Major mining CEO resigns amid boardroom battle

The suspended CEO of South African coal producer Exxaro Resources resigned over the handling of a probe into allegations over her conduct.

Nombasa Tsengwa submitted her resignation in a February 5 letter seen by Bloomberg News. An Exxaro spokesperson didn’t immediately respond to a call, email and text message seeking comment.

The company had placed her on precautionary suspension over claims related to “workplace conduct and governance practice” and appointed law firm ENS to undertake an independent investigation, it said in December.

In addition to accusations of bullying, Tsengwa received a charge sheet that accused her of conflict of interest and breaches of duty of good faith, she said in the letter.

The way the investigation was conducted and questioning at ENS offices “demonstrate that there is a predetermined outcome, which I refuse to subject myself further to,” she wrote.

Tsengwa took over as Exxaro’s first woman CEO in August 2022 after heading its coal business. The Minerals Council of South Africa elected her as its president in June.

The resignation comes as Exxaro looks to further diversify away from coal. After a failed attempt to buy a copper mine, the company is considering investing in manganese.

It has discussed the potential acquisition of the Tshipi Borwa mine, people familiar with the matter said in December.