and metallurgical coal

Coal Resources (inclusive):

  • Measured: 3 039Mt
  • Indicated: 967Mt

Coal Reserves:

  • Proved: 2 034Mt
  • Probable: 550Mt

Mining method: Open-cut

Run of mine (RoM): 56.52Mt

Life of mine (LoM): 19+ years*




Location: West of Lephalale

Market: Domestic

Product: Thermal coal

Coal Resources (inclusive):

  • Measured: 270Mt
  • Indicated: 749Mt

Coal Reserves (inclusive):

  • Probable: 130Mt

Mining method: Open-cut

RoM: Project

LoM: 24 years





Location: South of Belfast

Market: Export (alternative domestic)

Product: Thermal coal

Coal Resources (inclusive):

  • Measured: 101.6Mt
  • Indicated: 8.0Mt

Coal Reserves:

  • Proved: 35.8Mt
  • Probable: 1.4Mt

Mining method: Open-cut

RoM: 2.65Mt

LoM: 11 years





Location: South-east of Delmas

Market: Domestic and export

Product: Thermal coal

Coal Resources (inclusive):

  • Measured: 65.8Mt

Coal Reserves:

  • Proved: 36.1Mt
  • Probable: 3.3Mt

Mining method: Open-cut

RoM: 3.71Mt

LoM: 7 years




Location: West of Kriel

Market: Domestic (Eskom)

Product: Thermal coal

Coal Resources (inclusive):

  • Measured: 657Mt
  • Indicated: 91Mt

Coal Reserves:

  • Proved: 130Mt
  • Probable: 38Mt

Mining method: Underground


LoM: 2+ years*

mafube venture plant image


Mafube joint venture (50%)

Location: East of Middelburg

Market: Domestic and export

Product: Thermal coal

Coal Resources (inclusive):

  • Measured: 125.0Mt
  • Indicated: 16.3Mt

Coal Reserves:

  • Proved: 80.6Mt
  • Probable: 40.8Mt

Mining method: Open-cut

RoM: 5.44Mt

LoM: 21+ years*


Moranbah South project (50%)

Location: Queensland, Australia

Undertaking prefeasibility study to inform decision for development prospects.

* Adequate Reserves well beyond expiry of mining right.

Renewable energy business

Our energy business comprises interests in renewable energy through our wholly owned subsidiary, Cennergi.


Cennergi is a southern African-based independent power producer (IPP) that focuses on developing, owning and operating renewable assets. Cennergi has two established wind projects (the Tsitsikamma community and Amakhala Emoyeni windfarms).

The renewable energy business is also developing the 68MW Lephalale solar project in a ring-fenced SPV that will supply renewable energy to Grootegeluk, reducing the carbon footprint and electricity costs of this mining operation. The energy business has also concluded a joint development agreement with Enertrag, an established German IPP, to develop projects in Mpumalanga for the mining industry.

Eastern Cape



Tsitsikamma community windfarm

Location: Near Tsitsikamma

Capacity: 95MW

Number of turbines: 31 x 3.1MW

Performance: Generation output in line with P50 targets since 2016

Customer: Eskom

Power purchase agreement: 20 years

Commercial operation: 2016

Shareholding: Cennergi (75%), RE Times (16%) and the Tsitsikamma Development Trust (9%)



Amakhala Emoyeni windfarm

Location: Near Bedford and Cookhouse

Capacity: 134MW

Number of turbines: 56 x 2.4MW

Performance: Consistent performance since 2016, albeit at lower than planned P50 generation numbers

Customer: Eskom

Power purchase agreement: 20 years

Commercial operation: 2016

Shareholding: Cennergi (95%), Cookhouse Community Trust (2.5%) and the Bedford Community Trust (2.5%)




Lephalale solar project

Product: Solar energy

Capacity: 68MW

Customer: Exxaro Coal Proprietary Limited (Grootegeluk)

Power purchase agreement: 25 years

Commercial operation: 2025

Shareholding: 100% Cennergi Holdings Proprietary Limited

Financial close: 31 March 2023

Estimated commercial operation: 2025

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Exxaro Resources Limited Tax report
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