July Ndlovu, who us one of the highest paid CEOs in South Africa, earned a whopping R129. 46 million (about USD$7.6 million) last year. The 57-Year old former UZ student is a respected mining leader in South Africa and is the CEO of Thungela Resources. He earns an average of R354 767 a day.
H – Metro broke down his mega salary and saw that he earns an average of USD$18 659 every day. This translates to an average of USD$130 613 a week. Every hour, Ndlovu is earning a coolUSD$777 or USD$12,95 a minute.
His monthly salary is about USD$522 450 is close to what Cuthbert Dube used to earn, as a package, every month during his days as the CEO at the Public Service Medical Aid Society. Dube was pushed out amid a furious backlash from the public who felt that he did not deserve the huge monthly earnings. Remuneration reports from South Africa’s most prominent mining companies revealed their CEOs pocketed massive salaries last year, with some earnings more than quadruple that of the best paid banking CEOs.
According to the Mineral Council of South Africa, the mining sector is an important contributor to South Africa’s fiscus and its citizens.
Last year, the industry’s direct contribution to gross domestic product(GDP) grew by 4 percent ro R494 billion compared to R745 billion in 2021 – raising uts percentage contribution to the economy to 7,53 percent. In 2021, the South African mining industry posed a notable milestone when a total value of the minerals produced exceeded R1 trillion for the first time.
BHP Billiton’s chief executive Mike Henry, the top paid mining CEO on this list, took home a whopping USD$14,7 million (R269, 22 million) last year. This figure includes base salary, short term incentives, cash bonuses, benefits and long term incentive plans. This is 4,3 times more than what Capitec CEO Gerrie Fourie was paid (R62 million) and almost five times more than Nedbank CEO, Mike Brown, who earned R43,6 million.
