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Key Points
- Moses Madondo, a seasoned mining expert, will become Thungela Resources’ CEO on August 1, 2025, bringing over 25 years of industry experience.
- Madondo succeeds July Ndlovu, whose leadership saw Thungela’s assets grow by 18.54% in H1 2024, laying a strong foundation for future growth.
- Thungela’s market cap remains above $1 billion, with shares rising 81 basis points following Madondo’s appointment announcement.
Moses Madondo, a seasoned South African mining expert, is set to become the Chief Executive Officer (CEO)-designate of Thungela Resources Limited, a billion-dollar thermal coal exporter, starting August 1, 2025. Madondo, who currently serves as CEO of De Beers Group Managed Operations, brings over 25 years of experience in the mining industry to his new role.
Madondo to succeed Ndlovu at Thungela
Madondo's appointment follows the successful leadership of July Ndlovu, who has guided Thungela since its demerger from Anglo American Plc in 2021. Ndlovu, who will retire in July 2025 at the company's mandated retirement age of 60, has been instrumental in shaping Thungela's growth and positioning the company for long-term success.
Under Ndlovu's guidance, Thungela's assets grew by 18.54 percent in the first half of 2024, reaching R46.02 billion ($2.58 billion) by June 30, up from R38.83 billion ($2.18 billion) at the end of 2023. His leadership has laid a strong foundation for the company’s future, ensuring it is well-positioned for the next phase of its journey.
In December 2024, Thungela reached an agreement to acquire the remaining 15 percent interest in the Ensham Business in Australia for ($29.9 million), subject to regulatory approval. This acquisition will give Thungela full ownership of the Ensham coal mine and associated assets, reinforcing presence in key export markets and ensuring the ongoing stability of its operations.
Madondo brings expertise to new role
Madondo’s appointment follows a thorough selection process, highlighting his distinguished career, which includes senior roles at AngloGold Ashanti, such as Senior Vice President for South African Operations and Senior Vice President for Innovation and Technology. Throughout his career, he has been committed to operational excellence and safety, with a deep understanding of the technical and strategic challenges faced by the mining industry.
A mechanical engineer by training, Madondo holds a Bachelor of Science in Mechanical Engineering, an Executive MBA from the University of Cape Town, and an Advanced Management Program from Harvard Business School. His leadership has been marked by a focus on safety in mining operations, a key area of importance for Thungela as it moves forward.
Thungela's market capitalization tops $1 billion
In addition to his executive roles, Madondo has served on the board of the Minerals Council of South Africa and at Rand Refinery Ltd. With leadership experience in both South Africa and Canada, he is well-prepared to guide Thungela in its continued development and commitment to operational integrity.
Thungela’s board has expressed strong confidence in Madondo’s leadership, looking forward to his guidance as the company navigates new opportunities and challenges. His appointment is expected to lead Thungela toward sustained strategic success.
Following the announcement, Thungela’s shares rose by over 60 basis points on the Johannesburg Stock Exchange (JSE), bringing the company’s market capitalization to over $1 billion, estimated at R18.62 billion ($1.004 billion).
