Dr Nombasa Tsengwa, CEO of Exxaro, praised Kgabi Masia, Chief Coal Operations Officer, and his marketing team.

It was a tough year for our business and industry. Despite some hard knocks, Exxaro demonstrated great operational resilience, increasing its coal price realisation by 8%, containing its coal costs below coal mining inflation while achieving another year of being fatality free.

On the global front, the steep decline in thermal coal prices and changes to global thermal coal trade flows put pressure on our profit margins and made cost containment a business imperative. Locally, we faced many logistics challenges compounded by a softer pricing environment, a lower demand from Eskom due to short-term disruptions, intensified electricity shortages and a volatile Rand. And yet we not only survived but proved that our people, strategy, and operations have the strength to tackle adversity head on.