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EXX - Exxaro Resources Limited - Notification of acceptance by Equatorial

Release Date: 27/02/2012 09:45:01      Code(s): EXX
EXX - Exxaro Resources Limited - Notification of acceptance by Equatorial       
Exxaro Resources Limited                                                        
(Incorporated in the Republic of South Africa)                                  
(Registration number 2000/011076/06)                                            
JSE share code: EXX ISIN: ZAE000084992                                          
ADR code: EXXAY                                                                 
With respect to the takeover offer for African Iron Limited (AKI) by Exxaro     
Australia Iron Investments Pty Ltd (Exxaro Australia), a wholly owned subsidiary
of Exxaro Resources Limited (the Offer), Equatorial Resources Ltd (Equatorial)  
has notified Exxaro Australia of its intention to accept the Offer.             
Equatorial holds 99,400,000 ordinary shares and 22,075,061 listed options in    
AKI, equivalent to 20.50% of the fully diluted share capital of AKI. As a result
of Equatorial`s intended acceptance, Exxaro Australia will hold in excess of    
86.22% of the fully diluted share capital of AKI and consequently, following    
receipt of Equatorial`s acceptance, Exxaro Australia will increase the          
consideration of the Offer to $0.57 per AKI share and $0.37 per AKI listed      
option. The increased consideration will be provided to all AKI shareholders and
listed optionholders who accept into the Offer, including those who have already
accepted. Shareholders and optionholders that have previously accepted the Offer
will receive an additional $0.06 per AKI share or AKI option.  The additional   
cash consideration of $0.06 per AKI share or AKI listed option, as the case may 
be, will be paid to you as soon as possible.                                    
Due to this offer increase, the offer period will be extended so as to end 14   
days after Equatorial accepts the Offer.                                        
Exxaro Australia urges all remaining AKI shareholders and listed optionholders  
to accept the Offer without delay.                                              
Exxaro welcomes Equatorial`s intention to accept the Offer. Exxaro is confident 
that the cooperative environment that can be engendered, not only with          
Equatorial which is developing the neighbouring project, but also with other    
juniors in the region, will result in the successful development of mining,     
logistical and social infrastructure in line with the goals of the Republic of  
About Exxaro                                                                    
Exxaro Resources Limited is a diversified South African-based mining company,   
listed on the JSE Limited (JSE: EXX) with a market capitalisation of            
approximately R 70 billion.                                                     
Exxaro mines, extracts and processes a range of minerals and metals, including  
coal, mineral sands and base metals primarily in South Africa, Australia and    
China.  As one of the largest South African coal producers, with capacity now   
approaching 48 million tonnes per annum and the third-largest global producer of
mineral sands products, Exxaro is a significant participant in the coal and     
mineral sands markets. Exxaro has a 20% interest in the Sishen Iron Ore Company,
a subsidiary of JSE listed Kumba Iron Ore Limited, which operates the Sishen and
Thabazimbi mines in South Africa.                                               
Further information on Exxaro can be found at www.exxaro.com                    
For enquiries:                                                                  
Wim de Klerk                                                                    
Finance Director                                                                
Tel: +27 12 307 4848                                                            
Email: wim.deklerk@exxaro.com                                                   
Sole financial advisor to Exxaro                                                
Investec Bank (Australia) Limited and Investec Bank Limited                     
Legal advisors                                                                  
Gilbert + Tobin                                                                 
Transaction sponsor                                                             
Investec Bank Limited                                                           
27 February 2012                                                                
Sponsor to Exxaro                                                               
Deutsche Securities (SA) (Proprietary) Limited                                  
Date: 27/02/2012 09:45:01 Supplied by www.sharenet.co.za                     
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