Exxaro Resources Limited
Integrated report for the year ended
31 December 2023

CEO’s welcome

Building momentum and resilience for sustainable growth and impact

Welcome to our 2023 integrated report, which explains how we are building momentum and increasing our resilience in a turbulent macro-economic climate in line with our ambition to achieve sustainable growth and impact.
Dr Nombasa Tsengwa
Chief executive officer (CEO)
CEOs welcome

Leadership reports

Chairperson’s statement

In the face of myriad challenges, our strategic initiatives and the collective resilience of our people and operations enabled us to not only withstand but also navigate volatility with confidence and purpose, recording the second highest ever EBITDA of R13.4 billion, thus laying a solid foundation for continued growth and impact.

Mvuleni Geoffrey Qhena


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Leadership reports

CEO’s report

Reflecting on our rich history of innovation and resilience, this past year has further solidified Exxaro’s dedication to sustainable growth and impact amid the complex tapestry of global economic challenges. I am pleased to present the progress we have achieved, the obstacles overcome, and the forward-looking vision that guides our journey ahead.

Dr Nombasa Tsengwa


Leadership reports

Finance director’s overview

Despite logistical constraints, cost pressures and lower coal pricing, our coal performance remains strong in delivering value to stakeholders through our early value strategy, coupled with our market to resource optimisation initiatives. Our Cennergi operations delivered a stable performance with generation back to normal levels.

Riaan Koppeschaar

Finance director

Riaan Koppeschaar

Exxaro is positioning itself to navigate a rapidly evolving landscape, with environmental sustainability and social equity as key drivers. Led by our purpose, we will not only adapt but thrive, transforming our operations to provide resources that contribute to a cleaner, more equitable world.

Committed to powering better lives in Africa and beyond, we are transitioning into a resilient, diversified resources business while decarbonising our portfolio. Our goal is to forge a future where the needs of the present are met while preserving the potential of the future.


We are acutely aware of the delicate balance between a rapid energy transition and a fair, equitable shift that benefits all stakeholders. Through our Sustainable Growth and Impact strategy, we are positioning Exxaro for sustainable growth and a meaningful impact for all our stakeholders.

Good governance is essential to our ability to create value. By prioritising transparency, accountability and integrity, we develop strategies that generate and preserve value while safeguarding from value erosion. This proactive stance aims to ensure that every decision is a step towards reinforcing stakeholder trust and powering a more sustainable future.


Directed by our strategy and guided by our values, we are driven to meet our ambition of providing resources critical to ensuring a low-carbon world.

We are capitalising on our existing asset base, which underpins our transition from coal mining towards a future in minerals and energy, equipping us to flourish in a low-carbon economy.

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Building momentum and resilience for sustainable growth and impact
About this report
Delivering sustainable value creation
Snapshot of our long-term value creation

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Chairperson's statement
Who we are
Our operating context

How we create value
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Our business model
Our material matters
Our risks and opportunities
Engaging our stakeholders

Strategically positioning the business for growth
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CEO's report
Our strategy
Performance against our strategy and outlook

Building resilience through governance
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Our leadership
Summarised governance report
Board key matters in focus
Ethical culture
Performance and value creation
Adequate and effective control
Trust, good reputation and legitimacy
Combined assurance for effective governance

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Finance director's overview
Operational performance
Business resilience
Building momentum with people
Social impact
Our environment stewardship
Responding to TCFD reporting requirements

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Our mineral resources and mineral reserves
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