Coal Miner Exxaro to Buy Manganese Assets for $640 Million

South African coal miner Exxaro Resources Ltd. will acquire manganese mines for about 11.67 billion rand ($640 million) to diversify into critical minerals.

The transaction will give Exxaro controlling stakes in the Tshipi Borwa and Mokala mines in the Kalahari Manganese Field, the company said on Tuesday. The unadjusted price payable for the equity could be subject to change due to pre-emptive rights and other factors.