Exxaro Resources Limited - Exxaro lists on JSE Limited Release Date: 27/11/2006 09:00:01 Code(s): EXX
Exxaro Resources Limited - Exxaro lists on JSE Limited
EXXARO RESOURCES LIMITED
Incorporated in the Republic of South Africa
Registration number: 2000/011076/06
EXXARO LISTS ON JSE LIMITED
Diversified mining and metals group Kumba Resources Limited today re-listed on
the JSE Limited as Exxaro Resources Limited (Exxaro), a result of the landmark
empowerment transaction involving Kumba, Anglo American plc, the Industrial
Development Corporation and Eyesizwe Mining (Proprietary) Limited.
Exxaro is South Africa"s flagship empowerment mining company and as South
Africa"s largest black-controlled, diversified resources company, is well
positioned to grow organically. Its existing operational interests in South
Africa, Namibia, Australia and China and a strong project pipeline provides the
Group with a base for growth both locally and offshore.
Speaking at the company"s listing event at the JSE Limited today, Exxaro"s chief
executive officer (CEO), Dr Con Fauconnier, said: "This is an extremely proud
moment for Exxaro and for the industry in which we operate. Kumba Resources,
Eyesizwe Coal, and now Exxaro have always been committed to achieving a globally
competitive South African mining company that fully reflects the country in all
respects. Exxaro meets these critieria and we expect investors to acknowledge
the value held within Exxaro and the exceptional potential of the company."
Exxaro is currently the fourth largest coal producer in South Africa and its
mineral sands business is unique in being the only integrated producer from mine
to pigment. The company is the only zinc producer in the country.
The company holds a significant iron ore interest through a 20% stake in the
Sishen Iron Ore Company, part of the Kumba Iron Ore group, which operates the
Sishen and Thabazimbi iron ore mines in South Africa. Sishen Iron Ore Company is
the world"s fourth largest iron ore exporter.
Exxaro"s short-term strategy is to consolidate and integrate the assets,
operations and projects of Kumba, Eyesizwe Coal and Namakwa Sands for maximum
benefit and to optimise the potential synergies of the enlarged group. The
company intends exercising an option offered as part of the transaction to
acquire Namakwa Sands and a 26% stake in the Black Mountain operation and
Gamsberg project from Anglo American.
Exxaro"s CEO designate, Sipho Nkosi, said: "Exxaro is well positioned to
leverage its employee expertise, strong operations base and growth pipeline to
retain and further enhance its position as a leader in its chosen commodities."
The longer-term Exxaro strategy is to leverage the advantage it enjoys in South
Africa"s Waterberg coalfield, where it has the only existing operating mine and
high-quality reserves, and to satisfy growing domestic demand for power station
coal, reductants and metallurgical coal. The ability to produce a full range of
mineral sands products, global operations and high level of expertise lends
itself to developing strategic opportunities.
The empowerment transaction involved the unbundling of Kumba"s iron ore assets
to form Kumba Iron Ore, a separate, iron ore focused company which successfully
listed on the JSE Limited on 20 November 2006.
Exxaro is a diversified resources company with interests in the coal, mineral
sands, base metals, industrial minerals and iron ore commodities. www.exxaro.com
Executive General Manager: Corporate Affairs & Investor Relations
Tel: +27 (0) 12 307 3292
Mobile: +27 (0) 83 609 1444
27 November 2006
Sponsor: J.P.Morgan Equities Limited
Date: 27/11/2006 09:00:06 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department