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Exx - Exxaro Resources Limited - Exxaro Cash Offer To African Iron Limited

Release Date: 15/03/2012 12:00:02      Code(s): EXX
EXX - Exxaro Resources Limited - Exxaro cash offer to African Iron Limited      
shareholders and listed option holders closed                                   
Exxaro Resources Limited                                                        
(Incorporated in the Republic of South Africa)                                  
(Registration number 2000/011076/06)                                            
JSE share code: EXX      ISIN: ZAE000084992                                     
ADR code: EXXAY                                                                 
("Exxaro")                                                                      
EXXARO CASH OFFER TO AFRICAN IRON LIMITED SHAREHOLDERS AND LISTED OPTION HOLDERS
CLOSED                                                                          
On 15 February 2012, Exxaro (JSE code: EXX) announced that the cash takeover    
offers made by its wholly owned subsidiary, Exxaro Australia Iron Investments   
Pty Ltd ("Exxaro Australia"), for all the shares and listed options of African  
Iron Limited (ASX code: AKI) ("African Iron") (the "Offers") had become         
unconditional in accordance with all their terms. On 27 February 2012,          
Equatorial Resources Ltd ("Equatorial") accepted the Offers and Exxaro announced
that as a result Exxaro Australia would increase the consideration of the Offers
to $0.57 per African Iron share and $0.37 per African Iron listed option. The   
offer period was also extended by another 14 days until 4pm Perth time on Monday
12 March 2012.                                                                  
Exxaro is pleased to announce that the offer period has now officially closed   
and that it has received acceptances in respect of approximately 99.75% of      
African Iron`s issued shares and 98.70% of African Iron`s listed options. Exxaro
has also received 74.02% acceptances of the separate offers made for the        
unlisted options. Exxaro now has a relevant interest in more than 90% of African
Iron shares and has commenced the process to compulsorily acquire the remaining 
shares and listed options in African Iron and to delist African Iron from the   
Australian Securities Exchange.  African Iron`s securities will be suspended    
from quotation on the Australian Securities Exchange from close of trading on 15
March 2012.                                                                     
The total purchase consideration is $312,95 million (R2 585 million).           
African Iron is an Australian domiciled iron ore development company working on 
the exploration and evaluation of the Mayoko and Ngoubou-Ngoubou projects in the
Republic of Congo in central West Africa. For further information on African    
Iron, please visit www.africanironlimited.com.                                  
About Exxaro                                                                    
Exxaro is a diversified South African-based mining company, listed on the JSE   
Limited ("JSE") (JSE: EXX) with a market capitalisation of approximately R73    
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 48Mtpa 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                                                           
Sponsor to Exxaro                                                               
Deutsche Securities (SA) (Proprietary) Limited                                  
15 March 2012                                                                   
Date: 15/03/2012 12:00:02 Supplied by www.sharenet.co.za                     
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