IN public, Mxolisi Mgojo – neat, polite, self-contained – has borne with patience an endless stream of teasing from Exxaro Resources CEO, Sipho Nkosi. In the background, however, more serious business is afoot. For instance, the two have been swerving political hazards, not least of which has been the late commissioning of the Medupi power project owned by the South African government’s power utility, Eskom. Nkosi and Mgojo have insisted Exxaro be paid for coal that its Grootegeluk mine expanded to deliver to Medupi. More than R3bn in penalties has been paid by Eskom because its Medupi could not buy all of the contracted coal. The government has also leaned on Exxaro to further empower itself before it would approve Exxaro’s purchase of Total Coal South Africa. Again, Exxaro demurred and won. Mgojo, who will succeed Nkosi on April 1 after an eleven-month handover, will see 2016 as an opportunity to recover and consolidate after a year in which Exxaro idled its disastrous Mayoko iron ore investment in the Republic of Congo. The company has also recently rescheduled coal projects and expansions – all in the name of balance sheet security – amid the rapid deterioration of the coal export price. Mgojo will also have to oversee the divestment of Nkosi’s stake in Exxaro, a potentially complex rejigging of its empowerment credentials.
LIFE OF MOLISI
Mxolisi, who is 55, headed marketing and logistics at Eyesizwe Coal and at Exxaro has overseen all aspects of the operations, from coal to base metals. He has 20 years of experience in operations, finance and logistics. He holds a BSc in Computer Science, an honours degree in energy studies, an MBA and has completed an advanced management programme.
- Web Address: www.exxaro.com