News / National
Zimbabwean who went from earning R1,500 to R5m per month
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July Ndlovu went from a rural village in Zimbabwe to becoming the CEO of Thungela Resources, one of South Africa's most successful coal mining companies.
He began his career as a graduate trainee engineer, earning R1,500 per month, but ultimately became a corporate elite, earning R59.79 million in 2024, or R4.98 million per month.
After a remarkable three-decade career in mining, Ndlovu is preparing to step down as CEO, and he looks back with pride on a journey defined by leadership, purpose, and transformation.
Ndlovu was born on 25 July 1965 in a small rural village in the middle of Zimbabwe to two subsistence farmers.
He went to Gokomere High School, a Roman Catholic mission boarding school situated 17 km outside the city of Masvingo, Zimbabwe.
He then went on to complete a degree in metallurgical engineering at the University of Zimbabwe. However, engineering wasn't his first choice.
"I told my friends that I was a failed medical doctor, having started trying to study medicine at varsity. But actually, it turned out not to be for me. I just didn't enjoy it," he said.
More importantly, he noted that at that time, he met an Anglo executive who talked about what mining can do for communities and people.
"It just sounded like, oh my God, these guys do stuff that matters. That pivotal conversation changed everything. I switched over to mining, and 35 years later, here I am."
Ndlovu began his mining career in 1993, earning R1,500 a month as a graduate trainee engineer.
Over the decades, he would rise through the ranks quickly. By 2001, he joined Anglo American Platinum (Amplats) as business manager at the Polokwane Smelter.
He was promoted in 2004 to refinery manager of Amplats' Rustenburg Base Metals Refineries, followed by a role as head of process technology in 2005.
In 2007, he became the company's executive head of process technology and was appointed as a director of companies.
Nldovu spent most of his career in leadership roles, an experience he believes shaped his outlook on business and people.
"I got into leadership very early on. I've probably been a leader of people for close to 30 years of my career," he said.
"You start off calculating stuff, but at some point, you transition to leading people, and then your life changes."
In 2016, he was appointed CEO of Anglo American's coal businesses in South Africa. Then, in 2021, he led the newly formed Thungela Resources following its demerger from Anglo American.
Under his leadership, the company not only survived but flourished, despite challenges such as the COVID-19 pandemic and ongoing logistical issues at Transnet.
Reflecting on this period, Ndlovu said the most important leadership lesson he learned was that "leadership is about dealing with uncertainty."
"You're never going to have perfect information. You just hope you make more right decisions than wrong ones." He also challenged the idea that leadership is lonely.
"If you accept that you're a shepherd, that your job is to create an environment where people can be their best, then people choose to carry you on their shoulders. That's been my experience at Thungela."
Thungela's success under Ndlovu's guidance is undeniable. The company reported a 16% year-on-year increase in revenue to R35.6 billion in 2024, despite weaker commodity prices.
The inclusion of the Australian-based Ensham coal business for a full year (compared to just four months in 2023) contributed significantly to the results, adding R676 million to the R3.5 billion net profit.
Ndlovu is proud of what the company has achieved. "We started with a market cap of R3 billion on day one. We've returned R22 billion to shareholders in four years," he said.
"If Transnet had performed, we would have created even more value. But let's not focus on what we didn't do. Let's celebrate the transformational value we created."
With an income that soared to R59.79 million in 2024—averaging nearly R5 million per month—Ndlovu's career is one of South Africa's most impressive mining success stories.
But now, he is ready for the next chapter as he steps aside from his role at Thungela.
"For the first time in 35 years, I can be spontaneous. I can travel, read the books I never had time for, and spend time with my dear wife," he said.
"We met when we were 17, now I'm coming back to her so we can do the things we've always wanted to do together."
Though he will remain active on a few select boards, he said his priority has shifted. "I don't want to be too busy. I'll choose very carefully. I want to be where I can make a difference," he said.
"Most importantly, I'm looking forward to making up for lost time and being present for my family. That's my first priority now."
Ndlovu said that becoming the CEO of a major coal mining company was his highest personal achievement.
"I was born to peasant farming parents in a remote rural village in the middle of Zimbabwe, and this could have limited my dreams to being a head boy, having a wife chosen for me, and, like most of the boys of my time, a career working the red soils our people so cherished," he said.
He began his career as a graduate trainee engineer, earning R1,500 per month, but ultimately became a corporate elite, earning R59.79 million in 2024, or R4.98 million per month.
After a remarkable three-decade career in mining, Ndlovu is preparing to step down as CEO, and he looks back with pride on a journey defined by leadership, purpose, and transformation.
Ndlovu was born on 25 July 1965 in a small rural village in the middle of Zimbabwe to two subsistence farmers.
He went to Gokomere High School, a Roman Catholic mission boarding school situated 17 km outside the city of Masvingo, Zimbabwe.
He then went on to complete a degree in metallurgical engineering at the University of Zimbabwe. However, engineering wasn't his first choice.
"I told my friends that I was a failed medical doctor, having started trying to study medicine at varsity. But actually, it turned out not to be for me. I just didn't enjoy it," he said.
More importantly, he noted that at that time, he met an Anglo executive who talked about what mining can do for communities and people.
"It just sounded like, oh my God, these guys do stuff that matters. That pivotal conversation changed everything. I switched over to mining, and 35 years later, here I am."
Ndlovu began his mining career in 1993, earning R1,500 a month as a graduate trainee engineer.
Over the decades, he would rise through the ranks quickly. By 2001, he joined Anglo American Platinum (Amplats) as business manager at the Polokwane Smelter.
He was promoted in 2004 to refinery manager of Amplats' Rustenburg Base Metals Refineries, followed by a role as head of process technology in 2005.
In 2007, he became the company's executive head of process technology and was appointed as a director of companies.
Nldovu spent most of his career in leadership roles, an experience he believes shaped his outlook on business and people.
"I got into leadership very early on. I've probably been a leader of people for close to 30 years of my career," he said.
"You start off calculating stuff, but at some point, you transition to leading people, and then your life changes."
Under his leadership, the company not only survived but flourished, despite challenges such as the COVID-19 pandemic and ongoing logistical issues at Transnet.
Reflecting on this period, Ndlovu said the most important leadership lesson he learned was that "leadership is about dealing with uncertainty."
"You're never going to have perfect information. You just hope you make more right decisions than wrong ones." He also challenged the idea that leadership is lonely.
"If you accept that you're a shepherd, that your job is to create an environment where people can be their best, then people choose to carry you on their shoulders. That's been my experience at Thungela."
Thungela's success under Ndlovu's guidance is undeniable. The company reported a 16% year-on-year increase in revenue to R35.6 billion in 2024, despite weaker commodity prices.
The inclusion of the Australian-based Ensham coal business for a full year (compared to just four months in 2023) contributed significantly to the results, adding R676 million to the R3.5 billion net profit.
Ndlovu is proud of what the company has achieved. "We started with a market cap of R3 billion on day one. We've returned R22 billion to shareholders in four years," he said.
"If Transnet had performed, we would have created even more value. But let's not focus on what we didn't do. Let's celebrate the transformational value we created."
With an income that soared to R59.79 million in 2024—averaging nearly R5 million per month—Ndlovu's career is one of South Africa's most impressive mining success stories.
But now, he is ready for the next chapter as he steps aside from his role at Thungela.
"For the first time in 35 years, I can be spontaneous. I can travel, read the books I never had time for, and spend time with my dear wife," he said.
"We met when we were 17, now I'm coming back to her so we can do the things we've always wanted to do together."
Though he will remain active on a few select boards, he said his priority has shifted. "I don't want to be too busy. I'll choose very carefully. I want to be where I can make a difference," he said.
"Most importantly, I'm looking forward to making up for lost time and being present for my family. That's my first priority now."
Ndlovu said that becoming the CEO of a major coal mining company was his highest personal achievement.
"I was born to peasant farming parents in a remote rural village in the middle of Zimbabwe, and this could have limited my dreams to being a head boy, having a wife chosen for me, and, like most of the boys of my time, a career working the red soils our people so cherished," he said.
Source - businessdaily.co.zw
