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EXX - Exxaro - Reviewed group interim financial results and unaudited

Release Date: 18/08/2011 07:05:24      Code(s): EXX
EXX - Exxaro - Reviewed group interim financial results and unaudited           
physical information for the six-month period ended 30 June 2011                
Exxaro Resources Limited                                                        
Registration number: 2000/011076/06                                             
JSE share code: EXX                                                             
ISIN: ZAE000084992                                                              
ADR code: EXXAY                                                                 
("Exxaro" or "the company" or "the group")                                      
Reviewed group interim financial results and unaudited physical information     
for the six-month period ended 30 June 2011                                     
Decrease in LTIFR to 0,22; regrettably one fatality                             
Revenue increase by 22% to R9,6 billion                                         
Net operating profit up 20% to R1,6 billion (despite impairment at Zincor)      
Headline earnings per share up 53% to 1 045 cents per share                     
Interim dividend of 300 cents per share; covered 3 times by attributable        
CONDENSED GROUP INCOME STATEMENT                                                
                                        6 months   6 months   12 months         
                                       ended      ended      ended              
30 June    30 June    31 Dec             
                                       2011       2010       2010               
                                       Reviewed   Reviewed   Audited            
                                       Rm         Rm         Rm                 
Revenue                                  9 324      7 508      16 355           
Operating expenses                       (7 779)    (6 195)    (13 854)         
Net operating profit (note 2)            1 545      1 313      2 501            
Net financing cost (note 4)              (160)      (222)      (434)            
Share of income from investments and     2 529      1 636      3 719            
equity-accounted investments                                                    
Profit before tax                        3 914      2 727      5 786            
Income tax expense                       (734)      (372)      (618)            
Profit for the period from continuing    3 180      2 355      5 168            
Profit for the period from discontinued  34         19         67               
Profit for the period                    3 214      2 374      5 235            
Profit attributable to                                                          
Owners of the parent                     3 205      2 408      5 208            
- continuing operations                  3 185      2 356      5 164            
- discontinued operations                20         52         44               
Non-controlling interests                9          (34)       27               
- continuing operations                  (5)        (2)        (8)              
- discontinued operations                14         (32)       35               
Profit for the period                    3 214      2 374      5 235            
                                        6 months   6 months   12 months         
                                       ended      ended      ended              
30 June    30 June    31 Dec             
                                       2011       2010       2010               
                                       Reviewed   Reviewed   Audited            
                                       Rm         Rm         Rm                 
Profit for the period                    3 214      2 374      5 235            
Other comprehensive income                                                      
Exchange differences on translating      232        (49)       (9)              
foreign operations                                                              
Exchange differences realised on sale of (3)                                    
Cash flow hedges                         (1)        288        227              
Share of comprehensive income of         59         30         40               
Income tax relating to components of     (13)       (100)      (115)            
other comprehensive income                                                      
Net gain recognised in other             274        169        143              
comprehensive income                                                            
Total comprehensive income for the       3 488      2 543      5 378            
Total comprehensive income attributable                                         
Owners of the parent                     3 493      2 590      5 408            
- continuing operations                  3 469      2 344      5 226            
- discontinued operations                24         246        182              
Non-controlling interests                (5)        (47)       (30)             
- continuing operations                  (2)        (6)        (12)             
- discontinued operations                (3)        (41)       (18)             
Total comprehensive income for the       3 488      2 543      5 378            
Ordinary shares (million)                                                       
- in issue                               359        358        358              
- weighted average number of shares      348        346        347              
- diluted weighted average number of     362        361        361              
Attributable earnings per share                                                 
continuing operations (cents)                                                   
- basic                                  915        681        1 488            
- diluted                                880        653        1 431            
Attributable earnings per share                                                 
discontinued operations (cents)                                                 
- basic                                  6          15         13               
- diluted                                5          14         12               
Aggregate attributable earnings per                                             
share (cents)                                                                   
- basic                                  921        696        1 501            
- diluted                                885        667        1 443            
                                      At 30 June  At 30 June  At 31 Dec         
2011        2010        2010               
                                     Reviewed    Reviewed    Audited            
                                     Rm          Rm          Rm                 
Non-current assets                                                              
Property, plant and equipment          13 484      12 285      13 305           
Biological assets                      46          41          46               
Intangible assets                      185         78          75               
Investments in unlisted associates     4 725       3 009       3 880            
(note 6)                                                                        
Deferred tax                           420         681         726              
Other financial assets (note 6)        1 408       1 339       1 375            
20 268      17 433      19 407            
Current assets                                                                  
Inventories                            2 967       3 119       3 120            
Trade and other receivables            3 901       3 175       3 752            
Tax receivable                         111         71          105              
Cash and cash equivalents              3 202       1 843       2 140            
                                      10 181      8 208       9 117             
Non-current assets classified as held  804         80          85               
for sale (note 7)                                                               
Total assets                           31 253      25 721      28 609           
EQUITY AND LIABILITIES                                                          
Capital and reserves                                                            
Equity attributable to owners of the   19 900      15 215      17 437           
Non-controlling interests              (30)        (46)        (23)             
Total equity                           19 870      15 169      17 414           
Non-current liabilities                                                         
Interest-bearing borrowings            3 429       4 210       3 644            
Non-current provisions                 2 243       2 011       2 193            
Deferred tax                           1 536       1 252       1 353            
7 208       7 473       7 190             
Current liabilities                                                             
Trade and other payables               2 912       2 338       3 057            
Interest-bearing borrowings            828         507         716              
Tax payable                            130         149         147              
Current provisions                     18          27          33               
                                      3 888       3 021       3 953             
Non-current liabilities classified as  287         58          52               
held for sale (note 7)                                                          
Total equity and liabilities           31 253      25 721      28 609           
Net debt (note 8)                      996         2 874       2 220            
Net asset value per share (Rand)       55          43          49               
Net tangible asset value per share     55          42          48               
Capital expenditure                                                             
- incurred                             1 827       1 042       2 677            
- contracted                           3 671       1 773       6 475            
- authorised but not contracted        2 535       737         2 490            
- share of associates` and joint       514         419         556              
ventures` contracted capital                                                    
commitments not included above                                                  
Capital expenditure contracted         613         200         1                
relating to captive mines Tshikondeni,                                          
Arnot and Matla, which will be                                                  
financed by ArcelorMittal South Africa                                          
Limited and Eskom, respectively                                                 
Contingent liabilities (note 9)        980         851         1 007            
Contingent assets (note 10)            70          58          63               
Operating lease commitments            69          98          132              
Operating sublease rentals receivable  5           8           6                
RECONCILIATION OF HEADLINE EARNINGS                                             
6 months ended 30 June 2011      Gross    Tax       Non-        Net             
(Reviewed)                       Rm       Rm        Control-    Rm              
Profit attributable to owners of                                3 205           
the parent                                                                      
Adjusted for:                                                                   
- impairment of property, plant  439                            439             
and equipment                                                                   
- gains or losses on disposal of (11)     3                     (8)             
property, plant and equipment                                                   
- gains or losses on the         (1)                            (1)             
disposal of subsidiaries                                                        
- share of associates` gains or  2                              2               
losses on disposal of property,                                                 
plant and equipment                                                             
Headline earnings                429      3                     3 637           
Headline earnings from                                          3 178           
continuing operations                                                           
Headline earnings from                                          459             
discontinued operations                                                         
6 months ended 30 June 2010                                                     
Profit attributable to owners of                                2 408           
the parent                                                                      
Adjusted for:                                                                   
- impairment of property, plant  5        (1)                   4               
and  equipment                                                                  
- gains or losses on disposal of (53)     4                     (49)            
property, plant and equipment                                                   
Headline earnings                (48)     3                     2 363           
Headline earnings from                                          2 311           
continuing operations                                                           
Headline earnings from                                          52              
discontinued operations                                                         
12 months ended 31 December 2010                                                
Profit attributable to owners of                                5 208           
the parent                                                                      
Adjusted for:                                                                   
- impairment of property, plant  4        (1)                   3               
and  equipment                                                                  
- gains or losses on disposal of (26)                           (26)            
property, plant and equipment                                                   
- share of associates` gains or  1                              1               
losses on disposal of property,                                                 
plant and equipment                                                             
Headline earnings                (21)     (1)                   5 186           
Headline earnings from                                          5 140           
continuing operations                                                           
Headline earnings from                                          46              
discontinued operations                                                         
6 months  6 months    12 months        
                                       ended     ended       ended              
                                       30 June   30 June     31 Dec             
                                       2011      2010        2010               
Reviewed  Reviewed    Audited            
Headline earnings per share                                                     
- basic                                   1 045     683         1 495           
- diluted                                 1 005     655         1 437           
Headline earnings per share from                                                
continuing operations (cents)                                                   
- basic                                  913       668         1 482            
- diluted                                878       640         1 424            
Headline earnings per share from                                                
discontinued operations (cents)                                                 
- basic                                    132       15          13             
- diluted                                  127       15          13             
CONDENSED GROUP STATEMENT OF CASH FLOWS                                         
                                       6 months    6 months   12 months         
                                      ended       ended      ended              
30 June     30 June    31 Dec             
                                      2011        2010       2010               
                                      Reviewed    Reviewed   Audited            
                                      Rm          Rm         Rm                 
Cash flows from operating activities                                            
- cash retained from operations         2 387       1 930      4 106            
- net financing cost                    (79)        (164)      (256)            
- tax paid                              (207)       (189)      (430)            
- dividends paid                        (1 058)     (352)      (1 056)          
Cash flows from investing activities                                            
- capital expenditure                   (1 827)     (1 042)    (2 677)          
- proceeds from disposal of property,   429         57         60               
plant and equipment                                                             
- increase in investments               (33)        (59)       (149)            
- dividends from investments and equity-1 625       638        1 817            
accounted investments                                                           
- other                                 20          39         (29)             
Net cash inflow                         1 257       858        1 386            
Net cash flow from financing activities                                         
- shares issued in terms of share       10          16         29               
option schemes                                                                  
- increase in non-controlling                                  6                
interests` loans                                                                
- net borrowings repaid                 (137)       (54)       (304)            
Net increase in cash and cash           1 130       820        1 117            
Cash and cash equivalents at beginning  2 140       1 023      1 023            
of period                                                                       
Total cash and cash equivalents end of  3 270       1 843      2 140            
Cash and cash equivalents classified as 68                                      
held for sale                                                                   
Cash and cash equivalents per statement 3 202       1 843      2 140            
of financial position                                                           
Cash and cash equivalents end of period 3 270       1 843      2 140            
CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY                                  
Other components of equity                   
                Share     Share    Foreign       Financial     Equity           
               capital   premium  currency      instruments   settled           
               Rm        Rm       translations  revaluation   Rm                
Rm            Rm                                
Balance at       4         2 137    802           3             1 241           
1 January 2010                                                                  
Total                               (19)          188                           
Issue of share             16                                                   
Share-based                                                     53              
Dividends paid2                                                                 
Balance at       4         2 153    783           191           1 294           
30 June 2010                                                                    
Total                               (67)          25                            
Issue of share             13                                                   
Share-based                                                     95              
Dividends paid2                                                                 
Balance at       4         2 166    716           216           1 389           
31 December 2010                                                                
Total                               220           36                            
Issue of share             10                                                   
Share-based                                                     18              
Dividends paid2                                                                 
Balance at       4         2 176    936           252           1 407           
30 June 2011                                                                    
Final dividend   300                                                            
paid per share                                                                  
(cents) in                                                                      
respect of the                                                                  
2010 financial                                                                  
Dividend paid    200                                                            
per share                                                                       
(cents) in                                                                      
respect of 2010                                                                 
interim period                                                                  
Dividend paid    300                                                            
per share                                                                       
(cents) in                                                                      
respect of 2011                                                                 
interim period                                                                  
1Issued to the Kumba Resources Management Share Trust due to                    
options exercised.                                                              
2The STC on these dividends amounted to Rnil after taking into                  
account STC credits.                                                            
CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY (continued)                      
Retained    Attributable to Non-          Total              
                  income      owners of       controlling   equity              
                  Rm          the parent      interests     Rm                  
                             Rm              Rm                                 
Balance at          8 721       12 908          1             12 909            
1 January 2010                                                                  
Total comprehensive 2 421       2 590           (47)          2 543             
Issue of share                  16                            16                
Share-based payment             53                            53                
Dividends paid2     (352)       (352)                         (352)             
Balance at 30 June  10 790      15 215          (46)          15 169            
2010 (reviewed)                                                                 
Total comprehensive 2 860       2 818           17            2 835             
Issue of share                  13                            13                
Share-based payment             95                            95                
Non-controlling                                 6             6                 
Dividends paid2     (704)       (704)                         (704)             
Balance at          12 946      17 437          (23)          17 414            
31 December 2010                                                                
Total comprehensive 3 237       3 493           (5)           3 488             
Issue of share                  10                            10                
Share-based payment             18                            18                
Non-controlling                                 (2)           (2)               
Dividends paid2     (1 058)     (1 058)                       (1 058)           
Balance at 30 June  15 125      19 900          (30)          19 870            
2011 (reviewed)                                                                 
Final dividend paid                                                             
per share (cents)                                                               
in respect of the                                                               
2010 financial year                                                             
Dividend paid per                                                               
share (cents) in                                                                
respect of 2010                                                                 
interim period                                                                  
Dividend paid per                                                               
share (cents) in                                                                
respect of 2011                                                                 
interim period                                                                  
1Issued to the Kumba Resources Management Share Trust due to                    
options exercised.                                                              
2The STC on these dividends amounted to Rnil after taking into                  
account STC credits.                                                            
NOTES TO THE REVIEWED FINANCIAL STATEMENTS                                      
1.   Basis of preparation                                                       
The interim financial information for the six months ended 30               
   June 2011 has been prepared in accordance with IAS 34 Interim                
   Financial Reporting, the requirements of the South African                   
   Companies Act, 71 of 2008, as amended, the AC 500 standards as               
issued by the Accounting Practices Board or its successor and in             
   compliance with the Listings Requirements of the JSE Limited.                
   The group financial statements have been prepared on the                     
   historical cost basis excluding financial instruments and                    
biological assets, which are fairly valued, and conform to                   
   International Financial Reporting Standards (IFRS). The                      
   accounting policies adopted are in terms of IFRS and are                     
   consistent with those applied in the annual financial statements             
for the year ended 31 December 2010.                                         
   During the first half of 2011 the following accounting                       
   pronouncements became effective:                                             
   Amended IFRS 1 First-time Adoption of International Financial                
Reporting, Amended IFRS 7 Financial Instruments: Disclosures,                
   Amended IAS 1 Presentation of Financial Statements, Revised IAS              
   24 Related Party Disclosures and Amended IAS 34 Interim                      
   Financial Reporting. These pronouncements had no material impact             
on the accounting of transactions or the disclosure thereof.                 
                                         6 months   6 months   12 months        
                                       ended      ended      ended              
                                       30 June    30 June    31 Dec             
2011       2010       2010               
                                       Reviewed   Reviewed   Audited            
                                       Rm         Rm         Rm                 
2.   Net operating profit is arrived at                                         
after including                                                              
    Continuing operations                                                       
    Depreciation, and amortisation of    (638)      (628)      (1 323)          
   intangible assets                                                            
Net realised foreign currency        (14)       6          (124)            
   exchange gains/(losses)                                                      
    Net unrealised foreign exchange      64         41         (32)             
Derivative instruments held for      190        148        544              
   trading: gains                                                               
    Fair value adjustment on financial   6          6          13               
   instruments: gains                                                           
Impairment charges (note 3)          (439)                                  
    Impairment reversals/(charges) and   44         (72)       (45)             
   write-offs of trade and other                                                
Write-down to net realisable value   (90)       (98)       (50)             
   of inventories                                                               
    Royalties                            (78)       (62)       (78)             
    Net surplus on disposal of           11         53         25               
property, plant and equipment                                                
    Discontinued operations                                                     
    Depreciation, and amortisation of    (20)       (29)       (57)             
   intangible assets                                                            
Net realised foreign currency        (1)        (1)        (1)              
   exchange losses                                                              
    Net unrealised foreign exchange                 2          2                
Derivative instruments held for      (49)       (33)       (92)             
   trading: losses                                                              
    Impairment charges (note 3)                     (5)        (4)              
    Impairment charges and write-offs                          (1)              
of trade and other receivables                                               
    Royalties                            (15)       (16)       (36)             
    Net surplus on disposal of                                 1                
   property, plant and equipment                                                
3.   Impairment charges                                                         
    Impairment of property, plant and    (439)      (5)        (4)              
    Tax impact                                                 1                
Total impairments after tax          (439)      (5)        (3)              
    Impairment charges attributable to              (5)        (4)              
   discontinued operations included in                                          
   impairment charges above:                                                    
4.   Net financing cost                                                         
    Interest expense and loan costs      (147)      (184)      (321)            
    Finance leases                       (39)       (33)       (70)             
    Interest income                      107        53         135              
Net interest expense                 (79)       (164)      (256)            
    Interest adjustment on non-current   (96)       (75)       (199)            
    Net financing cost as per income     (175)      (239)      (455)            
    Total net financing cost                                                    
    - continuing operations              (160)      (222)      (434)            
    - discontinued operations            (15)       (17)       (21)             
5.   Discontinued operations                                                    
    The Rosh Pinah mine assets classified as held for sale represent            
   a separate major line of business as well as geographical area               
   of operations and form part of a single co-ordinated plan to                 
dispose of the assets and related liabilities. Although not yet              
   disposed of, IFRS 5 Non-current Assets Held for Sale and                     
   Discontinued Operations requires that the operation of the Rosh              
   Pinah mine be classified as discontinued operations.                         
The Glen Douglas dolomite mine investment, which was disclosed               
   as a Non-current Asset Held for Sale as at 31 December 2010, was             
   sold to JSE-Listed materials supplier Afrimat Limited on 1                   
   January 2011. The investment was therefore effectively only                  
accounted for one day in the six months period ended 30 June                 
   Financial information relating to the discontinued operations                
   for the period to the date of disposal is set out below.                     
The financial performance and cash flow information                         
                                         6 months   6 months   12 months        
                                       ended      ended      ended              
                                       30 June    30 June    31 Dec             
2011       2010       2010               
                                       Reviewed   Reviewed   Audited            
                                       Rm         Rm         Rm                 
    Revenue                              291        344        800              
Operating expenses (note 2)          (200)      (294)      (665)            
    Net operating profit                 91         50         135              
    Net financing cost (note 4)          (15)       (17)       (21)             
    Profit before tax                    76         33         114              
Income tax expense                   (42)       (14)       (47)             
    Profit for the period from           34         19         67               
   discontinued operations                                                      
    Cash flow attributable to operating  49         37         123              
    Cash flow attributable to investing  (28)       (20)       (80)             
    Cash flow attributable to financing  (14)       3          (28)             
    Cash flow attributable to            7          20         15               
   discontinued operations                                                      
                                          6 months ended 30 June 2011           
    Gains/(losses) on the disposal of    Turkey     Glen       Total            
   subsidiaries                         Rm         Douglas    Rm                
Consideration received or                                                   
    Cash                                 17         33         50               
    Total disposal consideration         17         33         50               
Carrying amount of net assets sold   (12)       (37)       (49)             
    Gain/(loss) on sale before and       5          (4)        1                
   after income tax                                                             
                                         6 months   6 months   12 months        
ended      ended      ended              
                                       30 June    30 June    31 Dec             
                                       2011       2010       2010               
                                       Reviewed   Reviewed   Audited            
Rm         Rm         Rm                 
6.   Investments                                                                
    Unlisted investments in associates                                          
    - directors` valuation               17 990     20 137     20 782           
Unlisted investments included in                                            
   other financial assets                                                       
    - directors` valuation               393        423        407              
    Included in the directors`                                                  
valuations are investments                                                   
   classified as non-current assets                                             
   held for sale.                                                               
7.   Non-current assets classified as                                           
held for sale                                                                
    The major classes of assets and                                             
   liabilities of the assets                                                    
   classified as held for sale are as                                           
    Property, plant and equipment        316        33         34               
    Financial assets                     12         18         21               
Investments in associates and joint  137                                    
    Inventories                          165        10         8                
    Trade and other receivables          106        19         22               
Cash and cash equivalents            68                                     
                                         804        80         85               
    Interest-bearing borrowings          9                                      
Non-current provisions               92         29         29               
    Deferred tax                         96         10         8                
    Trade and other payables             84         17         14               
    Tax payable                          6          2          1                
287        58         52               
    Total at end of reporting period     517        22         33               
    Included above are the assets and liabilities of Rosh Pinah (a              
   subsidiary) classified as held for sale and other assets and                 
liabilities classified as held for sale.                                     
   Completion of the sale transactions is expected to take place                
   within 12 months.                                                            
8.   Net debt                                                                   
    Net debt is calculated as being interest-bearing borrowings less            
   cash and cash equivalents. It excludes Exxaro`s share of any                 
   proportionately consolidated liabilities to joint venture                    
9.   Contingent liabilities                                                     
    Include 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 2011 is mainly due to the inclusion of Exxaro`s                  
   share of guarantees by joint ventures to Transnet Freight Rail               
   (TFR) in respect of rail allocation. Includes the group`s share              
of contingent liabilities of associates and joint ventures of                
   R152 million. The timing and occurrence of any possible outflows             
   are uncertain.                                                               
10.  Contingent assets                                                          
A surrender fee of R70 million (2010: R58 million) in exchange              
   for the exclusive right to prospect, explore, investigate and                
   mine for coal within a designated area in central Queensland and             
   Moranbah, Australia, conditional to the grant of a mining lease.             
11.  Related party transactions                                                 
    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 with             
associates and joint ventures. These transactions were subject               
   to terms that are no less favourable than those arranged with                
   third parties.                                                               
12.  Financial instruments                                                      
No reclassification of financial instruments occurred during the            
   period under review.                                                         
13.  JSE Limited Listings Requirements                                          
    The interim results announcement has been prepared in accordance            
with the Listings Requirements of the JSE Limited.                           
14.  Corporate governance                                                       
    Sound corporate governance processes are being applied at                   
   Exxaro. They are regularly reviewed and adapted to accommodate               
internal corporate developments and to reflect national and                  
   international best practice. Exxaro endorses the principles of               
   the King Code of Governance Principles for South Africa 2009                 
   ("King III Code"). The board of Exxaro has considered the                    
implications and effect of the King III Code and has started to              
   implement and apply the recommendations.                                     
15.  Mineral Resources and Mineral Reserves                                     
    No material changes to the Mineral Resources and Ore Reserves               
disclosed in the Exxaro annual report for the year ended 31                  
   December 2010 are expected other than depletion due to continued             
   mining activities.                                                           
16.  Events after the reporting period                                          
The directors are not aware of any other matter or circumstance             
   arising after the reporting period up to the date of this report             
   not otherwise dealt with in this report.                                     
17.  Auditors review                                                            
The interim results have been reviewed by the company`s                     
   auditors, PricewaterhouseCoopers Inc. Their unmodified review                
   opinion is available for inspection at the company`s registered              
UNAUDITED PHYSICAL INFORMATION (`000 TONNES)                                    
                                     6 months   6 months   12 months            
                                    ended      ended      ended                 
                                    30 June    30 June    31 December           
2011       2010       2010                  
Power station coal                    15 700     18 269     36 767              
Tied operations1                      6 370      8 365      16 461              
Commercial operations                 9 330      9 904      20 306              
Coking coal                           1 241      1 187      2 419               
Tied operations1                      134        124        285                 
Commercial operations                 1 107      1 063      2 134               
Other coal                            3 802      3 518      7 502               
Char                                  77         49         114                 
Total                                 20 820     23 023     46 802              
Eskom                                 15 831     18 379     36 428              
Tied operations1                      6 376      8 356      16 438              
Commercial operations                 9 455      10 023     19 990              
Other domestic coal                   2 830      2 447      5 044               
Tied operations1                      166        117        260                 
Commercial operations                 2 664      2 330      4 784               
Coal export                           2 084      1 842      4 106               
Char                                  74         52         122                 
Total                                 20 819     22 720     45 700              
Mineral Sands2                                                                  
Ilmenite                              367        367        718                 
Zircon                                94         94         196                 
Rutile                                32         28         63                  
Synthetic Rutile                      54         51         90                  
Pig iron (LMPI)                       68         81         153                 
Scrap iron                            4          8          12                  
Slag tapped                           124        141        262                 
Chloride slag                         150        84         232                 
Sulphate slag                         26         16         52                  
Leucoxene                             5          7          13                  
Pigment                               44         25         57                  
Total                                 968        902        1 848               
Zircon                                91         124        243                 
Rutile                                33         35         79                  
Synthetic Rutile                      16         23         30                  
Pig iron (LMPI)                       79         107        194                 
Scrap iron                            1          1          3                   
Chloride slag                         126        98         264                 
Sulphate slag                         28         7          39                  
Leucoxene                             4          7          16                  
Pigment                               43         24         55                  
Total                                 421        426        923                 
Base Metals                                                                     
Zinc concentrate                      53         60         120                 
Rosh Pinah                            43         52         101                 
Black Mountain                        10         8          19                  
Zinc Metal                            57         54         120                 
Zincor                                41         43         90                  
Chifeng3                              16         11         30                  
Lead concentrate                      20         17         37                  
Rosh Pinah                            9          9          19                  
Black Mountain                        11         8          18                  
Zinc metal sales                      63         59         119                 
Domestic                              46         46         90                  
Export                                17         13         29                  
Lead concentrate sales                                                          
Export                                7          7          20                  
1 Tied operations refer to mines that supply their entire production            
to either Eskom or AMSA in terms of contractual agreements.                     
2 Includes Exxaro Sands Australia`s attributable interest in the                
Tiwest joint venture.                                                           
3 Exxaro`s effective interest in the Chifeng refinery is disclosed.             
Exxaro is a South African-based mining group, listed on the JSE Limited.        
Exxaro has a diverse and world-class commodity portfolio in coal, mineral       
sands, base metals and industrial minerals, with exposure to iron ore through   
a 20% interest in Sishen Iron Ore Company (SIOC). As the second-largest South   
African coal producer with capacity of 45 million tonnes per annum and the      
third-largest global producer of mineral sands, Exxaro is a significant         
participant in the coal and mineral sands markets and provides a unique         
listed investment opportunity into these commodities.                           
OPERATING RESULTS                                                               
Comments are based on a comparison of the group`s reviewed financial results    
and unaudited physical information for the six-month periods ended 30 June      
2011 and 2010, respectively.                                                    
Group consolidated revenue increased by 22% to R9 615 million with the coal     
and mineral sands businesses being the main contributors.                       
Revenue was recorded at a stronger average exchange rate of R7,21 to the US     
dollar, compared to R7,81 in the corresponding period in 2010. For the          
Australian Mineral Sands business the comparative average exchange rates were   
USD0,96 cents and USD0,87 cents respectively.                                   
Revenue was 22% higher at R5 786 million, due primarily to increased export     
sales at higher international selling prices.                                   
Mineral Sands                                                                   
Revenue improved 36% to R2 889 million, mainly due to the long anticipated      
increases in selling prices complemented by increased demand.                   
Base Metals                                                                     
Revenue was in line with that of the corresponding period as the higher         
average LME zinc selling prices and export volumes were offset by a stronger    
local currency.                                                                 
NET OPERATING PROFIT                                                            
The higher consolidated revenue recorded translated into higher consolidated    
net operating profit of R1 636 million, an increase of 20%, as the group        
continued to benefit from strong demand at generally higher selling prices,     
albeit at stronger exchange currencies.                                         
The coal business reported a 36% increase in net operating profit of R1 627     
million (at an operating margin of 28%). An increase in export volumes at       
higher international selling prices combined with higher non-Eskom local        
sales at higher prices were partially offset by lower power station coal        
volumes to Eskom and inflationary pressures on distribution and maintenance     
Mineral Sands                                                                   
The mineral sands business reported a consolidated net operating profit of      
R652 million, driven by favourable selling prices, strong demand, improved      
operational efficiencies and continued cost containment, despite the impact     
of stronger local and Australian currencies.                                    
KZN Sands recorded a marginal loss of R6 million compared to a profit of R61    
million in the corresponding period which included a non-recurring insurance    
payment receipt of R98 million.                                                 
Namakwa Sands and Australia Sands recorded net operating profit increases of    
R247 million and R324 million, respectively. The higher profits were recorded   
at respective operating margins of 25% and 32%. Included in Australia Sands,    
is a profit of R24 million from the disposal of the interest in the Kwinana     
Pigment plant expansion.                                                        
Base Metals                                                                     
A net operating loss of R125 million was recorded prior to accounting for the   
impairment as continued operating challenges at the Zincor refinery were        
compounded by higher than inflation increases in electricity and maintenance    
expenditure. After an evaluation of the carrying value of the Zincor            
refinery, also taking due cognisance of the announcement made by the group on   
29 July 2011, an impairment loss of R439 million was recorded, resulting in a   
consolidated net operating loss of R564 million. Moreover, a deferred tax       
asset of R153 million was derecognised at Zincor based on the expectation of    
it no longer being able to be utilised with future available taxable income.    
Attributable earnings, inclusive of Exxaro`s 20% interest in the post-tax       
profits of SIOC amounting to R2 375 million as well as the respective R5        
million and R147 million contributions from the equity interests in Chifeng     
and Black Mountain, increased by 33% from R2 408 million to R3 205 million      
(or 921 cents per share).                                                       
Headline earnings recorded, which exclude the impact of any impairments, were   
R3 637 million (or 1 045 cents per share). This represents a 54% increase on    
the corresponding 2010 earnings of R2 363 million (at 683 cents per share).     
CASH FLOW                                                                       
Cash retained from operations was R2 387 million from which taxation payments   
of R207 million, the final dividend for the 2010 financial year of R1 058       
million and capital expenditure payments of R1 827 million were made. A total   
of R1 299 million of the capital expenditure was invested in new capacity       
while R528 million was for sustaining and environmental purposes. R1 267        
million of the capital investment in new capacity was for the expansion of      
Grootegeluk mine to supply Eskom`s Medupi power station.                        
After accounting for R1 625 million of dividends received, a net cash inflow    
of R1 257 million was recorded and contributed to the significant reduction     
in net debt in the six months to 30 June 2011.                                  
Net debt of R2 220 million at 31 December 2010 decreased to R996 million at     
30 June 2011, reflecting a debt to equity ratio of 5%.                          
Subsequent to the interim reporting date, Exxaro will pay an interim dividend   
of some R1 076 million and receive a dividend of R1 893 million from SIOC.      
SAFETY, HEALTH AND ENVIRONMENT                                                  
Despite strengthened safety awareness and prevention programmes through         
various initiatives to enhance hazard identification and safe behaviour,        
regrettably one fatality was suffered during the period under review. Shuttle   
car operator Mandla Piet Mabaso was fatally injured underground at New          
Clydesdale Colliery (NCC) on 16 February 2011. Subsequent to the interim        
reporting date, a further two fatalities occurred. On 8 July 2011, Johannes     
Jan Drotschie, a fitter at Matla, was fatally injured underground while         
Colman Selebalo Thobejane, a contractor working for Isambane at Arnot mine in   
Mpumalanga, was fatally injured on surface on 11 July 2011. The average lost    
time injury frequency rate (LTIFR) per 200 000 man-hours worked for the six-    
month period improved to 0,22 from 0,25 at 31 December 2010.                    
Wellness of employees remains paramount with progress evident in the            
implementation of an HIV/AIDS voluntary counselling and testing programme.      
The target for testing for 2011 is 75% of employees compared to the 70%         
achieved in 2010.                                                               
All 16 operational business units are now ISO 14001 and OHSAS 18001             
certified. Certification for the Grootegeluk Medupi Expansion Project (GMEP)    
which is still under construction, is in progress.                              
REPORTED SEGMENT RESULTS                                                        
Reported segments are based on the group`s different products and operations    
as well as the physical location of these operations and associated products.   
6 months    6 months    12 months           
                                   ended       ended       ended                
                                   30 June     30 June     31 December          
                                   2011        2010        2010                 
Reviewed    Reviewed    Audited              
                                   Rm          Rm          Rm                   
Coal                                 5 786        4 730      10 515             
Tied operations                      1 445       1 320       2 952              
Commercial operations                4 341       3 410       7 563              
Mineral Sands                        2 889       2 130       4 640              
KZN Sands                            575         535         1 288              
Australia Sands                      1 191       702         1 551              
Namakwa Sands                        1 123       893         1 801              
Base Metals                          900         895         1 787              
Rosh Pinah                           291         283         674                
Zincor                               826         851         1 598              
Inter-segmental                      (217)       (239)       (485)              
Other                                40          97          213                
Total                                9 615       7 852       17 155             
NET OPERATING PROFIT                                                            
Coal                                 1 627       1 199       2 690              
Tied operations                      83          97          186                
Commercial operations                1 544       1 102       2 504              
Mineral Sands                        652         148         179                
KZN Sands                            (6)         61          (66)               
Australia Sands                      378         54          138                
Namakwa Sands                        280         33          107                
Base Metals                          (564)       12          (113)              
Rosh Pinah                           86          48          143                
Zincor1                              (638)       (18)        (171)              
Other                                (12)        (18)        (85)               
Other                                (79)        4           (120)              
Total                                1 636       1 363       2 636              
1Includes an impairment to the carrying value of property, plant and            
equipment of R439 million at 30 June 2011.                                      
Total coal production volumes decreased by 10% as a result of lower power       
station coal volumes.                                                           
The commercial mines` power station coal production was 574kt or 6% lower       
than in the corresponding period. This was mainly due to lower production at    
Grootegeluk as a result of lower demand by Eskom, partially offset by higher    
production at Leeuwpan due to the crush and screen plant commissioned during    
2010. Equipment availability problems experienced by North Block Complex        
(NBC) also adversely impacted production. Power station coal production         
volumes were lower than the same period in 2010 mainly due to lower             
production at the Eskom tied mines. The underground production at Arnot was     
negatively affected by geological conditions and technical challenges, as       
well as the closure of the Mooifontein operation. Production at Matla was       
lower due to a focus on improved qualities.                                     
Coking coal production increased marginally due to higher production at         
Grootegeluk based on increased demand, mainly from ArcelorMittal South Africa   
Limited (AMSA) while Tshikondeni`s production was higher resulting from the     
mini-pits started in the first half of 2011.                                    
Steam coal production was 8% higher with higher production at Leeuwpan. This    
was as a result of operational improvements to the dense medium separation      
(DMS) plant feed tempo being complemented by the benefit of improved coal       
availability after additional overburden stripping. Higher production was       
also recorded at Grootegeluk and the Mafube joint venture on the back of        
higher international demand and throughput improvements, respectively.          
However, this was partially offset by lower production at NBC and at NCC due    
to the closure of Haasfontein in the first half of 2011.                        
The char plant production was 58% higher than the corresponding period due to   
improved availability and feed rate.                                            
Sales to Eskom were lower following the lower production.                       
Other domestic sales were 14% higher due to higher demand from AMSA in          
addition to higher spot sales from Leeuwpan.                                    
Exxaro`s coal strategy is to increase export volumes which contributed to a     
13% improvement in exports mainly due to higher railings by TFR despite the     
21-day maintenance shut and the derailments in the first half of 2011.          
Reductants` higher production in turn resulted in the 42% higher sales from     
the Char plant.                                                                 
Mineral Sands                                                                   
At KZN Sands, heavy minerals concentrate (HMC) production was 32kt lower due    
to the Hillendale mine nearing its end of life, resulting in 4kt lower zircon   
and 1kt lower rutile production. The lower HMC, together with the fact that     
only one furnace was operational for the full period under review (after        
Furnace 2 suffered a burn through in October 2010), also resulted in lower      
titanium slag production.                                                       
Namakwa Sands recorded higher zircon and rutile production of 6kt and 3kt,      
respectively. With greater uptimes of the furnaces, titanium slag production    
increased with 31kt.                                                            
At Australia Sands, synthetic rutile production increased due to improved       
consistency in production together with the reduction of coal quality           
problems which adversely affected the plant in the past. Zircon production      
was marginally lower as a result of harder digging conditions.                  
Pigment production was significantly higher following the commissioning and     
ramp-up of the pigment plant expansion combined with improved performance       
from the existing plant. On 30 June 2011, Tronox Western Australia exercised    
its reinstatement right to buy back into the pigment plant expansion,           
culminating in a subsequent net cash inflow of R469 million to Australia        
Sands, thereby compensating Exxaro for the funding of the expansion.            
Total sales volumes were in line with the previous corresponding period,        
albeit at a different overall product mix at more favourable selling prices.    
Base Metals                                                                     
Zinc concentrate production at Rosh Pinah was 9kt lower resulting from a        
planned shut in May 2011.                                                       
Production of zinc metal at the Zincor refinery of 41kt was marginally lower    
which can be attributed to downtime in the acid plant and throughput            
limitations on the purification circuit.                                        
Dispatches of zinc concentrate were 24% lower due to logistical challenges      
following the heavy rains in Namibia in the first quarter of 2011.              
Zinc metal exports were 30% higher at 17kt based on increased demand.           
A total of 60% of Rosh Pinah`s projected zinc and lead concentrate sales were   
hedged during 2008 for the period July 2008 to December 2011 at forward         
prices ranging from US$2 215 to US$1 887 for zinc and US$2 385 to US$ 1 771     
for lead. Actual hedging gains were R19 million more than the corresponding     
period in spite of lower commodity prices. These hedges mature in the second    
half of 2011.                                                                   
CAPITAL EXPENDITURE AND PROJECT PIPELINE                                        
The group continues to take due cognisance of the pace of the recovery in the   
global economy as well as macro-economic fundamentals in its evaluation and     
prioritisation of growth projects in line with the group`s approved commodity   
Construction of GMEP, to supply Eskom with 14,6 Mtpa of coal for the Medupi     
power station, continues to progress well and is anticipated to be completed    
on time and within budget.                                                      
The detailed design for first coal supply has been completed for most           
disciplines, with some minor work continuing to the end of August 2011.         
Overall project progress was at 54% completion on 30 June 2011. The total       
project spent to date is some R2 billion with total capital expenditure for     
the project still forecast at R9,5 billion. Total funds committed to date,      
amount to approximately R5 billion.                                             
The R4,5 billion bridge loan facility with a consortium of financiers is        
still in place with draw-down of the loan now only expected in the third        
quarter of 2011.                                                                
Thabametsi is a prospective greenfields mine adjacent to Grootegeluk mine in    
the Waterberg. The development of the project will coincide with the            
Department of Energy`s (DoE`s) formalisation, establishment and                 
implementation of the National Integrated Resource Plan 2010 (NIRP 2010). The   
NIRP 2010, issued at the end of March 2011, indicates that coal-fired base-     
load Independent Power Producer (IPP) power stations have been brought          
forward in the energy mix, paving the way for the development of Thabametsi     
as a supplier of coal to a base load IPP. First coal production could be        
achieved by 2016/17, but is dependent on the Waterberg IPP and water supply     
development schedules.                                                          
Exxaro entered into a prospecting joint venture agreement with Sasol Mining     
to investigate the commercial viability of the development of a new coal mine   
in the Waterberg to supply Sasol`s potential new 80 000 barrels per day         
inland coal-to-liquids facility (Project Mafutha). Project Mafutha is still     
in a pre-feasibility study phase. The activities on the project have been       
scaled down, pending the satisfactory outcome on work relating to primary       
areas such as gasification demonstration testing and government`s               
participation and support for the project.                                      
The integrated infrastructure plan for the Waterberg coalfields is being        
implemented with relevant stakeholders to provide for the supply of raw water   
to the area as well as rail, road and housing requirements.                     
The sintel char plant at Grootegeluk mine to produce reductants for the         
ferroalloy industry has been fully commissioned, with all four retorts in       
operation. Exxaro is progressing its evaluation of the phase 2 expansion to     
produce a further 140ktpa of char as well as a bankable feasibility study to    
produce market coke from semi-soft coking coal at Grootegeluk. These studies    
are now only expected to be completed during the first half of 2012.            
The bankable feasibility study, which includes comprehensive specialist         
studies as required by relevant environmental and water legislation in          
respect of the Belfast project, are still in process and will be submitted to   
the relevant authorities in the fourth quarter of 2011. Start-up and first      
production is still anticipated in 2014.                                        
Exploration of the hard coking coal resource on the Moranbah South properties   
in the Bowen Basin of Queensland, Australia, is continuing, with the joint      
venture partners still targeting conclusion of the feasibility study in the     
latter part of 2012. This project is a 50% joint venture with Anglo American    
and has the potential to produce premium-quality hard coking coal.              
The initiative to form an energy company with equity funding partners to        
focus on a number of cleaner energy projects has progressed well with short-    
listed potential strategic equity partners conducting their respective due      
diligence studies on a number of existing energy projects.                      
A bankable feasibility study for a 14MW co-generation plant at Namakwa Sands    
has been completed. Construction is scheduled to start in January 2012 with     
commercial operation anticipated to be in November 2012. The total capital      
expenditure for the project is estimated to be R252 million, with               
registration for carbon credits also under way.                                 
The pre-feasibility study for the 60MW co-generation plant at Grootegeluk       
mine is in the final stages and is expected to be completed by end of 2011.     
This market coke co-generation operation has the potential to produce           
electricity from coke oven off-gas.                                             
Gas is now being flared from all five holes of the five-spot coal bed methane   
project in Botswana, with an increasingly positive indication of the            
potential for economic gas flow to be proven. It is expected to have a much     
clearer indication of the potential for economic gas flow by the end of 2011.   
The facilitation for the development of a 600MW coal fired power station in     
the Waterberg is under way. Non-binding term sheets for the off-take of 1       
150MW of electricity have been signed between Exxaro and industrial off-        
takers. The project is one of the options being investigated to enable the      
Thabametsi coal mine. While the pre-feasibility study has progressed, a         
formal request for proposal for a 600MW coal-fired base load power station      
was issued to IPPs on 14 June 2011. Evaluation and selection to short-list      
the IPPs has commenced, in order to select the preferred IPP by the end of      
Mineral Sands                                                                   
A decision was taken by the Exxaro board of directors during the first half     
of 2011 to proceed with the development of the Fairbreeze mine as a             
replacement feedstock producer for Hillendale mine at KZN Sands. Detailed       
design has commenced on the Fairbreeze project and construction is expected     
to commence in the second half of 2011, subject to customary regulatory and     
environmental approvals. These are expected to be obtained in the second half   
of 2011. A reversal or partial reversal of the previous impairments of the      
carrying value of the assets at KZN Sands will also be considered in the        
second half of 2011. The Hillendale ore body will be depleted by the end of     
2012 after which the plant will be relocated to a central position at           
Fairbreeze. The commissioning is anticipated to occur in the first half of      
Exxaro made an off-market takeover bid for Australian junior miner Territory    
Resources on 23 May 2011 of AUD0,46 cents per share. The majority of            
Territory`s Board supported Exxaro`s offer, however, this was overturned when   
Noble Resources, the biggest shareholder of Territory at 32%, made an AUD0,50   
cents per share, unconditional on-market counter offer for the company on 9     
June 2011. Exxaro declined the opportunity to raise its offer. The group        
continues to evaluate opportunities aligned with its strategy to establish a    
direct footprint in iron ore.                                                   
The construction of the 5,3m diameter ferromanganese furnace (Project           
Letaba), in partnership with Assmang Limited to commercialise Exxaro`s          
AlloystreamTM technology, is progressing as planned. The demonstration          
facility is still scheduled to be completed in the second half of 2011.         
Base Metals                                                                     
The formal process to divest from Exxaro`s zinc business commenced in May       
2011 with invitations being sent to interested parties. Exxaro received         
indicative offers for only Rosh Pinah mine from a number of parties who were    
subsequently shortlisted to conduct a detailed due diligence with the view to   
submit final binding bids. It is planned to have the process completed by the   
end of 2011, subject to obtaining certain regulatory approvals. No offers       
were received for the Zincor operation. In the meantime, the Zincor operation   
has been appropriately impaired. This was as a result of significant changes    
in the manner in which the asset is expected to be used coupled with a          
reassessment of the assets` carrying value subsequent to the announcement       
made on 29 July 2011.                                                           
CONVERSION OF MINING RIGHTS                                                     
Engagement with the relevant stakeholders continues in order to process the     
registration of new order mining rights granted. The conversion of mining       
rights for Arnot and Glisa (a part of NBC) is under way. Three mining rights    
converted for Tshikondeni, Matla and Strathrae (also part of NBC) still await   
execution by the Department of Mineral Resources (DMR). New order mining        
rights for Belfast are in different phases of application and processing.       
CHANGES TO THE BOARD AND COMPANY SECRETARIAT                                    
Maria Susanna (Marie) Viljoen, Company Secretary of first Kumba and then        
Exxaro since 1 August 2001, has retired with effect from 30 June 2011. The      
board of directors has appointed Catharina Helena (Carina) Wessels as Group     
Company Secretary with effect from 1 July 2011 in her stead. Carina holds LLB   
and LLM degrees, is an admitted advocate of the High Court of South Africa,     
and is a Fellow and Senior Vice-President of the Chartered Secretaries          
Southern Africa.                                                                
The positive market recovery for coal in terms of price and demand are set to   
continue in the second half of 2011, amid the existing logistical challenges.   
Following the commissioning of Phase V expansion at Richards Bay Coal           
Terminal (RBCT), Exxaro`s export entitlement should be 6,3Mtpa, but only some   
2,9Mtpa of this will be available in 2011. The remainder of the exports         
planned can only be achieved by selling on a free-on-rail basis, the lease of   
export entitlement, and exports via Maputo in Mozambique.                       
Market conditions on the mineral sands business are favourable and the demand   
for all products is strong. The upward trend in prices should continue in the   
medium-term given current supply and demand imbalances.                         
Subsequent to the in-principle decision announced on 29 July 2011 to            
permanently cease the production of zinc at Zincor, Exxaro is contemplating     
the retrenchment of Zincor employees unless a feasible alternative is           
The equity accounted contribution from SIOC should continue to be positively    
impacted by anticipated higher iron ore prices and continued strong demand.     
The strength of the local currency and Australian dollar against the US         
dollar will continue to impact on the group`s financial results. At 30 June     
2011, Exxaro has USD234 million of hedging in place at an average exchange      
rate of R7,34 for the local operations and USD27 million at an average rate     
of USD0,99 cents to the AUD for the Australian operation.                       
The financial information on which the outlook statement is based has not       
been reviewed nor reported on by the group`s external auditors.                 
INTERIM DIVIDEND                                                                
The board of directors has declared an interim cash dividend number 17 of 300   
cents per share in respect of the 2011 interim period. The dividend has been    
declared in South African currency and is payable to shareholders recorded in   
the register of the company at the close of business on Friday, 23 September    
In compliance with the requirements of Strate, the electronic and custody       
system used by the JSE, the following dates are applicable:                     
Last date to trade cum dividend    Friday, 16 September 2011                    
Shares trade ex dividend Monday, 19 September 2011                              
Record date    Friday, 23 September 2011                                        
Payment date   Monday, 26 September 2011                                        
Share certificates may not be dematerialised or rematerialised during the       
period Monday, 19 September 2011 and Friday, 23 September 2011, both days       
On Monday, 26 September 2011 the cash dividend will be electronically           
transferred to the bank accounts of all certificated shareholders where this    
facility is available. Where electronic fund transfer is not available or       
desired, cheques dated 26 September 2011 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, 26 September 2011.         
On behalf of the board                                                          
Len Konar         Sipho Nkosi                Wim de Klerk                       
Chairman          Chief Executive Officer    Finance Director                   
17 August 2011                                                                  
REGISTERED OFFICE                                                               
Exxaro Resources Limited                                                        
Roger Dyason Road, Pretoria West, 0183                                          
Telephone +27 12 307 5000                                                       
Fax +27 12 323 3400                                                             
Dr D Konar (Chairman)***, SA Nkosi (Chief Executive Officer)*,                  
WA de Klerk (Finance Director)*, JJ Geldenhuys***, CI Griffith**,               
U Khumalo**, N Langeni**, VZ Mntambo**, RP Mohring***, NL Sowazi**,             
J van Rooyen***, D Zihlangu**                                                   
*Executive?**Non-executive?***Independent non-executive                         
PREPARED UNDER SUPERVISION OF                                                   
AM Mukhuba CA(SA)                                                               
Reg No 04921772                                                                 
GROUP COMPANY SECRETARY                                                         
CH Wessels                                                                      
INVESTOR RELATIONS                                                              
RA de Beer +27 12 307 4189                                                      
Deutsche Securities (SA) (Proprietary) Limited +27 11 775 7000                  
TRANSFER SECRETARIES                                                            
Computershare Investor Services (Pty) Limited                                   
Ground Floor, 70 Marshall Street, Johannesburg, 2001                            
PO Box 61051, Marshalltown, 2107                                                
If you have any queries regarding your shareholding in Exxaro Resources         
Limited, please contact the transfer secretaries                                
at +27 11 370 5000                                                              
This report is available at: www.exxaro.com                                     
18 August 2011                                                                  
Deutsche Securities (SA) (Proprietary) Limited                                  
Date: 18/08/2011 07:05:21 Supplied by www.sharenet.co.za                     
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