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EXX - Exxaro Resources Limited - Exxaro completes disposal of its interest in

Release Date: 11/06/2012 08:05:01      Code(s): EXX
EXX - Exxaro Resources Limited - Exxaro completes disposal of its interest in   
Rosh Pinah                                                                      
Exxaro Resources Limited                                                        
(Incorporated in the Republic of South Africa)                                  
(Registration number 2000/011076/06)                                            
JSE Code: EXX                                                                   
ISIN: ZAE000084992                                                              
Shareholders are advised that Exxaro Resources Limited ("Exxaro"), through its  
wholly-owned subsidiary Exxaro Base Metals and Industrial Minerals Holdings     
(Proprietary) Limited, has completed the disposal of its entire 50,04%          
shareholding in, and claims against, Rosh Pinah Zinc Corporation (Proprietary)  
Limited ("Rosh Pinah") to wholly-owned subsidiaries of Glencore International   
plc ("Glencore") (the "transaction".)                                           
The selling price is R931 million which is subject to final adjustment for net  
debt and working capital changes. The effective date of the transaction is 1    
June 2012.                                                                      
Sipho Nkosi, Exxaro`s chief executive officer, commented, "The divestment of    
Exxaro`s interest in Rosh Pinah forms part of our strategic plan to divest from 
our zinc assets, a decision made in the context of the difficult conditions of  
the zinc market, including its cyclical nature, low margins, the significant    
impact of the exchange rate and higher electricity costs.                       
"The completion of the transaction to a large extent concludes our divestment   
plan," added Nkosi.                                                             
Production of zinc at the group`s Zincor operation ceased in December 2011.     
Future applications for the Gauteng operation are being investigated.           
The Rosh Pinah mine is situated in south-western Namibia, 800km south of        
Windhoek. The underground operation produced 89 000 tonnes of zinc concentrate  
and 16 000 tonnes of lead concentrate during 2011.                              
Exxaro continues to hold 26% of Black Mountain, which owns the Black Mountain   
zinc and lead mine and the Gamsberg zinc project in the Northern Cape, as well  
as an effective 22% interest in the Chifeng zinc smelter in China. The group    
continues to seek appropriate buyers for these assets.                          
For enquiries:                                                                  
Wim de Klerk                                                                    
Finance Director                                                                
Tel: + 27 12 307 4848                                                           
Mobile: +27 82 652 5145                                                         
Email: wim.deklerk@exxaro.com                                                   
11 June 2012                                                                    
Corporate Advisor and Transaction Sponsor to Exxaro                             
Merrill Lynch South Africa (Proprietary) Limited                                
Sponsor to Exxaro                                                               
Deutsche Securities (SA) (Proprietary) Limited                                  
Legal Advisors to Exxaro                                                        
CLS Consulting Services (Proprietary) Limited                                   
Legal Advisors to Glencore                                                      
Werksmans Attorneys                                                             
Date: 11/06/2012 08:05:01 Supplied by www.sharenet.co.za                     
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