JULY Ndlovu, who is one of the highest paid CEOs in South Africa, earned a whooping R129.46 million (about US$7.6 million) last year.

The 57-year-old former University of Zimbabwe 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.

We broke down his mega salary and saw that he earns an average of US$18 659 every day.

This translates to an average of US$130 613 a week.

Every hour, Ndlovu is earning a cool US$777 or US$12.95 a minute.

His monthly salary of about US$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 some of South Africa’s most prominent mining companies last week revealed their CEOs pocketed massive salaries last year, with some earning more than quadruple that of the best-paid banking CEOs.

According to the Minerals 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 to R494 billion compared with R475 billion in 2021 — raising its percentage contribution to the economy to 7,53 percent.

In 2021, the South African mining industry passed a notable milestone when the 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 US$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. — H-Metro Reporter/businesstech.co.za.

Leave a Reply

Your email address will not be published. Required fields are marked *