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Exx - Exxaro - Audited Group Financial Results And Physical Information For

Release Date: 24/02/2009 07:05:11      Code(s): EXX
EXX - Exxaro - Audited group financial results and physical information for     
the 12-month period ended 31 December 2008                                      
EXXARO RESOURCES LIMITED                                                        
Incorporated in the Republic of South Africa                                    
(Registration Number: 2000/011076/06)                                           
JSE share code: EXX                                                             
ISIN code: ZAE000084992                                                         
ADR code: EXXAY                                                                 
("Exxaro" or "the company" or "the group")                                      
Audited group financial results and physical information for the 12-month       
period ended 31 December 2008                                                   
HIGHLIGHTS                                                                      
*Revenue increases 36% to R13,8 billion                                         
*Net operating profit up 71% to R2,5 billion                                    
*Significant maiden profit contribution from Namakwa Sands                      
*Headline earnings of 1 058 cents per share                                     
*Final dividend of 200 cents per share; total dividend of 375 cents per share   
CONDENSED GROUP INCOME STATEMENT                                                
Year ended 31 December                            2008          2007            
Audited       Audited           
                                                Rm            Rm                
Revenue                                           13 843        10 157          
Operating expenses                                (11 376)      (8 713)         
Net operating profit                              2 467         1 444           
Net financing costs (note 4)                      (241)         (215)           
Share of income from investments and equity-      1 665         730             
accounted investments                                                           
Profit before taxation (note 2)                   3 891         1 959           
Income tax expense                                (510)         (512)           
Profit for the year                               3 381         1 447           
Profit attributable to:                                                         
Owners of the parent                              3 405         1 427           
Minority interest                                 (24)          20              
Profit for the year                               3 381         1 447           
GROUP STATEMENT OF COMPREHENSIVE INCOME                                         
Year ended 31 December                            2008          2007            
                                                 Audited       Audited          
                                                Rm            Rm                
Profit for the year                               3 381         1 447           
Other comprehensive income:                                                     
Exchange differences on translating foreign       193           176             
operations                                                                      
Cash flow hedges                                  520           (39)            
Share of comprehensive income of associates       187           46              
Share-based payment movement                      92            133             
Income tax relating to components of other        (115)         2               
comprehensive income                                                            
Other comprehensive income for the year, net of   877           318             
tax                                                                             
Total comprehensive income for the year           4 258         1 765           
Total comprehensive income attributable to:                                     
Owners of the parent                              4 117         1 749           
Minority interest                                 141           16              
Total comprehensive income for the year           4 258         1 765           
Ordinary shares (million)                                                       
- in issue                                        355           353             
- weighted average number of shares               343           341             
- diluted weighted average number of shares       361           355             
Attributable earnings per share (cents)                                         
- basic                                           993           418             
- diluted                                         943           402             
CONDENSED GROUP STATEMENT OF FINANCIAL POSITION                                 
At 31 December                                     2008          2007           
Audited       Audited           
                                                Rm            Rm                
ASSETS                                                                          
Non-current assets                                                              
Property, plant and equipment                     11 309        8 235           
Biological assets                                  34            30             
Intangible assets                                  79            76             
Investments in associates and joint ventures                                    
(note 6)                                                                        
- unlisted                                         1 849         757            
Deferred tax                                       1 083         732            
Other financial assets (note 6)                   1 577         1 031           
15 931        10 861          
Current assets                                                                  
Inventories                                        2 481         1 531          
Trade and other receivables                        2 924         1 870          
Current tax receivable                             2             61             
Cash and cash equivalents                          1 769         850            
                                                  7 176         4 312           
Non-current assets classified as held for sale    78            2               
Total assets                                       23 185        15 175         
EQUITY AND LIABILITIES                                                          
Capital and reserves                                                            
Equity attributable to owners of the parent       12 996        9 804           
Minority interest                                  128           19             
Total equity                                       13 124        9 823          
Non-current liabilities                                                         
Interest-bearing borrowings                        3 650         1 259          
Non-current provisions                             1 746         1 329          
Financial liabilities                              31                           
Deferred tax                                       1 257         1 077          
                                                  6 684         3 665           
Current liabilities                                                             
Trade and other payables                           2 366         1 449          
Interest-bearing borrowings                        500           74             
Current tax payable                                440           137            
Current provisions                                 21            27             
                                                  3 327         1 687           
Non-current liabilities classified as held for    50                            
sale                                                                            
Total equity and liabilities                       23 185        15 175         
Net debt (note 10)                                 2 381         483            
Net asset value per share (cents)                  3 697         2 783          
Capital expenditure                                                             
- incurred                                         1 617         1 296          
- contracted                                       889           450            
- authorised but not contracted                    2 711         1 278          
Capital expenditure contracted relating to        70            72              
captive mines, Tshikondeni, Arnot and Matla,                                    
which will be financed by ArcelorMittal SA                                      
Limited and Eskom respectively                                                  
Commitment relating to the acquisition of Namakwa               2 353           
Sands and a 26% interest in Black Mountain Mining                               
(Pty) Limited from Anglo Operations Limited,                                    
subject to price adjustments                                                    
Contingent liabilities (note 11)                   587           201            
Contingent assets (note 12)                        192                          
Operating lease commitments                        77            126            
Operating sublease rentals receivable                           1               
RECONCILIATION OF HEADLINE EARNINGS                                             
for year ended 31 December 2008                                                 
                                    Gross         Tax           Net             
                                   Rm            Rm            Rm               
Profit for the year attributable to                              3 405          
owners of the parent                                                            
Adjusted for:                                                                   
- IAS 16 - Impairment of property,   21                          21             
plant and equipment                                                             
- IAS 16 - Gains or losses on        66            (20)          46             
disposal of property, plant and                                                 
equipment                                                                       
- IAS 16 - Reversal of impairment    (1)                         (1)            
of property, plant and equipment                                                
- IAS 27 - Gains on disposal of      (7)                         (7)            
subsidiary                                                                      
-  IAS 28 - Share of associates`     2             (1)           1              
IAS 16 - Gains or losses on disposal                                            
of property, plant and equipment                                                
-  IAS 28 - Share of associates`     4                           4              
IAS 39 - Recycling of remeasurements                                            
from equity to the income statement,                                            
including a hedge of net investment                                             
in a foreign entity but excluding                                               
cash flow hedges                                                                
-  IAS 28 Share of associates`       161                         161            
IAS 16 - Impairment of property,                                                
plant and equipment                                                             
Headline earnings                    246           (21)          3 630          
For the year ended 31 December 2007                                             
Profit for the year attributable to                              1 427          
equity holders of the parent                                                    
Adjusted for:                                                                   
- IAS 16 - Impairment of Property,   23                          23             
plant and equipment                                                             
- IAS 16 - Gains or losses on        17            (5)           12             
disposal of property, plant and                                                 
equipment                                                                       
-  IAS 28 - Share of associates`     (3)           1             (2)            
IAS 16 - Gains or losses on disposal                                            
of property, plant and equipment                                                
-  IAS 28 - Share of associates`     (7)           1             (6)            
IAS 39 - Recycling of remeasurements                                            
from equity to the income statement,                                            
including a hedge of net investment                                             
in a foreign entity but excluding                                               
cash flow hedges                                                                
- IAS 36 - Reversal of investment    (6)                         (6)            
impairment                                                                      
Headline earnings                    24            (3)           1 448          
Year ended 31 December                             2008          2007           
                                                Audited       Audited           
                                                Rm            Rm                
Headline earnings per share (cents)                                             
- basic                                            1 058         425            
- diluted                                          1 006         408            
CONDENSED GROUP STATEMENT OF CASH FLOWS                                         
Year ended 31 December                            2008          2007            
                                                Audited       Audited           
                                                Rm            Rm                
Cash retained from operations                     3 574         2 308           
- net financing costs                             (193)         (116)           
- tax paid                                        (487)         (462)           
- dividends paid (note 7)                         (984)         (223)           
Cash used in investing activities                                               
- capital expenditure                             (1 617)       (1 296)         
- proceeds from disposal of property, plant and   29            50              
equipment                                                                       
- dividends from investments and                  1 044         379             
equity-accounted investments                                                    
- investments acquired                            (179)         (249)           
- associate acquired (note 8)                     (221)                         
- acquisition of subsidiaries and other business  (2 757)       (8)             
operations (note 9)                                                             
- other                                           (55)          5               
Net cash (outflow)/inflow                         (1 846)       388             
- cash flows from issue of shares                 31            114             
- borrowings raised/(repaid)                      2 734         (567)           
Net increase/(decrease) in cash and cash          919           (65)            
equivalents                                                                     
Special purpose entities consolidated                           9               
Cash and cash equivalents at beginning of year    850           906             
Cash and cash equivalents end of year             1 769         850             
Calculation of movement in net debt:                                            
Net cash (outflow)/inflow                         (1 846)       388             
- shares issued                                   31            114             
- loans from minority shareholders                1                             
- increase in net debt on acquisition of                        (25)            
subsidiary                                                                      
- special purpose entities consolidated                         9               
-  non-cash flow movements in net debt            (352)         59              
applicable to currency translation differences                                  
of transactions denominated in foreign currency                                 
-  non-cash flow movements in net debt            282           (107)           
applicable to currency translation differences                                  
of net debt items of foreign entities                                           
- hedging of share-based payment exposure         (14)                          
(Increase)/decrease in net debt                   (1 898)       438             
GROUP STATEMENT OF CHANGES IN EQUITY                                            
                                           Other components of equity           
                         Share    Share    Foreign      Financial    Equity-    
capital  premium  currency     instruments  settled     
                        Rm       Rm       translation  revaluation  reserve     
                                        Rm           Rm           Rm            
Balance at 1 January 2007 4        5 135    379          24           802       
Total comprehensive                         148          (17)         182       
income                                                                          
Issue of share capital1            23                                           
Share placement2                   91                                           
- issue                            640                                          
- repurchase                       (460)                                        
- expenses                         (89)                                         
Transfer to retained                                                  (16)      
income                                                                          
Minority share buy-out                                                          
Special purpose entities                                                        
now consolidated                                                                
Dividends paid3                                                                 
Prior year dividend in             (3 186)                                      
specie reclassification                                                         
Balance at 31 December    4        2 063    527          7            968       
2007                                                                            
Total comprehensive                         437          138          113       
income                                                                          
Issue of share capital1            31                                           
Minority share additional                                                       
contributions                                                                   
Liquidation dividend from                                                       
subsidiary                                                                      
Net profit on dilution of                                                       
interest in a subsidiary                                                        
Dividends paid3                                                                 
Balance at 31 December    4        2 094    964          145          1 081     
2008                                                                            
GROUP STATEMENT OF CHANGES IN EQUITY (continued)                                
                                                                                
                                 Retained    Attribut-   Minority   Total       
income      able        interest   equity       
                                Rm          to owners   Rm         Rm           
                                           of the                               
                                           parent                               
Rm                                   
Balance at 1 January 2007         1 798       8 142       27         8 169      
Total comprehensive income        1 436       1 749       16         1 765      
Issue of share capital1                       23                     23         
Share placement2                              91                     91         
- issue                                       640                    640        
- repurchase                                  (460)                  (460)      
- expenses                                    (89)                   (89)       
Transfer to retained income       16                                            
Minority share buy-out                                    (13)       (13)       
Special purpose entities now      7           7                      7          
consolidated                                                                    
Dividends paid3                   (208)       (208)       (11)       (219)      
Prior year dividend in specie     3 186                                         
reclassification                                                                
Balance at 31 December 2007       6 235       9 804       19         9 823      
Total comprehensive income        3 429       4 117       141        4 258      
Issue of share capital1                       31                     31         
Minority share additional                                 2          2          
contributions                                                                   
Liquidation dividend from         1           1                      1          
subsidiary                                                                      
Net profit on dilution of                                 (7)        (7)        
interest in a subsidiary                                                        
Dividends paid3                   (957)       (957)       (27)       (984)      
Balance at 31 December 2008       8 708       12 996      128        13 124     
Dividend paid per share                                                         
(cents) in respect of the                                                       
2007 financial year         160                                                 
Dividend paid per share                                                         
(cents) in respect of the                                                       
2008 interim period         175                                                 
Final dividend declared                                                         
per share (cents) in                                                            
respect of 2008 financial                                                       
year                        200                                                 
1 Issued to the Kumba Resources Management Share Trust due to options           
exercised.                                                                      
2 Repurchase of 10 million shares from Anglo South Africa (Pty) Limited         
on 13 April 2007 at R45,99 per share and the 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 The STC on these dividends will amount to Rnil million after taking           
into account STC credits.                                                       
NOTES TO THE GROUP FINANCIAL STATEMENT                                          
1.  Basis of preparation                                                        
   The format of the condensed report has been revised to bring it in           
  line with the amendments to International Accounting Standard 34,             
Interim Financial Reporting. IAS 34 has been amended following the            
  revision of IAS 1, Presentation of Financial Statements and IFRS 8,           
  Operating Segments. These amendments have been early adopted.                 
   This condensed report complies with International Accounting Standard        
34, Interim Financial Reporting, and Schedule 4 part iv of the South          
  African Companies Act. The financial statements from which these              
  group financial results have been derived are prepared on the                 
  historical 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 2007, except for the early adoption of IFRS 8,              
Operating Segments and IAS 1, Presentation of Financial Statements.           
  The implementation of IFRS 8 has led to differences in the basis of           
  segmentation compared to previous periods. As a result, new operating         
  segments have been identified. IAS 1 and IFRS 8 are disclosure                
standards and have no other impact on the measurement or recognition          
  of items included in the condensed report and accordingly the                 
  adoption thereof has had no effect on the profit or equity for the            
  year.                                                                         
Year ended 31 December                          2008         2007            
                                                 Audited      Audited           
                                                 Rm           Rm                
2.  Profit before taxation is arrived at after                                  
Depreciation and amortisation of intangible     (898)        (763)           
  assets                                                                        
   Financing costs                                 (394)        (311)           
   Interest received                               153          96              
Net realised foreign currency exchange          476          (42)            
  gains/(losses)                                                                
   Net unrealised foreign currency exchange        39           (32)            
  gains/(losses)                                                                
Derivative instruments held for trading         (69)         61              
  (losses)/gains                                                                
   Fair value adjustments on financial             (26)         51              
  instruments                                                                   
Impairment charges and reversals (note 3)       (20)         (17)            
   Net profit on disposal of investments           7                            
   Net deficit on disposal of property, plant and  (66)         (17)            
  equipment                                                                     
3.  Impairment charges and reversals                                            
   Impairment of property, plant and equipment     (21)         (23)            
   Reversal of impairment of property, plant and   1                            
  equipment                                                                     
Reversal of impairment of investments                        6               
   Total impairments and reversals before and      (20)         (17)            
  after tax                                                                     
4.  Net financing cost                                                          
Interest expense and loan costs                 283          153             
   Finance leases                                  63           59              
   Interest income                                 (153)        (96)            
   Net interest expense                            193          116             
Interest adjustment on non-current provisions   48           99              
   Net financing cost as per income statement      241          215             
5.  Tax rate reconciliation                         %            %              
   Taxation as a percentage of profit before       13,1         26,1            
taxation                                                                      
   Taxation effect of                                                           
   - assessed losses (not provided for)            (0,3)        (0,2)           
   - capital profits                               0,2          0,5             
- disallowable expenditure                      (0,7)        (2,1)           
   - reclassification of previously disallowable   1,1                          
  expenditure                                                                   
   - exempt income                                 1,0          0,3             
- special tax allowances                                     0,2             
   - share of associates` and joint ventures`      11,9         10,8            
   - tax rate differences                          0,4          (2,1)           
   - Secondary Tax on Companies (STC)              (0,1)        (2,9)           
- withholding tax                               (0,4)        (0,5)           
   - Controlled Foreign Company profits (CFC)      (0,1)        (0,3)           
   - foreign exchange differences                  (0,1)        (0,1)           
   - prior year adjustment                         1,7          (0,7)           
- rate change on deferred tax balance           0,3                          
                                                   28,0         29,0            
6.  Investments                                                                 
   Unlisted investments in associates                                           
- directors` valuation                          13 162       9 110           
   Unlisted investments included in other                                       
  financial assets                                                              
    - directors` valuation                         387          328             
7.  Dividends paid                                                              
   Cash dividends                                  957          211             
   Cash dividends paid to minorities               27           12              
   Total dividends paid                            984          223             
8.  Acquisition of associate                                                    
   On 1 November 2008, the group acquired 26% of the issued share               
  capital of Black Mountain Mining (Pty) Limited, which is included in          
  the other base metals segment results, for R221 million.                      
The acquired business contributed an equity accounted loss of R189           
  million to the group for the period from 1 November 2008 to                   
  31 December 2008.                                                             
9.  Business combinations                                                       
On 11 April 2008, the group acquired 76% of the issued share capital         
  of Exxaro Madencilik Sanayi Ve Ticaret A.S., Turkey (Madencilik),             
  which is included in the other segment results. The acquired business         
  contributed nil revenue and R7 million operating loss to the group            
for the period from 11 April 2008 to 31 December 2008.                        
   On 1 July 2008, the group acquired 100% of the issued share capital          
  of Skyprops 112 (Pty) Limited, which is included in the other segment         
  results. The acquired business contributed neither revenue nor                
operating profit to the group for the period from 1 July 2008 to              
  31 December 2008.                                                             
   On 1 October 2008, the group acquired the assets and liabilities of          
  the operations of Namakwa Sands which is included in the Mineral              
Sands segment results. The acquired business contributed R491 million         
  revenue and R155 million operating profits to the group for the               
  period from 1 October 2008 to 31 December 2008.                               
   Details of assets                                                            
acquired are as                                                               
  follow:                                                                       
                          Madencilik    Skyprops     Namakwa      Total         
                                                 Sands                          
Rm            Rm           Rm           Rm            
   - cash paid on         (30)          (65)         (2 662)      (2 757)       
  acquisition                                                                   
   - purchase                                        (121)        (121)         
consideration                                                                 
  outstanding                                                                   
   - fair value of        30            65           2 783        2 878         
  assets acquired                                                               
Goodwill                                                                     
   Fair value of assets                                                         
  acquired                                                                      
   - property, plant and                65           2 207        2 272         
equipment                                                                     
   - intangible assets    30                                      30            
   - financial assets                                16           16            
   - inventories                                     399          399           
- trade and other                                 371          371           
  receivables                                                                   
   - trade and other                                 (148)        (148)         
  payables                                                                      
- non-current                                     (62)         (62)          
  provisions                                                                    
   Fair value of net      30            65           2 783        2 878         
  assets                                                                        
Total purchase         (30)          (65)         (2 783)      (2 878)       
  consideration                                                                 
   Purchase                                          121          121           
  consideration                                                                 
outstanding                                                                   
   Cash outflow on        (30)          (65)         (2 662)      (2 757)       
  acquisition of                                                                
  subsidiaries and                                                              
other business                                                                
  operations                                                                    
10. Net debt                                                                    
   Net debt is calculated as being interest-bearing borrowings less cash        
and cash equivalents.                                                         
11. Contingent liabilities                                                      
   Includes guarantees in the normal course of business from which it is        
  anticipated that no material liabilities will arise. This includes            
guarantees to banks and other institutions.  The increase in 2008 is          
  mainly attributable to guarantees to the Department of Minerals and           
  Energy in respect of environmental liabilities on immediate closure           
  of mining operations.                                                         
12. Contingent assets                                                           
   An outstanding insurance claim of R135 million for the Furnace 2             
  incident at Exxaro TSA Sands (Pty) Limited for which it is probable           
  that settlement will be received in the second half of 2009.                  
A surrender fee of R57 million in exchange for the exclusive right to        
  prospect, explore, investigate and mine for coal within a designated          
  area in central Queensland and Moranbah, conditional on the grant of          
  a mining lease.                                                               
13. 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.                                       
14. Post-balance sheet event                                                    
   The directors are not aware of any matter or circumstance arising            
after the balance sheet date up to the date of this report, not               
  otherwise dealt with in this report.                                          
15. JSE Limited Listings Requirements                                           
   The announcement has been prepared in accordance with the listings           
requirements of JSE Limited Listings Requirements.                            
16. 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.                                                         
17. Audit opinion                                                               
   The auditors, Deloitte & Touche, have issued their opinion on the            
  group`s financial statements for the year ended 31 December 2008. The         
audit was conducted in accordance with International Standards on             
  Auditing. They have issued an unmodified audit opinion. A copy of             
  their audit report is available for inspection at the company`s               
  registered office. These summarised financial results have been               
derived from the group financial statements and are consistent in all         
  material respects with the group annual financial statements.                 
REPORTED ACTUAL SEGMENT RESULTS                                                 
12 months ended 31 December                       2008          2007            
Audited       Audited           
                                                Rm            Rm                
REVENUE                                                                         
Coal                                              9 040         5 087           
Tied operations                                   2 492         1 768           
Commercial operations                             6 548         3 319           
Mineral Sands                                     2 776         2 172           
KZN Sands                                         974           984             
Australia Sands                                   1 311         1 188           
Namakwa Sands1                                    491                           
Base Metals                                       1 829         2 732           
Rosh Pinah                                        436           941             
Zincor                                            1 733         2 558           
Inter-segmental                                   (340)         (767)           
Other                                             198           166             
Total - external revenue                          13 843        10 157          
NET OPERATING PROFIT                                                            
Coal                                              2 654         885             
Tied operations                                   83            88              
Commercial operations                             2 571         797             
Mineral Sands                                     104           (97)            
KZN Sands                                         31            (157)           
Australia Sands                                   (82)          60              
Namakwa Sands1                                    155                           
Base Metals                                       (172)         688             
Rosh Pinah                                        (14)          457             
Zincor                                            (95)          298             
Other                                             (63)          (67)            
Other                                             (119)         (32)            
Total                                             2 467         1 444           
1 Revenue and net operating profit included from effective date of              
acquisition of 1 October 2008.                                                  
COMPARABLE UNAUDITED SUPPLEMENTARY RESULTS                                      
12 months ended 31 December                       2008          2007            
                                                Rm            Rm                
REVENUE                                                                         
Coal                                              9 040         5 087           
Tied operations                                   2 492         1 768           
Commercial operations                             6 548         3 319           
Mineral Sands                                     4 142         3 464           
KZN Sands                                         974           984             
Australia Sands                                   1 311         1 188           
Namakwa Sands1                                    1 857         1 292           
Base Metals                                       1 829         2 732           
Rosh Pinah                                        436           941             
Zincor                                            1 733         2 558           
Inter-segmental                                   (340)         (767)           
Other                                             198           166             
Total comparable revenue                          15 209        11 449          
NET OPERATING PROFIT                                                            
Coal                                              2 654         885             
Tied operations                                   83            88              
Commercial operations                             2 571         797             
Mineral Sands                                     448           99              
KZN Sands                                         31            (157)           
Australia Sands                                   (82)          60              
Namakwa Sands1                                    499           196             
Base Metals                                       (172)         688             
Rosh Pinah                                        (14)          457             
Zincor                                            (95)          298             
Other                                             (63)          (67)            
Other                                             (119)         (32)            
Total comparable net operating profit             2 811         1 640           
Net financing costs1                              (457)         (453)           
Income from investments                           2             2               
Equity accounted income2                          1 601         683             
Taxation1                                         (546)         (500)           
Minority interest                                 24            (20)            
Comparable attributable earnings                  3 435         1 352           
Post tax adjustments                              228           22              
Comparable headline earnings                      3 663         1 374           
Comparable attributable earnings per share        1 002         396             
(cents)                                                                         
Comparable headline earnings per share (cents)    1 068         403             
1 Takes into account Namakwa Sands from 1 January 2007, for comparable          
purposes.                                                                       
2 Includes 26% of Black Mountain`s post tax earnings from 1 January 2007,       
for comparable purposes                                                         
UNAUDITED PHYSICAL INFORMATION (`000 TONNES)                                    
                               12 months ended 31     6 months ended 31         
December               December                   
                               2008        2007        2008        2007         
Coal                                                                            
Production                                                                      
- Power station                 36 700      34 246      18 118      16 830      
* Tied operations1              18 095      16 732      8 962       8 353       
* Commercial operations         18 605      17 514      9 156       8 477       
- Coking                        2 560       2 962       1 370       1 479       
* Tied operations1              327         463         171         242         
* Commercial operations         2 233       2 499       1 199       1 237       
- Other                         5 574       4 112       2 427       2 016       
Total                           44 834      41 320      21 915      20 325      
Sales                                                                           
- Eskom                         36 255      34 226      17 880      16 604      
* Tied operations1              18 054      16 699      8 942       8 337       
* Commercial operations         18 201      17 527      8 938       8 267       
- Other domestic                5 481       5 237       2 607       2 572       
* Tied operations1              352         449         200         214         
* Commercial operations         5 129       4 788       2 407       2 358       
- Export2                       3 276       1 821       1 284       813         
Total                           45 012      41 284      21 771      19 989      
KZN Sands                                                                       
Production                                                                      
- Ilmenite                      229         367         133         187         
- Zircon                        34          34          16          19          
- Rutile                        19          17          7           9           
- Pig iron                      50          90          29          48          
- Scrap pig iron                16          20          8           9           
- Chloride slag                 95          150         56          77          
- Sulphate slag                 18          26          10          14          
Sales                                                                           
- Ilmenite                      40          50          20          30          
- Zircon                        36          27          22          14          
- Rutile                        14          18          7           9           
- Pig iron                      64          91          39          45          
- Scrap pig iron                7           8           6           4           
- Chloride slag                 101         163         49          81          
- Sulphate slag                 17          29          6           8           
Namakwa Sands3                                                                  
Production                                                                      
- Ilmenite                      315         300         159         140         
- Zircon                        130         115         65          48          
- Rutile                        27          24          13          10          
- Pig iron                      103         91          52          44          
- Scrap pig iron                6           11          2           6           
- Chloride slag                 135         126         64          63          
- Sulphide slag                 24          27          14          12          
Sales                                                                           
- Zircon                        135         115         64          55          
- Rutile                        27          26          14          13          
- Pig iron                      82          86          58          37          
- Scrap pig iron                1           1                       1           
- Chloride slag                 145         124         77          51          
- Sulphate slag                 26          30          5           11          
Australia Sands4                                                                
Production                                                                      
- Ilmenite                      174         216         85          111         
- Zircon                        29          36          13          19          
- Rutile                        13          17          6           8           
- Synthetic rutile              113         100         56          48          
- Leucoxene                     16          16          6           8           
- Pigment                       43          54          22          26          
Sales                                                                           
- Zircon                        35          29          14          16          
- Rutile                        14          16          5           2           
- Synthetic rutile              62          57          27          21          
- Leucoxene                     17          17          8           7           
Base Metals                                                                     
Production                                                                      
- Zinc concentrate              109         110         51          61          
* Rosh Pinah                    94          95          47          53          
* Black Mountain5               15          15          4           8           
- Zinc metal                    110         124         60          61          
* Zincor                        87          101         47          51          
* Chifeng6                      23          23          13          10          
- Lead concentrate              37          37          18          19          
* Rosh Pinah                    20          22          12          11          
* Black Mountain5               17          15          6           8           
- Zinc metal sales              126         122         66          57          
* Domestic                      93          93          51          45          
* Export                        33          29          15          12          
Lead concentrate sales                                                          
- Export                        22          19          7           7           
1 Tied operations refer to mines that supply their entire production to         
either Eskom or ArcelorMittal SA Limited in terms of contractual                
agreements.                                                                     
2 Includes steam coal exports from Exxaro`s 50% share of the Mafube             
expansion project.                                                              
3 Namakwa Sands has been included from 1 January 2007 for comparable            
purposes.                                                                       
4 Exxaro Sands Australia`s 50% interest in its Tiwest joint venture is          
disclosed.                                                                      
5 Exxaro`s 26% interest in Black Mountain has been disclosed from               
1 January 2007, for comparable purposes.                                        
6 Exxaro`s effective interest in the Chifeng refinery is disclosed.             
COMMENTS                                                                        
REPORTED RESULTS NOT COMPARABLE The group`s audited financial results and       
actual physical information for the 12-month periods ended 31 December 2008     
and 2007 are not comparable as a result of the acquisition of Namakwa Sands     
and a 26% interest in Black Mountain Mining (Pty) Limited (Black Mountain)      
effective from 1 October and 1 November 2008 respectively.                      
The audited financial results for the 12-month period ended 31 December 2008    
include Namakwa Sands fully consolidated for the last three months with Black   
Mountain equity accounted for the final two months of the period.               
COMPARABLE SUPPLEMENTARY RESULTS Comparable unaudited supplementary financial   
results together with physical information are provided for information         
purposes only, on the assumption that both the acquisition of Namakwa Sands     
and the 26% interest in Black Mountain took place on 1 January 2007.            
Comments are for comparable purposes based on an analysis of the unaudited      
comparable supplementary financial results and physical information compiled    
for the 12-month periods to 31 December 2008 and 2007 respectively.             
COMPARABLE OPERATING RESULTS The coal business reported record revenue and      
net operating profit as strong demand resulted in increased sales at higher     
prices despite a significant softening in international prices in the last      
quarter of 2008 following the global economic meltdown. The sands business      
reported a higher consolidated net operating profit compared to 2007 as a       
profit contribution from KZN Sands and a substantially higher profit from       
Namakwa Sands more than offset a loss in the Australian operation.              
Significantly lower average zinc prices and an increased environmental          
provision resulted in the base metals business recording a net operating        
loss.                                                                           
Group consolidated revenue increased by 33% to R15,2 billion with net           
operating profit R1,2 billion higher at R2,8 billion.                           
An average exchange rate of R8,10 to the US dollar was realised compared to     
R7,26 for the corresponding period in 2007. The consistent strength of the      
Australian dollar at 0,84 US cents to AU$1 realised in 2008, continued to       
impact negatively on the financial results of the mineral sands operations in   
Australia, despite the weakening of the Australian dollar in the last quarter   
of 2008.                                                                        
COMPARABLE EARNINGS Attributable earnings for the period are R3 435 million     
or 1 002 cents per share representing a 154% increase on the comparable 2007    
attributable earnings of R1 352 million or 396 cents per share. This includes   
Exxaro`s 20% share of the after-tax profits of Sishen Iron Ore Company (Pty)    
Limited (SIOC) amounting to R1 856 million, a negative contribution of R4       
million from the effective 22% interest in the Chifeng zinc refinery and an     
equity accounted loss of R251 million from the 26% interest in Black            
Mountain.                                                                       
Headline earnings which exclude the impact of the impairment of the carrying    
value of assets in the earnings of Black Mountain, are R3 663 million or 1      
068 cents per share, this is 167% higher than R1 374 million or 403 cents per   
share in the previous corresponding period.                                     
CASH FLOW Cash retained from operations was R3 574 million. This was            
primarily used to fund taxation payments of R487 million, dividend payments     
of R984 million and capital expenditure of R1 617 million of which R470         
million was invested in new capacity and R1 147 million applied to sustaining   
and environmental capital. After the payments of R2 662 and R221 million        
respectively for the acquisition of Namakwa Sands and a 26% interest in Black   
Mountain, the group had a net cash outflow of R1 846 million for the            
financial year. The final dividend for payment in March 2009 will amount to a   
further cash outflow of R710 million offset by the dividend inflow from SIOC    
of R1 123 million.                                                              
Net debt of R483 million at 31 December 2007 accordingly increased to R2 381    
million at a net debt to equity ratio of 18% at 31 December 2008.               
SAFETY, HEALTH AND ENVIRONMENT The group remains committed to achieving a       
working environment that is fatality and injury free. Despite excellent         
safety achievements at several business units, regrettably five employees       
lost their lives in 2008 compared to a similar number reported in 2007. The     
lost time inquiry frequency rate (LTIFR) per 200 000 man-hours worked in 2008   
was 0,39 against a target of 0,21 and compared to 0,36 in 2007.                 
In a further measure to strengthen its safety awareness and preventative        
programmes, various safety improvement interventions focusing on pre-work       
Hazard Identification Risk Analysis and intensive training on Exxaro`s I Care   
Risk Controls, Vehicle Safety and Visible Felt Leadership, have been            
implemented.                                                                    
Exxaro has reviewed its HIV/Aids strategy with the objective of improving       
employee understanding of preventive behaviour to the contracting and spread    
of HIV/Aids and increasing the number of employees who test and enrol for       
treatment. At the end of 2008, the cumulative voluntary counselling and         
testing enrolment improved to 50% from 30% at the end of 2007.                  
The environmental programme for 2008 focused on ensuring that all its mining    
operations have fully compliant Environmental Management Programmes required    
under the Mineral and Petroleum Resources Development Act as well as the        
National Environmental Management Act. Exxaro is reviewing its processes to     
determine the impact of its activities on natural resources.                    
Nine business units are certified under both the international health and       
safety (OHSAS 18001) and environmental (ISO 14001) standards. The remaining     
six business units have implemented certification programmes with the target    
to have all operations fully compliant in 2009.                                 
OPERATIONS                                                                      
Coal                                                                            
Production volumes for the coal commodity business overall were 9% higher       
than the previous year.                                                         
Power station coal production at the Eskom tied mines was significantly         
higher due to a good turnaround at Arnot mine after successful implementation   
of improvement initiatives. The commercial mines, most notably North Block      
Complex (NBC) and Inyanda, increased production to supply higher demand from    
Eskom. NBC started mining new reserves and increased overall capacity.          
Coking coal production, however, decreased by 402kt in 2008 due to              
challenging geological and mining conditions at Tshikondeni. In addition,       
Grootegeluk mine used its no 6 plant tipping capacity to channel run of mine    
tonnages to the production of additional power station coal from the no 2       
washing plant, thereby contributing to the reduction in coking coal             
production.                                                                     
Steam coal production was significantly higher than the previous year mainly    
due to Inyanda ramping up during 2008, good production levels at Leeuwpan       
resulting from additional overburden removal in 2007, as well as increased      
production at NBC.                                                              
Sales of power station coal to Eskom increased by 2Mt to 36,3Mt as a result     
of improved production performance at the tied operations and demand from the   
electricity utility to increase stock levels at various power stations.         
Other domestic sales were negatively affected by the lower production at        
Tshikondeni as well as a 13% decrease in sales to ArcelorMittal SA Limited in   
line with reduced demand in the steel and ferroalloy industry in the last       
quarter of 2008. The coal business was able to fully offset these lower sales   
volumes through additional sales from Leeuwpan and NBC to the domestic          
market.                                                                         
Export volumes increased from 1,8Mt in 2007 to 3,3Mt in 2008 as a result of     
increased export allocation at the Richards Bay Coal Terminal (RBCT) and        
production volumes from the new mines, Mafube and Inyanda.                      
Revenue increased by 78% to more than R9 billion due to significantly higher    
average international coal prices linked to global oil and energy price         
increases, and stronger demand. Domestic prices followed this upward trend      
with international prices, however, declining in the last quarter of 2008       
following the global economic crisis.                                           
The commodity business reported an annual record net operating income of R2     
654 million, an increase of 200% compared to 2007 despite inflationary          
pressures, especially in respect of labour and diesel costs, exploration        
costs for Moranbah South in Australia and higher expenditure on projects in     
the Waterberg and Mpumalanga province.                                          
MINERAL SANDS                                                                   
KZN Sands                                                                       
KZN Sands reported lower production volumes as a result of the Furnace 2        
water ingress incident at the end of February 2008 with only Furnace 1 being    
operational for the remainder of the year. Titanium slag produced was 63kt      
lower at 113kt than for the comparable period in 2007. Furnace 1 performed      
well by producing more than 95kt of slag equivalent to 87% of cold feed         
capacity. Low manganese pig iron production was in line with the decreased      
slag throughput while ilmenite production was aligned with the lower smelter    
feed requirements at 138kt lower than the corresponding period in 2007.         
Revenue was R10 million lower but net operating profit increased by R188        
million compared to the corresponding period in 2007 due to improved prices,    
a weaker local currency and cost savings.                                       
Continued improvement initiatives are impacting positively on production with   
the Furnace 2 start-up in early December 2008, ramping up according to plan.    
Australia Sands                                                                 
Record synthetic rutile production was achieved during 2008 resulting from      
more stable operating conditions following the kiln shut in 2007. Although      
mineral production was lower as a result of the dredging operations moving      
through lower ore grade areas, successful business improvement initiatives to   
increase yield and recoveries partly offset the negative variance. The 2009     
mine plan indicates a higher grade than 2008 which should positively impact     
on mineral production in 2009.                                                  
Pigment production was substantially lower than the comparative period in       
2007 as a result of maintenance-related issues, an emergency shut at one of     
the critical raw material suppliers, the rebuild of all four chlorinators and   
interruptions in gas supply during the first quarter of 2008 as previously      
reported. Several initiatives have been implemented to improve the              
performance of the pigment plant and in December 2008 pigment production        
improved to pre-2008 levels. A stronger pigment production performance is       
expected in 2009.                                                               
The lower production, increased maintenance cost at the pigment plant and a     
rapid escalation in process chemical costs and energy consumables, combined     
with the strong Australian dollar in the first half of 2008, led to a R142      
million decrease in net operating profit compared to the previous year. The     
decline in operating profit was partially offset by stronger pigment prices     
and the weakening of the Australian dollar during the last quarter of 2008.     
The Australian dollar weakened from an average of 0,87 US cents to the          
Australian dollar for the six months ended 31 December 2007 to an average       
rate for the six months ended 31 December 2008 of 0,77 US cents. The improved   
mineral production and weaker Australian dollar in the second half of 2008      
led to a net operating profit of R57 million, compared to a loss of R139        
million in the first half of 2008.                                              
At 31 December 2008, currency hedging of AU$51 million was in place at an       
average rate of 0,76 US cents to the Australian dollar.                         
Namakwa Sands                                                                   
Exxaro acquired effective ownership of Namakwa Sands on 1 October 2008 for an   
adjusted consideration of R2 783 million, consisting of the cash price of R2    
015 million, a working capital adjustment of R199 million, capital              
expenditure on the mineral separation project (MSP Project 1000) of R448        
million and R121 million to compensate Anglo Operations Limited for its         
taxation recoupment. The capitalised price adjustments result in either a       
subsequent cash inflow or additional future deduction from taxable income for   
Exxaro KZN Sands.                                                               
Annual records were achieved for zircon, titanium slag and pig iron             
production. The record zircon production was attributable to higher grades      
and improved plant efficiencies. The record smelter production resulted from    
Furnace 2 operating on full power of 35MW following the de-bottlenecking of     
process difficulties which increased slag and iron tapped despite the power     
cutbacks in the first quarter of 2008.                                          
Efficiency improvements at the smelter operations include annual records        
reported for the chlorinatable (CP) slag ratio at 84,5% compared to a           
previous best 82,5%, and iron recovery at 91,3% compared to the previous        
record of 90,3%.                                                                
The 44% increase in revenue is due to record product sales of 416kt at          
stronger zircon and average pig iron prices and a weaker local currency. A      
record net operating profit of R499 million was recorded for the year at an     
operating margin of 27%.                                                        
Base Metals                                                                     
Production of zinc metal at the Zincor refinery of 87kt was 14% lower than      
the corresponding period in 2007. This was due to limited power supply and a    
total plant black-out following a transformer failure causing major delays      
and instability throughout the plant during the second half of 2008, as well    
as the extended shut and rebuild of two roasters and the acid plant.            
Zinc metal sales, however, remained in line with the corresponding period in    
2007 despite a drastic reduction in the second half as a result of the global   
economic crisis causing a sharp decline in the local market.                    
Production of zinc concentrate at the Rosh Pinah mine of 94kt is in line with   
2007 although lower metal content grades were experienced. This was caused by   
plant stoppages and instability from equipment failures at the crushing and     
flotation circuits of the plant and failures due to unstable electricity        
supply. A capital replacement programme of the flotation circuit is planned     
for the second half of 2009 while the crushing circuit was fully refurbished    
during the second half of 2008.                                                 
Zinc concentrate railed from Rosh Pinah was 11% lower as problems experienced   
with the availability of railway wagons led to lower imports of cement into     
Namibia and subsequent backhaul of concentrate. Lead sales were higher than     
in 2007 due to rescheduled shipments.                                           
Revenue for the year decreased by 33% to R1 829 million mainly as a result of   
lower zinc prices and marginally lower sales. The average zinc price for the    
year of US$1 874 per tonne was 42% lower than the equivalent average of US$3    
231 in 2007.                                                                    
Net operating profit declined substantially from a profit of R688 million in    
2007 to a loss of R172 million due to lower revenue coupled with increased      
operating costs resulting from higher than inflation increases in               
electricity, diesel and labour, high maintenance expenses and an increase in    
the provision for environmental rehabilitation at Zincor of R87 million.        
The divestment of a 43% interest in Rosh Pinah Zinc Corporation (Pty) Limited   
to Namibian shareholder groupings, effectively reducing Exxaro shareholding     
to 50,04%, became effective on 1 July 2008. Exxaro retains operational          
control of the mine.                                                            
At 31 December 2008 a total of 18kt representing 60% of Rosh Pinah`s            
projected lead sales were hedged forward until 2011 at an average price per     
tonne of R16 089 and 78kt representing 60% of Rosh Pinah`s projected zinc       
sales at an average price of R19 619.                                           
Production at the Chifeng refinery was 101ktpa for the year compared to a       
design capacity of 110ktpa. An equity-accounted loss of R4 million was          
incurred compared to a loss of R18 million for the corresponding period in      
2007.                                                                           
Industrial minerals                                                             
The group is currently evaluating the proposed divestment of its interest in    
the Glen Douglas dolomite mine.                                                 
CAPITAL EXPENDITURE AND PROJECT PIPELINE                                        
Following the credit crisis and global economic meltdown in the second half     
of 2008, Exxaro is reviewing its capital expenditure programmes, including      
sustaining capital, as well as its project pipeline. The group will focus on    
the successful implementation of committed expansions while re-prioritising     
other identified growth opportunities.                                          
Coal                                                                            
Subsequent to Exxaro board approval in August 2008 for the coal supply          
agreement and the implementation of the project to expand the Grootegeluk       
mine at a capital cost of R9 billion, Exxaro and Eskom concluded an agreement   
in September 2008 for the supply of 14,6Mtpa of power station coal, for 40      
years, from Grootegeluk mine to Eskom`s adjacent Medupi power station which     
is currently under construction. The first coal is anticipated to be supplied   
during the last quarter of 2011 with full production from 2014 onwards.         
The development of the Diepspruit reserve at New Clydesdale is planned to       
produce its first coal in the second quarter of 2009. At full production, the   
R136 million project will produce 1,3Mt run of mine coal for beneficiation at   
NCC for supply to the export steam coal market.                                 
The commissioning and start of ramp-up of the Sintel char plant at              
Grootegeluk mine for the production of reductants for the ferroalloy industry   
has been delayed to February 2009 after the failure of the refractory lining    
of the four retorts during the heating process. The revised plan is to          
commission all four retorts by the end of June 2009 with full production of     
160ktpa estimated to be reached by end of 2009.                                 
Commissioning and ramp-up to full capacity of the Mafube expansion project at   
a capital cost of R1,9 billion has been completed. The mine will produce        
3Mtpa of export steam coal and 2Mtpa of power station coal. Exxaro`s 50%        
joint venture participation with Anglo Coal, although still awaiting            
fulfilment of all the conditions precedent, added 733kt to the overall export   
volumes allowing the group to take advantage of the higher average export       
prices experienced during the year.                                             
Exploration of the hard coking coal resource on the adjacent properties of      
Moranbah South and Grosvenor South in Queensland, Australia continues to        
progress according to schedule. Exploration is focused on geological work to    
delineate long-wall mining resources. The potential for bord and-pillar         
mining operations will also be explored. Moranbah South has the potential to    
produce premium quality hard coking coal.                                       
A pre-feasibility study and geological exploration work on a potential          
greenfields mine adjacent to the Grootegeluk mine with the capability of        
supplying the market with power station and metallurgical coal, is being        
progressed.                                                                     
Mineral Sands                                                                   
The feasibility study for the construction of the Fairbreeze mine south of      
the existing Hillendale mine, is being updated with start of construction       
targeted for the second half of 2009. Production is planned for the first       
half of 2011 after the mining of Braeburn and Braeburn extension in the next    
three years.                                                                    
The feasibility study of the Port Durnford mine, located to the south-west of   
Hillendale mine is progressing. This mine could supply the KZN furnaces for     
longer than 20 years, if proven viable.                                         
Implementation of the Tiwest Kwinana pigment expansion project for an           
additional 40ktpa production is on track with commissioning targeted for the    
first quarter of 2010. Exxaro is funding 100% of the AU$100 million expansion   
project.                                                                        
Base Metals                                                                     
Exploration activities in Turkey for zinc, lead, copper and iron ore            
prospects are still in the early stages with further participation being        
critically reviewed in the current depressed economic environment. A total of   
R110 million was expensed for the year on acquisition and exploration costs.    
Following Exxaro`s decision in the first half of 2008 not to participate in     
the planned expansion of the Chifeng refinery by a further 100ktpa, the         
project has been indefinitely postponed in the light of the substantial         
decline in demand for zinc metal.                                               
POWER CONSTRAINTS                                                               
Exxaro is in ongoing discussions with Eskom to agree on baseline consumption    
and continuous power supply while at the same time progressing group wide       
initiatives to conserve electricity consumption at existing operations and      
feasibility studies to develop co- and on-site power generation projects.       
CONVERSION OF MINING RIGHTS                                                     
The group is in regular engagement with the Department of Minerals and Energy   
(DME) to process the registration of new order mining rights granted as well    
as the converted old order mining rights of the former Kumba Resources. The     
applications for approval of the conversion of the old order mining rights of   
the former Eyesizwe Coal submitted during 2008 are in process.                  
All applications for new order mining rights have been granted in the mineral   
sands and coal businesses except the Weltevreden deposit adjacent to the        
Leeuwpan coal mine which is under consideration by the DME.                     
CHANGES TO THE BOARD                                                            
Mr DJ van Staden will retire as financial director on 28 February 2009. The     
board expresses its appreciation for his significant contribution to the        
group.                                                                          
As announced, Mr WA de Klerk will succeed Mr van Staden as financial director   
on 1 March 2009.                                                                
OUTLOOK                                                                         
The group is expected to continue experiencing strong demand for local power    
station coal. However, coking coal sales are anticipated to be lower at         
reduced prices. Steam coal sales volumes should increase but at lower           
international prices.                                                           
Increased production volumes at all mineral sands operations and a full 12      
months` contribution from Namakwa Sands together with the local and             
Australian currencies remaining at their present weaker levels, should          
benefit this business in 2009 if market demand and prices remain at current     
stable levels.                                                                  
The base metals business is expected to remain under pressure in 2009 as a      
result of continued depressed market conditions and zinc prices.                
The equity-accounted contribution from SIOC will be impacted by market demand   
and the level of iron ore price adjustments effective from 1 April 2009.        
The group will have a strong focus on capital prioritisation and working        
capital management together with continual business improvement initiatives     
and cost control to offset lower demand and price challenges.                   
Overall, the group`s consolidated results for 2009, will largely be driven by   
the extent to which global recessionary conditions impact on demand and         
prices for its commodities, as well as by the trading levels of the local and   
Australian currencies.                                                          
The uncertain market outlook remains a key factor to the group`s results for    
2009.                                                                           
FINAL DIVIDEND                                                                  
The directors have declared a final dividend, dividend number 12 of 200 cents   
per share in respect of the 2008 financial year. The dividend has been          
declared in South African currency and is payable to shareholders recorded in   
the register of the company at close of business on Friday, 27 March 2009.      
In compliance with the electronic statement system of JSE Limited, the          
following dates are applicable:                                                 
Last date to trade cum dividend                    Friday, 20 March 2009        
Shares trade ex dividend                           Monday, 23 March 2009        
Record date                                        Friday, 27 March 2009        
Payment date                                       Monday, 30 March 2009        
Share certificates may not be dematerialised or rematerialised between          
Monday, 23 March 2009 and Friday, 27 March 2009, both days inclusive.  On       
Monday, 30 March 2009 the final dividend will be electronically transferred     
to the bank accounts of all certified shareholders where this facility is       
available. Where electronic fund transfer is not available or desired,          
cheques dated 30 March 2009 will be posted on that date. Shareholders who       
have dematerialised their share certificates will have their accounts at        
their CSDP or broker credited on Monday, 30 March 2009.                         
On behalf of the board                                                          
SA Nkosi                                                                        
(Chief Executive Officer)                                                       
DJ van Staden                                                                   
(Financial Director)                                                            
23 February 2009                                                                
Registered Office                                                               
Exxaro Resources Limited                                                        
Roger Dyason Road, Pretoria West, 0002                                          
Tel no +27 12 307 5000    Fax no +27 12 307 4080                                
Transfer Secretaries                                                            
Computershare Investor Services (Pty) Limited                                   
Ground Floor, 70 Marshall Street, Johannesburg, 2001                            
PO Box 61051, Marshalltown, 2107                                                
Directors: SA Nkosi* (Chief Executive Officer), PM Baum, JJ Geldenhuys, U       
Khumalo, Dr D Konar, SEA Mngomezulu, VZ Mntambo, RP Mohring,                    
NL Sowazi, J van Rooyen, DJ van Staden*, D Zihlangu   *Executive                
Company Secretary: MS Viljoen                                                   
Corporate affairs and strategy: Trevor Arran (+27 12 307 3292)                  
If you have any queries regarding your shareholding in Exxaro Resources,        
please contact the Transfer Secretaries at +27 11 370 5000.                     
Pretoria                                                                        
24 February 2009                                                                
Sponsor: Deutsche Securities (SA) (Proprietary) Limited                         
Date: 24/02/2009 07:05:09 Supplied by www.sharenet.co.za                     
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