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Exx - Exxaro - Reviewed Condensed Group Interim Financial Results And Physical

Release Date: 16/08/2007 07:00:04      Code(s): EXX
EXX - Exxaro - Reviewed condensed group interim financial results and physical  
information for the six months ended 30 June 2007                               
Exxaro Resources Limited                                                        
Registration number: 2000/011076/06                                             
ISIN code: ZAE000084992                                                         
JSE share code: EXX                                                             
ADR code: EXXAY                                                                 
Reviewed condensed group interim financial results and physical information     
for the six months ended 30 June 2007                                           
* Delivering on growth                                                          
* Successful integration of Kumba Coal and Eyesizwe Coal                        
* Headline earnings of 246 cents per share                                      
* Interim dividend of 60 cents per share                                        
* Share placement increased free float                                          
CONDENSED GROUP INCOME STATEMENT                                                
6 months  6 months   12 months   
                                               ended      ended     ended       
                                               30 June   30 June    31 Dec      
                                               2007      2006       2006        
Reviewed  Reviewed   Audited     
    CONTINUING OPERATIONS                      Rm        Rm         Rm          
    Revenue                                     4 852     3 055      7 263      
    Operating expenses                          (3 961)   (2 393)    (6 022)    
Fair value adjustment on unbundling of                          17 963      
    subsidiary                                                                  
    BEE credential expense and unbundling                                       
    costs                                                (79)       (821)       
Impairment of property, plant and                                           
    equipment                                            (784)      (784)       
    Net operating profit/(loss)                 891       (201)      17 599     
    Net financing costs (note 4)                (109)     (125)      (307)      
Share of income from equity accounted                                       
    investments                                401       24         159         
    Profit/(loss) before taxation (note 2)      1 183     (302)      17 451     
    Taxation                                    (330)     (42)       (578)      
Profit/(loss) for the period from                                           
    continuing operations                       853       (344)      16 873     
    Profit for the period from discontinued                                     
    operations (note 5)                                  1 421      2 323       
Profit for the period                       853       1 077      19 196     
    Attributable to:                                                            
    Equity holders of the parent                839       1 067      19 169     
    Minority interest                           14        10         27         
Profit for the period                      853        1 077      19 196     
    Ordinary shares (million)                                                   
    - in issue                                  352       309        351        
    - weighted average number of shares         341       307        313        
- diluted weighted average number of                                        
    shares                                     354       315        318         
    Attributable earnings per share (cents)                                     
    - basic                                     246       348        6 124      
- diluted                                   237       339        6 028      
    Attributable earnings/(loss) per share                                      
    from continuing operations (cents)                                          
    - basic                                     246       (115)      5 382      
- diluted                                   237       (112)      5 297      
    Attributable earnings per share from                                        
    discontinued                                                                
      operations (cents)                                                        
- basic                                              463        742         
    - diluted                                            451        731         
    Dividend paid per share (cents) in                                          
    respect                                                                     
of the previous financial year                       160        160         
    Dividend paid per share (cents) in                                          
    respect                                                                     
    of the interim period                                180        180         
Special dividend paid per share (cents)                         185         
    on unbundling                                                               
    Dividend declared per share (cents) in                                      
    respect of the interim period              60                               
Reconciliation of headline earnings                                         
    Net profit for the period attributable to                                   
    ordinary shareholders                      839       1 067      19 169      
    Adjusted for:                                                               
- Impairment charges (note 3)                        784         784        
    - Share of associate`s net profit on                                        
    disposal of property, plant and equipment  (1)                  (1)         
    - Excess of minority interest over cost                                     
of acquisition                                       (36)       (36)        
    - Net deficit/(surplus) on disposal of                                      
    property, plant and equipment               2         (19)      3           
    - Fair value adjustment prior to                                            
unbundling                                                      (17 963)    
    - Net profit on disposal of investment                (21)       (39)       
    - Taxation effect of adjustments            (1)       (216)      (219)      
    Headline earnings                          839       1 559      1 698       
Headline earnings from discontinued                                         
    operations                                           1 423      2 328       
    Headline earnings from continuing                                           
    operations                                 839       136        (630)       
Headline earnings per share (cents)                                         
    - basic                                    246       508        542         
    - diluted                                  237       495        534         
    Headline earnings per share from                                            
continuing operations (cents)                                               
    - basic                                    246       44          (201)      
    - diluted                                  237       43          (198)      
    Headline earnings per share from                                            
discontinued operations (cents)                                             
    - basic                                              464        744         
    - diluted                                            452        732         
CONDENSED GROUP BALANCE SHEET                                                   
As at 30  As at 30   As at 31    
                                               June      June       Dec         
                                               2007      2006       2006        
                                               Reviewed  Reviewed   Audited     
Rm        Rm         Rm          
    ASSETS                                                                      
    Non-current assets                                                          
    Property, plant and equipment              7 743     8 164      7 583       
Biological assets                          26        29         26          
    Intangible assets                          74        67         69          
    Investments in unlisted associates and                                      
    joint ventures (note 7)                    724       141        384         
Deferred taxation                          701       636        748         
    Other financial assets (note 7)            1 046     478        693         
                                               10 314    9 515      9 503       
    Current assets                                                              
Inventories                                1 645     1 774      1 391       
    Trade and other receivables                1 633     2 562      1 663       
    Cash and cash equivalents                  857       1 335      906         
                                               4 135     5 671      3 960       
Non-current assets classified as held for                                   
    sale                                       95        12         2           
    Total assets                               14 544    15 198     13 465      
    EQUITY AND LIABILITIES                                                      
Capital and reserves                                                        
    Ordinary shareholders` equity              9 276     8 329      8 142       
    Minority interest                          29        18         27          
    Total shareholders` equity                 9 305     8 347      8 169       
Non-current liabilities                                                     
    Interest-bearing borrowings                1 299     1 654      1 214       
    Non-current provisions                     1 168     773        931         
    Deferred taxation                          1 097     1 114      1 116       
3 564     3 541      3 261       
    Current liabilities                                                         
    Trade and other payables                   1 436     1 524      1 321       
    Interest-bearing borrowings                131       1 162      613         
Taxation                                   82        603        67          
    Current provisions                         26        21         30          
    Shareholders for dividends                                      4           
                                               1 675     3 310      2 035       
Total equity and liabilities               14 544    15 198     13 465      
    Net debt (note 9)                          573       1 481      921         
    Net asset value per share (cents)          2 635     2 695      2 320       
    Capital expenditure                                                         
-  incurred                                396       861        2 010       
    - contracted                               417       1 337      842         
    - authorised but not contracted            693       2 603      732         
    Capital expenditure contracted relating                                     
to                                                                          
    captive  mines (30 June 2006 Tshikondeni                                    
    and Thabazimbi;  30 June 2007 and 31                                        
    December 2006 Tshikondeni, Arnot and                                        
Matla), which will be financed by Mittal                                    
    Steel South Africa and Eskom respectively  444       131        8           
    Commitment relating to the acquisition of                                   
    Namakwa Sands and a 26% interest in Black                                   
Mountain (Pty) Limited from Anglo                                           
    Operations Limited, subject to price                                        
    adjustments                                2 353                            
    Contingent liabilities                     166       100        100         
Operating lease commitments                122       165        124         
    Operating sublease rentals receivable      1         1          10          
CONDENSED GROUP CASH FLOW STATEMENT                                             
                                               6 months  6 months   12 months   
ended 30   ended 30  ended 31    
                                               June      June       Dec         
                                               2007      2006       2006        
                                               Reviewed  Reviewed   Audited     
Rm        Rm         Rm          
    Cash retained from operations              1 255     2 282      4 761       
    - income from equity accounted                                              
    investments                                71                               
- net financing costs                       (64)      (121)      (278)      
    - taxation paid                             (309)     (895)      (1 927)    
    - dividends paid (note 6)                   (4)       (492)      (3 396)    
    Cash used in investing activities                                           
- capital expenditure                       (396)     (861)      (2 010)    
    - proceeds from disposal of property,                                       
    plant and equipment                         10        150        170        
    - acquistion of subsidiary                  (8)                  (1 545)    
- investments acquired                      (240)                           
    - proceeds from disposal of investment                23         26         
    - other                                     (5)       96         308        
    Net cash inflow/(outflow)                   310       182        (3 891)    
Net cash flow from financing activities                                     
    - cash flows from issue of shares           100      105        2 199       
    - borrowings (repaid)/raised                (468)     (435)      1 518      
    Net (decrease) in cash and cash                                             
equivalents                                (58)      (148)      (174)       
    Special purpose entities consolidated       9                               
    Less cash and cash equivalents of                                           
    unbundled subsidiaries                                          (403)       
Cash and cash equivalents beginning of                                      
    period                                     906       1 483      1 483       
    Cash and cash equivalents end of period    857       1 335      906         
NOTES TO THE GROUP FINANCIAL RESULTS                                            
1. Basis of preparation                                                         
The condensed interim financial results are prepared in accordance with         
International Accounting Standard 34 on Interim Financial Reporting and should  
be read in conjunction with the 2006 financial statements. The group financial  
results have been prepared on the historical cost basis excluding financial     
instruments and biological assets which are fair valued, and conform to         
International Financial Reporting Standards. The accounting policies adopted    
are consistent with those applied in the annual financial statements for the    
year ended 31 December 2006.                                                    
                                               6 months  6 months   12 months   
                                               ended 30   ended 30  ended 31    
                                               June      June       Dec         
2007      2006       2006        
                                               Reviewed  Reviewed   Audited     
                                               Rm        Rm         Rm          
    2. Profit/(loss) before taxation from                                       
continuing and discontinuing operations                                     
    is arrived at after                                                         
    Depreciation and amortisation of                                            
    intangible assets                           (368)     (423)      (813)      
Financing costs                             (153)     (200)      (451)      
    Interest received                           44        50         115        
    Net realised foreign exchange                                               
    (losses)/gains on:                                                          
- currency exchange differences             (2)       159        199        
    - revaluation of derivative instruments     6         (144)      (278)      
    Net unrealised foreign exchange                                             
    (losses)/gains on:                                                          
- currency exchange differences             (41)      (107)      (97)       
    - revaluation of derivative instruments     (10)      8          51         
    Fair value adjustment on financial assets   29        36         84         
    Impairment charges (note 3)                           (784)      (784)      
Excess of minority interest over cost of                                    
    acquisition                                           36         36         
    Net profit on disposal of investments                 21         39         
    Fair value adjustment on unbundling of                                      
subsidiary                                                      17 963      
    Net (deficit)/surplus on disposal of                                        
    property, plant and equipment               (2)       19         (3)        
    Share-based payment: BEE credential                                         
expense                                                         (580)       
    Share-based payment expense                 (38)      2          (185)      
    Cost of empowerment transaction,                                            
    unbundling, integration and branding                  (79)       (241)      
3. Impairment charges                                                       
    Impairment of property, plant and                                           
    equipment                                  (6)       (784)      (784)       
    Reversal of impairment of other                                             
investments                                6                                
                                                          (784)      (784)      
    Taxation effect                                       227        227        
                                                          (557)      (557)      
4. Net financing cost                                                       
    Interest expense and loan costs             78        143        354        
    Finance leases                              30        28         39         
    Interest income                             (44)      (50)       (115)      
Net interest expense                        64        121        278        
    Interest adjustment on non-current                                          
    provisions                                 45        29         58          
                                                109      150         336        
Less discontinued operations (note 5)                 25         29         
    Net financing cost as per income            109       125        307        
    statement                                                                   
    5. Discontinued operations                                                  
Exxaro unbundled its iron ore business                                      
    effective 1 November 2006 as part of an                                     
    empowerment transaction and now holds                                       
    only                                                                        
a 20% interest in Sishen Iron Ore Company                                   
    (Pty) Limited which is equity accounted.                                    
    Revenue                                              3 846      6 483       
    Operating expenses                                    (1 912)    (3 385)    
Net operating profit                                 1 934      3 098       
    Net financing costs                                   (25)       (29)       
    Profit before taxation                               1 909      3 069       
    Taxation                                              (488)      (746)      
Profit for the period from discontinued                                     
    operations                                           1 421      2 323       
    Cash flow attributable to operating                                         
    activities                                           430        982         
Cash flow attributable to investing                                         
    activities                                           (430)      (7 025)     
    Cash flow attributable to financing                                         
    activities                                           (261)      5 853       
Cash flow attributable to discontinued                                      
    operations                                           (261)      (190)       
    6. Dividends paid                                                           
    Cash dividends                                        491        1 628      
Share repurchase                                                 1 763      
    Cash dividends paid to minorities                                           
    relating                                                                    
    to previous year                            4         1          5          
4         492        3 396      
                                               As at 30  As at 30   As at 31    
                                               June      June       Dec         
                                               2007      2006       2006        
Reviewed  Reviewed   Audited     
                                               Rm        Rm         Rm          
    7. Investments                                                              
    Unlisted investments in associates                                          
- directors` valuation                      8 900     169        4 812      
    Listed investments included in other                                        
    financial assets - market value(1)                    78         92         
    Unlisted investments included in other                                      
financial assets - directors` valuation     333       35         93         
    (1) Reclassified as non-current asset                                       
    held                                                                        
    for sale in 2007.                                                           
8. Business combination                                                     
    On 27 February 2007, the group acquired                                     
    100% of the issued share capital of Rosh                                    
    Pinah Mine Holdings (Pty) Limited which                                     
is                                                                          
    included in the base metals segment                                         
    results. The acquired business                                              
    contributed neither revenue nor operating                                   
profits to the group for the period from                                    
    27 February 2007 to 30 June 2007. This                                      
    transaction increased the Exxaro                                            
    effective                                                                   
shareholding in Rosh Pinah Zinc                                             
    Corporation (Pty) Limited from 89,5% to                                     
    93,9%.                                                                      
    Details of assets acquired are as                                           
follows:                                                                    
    - cash paid on acquisition                  (8)                             
    - fair value of assets acquired             8                               
    Goodwill                                                                    
Fair value of assets acquired:                                              
    - property, plant and equipment             18                              
    - investments                               15                              
    - interest-bearing borrowings               (25)                            
Fair value of net assets                    8                               
    Total purchase consideration                (8)                             
    Cash outflow on acquisition of subsidiary   (8)                             
9. Net debt                                                                     
Net debt is calculated as being interest-bearing borrowings less cash and cash  
equivalents.                                                                    
10. Related party transactions                                                  
During the period the company and its subsidiaries, in the ordinary course of   
business, entered into various sale and purchase transactions with associates   
and joint ventures. These transactions were subject to terms that are no less   
favourable than those arranged with third parties.                              
11. Post-balance sheet event                                                    
Subsequent to the interim reporting date, Exxaro disposed of its 3,78% interest 
in Mineral Deposits Limited (MDL) for AU$1,25 per share resulting in a net cash 
inflow of AU$14 million.                                                        
12. JSE Limited requirements                                                    
The interim announcement has been prepared in accordance with the listings      
requirements of the JSE Limited.                                                
13. Corporate governance                                                        
The group complies in all material respects with the Code of Corporate Practice 
and Conduct published in the King II Report on Corporate Governance.            
14. Auditors` review                                                            
The interim results have been reviewed by the company`s auditors, Deloitte and  
Touche. Their unmodified review opinion is available for inspection at the      
company`s registered office.                                                    
UNAUDITED COMPARABLE PHYSICAL INFORMATION (`000 TONNES)                         
                                                6        6 months   12 months   
                                                months                          
ended     ended     ended  31   
                                                30 June  30 June    Dec         
                                                2007     2006       2006        
    Coal(1)                                                                     
Production                                                                  
    - Power station                             16 830   16 849     34 599      
         Tied operations(2)                     8 353    8 638      17 596      
         Commercial operations                  8 477    8 211      17 003      
- Coking                                    1 479    1 109      2 496       
         Tied operations                        242      180        363         
         Commercial operations                  1 237    929        2 133       
    - Other commercial operations               2 016    2 339      4 665       
Total                                      20 325   20 297     41 760      
    Sales                                                                       
    - Eskom                                     16 604   16 554     34 665      
         Tied operations                        8 337    8 623      17 598      
Commercial operations                  8 267    7 931      17 067      
    - Other domestic                            2 572    2 449      4 892       
         Tied operations                        214      207        381         
         Commercial operations                  2 358    2 242      4 511       
- Export commercial operations              813      1 092      2 434       
    Total                                       19 989   20 095     41 991      
    Mineral Sands - RSA                                                         
    Production                                                                  
- Ilmenite                                  187      160        319         
    - Zircon                                    19       26         50          
    - Rutile                                    9        12         25          
    - Pig iron                                  48       41         75          
- Scrap pig iron                            9        5          10          
    - Chloride slag                             77       72         134         
    - Sulphate slag                             14       18         36          
    Sales                                                                       
- Ilmenite                                  30       30         50          
    - Zircon                                    14       23         48          
    - Rutile                                    9        9          31          
    - Pig iron                                  45       29         60          
- Scrap pig iron                            4        5          9           
    - Chloride slag                             81       64         104         
    - Sulphate slag                             8        10         30          
    Mineral Sands - Australia(3)                                                
Production                                                                  
    - Ilmenite                                  111      116        227         
    - Zircon                                    19       18         36          
    - Rutile                                    8        9          18          
- Synthetic rutile                          48       54         98          
    - Leucoxene                                 8        7          14          
    - Pigment                                   26       27         54          
    Sales                                                                       
- Ilmenite                                  10                  30          
    - Zircon                                    16       16         32          
    - Rutile                                    2        8          18          
    - Synthetic rutile                          21       19         27          
- Leucoxene                                 7        4          10          
    Base metals                                                                 
    Production                                                                  
    - Zinc concentrate                          53       55         104         
- Zinc metal                                61       56         106         
       Zincor                                   51       48         90          
       Chifeng(4)                               10       8          16          
    - Lead concentrate                          11       13         21          
Zinc metal sales                                                            
    - Domestic                                  45       45         91          
    - Export                                    12       15         24          
    Total                                       57       60         115         
Lead concentrate sales                                                      
    - Export                                    7        12         32          
(1) For comparative purposes the Eyesizwe Coal mines are included for the full  
periods disclosed.                                                              
(2) Tied operations refer to mining operations that supply their entire         
production to either Eskom or Mittal Steel South Africa in terms of contractual 
agreements.                                                                     
(3) The production and sales tonnes reflect Exxaro Sands Australia`s 50%        
interest in the Tiwest joint venture with Tronox Inc., western Australia.       
(4) The effective interest in the physical information for the Chifeng (Hongye) 
refinery has been disclosed.                                                    
GROUP STATEMENT OF CHANGES IN EQUITY                                            
Non-distributable reserves      
                                                   Foreign       Financial      
                                  Share    Share   currency      instruments    
                                  capital  premium translations  revaluation    
Rm       Rm      Rm            Rm             
   Opening balance at 31                                                        
   December 2005                  3        2 937   (29)          (5)            
   Net gains/(losses) not                                                       
recognised in income                            313           18             
   statement                                                                    
   Currency translation                                                         
   differences                                     313                          
Share-based payments movement                                                
   Financial instruments fair                                                   
   value movements recognised in                                                
   equity                                                                       
- recognised in current                                        8             
   period profit or loss                                                        
   - recognised in equity                                         9             
   - fair value adjustment                                        1             
Net profit                                                                   
   Dividends paid                                                               
   Issue of share capital(1)                105                                 
   Balance at 30 June 2006         3        3 042   284           13            
Net gains/(losses) not                                                       
   recognised in income                             120          13             
   statement                                                                    
   Currency translation                                                         
differences                                     135                          
   Share of reserve movements of                                                
   associates                                      6                            
   Share-based payments movement                                                
Financial instruments fair                                                   
   value movements recognised in                                                
   equity                                                                       
   - recognised in equity                                         14            
- fair value adjustment                                        (1)           
   Deferred taxation                               (21)                         
   Net profit                                                                   
   Dividends paid                                                               
Share repurchase                                                             
   Dividend in specie - fair                                                    
   value                                           (25)          (2)            
   Dividend in specie - fair                                                    
value adjustment                                                             
   Dividend in specie - net                                                     
   asset value                                     (25)          (2)            
   Issue of share capital          1        2 093                               
- Management Share Option                                                    
   Scheme Trust (1)                        143                                  
   - empowerment transformation                                                 
   transaction                    1        1 950                                
- issue of share capital to                                                  
   share trusts                            173                                  
   - treasury shares                        (173)                               
   Balance at 31 December 2006     4        5 135   379           24            
Net gains/(losses) not                                                       
   recognised in income                            174           (48)           
   statement                                                                    
   Currency translation                                                         
differences                                     175           (1)            
   Share of reserve movements of                                                
   associates                                      (1)                          
   Share-based payments movement                                                
Financial instruments fair                                                   
   value movements recognised in                                                
   equity                                                                       
   - recognised in equity                                         (47)          
Net profit                                                                   
   Issue of share capital(1)                9                                   
   Share placement(2)                       91                                  
   - issue                                  640                                 
- repurchase                             (460)                               
   - expenses                               (89)                                
   Prior year dividend in specie            (3 186)                             
   reclassification                                                             
Special purpose entities now                                                 
   consolidated opening retained                                                
   income                                                                       
   Minority share buy-out                                                       
Balance at 30 June 2007         4        2 049   553           (24)          
                                    Non-distributable reserves                  
                                           Equity                               
                                           settled Insurance     Retained       
reserve reserve       income         
                                           Rm      Rm            Rm             
   Opening balance at 31 December 2005      88                    4 325         
   Net gains/(losses) not recognised in                                         
income statement                         (2)                                 
   Currency translation differences                                             
   Share-based payments movement            (2)                                 
   Financial instruments fair value                                             
movements recognised in equity                                               
   - recognised in current period profit                                        
   or loss                                                                      
   - recognised in equity                                                       
- fair value adjustment                                                      
   Net profit                                                     1 067         
   Dividends paid                                                 (491)         
   Issue of share capital(1)                                                    
Balance at 30 June 2006                  86                    4 901         
   Net gains/(losses) not recognised in                                         
   income statement                        716                                  
   Currency translation differences                                             
Share of reserve movements of                                                
   associates                              3                                    
   Share-based payments movement            713                                 
   Financial instruments fair value                                             
movements recognised in equity                                               
   - recognised in equity                                                       
   - fair value adjustment                                                      
   Deferred taxation                                                            
Net profit                                                     18 102        
   Dividends paid                                                 (1 137)       
   Share repurchase                                              (1 763)        
   Dividend in specie - fair value                               (18 305)       
Dividend in specie - fair value                                              
   adjustment                                                    (17 966)       
   Dividend in specie - net asset value                          (339)          
   Issue of share capital                                                       
- Management Share Option Scheme Trust                                       
   (1)                                                                          
   - empowerment transformation                                                 
   transaction                                                                  
- issue of share capital to share                                            
   trusts                                                                       
   - treasury shares                                                            
   Balance at 31 December 2006              802                   1 798         
Net gains/(losses) not recognised in     72                                  
   income statement                                                             
   Currency translation differences                                             
   Share of reserve movements of            34                                  
associates                                                                   
   Share-based payments movement            38                                  
   Financial instruments fair value                                             
   movements recognised in equity                                               
- recognised in equity                                                       
   Net profit                                                     839           
   Issue of share capital(1)                                                    
   Share placement(2)                                                           
- issue                                                                      
   - repurchase                                                                 
   - expenses                                                                   
   Prior year dividend in specie                                                
reclassification                                              3 186          
   Special purpose entities now                                                 
   consolidated opening retained income                          (3)            
   Minority share buy-out                                                       
Balance at 30 June 2007                  874                   5 820         
                                          Attributable                          
                                              to equity                         
                                              holders of  Minority   Total      
the parent  interest   equity     
                                              Rm          Rm         Rm         
   Opening balance at 31 December 2005         7 319       9          7 328     
   Net gains/(losses) not recognised in                                         
income statement                           329                    329        
   Currency translation differences            313                    313       
   Share-based payments movement               (2)                    (2)       
   Financial instruments fair value                                             
movements recognised in equity                                               
   - recognised in current period profit or                                     
   loss                                       8                      8          
   - recognised in equity                      9                      9         
- fair value adjustment                     1                      1         
   Net profit                                  1 067       10         1 077     
   Dividends paid                              (491)       (1)        (492)     
   Issue of share capital(1)                   105                    105       
Balance at 30 June 2006                     8 329       18         8 347     
   Net gains/(losses) not recognised in                                         
   income statement                           849                    849        
   Currency translation differences            135                    135       
Share of reserve movements of associates    9                      9         
   Share-based payments movement               713                    713       
   Financial instruments fair value                                             
   movements recognised in equity                                               
- recognised in equity                      14                     14        
   - fair value adjustment                     (1)                    (1)       
   Deferred taxation                          (21)                   (21)       
   Net profit                                  18 102      17         18 119    
Dividends paid                              (1 137)     (8)       (1 145)    
   Share repurchase                           (1 763)                (1 763)    
   Dividend in specie - fair value            (18 332)               (18        
                                                                     332)       
Dividend in specie - fair value            (17 966)               (17        
   adjustment                                                        966)       
   Dividend in specie - net asset value       (366)                  (366)      
   Issue of share capital                      2 094                  2 094     
- Management Share Option Scheme Trust      143                    143       
   (1)                                                                          
   - empowerment transformation transaction    1 951                  1 951     
   - issue of share capital to share trusts    173                    173       
- treasury shares                           (173)                  (173)     
   Balance at 31 December 2006                 8 142       27         8 169     
   Net gains/(losses) not recognised in                                         
   income statement                           198                    198        
Currency translation differences            174                    174       
   Share of reserve movements of associates    33                     33        
   Share-based payments movement               38                     38        
   Financial instruments fair value                                             
movements recognised in equity                                               
   - recognised in equity                      (47)                   (47)      
   Net profit                                  839         14         853       
   Issue of share capital(1)                   9                     9          
Share placement(2)                          91                    91         
   - issue                                     640                   640        
   - repurchase                                (460)                 (460)      
   - expenses                                  (89)                  (89)       
Prior year dividend in specie                                                
   reclassification                                                             
   Special purpose entities now consolidated                                    
   opening retained income                    (3)                    (3)        
Minority share buy-out                                  (12)      (12)       
   Balance at 30 June 2007                     9 276       29        9 305      
(1) Issued to the Management Share Option Scheme Trust due to options           
exercised.                                                                      
(2) Repurchase of 10 million shares from Anglo South Africa Capital (Pty)       
Limited on 13 April 2007 at R45,99 per share and subsequent re-issue of 10      
million new Exxaro shares at R64 per share. STC on the share repurchase of      
R57,5 million is included in net profit.                                        
(3) Dividends declared after this interim period comprise of an interim         
dividend of 60 cents per share. STC at 12,5% (R26 million) will be payable on   
the dividend.                                                                   
COMMENTS                                                                        
Reported results not comparable                                                 
The group`s reviewed interim financial results and physical information for     
the six-month periods ended 30 June 2007 and 2006 respectively are not          
comparable as a result of the unbundling and separate listing of Kumba Iron     
Ore Limited ("KIO") and the revised listing of Kumba Resources Limited as       
Exxaro Resources Limited ("Exxaro") in November 2006.                           
The reported financial results for the six-month period ended 30 June 2006 as   
reviewed by the company`s auditors include Sishen Iron Ore Company ("SIOC")     
fully consolidated and exclude Eyesizwe Coal (Pty) Limited ("Eyesizwe").        
For the interim period ended 30 June 2007, an effective 20% holding in SIOC     
is equity accounted while Eyesizwe is fully consolidated.                       
ComparaBLE supplementary results                                                
Comparable unaudited supplementary financial results and physical information   
is additionally provided for information purposes only, on the assumption that  
KIO had been unbundled and Exxaro had been created with effect from 1 January   
2006.                                                                           
Comments are for comparative purposes based on an analysis of the group`s       
reviewed financial results and physical information for the six-month period    
to 30 June 2007 compared with the unaudited supplementary financial results     
and physical information compiled for the six-month period to 30 June 2006.     
Operating results                                                               
The group continues to benefit from buoyant demand and high commodity prices    
as comparable revenue increased by 23% to R4,852 million and net operating      
profit increased by R266 million to R891 million.                               
An average exchange rate of R7,33 to the USD was realised compared with R6,32   
for the corresponding period in 2006. This was significantly offset by the      
strengthening of the AUD to the USD, from an average of 74,06 US cents in the   
six months ended 30 June 2006 to 80,98 US cents in the six-month period under   
review, which impacted negatively on the financial results of the mineral sands 
operations in Australia.                                                        
Earnings                                                                        
According to the trading statement issued on 24 July 2007, both attributable    
earnings and headline earnings for the six months ended 30 June 2007 were       
expected to be between R815 million and R855 million.                           
Attributable earnings for the period are R839 million or 246 cents per share    
representing a 61% increase on the comparable 2006 attributable earnings of     
R520 million or 169 cents per share. This includes Exxaro`s 20% interest in     
the after-tax profits of SIOC amounting to R394 million, some R108 million      
higher than for the comparable period.                                          
Headline earnings of R839 million (246 cents per share) are 85% higher than     
for the corresponding comparable period of R453 million (148 cents per share).  
Cash flow                                                                       
Cash retained from operations was R1,255 million. This was mainly applied to    
taxation payments of R309 million, capital expenditure of R396 million          
(consisting of R190 million in new capacity and R206 million in sustaining and  
environmental capital) and an investment of R239 million in Richards Bay Coal   
Terminal (RBCT) to secure Exxaro`s export entitlement. The group had a net cash 
inflow of R310 million for the period.                                          
In terms of an option available to Exxaro after its revised listing, Exxaro     
repurchased 10 million shares from Anglo South Africa Capital (Pty) Limited     
("ASAC") on 13 April 2007 at R45,99 per share and subsequently issued           
10 million new Exxaro shares at R64 per share. This, together with an           
additional nine million shares made available by ASAC for simultaneous          
placement in the market, increased Exxaro`s free float to 25,7%. Exxaro`s       
share of the surplus realised on the 10 million shares under option, after      
costs and taxes, amounted to R100 million.                                      
Net debt of R921 million at 31 December 2006 decreased to R573 million at a     
net debt to equity ratio of 6,2% on 30 June 2007. Net debt will increase by     
the contracted payment of R2,353 million, subject to the disclosed price        
adjustments, for the acquisition of Namakwa Sands and a 26% interest in Black   
Mountain/Gamsberg on conversion and subsequent cession of their mining rights.  
After the end of the reporting period, Exxaro disposed of its 3,78% interest    
in Mineral Deposits Limited (MDL) for                                           
AU$1,25 per share resulting in a net cash inflow of AU$14 million (R84,6        
million). The original interest in MDL of 15,37% was acquired in February 2001  
for AU$0,44 per share.                                                          
In the release of its interim results to 30 June 2007, KIO announced an interim 
dividend of 350 cents per share payable from the proceeds of a dividend of      
R1,511 million from SIOC of which Exxaro will receive 20% in September 2007     
amounting to R302 million.                                                      
Safety, health and environment                                                  
Regrettably, and despite excellent safety achievements at several mines, three  
fatalities were suffered during the period under review. The group has renewed  
its commitment to achieving a working environment that is fatality and injury   
free. Safety awareness and preventative programmes continue to be strengthened  
by initiatives to enhance hazard identification and safe behaviour. The average 
lost time injury frequency rate (LTIFR) per two hundred thousand man-hours      
worked for the six-month period improved to 0,33 compared to 0,42 for the       
corresponding period in 2006.                                                   
The group has an integrated, enterprise-wide risk management programme which    
evaluates environmental risk and enhances environmental performance. Out of     
the group`s 12 operations, including former Eyesizwe business units, nine have  
obtained both the international health and safety certification (OHSAS 18001)   
and environmental certification (ISO 14001). The group aims to have all its     
business units fully compliant to both certifications by December 2008.         
An HIV/Aids voluntary counselling and testing (VCT) programme has been          
introduced at all of the group`s South African operations. This includes        
awareness, training of peer educators, VCT and a disease management programme.  
The extension of anti-retroviral programmes to all of the group`s businesses    
is progressing with the majority of employees who tested HIV-positive during    
the period, now enrolled on the disease management programme.                   
Reported segment results                                                        
6 months  6 months  12 months   
                                                ended      ended    ended       
                                                30 June   30 June   31 Dec      
                                                2007      2006      2006        
Reviewed  Pro forma Pro forma   
                                                Rm        Rm        Rm          
    Revenue                                                                     
    Iron Ore                                              3 846     6 483       
Coal                                        2 319     1 177     2 882       
    Mineral Sands                               1 040     875       1 859       
    - Exxaro KZN Sands (previously Ticor SA)    480       378       817         
    - Exxaro Australia Sands (previously        560       497       1 042       
Ticor Australia)                                                            
    Base Metals                                 1 416     948       2 379       
    Industrial Minerals                         73        51        122         
    Other                                       4         4         21          
Total                                       4 852     6 901     13 746      
    Net operating profit                                                        
    Iron Ore                                              1 934     3 098       
    Coal                                        393       308       599         
Mineral Sands                               8         (666)     (698)       
    - Exxaro KZN Sands                          (10)      (798)     (842)       
    - Exxaro Australia Sands                    18        132       144         
    Base Metals                                 502       215       609         
Industrial Minerals                         (11)      11        26          
    Other                                       (1)       (69)      17 063      
    Total                                       891       1 733     20 697      
    Comparable unaudited supplementary                                          
results                                                                     
    (Pro formas)                                6 months  6 months  12 months   
                                                ended 30   ended 30 ended 31    
                                                June      June      Dec         
2007      2006      2006        
                                                Rm        Rm        Rm          
    Revenue                                                                     
    Coal(1)                                     2 319     2 063     4 433       
- Tied operations                           838       798       1 625       
    - Commercial operations                     1 481     1 265     2 808       
    Mineral Sands                               1 040     875       1 859       
    - Exxaro KZN Sands                          480       378       817         
- Exxaro Australia Sands                    560       497       1 042       
    Base Metals                                 1 416     948       2 379       
    - Rosh Pinah                                577       429       888         
    - Zincor                                    1 358     895       2 234       
- Other                                     (519)     (376)     (743)       
    Industrial Minerals                         73        51        122         
    - Current operations                        73        51        122         
    Other                                       4         4         21          
Total                                       4 852     3 941     8 814       
    Net operating profit                                                        
    Coal(1)                                     393       271       620         
    - Tied operations                           50        76        105         
- Commercial operations                     343       195       515         
    Mineral Sands                               8         118       86          
    - Exxaro KZN Sands(2)                       (10)      (14)      (58)        
    - Exxaro Australia Sands                    18        132       144         
Base Metals                                 502       215       609         
    - Rosh Pinah                                330       155       404         
    - Zincor                                    192       66        238         
    - Other                                     (20)      (6)       (33)        
Industrial Minerals                         (11)      2         (1)         
    - Current operations                        8         11        26          
    - AlloyStreamTrade Mark                     (19)      (9)       (27)        
    Other (3)                                   (1)       19        (53)        
Net operating profit                        891       625       1 261       
    Net financing costs                         (109)     (130)     (315)       
    Equity accounted income(4)                  401       308       638         
    Taxation(2)                                 (330)     (273)     (595)       
Minority interest                           (14)      (10)      (27)        
    Attributable earnings                       839       520       962         
    Share of associate`s net profit on                                          
    disposal of property, plant and equipment   (1)                 (1)         
Excess of minority interest over cost of              (36)      (36)        
    acquisition                                                                 
    Net deficit/(surplus) on disposal of                                        
    property, plant and  equipment              2         (22)      (3)         
Net profit on disposal of investment                  (21)      (39)        
    Taxation effect of adjustments              (1)       12        10          
    Headline earnings                           839       453       893         
(1) For comparative purposes the Eyesizwe coal mines are included for the full  
periods disclosed.                                                              
(2) Excludes the pre-tax impairment in 2006 of R784 million and the taxation    
effect of R227 million.                                                         
(3) Excludes non-recurring expenditure of R79 million and R241 million          
associated with the empowerment transaction in the six months to 30 June 2006   
and 12 months to 31 December 2006 respectively.                                 
(4) Includes 20% investment in SIOC equity accounted from 1 January 2006.       
Operations                                                                      
Coal                                                                            
Power station coal production at the Eskom tied mines was lower by 285kt in the 
period under review due to difficult geological conditions at Arnot, partially  
offset by increased production from North Block Complex (NBC).                  
Production of coking coal, however, was 370kt higher than the comparable period 
in 2006 as a result of the commissioning of the new coal beneficiation module   
(GG6) at the Grootegeluk mine as well as improved production at Tshikondeni     
mine.                                                                           
Steam coal production decreased by 323kt during the period due to the           
discontinuation of mining of the Strathrae Reserve at NBC and the closure of the
underground mining operations at New Clydesdale Colliery (NCC).                 
Total coal sales volumes remained in line with the comparable period in 2006.   
Higher demand from Eskom and for metallurgical coal at stronger international   
market prices resulted in an increase of 12% in revenue to R2,319 million.      
Higher revenue together with lower costs due to the discontinuation of          
underground activities at NCC and certain reserves at NBC, resulted in net      
operating profit increasing by R122 million to R393 million  with an operating  
income margin of 17% despite the cost-based arrangements of the Eskom tied      
operations.                                                                     
Exxaro KZN Sands                                                                
Revenue increased by 27% to R480 million on the corresponding period in 2006    
due to improved production and sales tonnages, with marginally higher prices.   
Both furnaces contributed with chloride titanium slag tapped 5kt higher at 77kt 
and improved low manganese pig iron production. Ilmenite production was aligned 
with the higher smelter feed requirements yielding 27kt more than the           
corresponding period in 2006.  Zircon and rutile production decreased due to    
lower in-situ mineral grades.                                                   
Continuous improvement initiatives are impacting positively on production and   
should be further enhanced by the pre-heater introduction on Furnace Two        
planned for August 2007.                                                        
Exxaro Australia Sands                                                          
The planned five week shut for the Synthetic Rutile (SR) plant was successfully 
completed in line with the original timeframe. The shut, together with a        
material strengthening of the AUD against the USD to an 18-year high of         
85 US cents to the AUD, led to a substantial reduction in the net operating     
profit compared with the corresponding period in 2006. This was somewhat offset 
by modest price increases for pigment and rutile.                               
Zircon and leucoxene production increased as a result of margin improvement     
initiatives, whilst pigment and rutile production were in line with the         
comparable period in 2006.                                                      
Base Metals                                                                     
Revenue increased by 49% to R1,416 million with the operating margin at 35%     
as a result of a 28% increase in the average zinc price for the six months to   
US$3,560 per tonne, US$795 per tonne higher than the same period in 2006. The   
price increase was aided by higher zinc metal production at the Zincor refinery 
emanating from better quality concentrates treated, supported in turn by        
improved plant stability.                                                       
Zincor is currently undertaking a rebuild of the no. 4 roaster similar to       
roaster no. 3 that was rebuilt in the second half of 2006.                      
A total of 13kt representing 30% of Rosh Pinah Zinc Corporation (Pty)           
Limited`s ("Rosh Pinah") projected lead sales up to June 2010 were hedged       
at forward prices ranging from US$1,700 to US$940 per tonne to partly           
accommodate the stand-alone funding structure targeted for the divestment       
of a 43,8% interest in Rosh Pinah to Namibian groupings. It is anticipated that 
hedging up to 60% of Rosh Pinah`s zinc and lead sales may be effected on        
implementation of the transaction. The divestment is targeted for completion by 
year-end.                                                                       
The Rosh Pinah life of mine (LOM) was increased from four years in 2004 to      
seven years in 2006 through an intensified exploration programme. The ongoing   
programme continues to render positive results and holds the prospect of        
further increasing the life of mine.                                            
Industrial Minerals                                                             
Production at both the FerroAlloys plant and the Glen Douglas mine remained     
in line with the previous corresponding period. Net operating income declined   
by R3 million as a result of higher maintenance expenditure at the Glen         
Douglas mine.                                                                   
GROWTH OPPORTUNITIES                                                            
Coal                                                                            
Ramp-up of the Grootegeluk 6 project which started in August 2006, will         
reach design capacity in the fourth quarter of 2007. In addition to             
supplementing semi-soft coking coal to Mittal Steel South Africa`s              
coking plants, this project contributes to alleviating the shortage of market   
coke for the ferro-alloy industry.                                              
A supply agreement for 45 years was awarded to Exxaro Coal by Eskom in March    
2007 to supply 8,5Mtpa of power station coal from the Grootegeluk mine to       
Eskom`s new 2,400MW Medupi power station consisting of three generating units   
and adjacent to the Matimba power station. Feasibility studies are underway to  
also supply the planned additional three generating units of Medupi which       
could increase the total coal supply from Grootegeluk mine to Medupi, to        
17Mtpa.                                                                         
The Board has approved two further retorts for the Sintel Char facility         
currently under construction to produce char for the ferro-alloy industry       
from the Grootegeluk mine. Production from this four-retort facility is         
expected to ramp-up to 160ktpa by 2008 at a revised total estimated cost of     
R290 million.                                                                   
The feasibility study to investigate the viability of a market coke plant       
is now scheduled for completion in November 2007. If viable, the plant will     
produce high quality market coke from semi-soft coking coal produced at         
Grootegeluk mine.                                                               
In May 2007, Exxaro was awarded 2,5Mtpa export entitlement through RBCT by      
means of a subscription process, in addition to the existing 0,8Mtpa            
entitlement of Eyesizwe Coal. Exxaro also purchased a further 1Mtpa export      
entitlement through RBCT from Billiton Energy Coal South Africa Limited,        
bringing the total export allocation to 4,3Mtpa. On completion of the RBCT      
Phase V expansion scheduled for the second quarter of 2009, Exxaro will         
receive a further 2Mtpa export entitlement through the South Dunes Coal         
Terminal Company, bringing the total entitlement to 6,3Mtpa.                    
Exxaro has started producing coal at the new Inyanda mine near Witbank in the   
Mpumalanga province of South Africa, four months after construction started.    
The R269 million Inyanda coal mine is the first greenfields project to be       
developed under the Exxaro corporate identity and will be able to produce up    
to 1,5Mtpa of product.                                                          
The Mafube expansion project, in which Exxaro is a 50:50 joint venture partner  
with Anglo Coal, is expected to cost approximately R1,9 billion on completion.  
Construction commenced in July 2006 with the first coal to washing plant        
expected in November 2007 and ramp-up to full capacity in seven months.         
Geological drilling and modelling at Mmamabula in Botswana, a joint venture     
between Exxaro Coal and Magaleng continued until the end of June 2007. An       
application for a mining license or special extension of the prospecting        
license was submitted in March 2007. The feasibility study is planned to        
commence in 2008.                                                               
Mining of the Eerstelingsfontein reserves near Belfast to supply 1Mtpa power    
station coal to Eskom could commence early in 2008. The feasibility on the      
project is planned to be completed by the end of August 2007.                   
In terms of the 50:50 joint venture agreement between Exxaro and Anglo Coal     
Australia, exploration of the coking coal resource on the adjacent properties   
of Moranbah South and Grosvenor South in Queensland, Australia, is progressing  
according to schedule. The focus is to delineate suitable long wall resources   
via geophysics and drilling and it is expected that this will be completed in   
the second half of 2009. Moranbah South has the potential to produce about      
3,5Mtpa of quality hard coking coal from underground long-wall mining for at    
least 20 years.                                                                 
Mineral Sands                                                                   
The application for obtaining a new order mining right for the Fairbreeze C     
Extension area and the applicable environmental authorisations for the          
Hillendale mine in KwaZulu-Natal has not yet been completed. As a result,       
production from the Fairbreeze project is expected to now commence early in     
2009.                                                                           
The requisite regulatory approvals for the large deposit on the Port Durnford   
property located to the immediate south- west of Exxaro KZN Sands` Hillendale   
mine, are also being progressed. This project is a 51:49 joint venture between  
Exxaro Sands and Imbiza Resources.                                              
Good progress has been made in confirming the ilmenite feedstock resource of    
the Toliara Sands project in Madagascar. Drilling on the Monombo-Marombe        
exploration area in south-western Madagascar is continuing while the            
feasibility study on the Ranobe area will be resumed in 2008, after which a     
development decision could be made.                                             
A study on the pigment plant expansion of an additional 40ktpa to 50ktpa in     
2009 at the Tiwest Kwinana pigment plant announced in the first quarter of      
2007 at an estimated cost of US$35 million to US$45 million is expected to be   
completed during the fourth quarter of 2007 with approval shortly thereafter.   
Exxaro holds a 50% share of this project. On the completion of the study, the   
final scope of the expansion and capital estimate will be announced by the      
joint venture partners.                                                         
Production at the Dongara project 90km south of Geraldton in western Australia  
is still expected to commence in late 2009.                                     
Base Metals                                                                     
The capacity expansion from 50ktpa to 110ktpa at the Chifeng smelter has been   
successfully commissioned with production to be progressively ramped-up to      
design capacity. Exxaro has an effective 22% interest in the expanded operation 
consisting of three phases.                                                     
A claim for damages for breach of contract by Gecamines regarding the Kipushi   
zinc and copper project has been submitted and it is planned to do likewise     
for the Kamoto copper and cobalt project whilst in parallel endeavouring to     
resolve the issues with Gecamines and the government of the Democratic Republic 
of the Congo (DRC) amicably. The government is reviewing all agreements         
concluded in the DRC during the past six years.                                 
ALLOYSTREAMTM                                                                   
The feasibility study for the commercialisation of AlloyStreamTrade Mark        
technology, Furnace One, which allows for improved beneficiation of manganese   
ore, is targeted for completion during the second quarter of 2008.              
The AlloyStreamTrade Mark technology also lends itself to the production of     
ferro-nickel. The necessary test work and pilot plant campaigns will commence in
2008.                                                                           
CONVERSION OF MINING RIGHTS                                                     
Exxaro is approaching the conversion of its old order mining rights to the new  
order rights in two phases. It is firstly progressing conversion of the former  
Kumba Resources-associated rights, excluding iron ore, and this will be         
followed by applications for the conversion of the former Eyesizwe mining       
rights.                                                                         
Exxaro held a workshop with the Department of Minerals and Energy (DME) on 17   
and 18 July as part of the process to clarify and progress the applications for 
new mining rights for the operations.                                           
DIRECTORATE                                                                     
As disclosed in the revised listing particulars of Exxaro dated 9 October 2006, 
Mr SA Nkosi will succeed Dr CJ Fauconnier as chief executive officer on 1       
September 2007. Dr Fauconnier will also retire from the Board on that date.     
OUTLOOK                                                                         
The group remains well positioned to continue benefiting from the strong        
commodity markets as prices for zinc and coal remain favourable while buoyant   
iron ore market conditions will have a positive impact on its share of SIOC`s   
earnings. Continued depressed mineral sands prices and the Australian dollar    
and South African rand at stronger levels could, however, negatively impact on  
operating results.                                                              
INTERIM DIVIDEND                                                                
The directors have declared an interim dividend number 9 of 60 cents per share  
in respect of the 2007 interim period.                                          
The dividend has been declared in South African currency and is payable to the  
shareholders recorded in the books of the company at close of business on       
Friday, 7 September 2007.                                                       
In compliance with the electronic statement system of the JSE Limited, the      
following dates are applicable:                                                 
Last date to trade cum dividend        Friday, 31 August 2007               
    Shares trade ex dividend               Monday, 3 September 2007             
    Record date                           Friday, 7 September 2007              
    Payment date                          Monday, 10 September 2007             
Share certificates may not be dematerialised nor rematerialised between 3       
September 2007 and 7 September 2007, both days inclusive.                       
On behalf of the Board                                                          
    Dr CJ Fauconnier                      DJ van Staden                         
(Chief Executive Officer)             (Chief Financial Officer)             
    15 August 2007                                                              
    Registered Office                     Transfer Secretaries                  
    Exxaro Resources Limited              Computershare Investor                
Roger Dyason Road                     Services 2004 (Pty) Limited           
    Pretoria West, 0002                   Ground Floor, 70 Marshall Street      
                                          Johannesburg, 2001                    
Tel: +27 12 307 5000          PO Box 61051                                      
Fax: +27 12 323 3400          Marshalltown, 2107                                
Directors: Dr CJ Fauconnier (Chief Executive Officer), PM Baum,                 
JJ Geldenhuys, U Khumalo, MJ Kilbride*, Dr D Konar, VZ Mntambo, RP Mohring, PKV 
Ncetezo, SA Nkosi*, NMC Nyembezi-Heita, NL Sowazi, DJ van Staden*,              
D Zihlangu                                         *Executive                   
Company Secretary: MS Viljoen                                                   
Corporate Affairs and Investor Relations: Trevor Arran (+27 12 307 3292)        
Sponsor: JP Morgan (+27 11 507 0300)                                            
If you have any queries regarding your shareholding in Exxaro Resources,        
please contact the Transfer Secretaries at +27 11 370 5000                      
This report is available on:                                                    
www.exxaro.com                                                                  
Date: 16/08/2007 07:00:02 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             .                  
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information disseminated through SENS.                                          



                                        
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