Exxaro's integrated report for the year ended 31 December 2024 communicates our value creation story to our stakeholders, particularly our shareholders and other providers of financial capital.
Risks, opportunities and outcomes from:
Business model and our related capital constraints
Creation, preservation and erosion of value across the six capitals.
Joint arrangements | Subsidiaries | Investments
The board of directors (board) acknowledges its responsibility for ensuring the integrity of our reporting suite, including this integrated report, which was prepared in accordance with the Integrated Reporting Framework. The board believes the report addresses all of Exxaro's material matters and presents a balanced view of our strategy, business model and Exxaro's ability to create and preserve value over the short, medium and long term, as defined by the six capitals. The report remains the ultimate responsibility of the board, is prepared under the supervision of senior management and is subject to rigorous internal and external assurance reviews.
Mvuleni Geoffrey Qhena
Independent non-executive director and chairman
Ben Magara*
Executive director and chief executive officer (CEO)
Riaan Koppeschaar
Executive director and finance director (FD)
Geraldine Fraser-Moleketi
Lead independent non-executive director
Karin Ireton
Independent non-executive director
Billy Mawasha
Independent non-executive director
Nondumiso Medupe
Independent non-executive director
Dr Phumla Mnganga
Independent non-executive director
Nosipho Molope
Independent non-executive director
Chanda Nxumalo
Independent non-executive director
Peet Snyders
Independent non-executive director
Isaac Malevu
Non-executive director
Mandlesilo Msimang
Non-executive director
Zwelibanzi Mntambo
Non-executive director
* Appointed as CEO on 1 April 2025 and stepped down as independent non-executive director on 31 March 2025.
15 April 2025
Our belief in sustainable value creation is inspired by carefully considering the relationship between the resources we use and affect and potential trade-offs in strategic decision making. We integrate the six capitals into our business model and strategy and continuously strive to positively contribute to and negate any adverse impact on these capitals.
As part of embedding ESG into the business, we voluntarily endorse the United Nations (UN) 17 Sustainable Development Goals (SDGs). We also participate in the National Business Initiative in South Africa to align the 17 SDGs with the country's National Development Plan and implement leading practices to uphold the most material SDGs to ensure we leave a lasting positive impact. The SDGs that Exxaro materially impacts are highlighted in colour alongside.
Integrated thinking provides the foundation for our ability to create value over time and is the basis of the integrated reporting process.
Our integrated reporting process ensures this thinking is communicated effectively to stakeholders, reinforcing accountability and transparency.
Our integrated report is our primary report, providing an integrated lens through which to understand our activities, performance (financial and other) and outcomes – past, present and future – in terms of the capitals. It focuses on issues that could substantively impact our ability to create value in the short term (one to five years), medium term (six to 10 years), and long term (over 10 years).
Our double materiality determination process guides the information included in our reporting suite. This report integrates material financial information with sustainability-related risks and opportunities that influence enterprise value.
Stakeholder engagement, analysis of operating context, risk and opportunity assessment, validation by the executive committee and board.
Refer to the diagram below for the application of materiality across our reporting suite and audience alignment.
The report content is prepared using various documents and insights from discussions with subject matter specialists across Exxaro.
Utilising strategy, governance and results presentations, and contributions from Exxaro subject matter specialists.
Collaboration across departments ensures the integration of diverse perspectives and expertise, aligning our reporting with stakeholder expectations and strategic priorities.
The reporting team comprises Exxaro subject matter specialists and external reporting consultants.
Exxaro complies with all relevant legislation and financial reporting frameworks. We fully support the voluntary adoption of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures, which were effective from 1 January 2024. These standards seek to provide a globally consistent and transparent framework, enabling businesses to disclose sustainability-related risks and opportunities comparably.
We recognise the integration of the Task Force on Climate-related Financial Disclosures (TCFD) into the International Sustainability Standards Board's (ISSBTM) scope and support the ISSB's collaboration with the Global Reporting Initiative to ensure complementary standards. In addition to this integrated report, we publish supplementary sustainability disclosures, such as our ESG report, aligned with Global Reporting Initiative standards and incorporating TCFD-aligned content. Exxaro actively engages with industry bodies and monitors regulatory developments in South Africa regarding these standards. While we are refining our approach, our immediate focus in 2024 was to develop our decarbonisation roadmap, which aligns with our broader sustainability commitments.
For a visual representation of the frameworks and standards we apply across our reporting suite, refer to the diagram on Creating sustainable growth and impact .
For an overview of our responses to TCFD reporting requirements, refer to our databook.
Governance structures ensure Exxaro's integrated reporting aligns with strategic objectives, regulatory requirements and various sustainability standards. Oversight is provided by the executive committee, board sub-committees and departmental heads before submission to the board for review and approval.
Reviews by the executive committee, board sub-committees and departmental heads before final review and approval by the board.
We apply a combined assurance model to optimise assurance by management, as well as internal and external providers. Assurance efforts support the integrity of information used in decision making and external reporting.
Internal assurance and external reviews.
We provide an overview of the level of assurance across our reporting suite on the next page, and detail on our assurance approach, level and outcomes in combined assurance for effective governance.
Our reporting suite reflects a comprehensive approach to meeting the diverse needs of our stakeholders.
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