Exxaro Resources Limited
Environmental, social and governance report for the year ended 31 December 2025
Exxaro is a South African JSE-listed company that is becoming a diversified natural resources champion, with coal as our core commodity and an established energy solutions business. Listed almost two decades ago, we have deep roots in mining and a track record of operational excellence.
With a market capitalisation of R61.2 billion (2024: R55.2 billion) and a substantial asset base, we are well positioned to deliver meaningful returns to our shareholders and create value for all our stakeholders in the short, medium and long term.
For detailed information on our group structure, refer to the 2025 annual financial statements.
Transition at
speed and scale
Make our minerals
and energy businesses thrive
Empower people
to create impact
Be carbon neutral
by 2050
Become a catalyst for economic growth and
environmental stewardship
Powering better lives in Africa and beyond means we aim to provide resources (people, minerals, energy and capital) critical to ensuring a responsible energy transition towards a low-carbon future.
Resources powering a clean world means we strive to have a positive impact on the environment and communities we serve while responsibly maximising the value of our coal assets.
Our success lies in the strength of our culture and values, which strengthen our resilience and ensure we deliver stakeholder value.
Our values are:Exxaro responsibly explores, develops and operates mineral and renewable energy resources that power sustainable growth and support South Africa’s transition to a low-carbon economy. Through our coal, metals and energy solutions businesses, we create enduring value for our stakeholders while advancing environmental stewardship, social inclusion and principled governance across the resource lifecycle.
We are committed to creating value for our stakeholders, including our people, communities, suppliers, customers, governments and the financial community including our shareholders.
Read regarding our stakeholder engagement.
Our diversified asset portfolio comprises interests primarily in thermal coal (where we are among the top three South African coal producers), a growing energy solutions business and equity-accounted investments in iron ore and zinc, (among other base metals).
This business includes coal operations and equity stakes in iron ore and zinc. In Europe, we operate a marketing and logistics company based in Switzerland, while in Australia, we participate in the Moranbah South project through a joint operation with Anglo Coal Grosvenor Proprietary Limited.
We are expanding into manganese, copper and other energy transition metals to strengthen our contribution to a sustainable future and enhance stakeholder value. At the same time, our coal assets remain a key differentiator and central to the value we create.
We invested R2.3 billion in sustaining our coal business this year (2024: R2.1 billion).
We own the largest high-quality Coal Reserves remaining in South Africa, providing a platform for the country’s current and future energy landscape.
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.
We agreed to acquire a portfolio of high-quality manganese assets in May 2025, with the transaction concluded in 2026.
Post-year end, we signed a new long-term coal supply agreement with Eskom, securing the continued supply of coal from our Matla mine to the Matla power station.
Read the consolidated Mineral Resources and Mineral Reserves report for detailed disclosure on our minerals business and its performance this year.
Supporting our decarbonisation and diversification goals, Exxaro’s energy solutions business operates through our wholly owned subsidiary, Cennergi Holdings Proprietary Limited.
The business continues to build a pipeline of opportunities for Exxaro and external offtakers.
Our energy solutions business underpins our ambition of a 1 600MW energy portfolio by 2030, supplying energy to our coal and future energy transition metals operations, and external customers, including mines and large industrial companies.
We invested R2.3 billion in sustaining our coal business this year (2024: R2.1 billion).
We own the largest high-quality Coal Reserves remaining in South Africa, providing a platform for the country’s current and future energy landscape.
Cennergi’s operating wind asset project financing of R3.7 billion (2024: R4.1 billion) will mature and be fully settled by the end of 2031. Cennergi’s assets under construction project financing will be fully settled by the end of 2046.
Read decarbonising our operations for details.
