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Exxaro Resources Limited - Reviewed Interim Financial Results For The Six-month Period Ended 30 June 2013

Release Date: 22/08/2013 07:05:00      Code(s): EXX     
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 interim financial results for the six-month period ended 30 June
2013

Overview of the six-month period ended 30 June 2013

30 June 2013 R44,4bn assets up 9% on 1H12, up 5% on 2H12
Coal produced 18,8mt down 3% on 1H12 down 9% on 2H12
30 June 2103 R52bn market capitalization
HEPS of 712 cents  down 39% on 1H12, up 199% on 2H12
AEPS of 632 cents  down 75% on 1H12, up 157% on 2H12
Interim dividend of 235 cents per share  down 33% on 1H12, up 57% on 2H12
LTIFR at 0,21 against group target of 0,15
Revenue from continuing operations R6,2bn up 6% on 1H12, down 2% on 2H12
NCC pre-tax impairment R292m
Operating profit from continuing operations R884m down 30% on 1H12, up 105%
on 2H12
Equity-income of R2bn down 23% on 1H12, up 103% on 2H12
GMEP 96% complete
30 June 2013 Net debt: equity 12%

Condensed group statement of comprehensive income

                                                         6 months
                                              6 months      ended 12 months 
                                                 ended    30 June     ended
                                               30 June       2012    31 Dec
                                                  2013   Reviewed      2012
                                              Reviewed  (Restated)  Audited
                                                    Rm         Rm        Rm
Revenue                                          6 245      5 873    12 229
Operating expenses                             (5 361)    (4 609)  (10 533) 
Operating profit                                   884      1 264     1 696
Gains on disposal of non-core assets                           40        42
Net operating profit (note 5)                      884      1 304     1 738
Interest income (note 7)                            42         66       138
Interest expense (note 7)                        (268)      (186)     (325) 
Income from investments                              2          2         3
Share of income from equity-accounted
investments                                      2 015      2 608     3 602
Profit before tax                                2 675      3 794     5 156
Income tax expense                               (429)      (339)     (537) 
Profit for the period from continuing
operations                                       2 246      3 455     4 619
(Loss)/profit for the period from
discontinued operations (note 8)                   (7)      5 336     5 028
Profit for the period                            2 239      8 791     9 647 
(Loss)/income recognised in other
comprehensive income for the period, net of
tax
Items that will not be reclassified to
profit or loss                                      12       (21)     (181)
Share of comprehensive income/(loss) from
equity-accounted investments                        12       (21)     (181) 
Items that may be subsequently reclassified
to profit or loss                                (521)        126       249
Unrealised foreign exchange differences on
translating foreign operations                     318      (120)      (33)
Revaluation of available-for-sale financial
assets                                              94
Cash flow hedges                                              (27)      (21)
Share of comprehensive (loss)/income from
equity-accounted investments                     (933)        273       303
Share of comprehensive income of non-
controlling interests                                2
Total other comprehensive (loss)/income for
the period, net of tax                           (507)        105        68
Total comprehensive income for the period        1 732      8 896     9 715
Profit/(loss) attributable to:
Owners of the parent                             2 244      8 809     9 677
 continuing operations                          2 251      3 458     4 634
 discontinued operations                          (7)      5 351     5 043
Non-controlling interests                          (5)       (18)      (30)
 continuing operations                            (5)        (2)      (15)
 discontinued operations                                    (16)      (15)
Profit for the period                            2 239      8 791     9 647
Total comprehensive income/(loss)
attributable to:
Owners of the parent                             1 735      8 914     9 745
 continuing operations                          1 742      3 842     5 706
 discontinued operations                          (7)      5 072     4 039
Non-controlling interests                          (3)       (18)      (30)
 continuing operations                            (3)        (2)      (15)
 discontinued operations                                    (16)      (15) 
Total comprehensive income for the period        1 732      8 896     9 715
Attributable earnings per share (cents)
 basic                                            632      2 488     2 734
 diluted                                          632      2 461     2 726
Attributable earnings per share continuing
operations (cents)
 basic                                            634        977     1 309
 diluted                                          634        966     1 305
Attributable (loss)/earnings per share 
discontinued operations (cents)
 basic                                            (2)      1 511     1 425
 diluted                                          (2)      1 495     1 421
Refer to note 10 for details regarding the
number of shares.

Reconciliation of group headline earnings

                                                 Gross        Tax       Net
6 months ended 30 June 2013 (Reviewed)              Rm         Rm        Rm
Profit attributable to owners of the parent                           2 244
Adjusted for:
 IAS 16 Net gains on disposal of property,
plant and equipment                                (4)        (1)       (5)
 IAS 28 Loss on dilution of investment in
associates                                          13                   13
 IAS 28 Share of associates gains or losses      (5)          1       (4)
on disposal of property, plant and equipment
 IAS 36 Impairment of property, plant and
equipment                                          292       (11)       281
Headline earnings                                  296       (11)     2 529
 continuing operations                                               2 537
 discontinued operations                                               (8)
6 months ended 30 June 2012 (Reviewed) (Restated)
Profit attributable to owners of the parent                           8 809
Adjusted for:
 IFRS 10 Gains on disposal of subsidiaries and
non-core assets                                 (4 121)             (4 121)
 IAS 16 Net gains on disposal of property,
plant and equipment                                (32)          1     (31)
 IAS 28 Excess of fair value over cost of
investment in associate                           (470)               (470)
 IAS 28 Share of associates gains or losses
on disposal of property, plant and equipment          3        (1)        2
 IAS 36 Reversal of impairment of property,
plant and equipment                               (103)         29     (74)
Headline earnings                               (4 723)         29    4 115
 continuing operations                                               2 920
 discontinued operations                                             1 195
12 months ended 31 December 2012 (Audited)
Profit attributable to owners of the parent                           9 677
Adjusted for:
 IFRS 10 Gains on disposal of subsidiaries and
non-core assets                                 (4 034)             (4 034)
 IAS 16 Net gains on disposal of property,
plant and equipment                                (65)          4     (61)
 IAS 28 Excess of fair value over cost of
investment in associate                           (470)               (470)
 IAS 28 Share of associates gains or losses
on disposal of property, plant and equipment        (4)          1      (3)
 IAS 36 Reversal of impairment of property,
plant and equipment                               (103)         29     (74)
 IAS 38 Gains on disposal of intangible assets    (77)                (77)
Headline earnings                               (4 753)         34    4 958
 continuing operations                                               3 999
 discontinued operations                                               959

                                                       
                                                        6 months   
                                             6 months      ended  12 months
                                                ended    30 June      ended
                                              30 June       2012     31 Dec
                                                 2013   Reviewed       2012
                                             Reviewed  (Restated)   Audited
Headline earnings per share: aggregate
(cents)
 basic                                           712      1 162      1 401
 diluted                                         712      1 149      1 397
Headline earnings per share: continuing 
operations (cents)
 basic                                           714        825      1 130
 diluted                                         714        816      1 127
Headline (loss)/earnings per share:
discontinued operations (cents)
 basic                                           (2)        337        271
 diluted                                         (2)        333        270

Condensed group statement of financial position
                                                              At 
                                                   At    30 June         At 
                                              30 June       2012     31 Dec
                                                 2013   Reviewed       2012
                                             Reviewed  (Restated)   Audited
                                                   Rm         Rm         Rm
Assets
Non-current assets                             39 660     35 416     37 445
Property, plant and equipment                  17 980     12 802     15 881
Biological assets                                  56         66         55
Intangible assets                                 994      1 207        962
Investments in associates                      17 008     18 329     17 154
Investments in joint ventures                     513        309        425
Deferred tax                                      230        314        241
Financial assets (note 13)                      2 879      2 389      2 727
Current assets                                  4 777      5 185      4 972
Inventories                                       915        746        776
Trade and other receivables (note 13)           2 510      2 073      2 642
Current tax receivable                            122        123        190
Cash and cash equivalents (note 13)             1 230      2 243      1 364
Total assets                                   44 437     40 601     42 417
Equity and liabilities
Capital and reserves
Equity attributable to owners of the
parent                                         29 958     29 174     28 794
Non-controlling interests                        (19)         23         12
Total equity                                   29 939     29 197     28 806
Non-current liabilities                         9 844      8 136      8 417
Interest-bearing borrowings (note 13)           3 565      3 422      2 761
Non-current provisions                          3 200      2 184      2 842
Post-retirement employee obligations              142        129        142
Finance lease liability                           126                   106
Deferred tax                                    2 811      2 401      2 566
Current liabilities                             4 654      3 268      5 194
Trade and other payables (note 13)              3 029      2 823      4 099
Interest-bearing borrowings (note 13)              29                   (9)
Current tax payable                               166        220        172
Current provisions                                117        116        121
Overdraft (note 13)                             1 313        109        811
Total equity and liabilities                   44 437     40 601     42 417

Condensed group statement of cash flows
                                                        6 months    
                                             6 months      ended  12 months
                                                ended    30 June      ended
                                              30 June       2012     31 Dec
                                                 2013   Reviewed       2012
                                             Reviewed  (Restated)   Audited
                                                   Rm         Rm         Rm
Cash flows from operating activities            (189)        470        543
 cash generated by operations                    602      2 485      3 969
 interest paid                                 (165)      (221)      (345)
 interest received                                37        141        208
 tax paid                                      (117)      (164)      (277)
 dividends paid                                (546)    (1 771)    (3 012) 
Cash flows from investing activities          (1 240)    (1 745)    (2 940)
 property, plant and equipment to
maintain operations                             (577)      (675)    (1 571)
 property, plant and equipment to expand
operations                                    (1 826)    (1 677)    (3 762)
 proceeds from disposal of property,
plant and equipment                                11         37         77
 proceeds from disposal of subsidiaries                     931      1 133
 proceeds from disposal of intangible
assets                                                                   77
 proceeds from disposal of financial
assets designated through profit or loss                                  5
 investment in intangible assets                (23)        (1)       (36)
 dividends from equity-accounted
investments                                     1 216      1 958      4 019
 investment in other non-current assets           33        150       (16)
 decrease in cash and cash equivalents
on disposal of subsidiaries                               (1 052)    (1 052)
 acquisition of subsidiaries                             (1 421)    (1 421)
 investment in associates and joint
ventures                                         (76)                  (396)
 income from investments                           2           2          3
 other investing activities                                    3
Cash flows from financing activities              715       (678)    (1 291)
 proceeds from issuance of share capital          11           9         15
 consideration paid to non-controlling
interests                                        (96)     (1 181)    (1 181)
 interest-bearing borrowings raised              800       5 000      5 800
 interest-bearing borrowings repaid                      (4 506)    (5 925) 
Net decrease in cash and cash equivalents       (714)     (1 953)    (3 688) 
Cash and cash equivalents at beginning of
the period                                        553       4 118      4 118
Translation difference on movement in
cash and cash equivalents                          78        (31)        123
Cash and cash equivalents at end of the
period                                           (83)       2 134        553
Cash and cash equivalents as per the
statement of financial position                 1 230       2 243      1 364
Overdraft as per the statement of
financial position                            (1 313)       (109)      (811) 
Refer to note 8 for cash flows from discontinued operations.

Group statement of changes in equity

                                             Other components of equity
                                                        Foreign   Financial
                                           Share       currency instruments    
                                         capital   translations revaluation
                                              Rm             Rm          Rm
At 1 January 2012 (Audited)                2 359          1 585         196
Profit for the period
Other comprehensive income                                (120)        (27) 
Share of comprehensive income of
associates and joint ventures                                21        (21) 
Issue of share capital                         9
Share-based payments movements
Dividends paid
Acquisition of subsidiaries                                (13) 
Acquisition of 
non-controlling interest
Disposal of subsidiaries                                  (459)       (137)
Balance at 30 June 2012 (Reviewed)
(Restated)                                 2 368          1 014          11
Profit for the period
Other comprehensive income                                   87           6
Share of comprehensive income of
associates and joint ventures                                97           4
Issue of share capital                         6
Share-based payments movement
Dividends paid
Acquisition of subsidiaries                                  13
Disposal of subsidiaries
Balance at 31 December 2012 (Audited)      2 374          1 211          21
Profit for the period
Other comprehensive income                                  318
Financial instruments fair value
movements                                                                94
Share of comprehensive income of
associates and joint ventures                             (990)         (9) 
Issue of share capital                        14
Share-based payments movement
Dividends paid
Acquisition of non-controlling interest
Balance at 30 June 2013 (Reviewed)         2 388            539         106

                                             Other components of equity
                                                      Retirement       
                                          Equity         benefit     
                                         settled      obligation      Other   
                                         reserve        reserves   reserves     
                                              Rm              Rm         Rm
At 1 January 2012 (Audited)                1 412               1          8
Profit for the period
Other comprehensive income
Share of comprehensive income of
associates and joint ventures                 62                        135
Issue of share capital
Share-based payments movements             (217) 
Dividends paid
Acquisition of subsidiaries
Acquisition of non-controlling interest                               (740) 
Disposal of subsidiaries
Balance at 30 June 2012 (Reviewed)
(Restated)                                 1 257               1      (597) 
Profit for the period
Other comprehensive income
Share of comprehensive income of
associates and joint ventures                 32           (164)      (136) 
Issue of share capital
Share-based payments movement                 34
Dividends paid
Acquisition of subsidiaries
Disposal of subsidiaries                    (23)
Balance at 31 December 2012 (Audited)      1 300           (163)      (733)
Profit for the period
Other comprehensive income 
Financial instruments fair value movements
Share of comprehensive income of
associates and joint ventures                 48              12
Issue of share capital
Share-based payments movement                 29
Dividends paid
Acquisition of non-controlling interest                                (68)
Balance at 30 June 2013 (Reviewed)         1 377           (151)      (801)

                                         Attributable        Non-
                                Retained to owners of controlling     Total
                                  income   the parent   interests    equity
                                      Rm           Rm          Rm        Rm
At 1 January 2012 (Audited)       18 027       23 588          20    23 608
Profit for the period              8 809        8 809        (18)     8 791
Other comprehensive income                      (147)                 (147) 
Share of comprehensive
income of associates and
joint ventures                        55          252                   252
Issue of share capital                              9                     9
Share-based payments
movements                                       (217)                 (217) 
Dividends paid                   (1 771)      (1 771)               (1 771) 
Acquisition of subsidiaries                      (13)         467       454
Acquisition of non-
controlling interest                            (740)       (441)   (1 181) 
Disposal of subsidiaries                        (596)         (5)     (601) 
Balance at 30 June 2012
(Reviewed) (Restated)             25 120       29 174          23    29 197
Profit for the period                868          868        (12)       856
Other comprehensive income                         93                    93
Share of comprehensive income 
of associates and
joint ventures                        37        (130)                 (130)
Issue of share capital                              6                     6
Share-based payments
movement                                           34                    34
Dividends paid                   (1 241)      (1 241)               (1 241) 
Acquisition of subsidiaries                        13           1        14
Disposal of subsidiaries                         (23)                  (23) 
Balance at 31 December 2012
(Audited)                         24 784       28 794          12    28 806
Profit for the period              2 244        2 244         (5)     2 239
Other comprehensive income                        318           2       320
Financial instruments fair
value movements                                    94                    94
Share of comprehensive income 
of associates and
joint ventures                        18        (921)                 (921) 
Issue of share capital                             14                    14
Share-based payments
movement                                           29                    29
Dividends paid                     (546)        (546)                 (546)
Acquisition of non-                              (68)        (28)      (96)
controlling interest
Balance at 30 June 2013
(Reviewed)                        26 500       29 958        (19)    29 939

Final dividend paid per share (cents) in respect of the 2012 financial year
150
Interim dividend paid per share (cents) in respect of the 2012 interim period
350
Dividend payable per share (cents) in respect of the 2013 interim period 235

Notes to the reviewed condensed group interim financial results for the 
six-month period ended 30 June 2013
1.  Corporate information
Exxaro Resources Limited (Exxaro), a public company incorporated in South
Africa, is a diversified resources group, with interests in the coal 
(controlled and non-controlled), titanium dioxide (non-controlled), ferrous 
(controlled and non-controlled) and energy (controlled and non-controlled) 
markets. These reviewed condensed group interim financial results as at and for 
the six-month period ended 30 June 2013 comprise the company and its 
subsidiaries (together referred to as the group) and the groups interest in 
associates and joint ventures.
2.  Basis of preparation
(a) Statement of compliance
The reviewed condensed group interim financial results for the six-month period 
ended 30 June 2013 have been prepared under the supervision of WA de Klerk 
(CA)SA, South African Institute of Chartered Accountants (SAICA) registration 
number: 00133273, in accordance with International Accounting Standard (IAS) 34 
Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by 
the Accounting Practices Committee, the Listings Requirements of the 
Johannesburg Stock Exchange (JSE), Financial Pronouncements as issued by the 
Financial Reporting Standards Council and the requirements of the South African 
Companies Act No 71 of 2008.
The reviewed condensed group interim financial results should be read in
conjunction with the audited group annual financial statements as at and for 
the year ended 31 December 2012, which have been prepared in accordance with 
International Financial Reporting Standards (IFRS) as issued by the 
International Accounting Standards Board (IASB). The reviewed condensed group 
interim financial results have been prepared on the historical cost basis, 
excluding financial instruments and biological assets, which are at fair value.
(b) Judgements and estimates
In preparing these reviewed condensed group interim financial results, 
management made judgements, estimates and assumptions that affect the 
application of accounting policies and the reported amounts of assets, 
liabilities, income and expense. Actual results may differ from these 
estimates. The significant judgements made by management in applying the 
groups accounting policies and the key source of estimation uncertainty were 
the same as those applied to the audited group annual financial statements as 
at and for the year ended 31 December 2012.
3. Significant accounting policies
The accounting policies, methods of computation and presentation adopted are 
consistent with those applied in the audited group annual financial
statements as at and for the year ended 31 December 2012, except as described
below. The following changes in accounting policies are expected to be 
reflected in the group annual financial statements as at and for the year 
ending 31 December 2013.
During the first half of 2013 the following pronouncements became effective: 
Effective date
IAS 1 Financial statement presentation (as amended)               1 July 2012
IAS 19 Employee benefits (revised)                               1 July 2012* 
IAS 27 Consolidated financial statements (revised)            1 January 2013* 
IAS 28 Investments in associates and joint ventures
(revised)                                                     1 January 2013* 
IFRS 10 Consolidated financial statements (revised)           1 January 2013* 
IFRS 11 Joint arrangements (as amended)                       1 January 2013* 
IFRS 12 Disclosure of interest in other entities (as
amended)                                                      1 January 2013*
IFRS 13 Fair value measurement                                 1 January 2013
IFRIC 20 Stripping costs in the production phase of a
surface mine                                                   1 January 2013
Annual improvements to IFRS 2009  2011 cycle                  1 January 2013
* Early adopted in 2012.
The accounting standards and amendments issued to current accounting standards 
and interpretations which are relevant to the group, but not yet effective at 
30 June 2013, have not been adopted. It is expected that, where applicable, 
these standards and amendments will be adopted on each respective effective 
date, except where specifically identified. The group continuously evaluates 
the impact of these standards and amendments.
During 2012, Exxaro early adopted the suite of consolidation standards, 
including IFRS 10, 11 and 12 and IAS 27 and 28, effective 1 January 2013 as 
well as IAS 19 Employee Benefits (revised). The impact of this early adoption 
has been disclosed in the group audited annual financial statements as at and 
for the year ended 31 December 2012.
(a) IAS 1 Financial statement presentation
As a result of the amendments to IAS 1, the group has modified the presentation 
of items of other comprehensive income in the reviewed condensed group 
statement of comprehensive income, to present separately: items that could be 
reclassified to profit or loss in the future from those that could never be. 
Comparative information has also been re-presented accordingly. The adoption of 
the amendment to IAS 1 has no impact on the recognised assets, liabilities and 
comprehensive income of the group.
(b) IFRS 13 Fair value measurement
IFRS 13 establishes a single framework for measuring fair value and recording 
the disclosure thereof, when such measurements are required or permitted by 
other IFRS. In particular, it unifies the definition of fair values as the 
price at which an orderly transaction to sell an asset or to transfer a 
liability would take place between market participants at the measurement date. 
It also replaces and expands the disclosure requirements on fair value 
measurements in other IFRS, including IFRS 7 Financial Instruments: 
Disclosures. Some of these disclosures are specifically required in interim 
financial statements. Accordingly, the group has included additional 
disclosures (refer note 13).
In accordance with the transitional provisions of IFRS 13, the group has
applied the new fair value measurement guidance prospectively, and has not 
provided any comparative information for new disclosures. Notwithstanding the 
above, the change had no significant impact on the measurements of the
groups assets and liabilities.
(c) IFRIC 20 Stripping costs in the production phase of a surface mine IFRIC 20 
sets out the accounting for overburden waste removal (stripping) costs in the 
production phase of a surface mine. The interpretation clarifies when 
production stripping should lead to the recognition of an asset and how that 
asset should be measured, both initially and in subsequent periods.
An extensive exercise to determine the impact of IFRIC 20 on the surface mines 
within the group was performed during the first half of 2013. Based on the 
results thereof, it has been concluded that there is no impact on the
current treatment of stripping costs. Stripping activities in the coal mining 
environment are not typically done in advance (generally limited to one to 
three months) due to the spontaneous combustion that may occur. Therefore the 
benefits derived from stripping are for current production and not for access 
to production beyond a 12-month future period.
Exxaro does not have any predecessor stripping assets (stripping assets
recognised prior to the effective date) and therefore the transitional 
adjustments of IFRIC 20 are not applicable.
An associate of the group has been impacted by IFRIC 20 and as a result
changed the treatment of past and present stripping costs. Management 
considered the impact to be insignificant to the group, and as such no 
adjustment was made for the prior comparative period.
4. Representation of comparative information
On 14 February 2012, the group acquired a controlling interest in the share
capital of African Iron Limited (AKI). During the second half of the 2012 
financial year, the group completed the purchase accounting for its acquisition 
of AKI.

The results from the completion of the acquisition accounting is shown in the 
table below:
                                    Provisional as      Final as
                                      disclosed at  disclosed at
                                           30 June        31 Dec   Increase/
                                              2012          2012  (decrease)                   
                                                Rm            Rm          Rm
Intangible assets                            3 235           862     (2 373)
Property, plant and equipment
 Mineral resources                                         1 586      1 586
Deferred tax liability                         476            789        313
Transactions with non-controlling
interests                                                     740        740
Other equity movements                        (52)            214      (266)

In line with IFRS 3 Business Combinations, the group represented its 30 June
2012 comparative financial information to reflect the above adjustments as at 
acquisition date.
On 15 June 2012, Exxaro Resources Limited acquired 39,2% of the shares in
Tronox Limited and a 26% members interest in Tronox Sands LLP. Subsequent to 
this transaction, Exxaro completed the purchase accounting for the
acquisition of its interest in the associate and the excess of the fair value 
over the cost of the investment was calculated as R470 million and recognised 
in the Statement of comprehensive income. This resulted in a decrease in the 
carrying amount of the investment of R237 million, compared to the amount 
previously presented.
The group represented its 30 June 2012 comparative financial information to
reflect the above adjustments as at acquisition date.
5. Net operating profit is arrived at after

                                           6 months   6 months    12 months 
                                              ended      ended        ended
                                            30 June    30 June       31 Dec
                                               2013       2012         2012
                                           Reviewed   Reviewed      Audited
                                                 Rm         Rm           Rm
Continuing operations
Depreciation and amortisation                  (414)     (345)        (701) 
Net realised foreign currency exchange
gains                                            88         60           60
Net unrealised foreign exchange losses          (15)      (17)         (79) 
(Losses)/gains on derivative instruments
held-for-trading                                (84)       165          (1)
Impairment reversals of trade and other
receivables                                                 13            6
Royalties                                       (24)      (19)        (124)
Profit on disposal of property, plant and
equipment                                          3        33          139
Gain on disposal of non-core assets                         40           42
Loss on dilution of investment in
associate                                       (13)
Other income(1)                                  645        44          352
(1) The other income relates to shortfall income received from customers
as a result of delays in agreed upon production off-take plans.

6. Impairment charges/(reversals) of non-current assets
 
                                           6 months   6 months    12 months 
                                              ended      ended        ended
                                            30 June    30 June       31 Dec
                                               2013       2012         2012
                                           Reviewed   Reviewed      Audited
                                                 Rm         Rm           Rm
Included in operating expenses are 
the following impairment losses/(reversals):
Impairment of property, plant and
equipment(1)                                    292
Reversal of impairment of property, plant
and equipment(2)                                         (103)        (103)
Tax effect                                      (11)        29           29
Net effect on attributable earnings              281      (74)         (74)
 continuing operations                          281 
 discontinued operations                                 (74)         (74)          
(1) The carrying value of property, plant and equipment of the New Clydesdale 
Colliery (NCC) coal operation was impaired to the respective recoverable 
amounts based on impairment tests performed in June 2013. The
decline in recoverable amounts are mainly due to lower export sales prices, 
lower train availability as well as operational challenges. 
(2) The partial 
impairment reversal relates to the carrying value of property, plant and 
equipment of the KZN Sands operations.

7. Net financing costs
                                           6 months   6 months   12 months 
                                              ended      ended       ended
                                            30 June    30 June      31 Dec
                                               2013       2012        2012
                                           Reviewed   Reviewed     Audited
                                                 Rm         Rm          Rm
Continuing operations
Total interest income                            42         66         138
Interest income on cash and cash
equivalents                                      22         42          81
Interest received from loans with joint
ventures                                         14         24          42
Interest income on finance leases                 6                     15
Total interest expense                        (433)      (210)       (655)
Interest expense and loan costs               (160)      (129)       (249)
Interest adjustment on non-current
provisions                                    (268)       (81)       (404) 
Amortisation of transaction costs               (5)                    (2) 
Borrowing costs capitalised                     165         24         330
Total net financing costs                     (226)      (120)       (187)

8. Discontinued operations
During 2011 Exxaro announced the cessation of zinc production at the Zincor 
refinery. Following the necessary consultations, Zincor ceased production on
12 December 2011. During 2012 the mineral sands and Rosh Pinah operations
were sold. The Zincor refinery, mineral sands and Rosh Pinah operations have 
been classified as discontinued operations in 2012. Discontinued operations for 
the six-month period ended 30 June 2013 relates only to Zincor.
Financial information relating to the discontinued operations is set out below:

                                           6 months    6 months  12 months 
                                              ended       ended      ended
                                            30 June     30 June     31 Dec
                                               2013        2012       2012
                                           Reviewed    Reviewed    Audited
                                                 Rm          Rm         Rm
Performance and cash flow information
Revenue                                                   3 883      3 893
Operating income/(expenses)                       33    (2 027)    (2 069)
Profit on sale of subsidiaries                            4 081      3 995
Net operating profit                              33      5 937      5 819
Interest income                                              75         75
Interest expense                                (40)      (111)      (241) 
(Loss)/profit before tax                         (7)      5 901      5 653
Income tax expense                                        (565)      (625) 
(Loss)/profit for the period from discontinued
operations                                       (7)      5 336      5 028
Cash flow attributable to operating
activities                                        43      1 092      1 036
Cash flow attributable to investing
activities                                                (684)    (1 358) 
Cash flow attributable to financing
activities                                       (43)   (1 065)    (2 778)
Cash flow attributable to discontinued
operations                                                (657)    (3 100)

9.  Dividends
A final dividend of R546 million for the year ended 31 December 2012, was
paid in April 2013.
In addition, an interim dividend of 235 cents per share (2012: 350 cents per 
share) was declared by the board of directors on 21 August 2013. The dividend 
is payable on 16 September 2013 to shareholders who are on the register at 13
September 2013. This interim dividend, amounting to approximately R841 million 
(2012: R1 253 million) has not been recognised as a liability in these reviewed 
condensed group interim financial results. It will be recognised in 
shareholders equity in the year ending 31 December 2013. Dividend tax of 15% 
is payable by shareholders on the dividends received during the year. As a 
result of the Secondary Tax on Companies (STC) credits available to the 
company, the dividend tax payable amounts to Rnil (2012: Rnil).
30 June 2013
Issued share capital as at declaration date (number)              358 061 205
Company tax reference number                                    9218/098/14/4

10. Share capital

                                           6 months    6 months  12 months 
                                              ended       ended      ended
                                            30 June     30 June     31 Dec
                                               2013        2012       2012
                                           Reviewed    Reviewed    Audited
                                                 Rm          Rm         Rm
Number of ordinary shares (million)
 in issue                                      358         358        358
 weighted average number of shares             355         354        354
 diluted weighted average number of shares     355         358        355

11. Transactions with non-controlling interests
During April 2013, the group acquired the remaining 3% of the issued shares of 
DMC Iron Congo SA for a purchase consideration of AUD9,9 million (R96 million). 
The group now holds 100% of the equity share capital of DMC Iron Congo SA. The 
carrying amount of the non-controlling interest in DMC Iron Congo SA on the 
date of acquisition was R28 million.
The group derecognised non-controlling interests of R28 million and recorded
a decrease in equity attributable to owners of the parent of R68 million. The 
effect of changes in the ownership interest of DMC Iron Congo SA on the
equity attributable to owners of the company during the period is summarised
as follows:
                                                            6 months ended
                                                                   30 June
                                                                      2013
                                                                  Reviewed
                                                                        Rm 
Carrying amount of non-controlling interests acquired                 (28) 
Excess of consideration paid recognised in parents equity            (68) 
Consideration paid for non-controlling interest                       (96)

12. Investments
                                           6 months    6 months  12 months 
                                              ended       ended      ended
                                            30 June     30 June     31 Dec
                                               2013        2012       2012
                                           Reviewed    Reviewed    Audited
                                                 Rm          Rm         Rm
Fair value of unlisted investments in
associates and joint ventures                36 219      34 690     29 963
Fair value of unlisted investments 
included in other financial assets 
(refer note 13)                                 763         716        716
Market value of listed investments in
associates                                   10 184       9 956      7 911
Market value of listed investments 
included in financial assets 
(refer note 13)                                  42          50         52

The groups 44,65% interest in Tronox Limited on 31 December 2012 was diluted 
during the period to 44,42% on 30 June 2013 due to share warrants and share 
options that were exercised by participants during the period.
13.  Financial instruments
(a) Carrying amounts and fair values
The fair values of financial assets and financial liabilities, together with 
the carrying amounts in the reviewed condensed group statement of financial 
position, are as follows:
                                                           Carrying     Fair 
                                                             amount    value
At 30 June 2013 (Reviewed)                                       Rm       Rm
Assets
Non-current assets                                            2 691    2 691
Financial assets, consisting of:
 Exxaro Environmental Rehabilitation Trust asset               584      584
 Loans to associates and joint ventures                        365      365
 Richards Bay Coal Terminal (RBCT)                             553      553
 Kumba Iron Ore Limited                                         41       41
 New Age Exploration Limited                                     1        1
 Chifeng Kumba Hongye Zinc Corporation Limited                 210      210
 Non-current receivables                                       937      937
Current assets                                                3 156    3 156
Trade and other receivables                                   1 923    1 923
Derivative financial instruments                                  3        3
Cash and cash equivalents                                     1 230    1 230
Total assets                                                  5 847    5 847
Liabilities
Non-current liabilities                                       3 565    3 565
Interest-bearing borrowings                                   3 565    3 565
Current liabilities                                           3 666    3 666
Trade and other payables                                      2 278    2 278
Derivative financial instruments                                 46       46
Interest-bearing borrowings                                      29       29
Overdraft                                                     1 313    1 313
Total liabilities                                             7 231    7 231

(b) Fair value hierarchy
The following table analyses recurring fair value measurements of financial 
assets and financial liabilities. These fair value measurements are categorised 
into different levels in the fair value hierarchy based on the inputs to the 
valuation techniques used. The different levels are defined as follows:
Level 1  quoted prices (unadjusted) in active markets for identical assets or 
liabilities that the group can access at the measurement date.
Level 2  inputs other than quoted prices included within level 1 that are 
observable for the asset or liability, either directly or indirectly.
Level 3  unobservable inputs for the asset and liability.
                                                  Level 1   Level 2  Level 3
At 30 June 2013 (Reviewed)                             Rm        Rm       Rm
Financial assets held-for-trading at fair value
through profit or loss
 Current derivatives financial assets                            3
Financial assets designated at fair value through
profit or loss
 Exxaro Environmental Rehabilitation Trust           584
 Kumba Iron Ore Limited                               41
Available-for-sale financial assets
 Chifeng Kumba Hongye Zinc Corporation Limited                          210
 New Age Exploration Limited                           1
 Richards Bay Coal Terminal                                             553
Financial liabilities held-for-trading at fair
value through profit or loss
 Current derivatives financial liabilities                    (46) 
Net financial assets/(liabilities) carried at
fair value                                            626      (43)     763

Level 2 fair values for over-the-counter derivative financial instruments are 
based on market information (quotes). These quotes are tested for 
reasonableness by discounting estimated future cash flows using the market rate 
for similar instruments at measurement date.
The fair value computations of the investments are performed by the groups
corporate finance department, reporting to the Finance Director, on a six- 
monthly basis. The valuation reports are discussed with the audit committee in 
accordance with the groups reporting governance.
The group recognises transfers between levels of the fair value hierarchy as at 
the end of the reporting period during which the transfer has occurred. There 
were no transfers between level 1 and level 2 of the fair value hierarchy 
during the six-month period ended 30 June 2013.
There were no transfers between level 2 and level 3, as shown in the
reconciliation below. 
(c) Level 3 fair values

For the six-month period ended 30 June 2013 (Reviewed)
                                                Chifeng Kumba       Richards 
                                                  Hongye Zinc            Bay 
                                                  Corporation           Coal 
                                                      Limited       Terminal 
                                                           Rm             Rm
Opening balance at 1 January 2013                         174            467
Movement during the year:
Total gains recognised in other comprehensive
income                                                     10             84
Settlements                                                                2
Exchange gains or losses for the period
recognised in profit or loss                               26
Closing balance at 30 June 2013                           210            553

(i) Chifeng Kumba Hongye Zinc Corporation Limited
Chifeng Kumba Hongye Zinc Corporation Limited is classified within level 3 as 
there is no quoted market price or observable price available for this 
investment. This unlisted investment is valued at the present value of the 
estimated future cash flows, using a discounted cash flow model. For the six- 
month period ended 30 June 2012, this investment was accounted for as an 
equity-accounted associate. During August 2012 the shareholding diluted and 
consequently the investment was accounted for as a financial asset.
The significant unobservable inputs used in the fair value measurement of the
investment in Chifeng Kumba Hongye Zinc Corporation Limited are Rand/United 
States Dollar (USD) exchange rate, Zinc London Metal Exchange (LME) price, 
production volumes, operational costs and the discount rate. Significant 
increases/(decreases) in any of those inputs in isolation, would result in a 
significantly lower/(higher) fair value measurement. Interrelationships between 
unobservable inputs are not considered to have a significant impact within the 
range of reasonably possible alternative assumptions.

Observable inputs
                                                Range of     Sensitivity 
                                            unobservable              of 
                                                  inputs    unobservable
                                                              inputs and
                                                              fair value
                                                           measurement(1)
Rand/USD exchange rate                          R9,03 to    Strengthening
                                              R9,85/USD1      of the Rand 
                                                               to the USD

Zinc LME price                                  2 044 to   Increase in of 
(USD per tonne in real terms)                  2 238 USD/   price of zinc
                                                   tonne      concentrate
Unobservable inputs
Production volumes                         208 750 tonne      Increase in
                                                               production 
                                                                  volumes
Operational costs (USD million per                  88,5      Decrease in
annum in real terms)                                          operational 
                                                                    costs
Discount rate                                        13%      Decrease in
                                                            discount rate

(1) Change in unobservable/observable input which will result in an increase in 
the fair value measurement.
(ii) Richards Bay Coal Terminal (RBCT)
RBCT is classified within a level 3 as there is no quoted market price or
observable price available for this investment. This unlisted investment is 
valued as the present value of the estimated future cash flows, using a 
discounted cash flow model. It is not anticipated that the RBCT investment will 
be disposed of in the near future.
The significant unobservable inputs used in the fair value measurement of the 
investment in RBCT are Rand/USD exchange rate, API#4 export price, Transnet 
Market Demand Strategy, annual utilisation factor and the discount rate. 
Significant increases/(decreases) in any of those inputs in isolation would 
result in a significantly lower/(higher) fair value measurement. Any 
interrelationships between unobservable inputs are not considered to have a 
significant impact within the range of reasonably possible alternative 
assumptions.

                                                           Sensitivity of 
                                                             unobservable 
                                             Range of          inputs and 
                                         unobservable          fair value
Observable inputs                              inputs         measurement(1)
Rand/USD exchange rate                       R9,03 to    Strengthening of
                                          R19,09/USD1         the Rand to
                                                                  the USD
API#4 export price per tonne            R80,39 to R97   Increase in API#4
(steam coal A-grade price in real terms)                     export price 
                                                                per tonne
Unobservable inputs                         68Mtpa to     Acceleration of
Transnet Market Demand Strategy for            91Mtpa    Transnet Freight
the terminal (million tonnes per                        rail performance,
annum  Mtpa)                                             i.e. reach full
                                                          capacity sooner
Discount rate                                     13%         Decrease in
                                                            discount rate
Annual utilisation factor                         90%  Increase in annual
(safety and rail delay factor)                         utilisation factor
                 
(1) Change in unobservable/observable input which will result in an increase in 
the fair value measurement.
14. Segmental information
Reported segments are based on the groups different products and operations
as well as the physical location of these operations and associated products. 
The corporate transactions during 2012 necessitated a change in the segmental 
reporting structures and the manner in which operating results are reported
to the chief operating decision-maker.
The following operating segments were impacted as a result of the changes in
the organisational structure: 
Base metals.
Up to and including 31 December 2012, the reportable segments included an
operating segment for Base metals which consisted of Zincor, Rosh Pinah and 
other base metals.
Exxaros 50,04% interest in the Rosh Pinah operations was sold to a
subsidiary of Glencore International plc on 1 June 2012. This sale formed part 
of Exxaros strategic plan to divest from its zinc assets.
The remaining Base metals entities no longer meet the quantitative thresholds
described in IFRS 8 Operating Segments. These have been aggregated in the 
remaining Base metals entities within the Other reportable segment. 
Mineral sands/Titanium dioxide
The previously reported Mineral sands operating segment, included KZN Sands, 
Namakwa Sands and Australia Sands.
The Mineral sands operations sale and acquisition of a shareholding in Tronox 
Limited in 2012 resulted in Exxaro holding 44,42% (31 December 2012: 44,65%) of 
the shares in Tronox Limited and 26% directly in each of the South African 
based KZN Sands and Namakwa Sands operations. Exxaro currently equity- accounts 
for the interest in Tronox Limited and the South African Mineral sands 
operations. The investment value in these associated companies is seen as 
significant and will be reported as a separate operating segment.
The Mineral sands operating segment was restructured to include both Mineral
sands and Titanium dioxide (TiO2) which is reported in the share of income from 
equity-accounted investments in the Statement of comprehensive income. The 
mineral sands segment consisted of the business now disposed, whereas the TiO2 
segment consists of the newly acquired business.
Ferrous
In line with the groups strategy to establish an Exxaro controlled ferrous
business, Exxaro acquired African Iron Limited (AKI) in February 2012. AKI is 
an iron ore development company involved in the exploration and evaluation of 
the Mayoko Iron Ore and Ngoubou-Ngoubou projects, located in the Republic of 
Congo in Central West Africa.
The AlloyStreamTM and FerroAlloys operations as well as Exxaros 19,98%
interest in Sishen Iron Ore Company were previously reported within the
Other operating segment of Exxaro. These investments are now reported
within the Ferrous operating segment, based on the similar commodity suite of
these operations.
Following the change in the composition of the groups reportable segments, the 
prior periods segmental information has been represented to reflect these 
changes.

The numbers below include both the continuing and discontinued operations.

                                              6 months   6 months  12 months 
                                                 ended      ended      ended
                                               30 June    30 June     31 Dec
                                                  2013       2012       2012
                                              Reviewed   Reviewed    Audited
                                                       (Restated) (Restated)
                                                    Rm         Rm         Rm
(a) Revenue
Coal                                             6 149      5 825     12 064
Tied                                             1 782      1 453      3 449
Commercial                                       4 367      4 372      8 615
Ferrous                                             55         45        107
Alloys                                              55         45        107
TiO2                                                        3 594      3 594
Other                                               41        292        357
Base metals                                                   288        298
Other                                               41          4         59
Total external revenue                           6 245      9 756     16 122
(b) Net operating profit/(loss)
Coal                                             1 031      1 352      2 105
Tied                                               210         79        285
Commercial                                         821      1 273      1 820
Ferrous                                           (44)       (87)       (31) 
Iron ore                                           (1)       (78)        (6) 
Alloys                                            (26)        (9)       (25) 
Other                                             (17)
TiO2                                                        1 925      1 925
Other                                             (70)      4 051      3 558
Base metals                                         32        448        422
Other                                            (102)      3 603      3 136
Total net operating profit                         917      7 241      7 557 
(c) Total assets
Coal                                            21 150     16 558     19 717
Tied                                             1 832      1 692      1 719
Commercial                                      19 318     14 866     17 998
Ferrous                                          9 559      7 051      6 917
Iron ore                                         9 408      7 011      6 858
Alloys                                             147         40         59
Other                                                4 
TiO2                                            11 566     12 064     13 037
Other                                            2 162      4 928      2 746
Base metals                                        567        638        552
Other                                            1 595      4 290      2 194
Total external assets                           44 437     40 601     42 417
(d) Total liabilities
Coal                                             7 779      6 216      8 001
Tied                                             1 627      1 260      1 596
Commercial                                       6 152      4 956      6 405
Ferrous                                            671        511        593
Iron ore                                           631        497        572
Alloys                                              38         14         21
Other                                                2
Other                                            6 048      4 677      5 017
Base metals                                        900        753        867
Other                                            5 148      3 924      4 150
Total external liabilities                      14 498     11 404     13 611
15. Net (debt)/cash
Net (debt)/cash is calculated as being 
interest-bearing borrowings, less cash 
and cash equivalents, including those 
borrowings and cash balances classified as 
non-current assets held-for-sale.
Net debt                                       (3 677)    (1 288)    (2 199)
Calculation of movement in net debt:
Cash outflow:                                  (1 429)    (1 275)    (2 397)
 shares issued                                     11          9         15
 share-based payments                             (2)
 translation differenceon movement in cash 
and cash equivalents                                77
 net debt of subsidiaries disposed                           820        820
 net cash of subsidiaries acquired                           141
 consideration paid tonon-controlling interests  (96)               (1 181)
 non-cash flow movements in net debt 
applicable to currency translation differences 
of transactions denominated in foreign currency  (869)       (45)       (70)
 non-cash flow movements in net debt 
applicable to currency translation differences 
of net debt items of foreign entities              830      (103)        268
Increase in net debt                           (1 478)      (453)    (2 545)
16. Contingent liabilities
Contingent liabilities                           1 856        993      1 055
Grootegeluk Medupi Expansion Project               145                 
Ferrous                                             84
Share of contingent liabilities of associates
and joint ventures                                 492        198        276
Operational guarantees                           1 135        795        779
Other contingent liabilities include operational guarantees to banks and other 
institutions in the normal course of business from which it is anticipated that 
no material liabilities will arise.
These contingent liabilities have no tax impact. The timing and occurrence of 
any possible outflows are uncertain.
17. Contingent assets
                                              6 months   6 months  12 months 
                                                 ended      ended      ended
                                               30 June    30 June     31 Dec
                                                  2013       2012       2012
                                              Reviewed   Reviewed    Audited
                                                    Rm         Rm         Rm
Contingent assets                                  113         80         85

Contingent assets relate mainly to a surrender fee in exchange for the
exclusive right to prospect, explore and mine for coal within a designated area 
in Central Queensland and Moranbah, Australia, conditional on the grant of a 
mining lease.
Included in contingent assets are the groups share of contingent assets of 
associates and joint ventures of R27 million (June 2012: Rnil; December 2012: 
Rnil). The timing and occurrence of any possible inflows are uncertain.
18.  Related party transactions
During the period the company and its subsidiaries, in the ordinary course of 
business, entered into various sale and purchase transactions with associates 
and joint ventures. These transactions were subject to terms that are no less 
or more favourable than those arranged with third parties.
19. Going concern
After taking into account the current economy, the groups liquidity position 
as well as internal budgets and forecasts for the short to medium term, it is 
expected that the group will continue to trade as a going concern within the 
next 12 months.
20.  JSE Limited Listings Requirements
The interim results announcement has been prepared in accordance with the
Listings Requirements of the JSE Limited.
21.  Corporate governance
Detailed disclosure of the companys application of the principles contained in 
the King Report on Governance for South Africa 2009 (King III) was made in the 
2012 Integrated Report and is available on the companys website in accordance 
with the JSE Listings Requirements. No material changes have occurred since the 
disclosure. Efforts are constantly employed to address the areas requiring 
improvement. The classification of the independence of the non-executive directors 
is currently under review and could potentially change in the short term. Please 
contact the Group Company Secretary, Carina Wessels, for any additional information 
in this regard.
22.  Mineral resources and mineral reserves
No material changes to the mineral resources and mineral reserves disclosed
in the 2012 Integrated Report as at and for the year ended 31 December 2012 
have occurred, other than the depletion due to continued mining activities. The 
new order mining right of Tshikondeni and Matla, although granted, still 
require execution. Until execution, old mining licences remain in place.
23. Events after the reporting period
Details of the interim dividend proposed are given in note 9.
On 8 August 2013, Exxaro announced that its board has taken an in-principle 
decision to cease production at NCC, subject to the consultation and engagement 
process for the full or partial disposal of this operation.
A final decision in this regard is only expected in the latter part of 2013. 
This announcement does not constitute an adjusting event post the reporting 
period.
24. Review conclusion
The condensed group interim financial results for the six-month period ended
30 June 2013, on page 2 to 21, have been reviewed by the companys external
auditors, PricewaterhouseCoopers Inc, in accordance with International 
Standards on Review Engagements 2410  review interim financial information 
performed by the Independent Auditors of the entity. The unmodified review 
conclusion is available for inspection at the companys registered office.
25. Additional disclosure*
                                              6 months   6 months  12 months 
                                                 ended      ended      ended
                                               30 June    30 June     31 Dec
                                                  2013       2012       2012
                                                    Rm         Rm         Rm
Net asset value per share (Rand)                    84         82         80
Capital expenditure
 incurred                                       2 403      2 352      5 333
 contracted                                     1 574      3 071      6 283
 authorised, but not contracted                 2 055      1 233      4 208
Capital expenditure contracted relating to
captive mines, Tshikondeni, Arnot 
and Matla, which will be financed by 
ArcelorMittal SA Limited and Eskom, 
respectively                                       257        574        116
Operating lease commitments                          3         14         18
Operating sub-lease rentals receivable               1                     1
* Non-IFRS numbers.

Commentary
Salient features
 Core net operating profit of R1 187 million (2012: R2 609 million)
 Headline earnings per share (HEPS) of 712 cents (R2012: 1 162 cents)
 Interim dividend of 235 cents per share (2012: 350 cents)
Challenges
 Lost time injury frequency rate (LTIFR) at 0,21 against target of 0,15
 Three-week industrial action in first quarter of 2013, causing coal
production losses of 2,2Mt
 New Clydesdale Colliery (NCC) pre-tax impairment of R292 million
Comparability of results
The following comments are based on a comparison of the groups condensed 
reviewed interim financial results and unreviewed production and sales volumes 
information for the six-month periods ended 30 June 2013 and 2012 respectively. 
These results are not comparable due to (amongst others):
 the pre-tax impairment charges on the NCC carrying value of property, plant
and equipment of R292 million recorded in the six-month period ended 30 June
2013;
 the partial impairment reversal of the carrying value of property, plant
and equipment at KZN Sands of R103 million in 2012;
 profits realised on the sale of the mineral sands operations amounting to
R3 537 million and Rosh Pinah operations amounting to R544 million as well as
other assets amounting to R40 million during 2012; and
 the loss recognised on the dilution of the investment in the Tronox Limited 
(Tronox) associate, amounting to R13 million as a result of a decrease in the 
effective shareholding to 44,42% (2012: 44,65%).
Delivery of the groups strategy
Exxaros strategy is to create and grow value through the extraction of energy, 
metal and mineral commodities from diverse geographies, using own capabilities 
and through the development of appropriate and relevant local partnerships. 
Exxaro aims to develop markets for its energy, metal and
mineral products and apply appropriate technology throughout the value chain 
for added value and competitive market advantage. Exxaro will invest in 
commodities that generate sustainable economic returns above the cost of 
capital for the benefit of all our stakeholders.
Coal
In line with Eskoms recent announcement of the Medupi power station
construction being delayed by six months resulting in unit six only expected to 
supply electricity to the grid in the second half of 2014, Exxaro confirms that 
the parties have reached an amicable agreement to deal with this delay. 
Construction on the Grootegeluk Medupi Expansion Project (GMEP), to supply 
Eskoms Medupi power station with 14,6 million tonnes per annum, continues to 
progress on time and within budget and is 96% complete.
Exxaro is contemplating the cessation of production at NCC. This is subject to 
the consultation and engagement processes as stipulated and required in terms 
of the Labour Relations Act for the full or partial disposal of this operation. 
NCCs carrying value of property, plant and equipment has been impaired by R292 
million (pre-tax), during the six-month period ended 30 June
2013 mainly as a result of reduced profitability in turn caused by lower export 
sales prices, lower train availability as well as operational challenges.
Ferrous
Exxaro is actively progressing the groups strategy to develop a controlled and 
managed ferrous division. The application for a Mining Convention was submitted 
to the government of the RoC in the first quarter of 2013. Negotiations with 
regards to the Mining Convention are ongoing. Mining will commence once the 
Mining Convention has been ratified by the parliament of the RoC.
Energy
Exxaro continues to engage with Linc Energy Limited to jointly pursue 
underground coal gasification as a commercial business with the intention to 
develop energy solutions in sub-Saharan Africa.
Following a selection process in the second quarter of 2013, Exxaro chose to 
partner with GDF SUEZ for the development of a 600MW coal-fired Independent 
Power Producer (IPP) power station in the Waterberg region, with the coal to be 
supplied by Exxaros proposed greenfields Thabametsi mine.
Titanium dioxide (TiO2)
The first year of a three-year lock-in period of Exxaros shareholding in
Tronox, listed on the New York Stock Exchange, has lapsed. During the remaining 
two years Exxaro will continue to consider its options within the pigment 
business.
Exxaros shareholding in Tronox has declined from 44,65% at 31 December 2012 to 
44,42% at 30 June 2013. The dilution is as a result of share warrants and share 
options exercised by share scheme participants (employees and former employees) 
during the period.
Safety, health, environment and community
There were no fatalities for the six-month period ended 30 June 2013 and the 
group continues to strive towards achieving zero harm at all operations.
A 0,21 LTIFR per 200 000 man-hours worked was recorded for the six-month
period ended 30 June 2013 (2012: 0,26) against a target of 0,15 mainly as a 
result of an increase in slip and fall incidents. Notwithstanding this, seven 
operations achieved no lost time injuries. Exxaro has initiated multiple safety 
improvement programmes, such as the Global Mining Industry Risk Management 
programme, to raise the awareness of risks. The group has also incorporated the 
Mine Safety and Health Administration as a standard to proactively manage the 
health and safety practices across the group.
The groups health and hygiene efforts show an overall 24% improvement in
number of employees enrolled in the HIV/AIDS programme compared to the
corresponding period in 2012. Exxaro still faces some challenges with 
tuberculosis cases.
Given the association of the groups operations with wetlands and associated
biodiversity as well as considering the strain on water resources in South 
Africa, water stewardship is a key tenet of Exxaros business strategy. In this 
regard, Exxaro has a Water Management Programme which has seen average monthly 
operational water use reducing by 42%. In respect of the wetlands, Exxaro 
considers trade-offs between the economic benefits of the mining industry and 
environmental protection, both in the short and long term. The decision to mine 
the Weltevreden area in Leeuwpan was supported by a detailed trade-off study, 
details of which are available on Exxaros website.
Progress with the development of the water treatment plants within the group
is at different stages of implementation. At Matla mine the plant is scheduled 
for delivery in the second quarter of 2014, while at the North Block Complex 
(NBC)Glisa mine the plant is scheduled for the last quarter of
2014. The two plants will have capacity to treat 11,5 mega litres per day and 
save 8,9 mega litres per day from industrial application by discharging treated 
water back into the water streams around both mines.
Leadership and people
The Exxaro group continues to be focused on transformation, development of
people and rewarding top performers. The group has met its targets on 
employment equity on junior and middle management. Continued focus on the 
senior management band is expected to result in the group meeting this target 
by 2014.
Exxaro spent R68 million (2012: R74 million) for the six months on industry 
related training initiatives. This training involved 735 youth candidates, of 
which 80% were historical disadvantaged South Africans (HDSAs) selected for 
learnerships, internships, bursaries and various skills programmes. Operational 
and financial excellence
Group
Revenue and net operating profit
Group consolidated revenue decreased by 36% to R6 245 million for the six- 
month period ended 30 June 2013, mainly as a result of the disposal of the 
mineral sands and Rosh Pinah businesses in 2012.
Group consolidated net operating profit was R1 795 million lower at R1 222 
million, after the exclusion of the items listed in the comparability of 
results section above. This was mainly due to the coal operations being the 
main contributors to the groups performance in the first half of 2013 compared 
to 2012 where the mineral sands and Rosh Pinah operations contributed to 
operating profits for five and a half and five months, respectively. Corporate 
further saved costs (R231 million) mainly from reduced consulting fees (R180 
million).
Earnings
Attributable earnings, inclusive of Exxaros equity-accounted investment in 
associates, amounted to R2 244 million (2012: R8 809 million) or 632 cents per 
share (R2012: 2 488 cents) for the six-month period, representing an 75% 
decrease from the 2012 comparative period, mainly as a result of the non- 
recurring profits on the sale of subsidiaries and other non-core assets 
recorded in 2012.
Headline earnings
Headline earnings achieved, which exclude, inter alia, the impact of the
impairment and partial impairment reversal as well as profits realised on the 
sale of subsidiaries in 2012, were R2 529 million (2012: R4 115 million) or
712 cents per share (2012: 1 162 cents) for the six-month period ended 30
June 2013, representing a 39% decrease in headline earnings per share from the 
corresponding period in 2012.
Cash flow
Cash generated from operations was R602 million (2012: R2 485 million) for the 
group, which was primarily used to fund net financing charges of R128 million, 
taxation payments of R117 million and a portion of the dividends paid of R546 
million. A total of R1 826 million of capital was invested in new capacity, 
with R577 million applied towards sustaining capital.
After the receipt of R1 216 million (2012: R1 958 million) in dividends,
primarily from Sishen Iron Ore Company Proprietary Limited (SIOC) and Tronox, 
as well as the outflow associated with sustaining and expansion capital, the 
group had a net cash outflow before financing activities of R1 429 million 
(2012: R1 275 million) for the period under review. A total of R1 087 million 
of the capital investment in new capacity was for GMEP (R850 million) as well 
as the backfill project (R237 million).
Net debt at 30 June 2013 was R3 677 million, reflecting a net debt to equity 
ratio of 12%.
Exchange rates
An average exchange rate of R9,19 to the US dollar (USD) was achieved for the 
six-month period ended 30 June 2013 compared to R7,88 in 2012. Unrealised 
foreign currency losses of R15 million on the revaluation of monetary items 
denominated in a foreign currency were recorded based on the relative
weakness of the local currency to the USD at 30 June 2013 (2012: R118 million
profit). 
Coal
Trading conditions for the coal business continued to be challenging. The
coal export price declined from approximately USD92 per tonne in January 2013 
to a low of around USD77 per tonne in June 2013. Exxaro realised an average 
export price of USD84 per tonne in the first half of 2013, compared to USD103 
per tonne in the comparable period in 2012.
A marginal increase in export volumes was achieved compared to the
comparative period in 2012, while the continued depressed ferrochrome industry 
led to low demand in the metallurgical market.

Revenue and net operating profit
Coal reported revenue of R6 149 million in the six-month period ended 30 June
2013, representing an increase of 6% compared to 2012, mainly due to higher
revenue from tied mines. Revenue from the commercial mines was, however, lower 
due to lower prices realised on export and domestic sales partially offset by 
higher revenue from Eskom.
A 24% decrease in net operating profit to R1 031 million (at an operating 
margin of 17%) was achieved, mainly as a result of the decrease in selling 
prices (R228 million), lower volumes sold (R50 million) as well as inflationary 
pressures on costs (R164 million). Operating costs recorded were R320 million 
higher than in the corresponding period in 2012 mainly due to higher corporate 
service fee allocated (R222 million), higher distribution costs (R33 million); 
higher labour (R30 million).
Included in the performance of the coal business is the pre-tax impairment of
NCC (R292 million) as well as the favourable impact of the local currency 
weakness against the USD of R167 million.
The income received from Eskom as a result of the delay on the Medupi power
station during the six-month period ended 30 June 2013 was R601 million higher 
than the corresponding period in 2012.
Due to a continued decline in global market interest rates, the group revised
the inflation and discount rates used to calculate the net present value of its 
rehabilitation provisions in line with the latest cost of debt indicators. The 
decrease of the rehabilitation provision increased the tied mines net 
operating profit by R132 million.
Production and sales volumes
Overall coal production (excluding buy-ins from Mafube) remained stable for the 
six-month period ended 30 June 2013 at 19 million tonnes.
Metallurgical coal
 Grootegeluks metallurgical coal production was 209kt (19%) lower, negatively 
influenced by the unprotected industrial action in the first quarter of 2013, 
while Tshikondeni production increased by 30kt (20%) mainly due to better 
extraction ratios and better utilisation of equipment.
 Sales decreased by 67kt (6%) mainly due to lower off-take by ArcelorMittal 
South Africa as a result of the slump in the ferrochrome market and lower 
export sales (62kt) as a result of lower train allocations to Grootegeluk for 
export via the Richards Bay Coal Terminal.
Thermal coal
Total production was 467kt (3%) lower mainly due to lower (501kt) volumes from 
the tied mines.
 Matlas lower production was attributable to the delayed phasing of a short 
wall move at the mine, difficult geological conditions as well as the 
unprotected industrial action in March 2013.
 Production at Arnot was mainly affected by the unprotected industrial action 
in March 2013, as well as lower volumes from a section due to the ongoing 
difficult geological conditions.
 Production at Grootegeluk was lower (98kt) mainly as a result of the 
unprotected industrial action.
 NBC increased production (338kt) mainly as a result of improved extraction
rates.
 The unprotected industrial action and lower yields achieved resulted in lower 
production at Leeuwpan (120kt).
 NCC production was lower (100kt) due to unfavourable mining conditions, plant 
maintenance and equipment breakdowns.
Domestic sales from the commercial operations decreased by 24kt (3%) due to 
lower sales at Grootegeluk, Inyanda and Leeuwpan as a result of the industrial 
action, partially offset by higher sales at NBC and NCC, where
some product was redirected to the domestic market due to a reduced number of 
export trains scheduled by Transnet Freight Rail.
Export sales were 10% (147kt) higher mainly due to higher railings from most
of the mines. However, NCC reported lower export volumes due to lower train 
availability.
The Char plant production and sales were 37% and 58% lower, respectively,
mainly due to the previously reported downtime in the ferrochrome industry, 
with production deliberately reduced to match demand.
Reviewed segment results
                                             6 months   6 months  12 months 
                                                 ended      ended      ended
                                               30 June    30 June     31 Dec
                                                  2013       2012       2012
                                              Reviewed   Reviewed    Audited
R million                                              (Restated) (Restated)
Revenue
Coal operations                                  6 149      5 825     12 064
Tied(1)                                          1 782      1 453      3 449
Commercial                                       4 367      4 372      8 615
Ferrous                                             55         45        107
Alloys                                              55         45        107
TiO2                                                        3 594      3 594
Other                                               41        292        357
Base metals(2)                                                288        298
Other                                               41          4         59
Total external revenue                           6 245      9 756     16 122
Net operating profit/(loss)
Coal operations                                  1 031      1 352      2 105
Tied(1)                                            210         79        285
Commercial                                         821      1 273      1 820
Ferrous                                           (44)       (87)       (31) 
Iron ore                                           (1)       (78)        (6) 
Alloys                                            (26)        (9)       (25) 
Other(3)                                          (17)
TiO2(4)                                                     1 925      1 925
Other                                             (70)      4 051      3 558
Base metals(2)                                      32        448        422
Other(5)                                         (102)      3 603      3 136
Total net operating profit                         917      7 241      7 557
(1) Tied operations refer to mines that supply their entire production to either 
Eskom or ArcelorMittal South Africa (AMSA).
(2) Previously reported as a separate segment.
(3) Ferrous head office costs not directly attributable to the operation at
Mayoko and as such could not be capitalised with development.
(4) Includes a partial impairment reversal of R103 million in 2012 of the
carrying value of property, plant and equipment at KZN Sands. This segment
was previously reported as the mineral sands segment prior to the sale 
transaction in 2012.
(5) Includes a profit on sale of subsidiaries of R544 million and R3 451
million on the sale of the Rosh Pinah and mineral sands operations respectively 
as well as R40 million on the sale of other non-core assets in
2012.

Unreviewed coal production and sales information
                                              6 months   6 months  12 months 
                                                 ended      ended      ended
                                               30 June    30 June     31 Dec
                                                  2013       2012       2012
                                                        (Restated) (Restated)
(000 tonnes) 
Production
Thermal                                         17 704     18 171     37 641
 Tied(1)                                        5 640      6 141     13 029
 Commercial                                    12 064     12 030     24 612
Metallurgical                                    1 095      1 274      2 366
 Tied(1)                                          179        149        339
 Commercial                                       916      1 125      2 027
Reductants                                          24         38         43
Total production (excluding buy-ins)            18 823     19 483     40 050
Buy-ins                                            542        460      1 111
Total production (including buy-ins)            19 365     19 943     41 161
Sales
Thermal                                         17 902     18 224     37 929
 Tied(1)                                        5 643      6 136     13 022
 Commercial                                    10 634     10 610     21 708
 Export                                         1 625      1 478      3 199
Metallurgical                                    1 142      1 209      2 326
 Tied(1)                                          185        141        282
 Commercial                                       681        730      1 348
 Export                                           276        338        696
Reductants                                          16         38         62
Total sales                                     19 060     19 471     40 317
(1) Tied operations refer to mines that supply their entire production to 
either Eskom or AMSA.
Ferrous
Revenue and net operating profit
FerroAlloys remains the only contributor of revenue to the Ferrous business. 
Revenue increased by 22% to R55 million when compared to the six-month period 
ended 30 June 2012 due to increased demand from Kumba Iron Ore Limited, and
an average price increase of 6%.
A net operating loss of R44 million was recorded in the six-month period
ended 30 June 2013 compared to the corresponding period in 2012 (R87 million), 
due to higher corporate costs, costs of the furnace refurbishment at 
AlloyStream and lower 2012 African Iron Ore costs capitalised due to the timing 
of the development phase.
Production and sales volumes
Plant availability at FerroAlloys was impacted by furnace related problems in 
the six-month period ended 30 June 2013 resulting in a 12% decrease in 
production.
Sales volumes were in line with production as tonnes sold at FerroAlloys 
decreased by 10% when compared to the corresponding period in 2012. 
Equity-accounted investments
Exxaros share in the post-tax profits of its equity-accounted investments 
comprise of Exxaros interest in SIOC of R2 120 million, Black Mountain Mining 
Proprietary Limited (Black Mountain) of R52 million, Mafube of R80 million and 
Tronoxs and Cennergis effective losses of R168 million and R69 million 
respectively.
SIOC recorded a restatement of its 2012 numbers as a result of the first time
adoption of the accounting standard: IFRIC 20 Stripping costs in the production 
phase of a surface mine. Exxaros share of the restatement amounted to a 
positive R71 million.
As this amount was below Exxaros materiality level, no restatement of Exxaros 
comparative equity income was, however, done. The full R71 million is 
nonetheless included in the R2 120 million equity income recorded for the 
six-month period ended 30 June 2013.
Tronox achieved an increase in the mineral sands volumes, however, this was
offset by lower prices, primarily in the depressed zircon market. Pigment 
selling prices obtained were lower although higher volumes were achieved in the 
European and Asia-Pacific regions.
Post-tax equity-accounted income
                                              6 months   6 months  12 months 
                                                 ended      ended      ended
                                               30 June    30 June     31 Dec
                                                  2013       2012       2012
R million                                     Reviewed   Reviewed    Audited
Sishen Iron Ore Company                          2 120      1 935      3 202
Tronox Limited(1)                                (168)        588        220
Black Mountain                                      52         45        101
Mafube                                              80         65        144
Cennergi                                          (69)       (25)       (65)
Total post-tax equity-accounted income           2 015      2 608      3 602 
(1)Includes the excess of fair value of net assets over the cost of the 
investment in associates of R470 million in June 2012 (December 2012: R470 
million).
Capital expenditure and project pipeline
Macro-economic challenges experienced by the mining industry and specifically 
the groups commodity sector continued to be considered in the groups 
evaluation of growth projects. Current global economic conditions indicate a 
reduction in demand growth rates and commodity prices up to the period
2015/2016. Capital allocation management continues to be a key focus and the 
group aims to preserve cash whilst ensuring the delivery of growth projects and 
returning cash to shareholders.
Coal
Construction on the GMEP, to supply Eskoms Medupi power station with 14,6 
million tonnes of coal per annum, is 96% complete. The capital expenditure on 
the project to date is R8,9 billion with total capital expenditure for the 
project still forecast at R10,2 billion. The major construction contracts are 
expected to be completed during the second half of 2013.
In terms of the contractual arrangement between Exxaro and Eskom, following 
Eskoms recent announcement of the delay in the completion of the Medupi power 
station, Eskom has the option to defer the commencement of coal deliveries to 
the Medupi power station from March 2013 to the first quarter of 2014. The 
subsequent rate of coal deliveries will then be increased to
take the full volume of the deferred coal over a period of 24 months prior to
December 2016. There is no adverse financial impact on the parties in the
long run in terms of the revised agreement. The coal supply ramp-up therefore
did not commence during the first half of 2013 as scheduled. However, the 
ramp-up completion date remains scheduled to continue until 2016.
The 740 housing units at Grootegeluk were completed by June 2013 and within
the budget of R590 million.
The development of the Thabametsi project, a prospective greenfields opencast 
mine adjacent to Grootegeluk mine is expected to coincide with the 600MW
coal-fired base load IPP power station. The Thabametsi mine will supply 
approximately 3,8 million tonnes per annum of coal to the 600MW Waterberg IPP 
post ramp-up. The period of the coal supply agreement will be determined by the 
duration of the power purchase agreement signed with Eskom. It is estimated to 
extend up to 25 years. The pre-feasibility study for the Thabametsi mine has 
commenced and is anticipated to be completed by the end
of 2013, whilst the bankable feasibility study will commence at the beginning 
of 2014.
The Mining Right application process is in progress and the first coal 
production is expected to be achieved by 2016/17, subject to the 600MW 
Waterberg IPP and water supply development schedules. Stakeholder engagement 
for the crucial integrated infrastructure plans of the Waterberg coalfields 
development, which will include the supply of water, rail, road and housing 
requirements, continues.
The Char Phase 2 expansion continues to be executed in a phased manner due to 
continued weak market conditions, which in turn will impact on the timing of 
adding retorts. The bankable feasibility study is expected to be completed in 
the second half of 2013.
A bankable feasibility study to produce market coke from semi-soft coking
coal at Grootegeluk is expected to be completed in the second half of 2013. The 
bankable feasibility study on the Belfast project in Mpumalanga is now only 
expected to be completed in the first quarter of 2014. The colliery, once fully 
operational, will produce both export and power station coal.
The joint value engineering exercise between Exxaro and Anglo American plc on 
the Moranbah South project (a 50/50 joint venture) is progressing as planned. 
The pre-feasibility study will be updated with the value engineering
findings, before seeking approval to commence with the definitive feasibility 
study. The environmental impact study process is progressing on schedule and 
authorisation is expected in the second half of 2014.
Ferrous
The development of the Mayoko project commenced during the first half of
2012. The delay in finalising the Mining Convention will impact on Exxaros 
planned ramp-up period as well as the timing of operational readiness.
Regular engagement with the relevant Republic of Congo government authorities
continues at all levels to ensure that the project is successfully implemented. 
The production of the first ore is scheduled to commence during the second half 
of 2014, pending the finalisation of the Mining Convention, which includes rail 
and port agreements. All efforts are being made to ensure operational readiness 
is achieved to meet this target.
The project expenditure continues to be managed within a contractual risk
exposure limit imposed by the board, which will remain in force until such time 
that the Mining Convention is granted.
Total expenditure on the project for the six-month period ended 30 June 2013
was R854 million, bringing the total spent since acquisition in the first half 
of 2012 to R1,3 billion.
Exploration at Mayoko during the first half of 2013 was focused on regional
exploration, content testing work on various target areas and improving the 
resource accuracy. The Joint Ore Reserves Committee (JORC) compliant resource 
has increased from 121 million tonnes at acquisition to 730 million tonnes.
An Exploration Permit for the Mayoko project was approved by the Council of 
Ministers of the RoC during the six-month period ended 30 June 2013 and a 
decree granting the Permit was signed by the president of the RoC on 9 August
2013. Energy
In a national environment where the need for cleaner energy is evident, Exxaro 
continues to explore opportunities in the energy markets.
Cennergi, a 50/50 joint venture with Tata Power, achieved financial closure
on both its Amakhala Emoyeni Wind Farm and Tsitsikamma Community Development 
Wind Farm projects in the second quarter of 2013 under Window 2 of the 
Department of Energys rolling renewable energy IPP procurement programme. 
These two wind projects, with a combined 229MW capacity, represent 35% of the 
total wind allocation of the Window 2 renewable energy programme.
Further to the term sheets signed in the second half of 2012, Exxaro and Linc 
Energy Limited concluded formal agreements in May 2013. The agreements are 
conditional upon obtaining an extension of the prospecting right, which is 
awaited from the Department of Mineral Resources, as well as Exchange Control 
Approval being granted by the South African Reserve Bank for the payment of 
licence fees and royalties for the intellectual property. The parties will 
implement a business model, which optimally combines Exxaros strategic 
interests to expand its coal beneficiation opportunities with Linc Energys 
unique position as a world leader in underground coal gasification and 
downstream process integration know-how. This milestone allows Exxaro to 
extract the inherent value contained in clean coal technology.
The Botswana gas exploration programme is nearing completion, with ongoing gas 
content testing. The pilot programme is scheduled for completion in the third 
quarter of 2013.
Conversion of mining rights
The granted mining rights of Tshikondeni and Matla still require execution. 
Until execution, old mining licences remain in place.
Outlook
Exxaro is committed to creating and maintaining a safe and healthy environment 
for our people to work and live in. Our strategy aims to deliver enduring 
financial returns to shareholders balanced with social and environmental value 
creation through considered investments that will meet stakeholder 
expectations.
To remain a sustainable and diversified mining company, Exxaros focus remains 
grounded on improved long-term value creation through cost management, improved 
productivity levels and investment in risk-adjusted return projects. General 
economic conditions and internal cost pressures require Exxaro to preserve cash 
for purposes of future growth and dividend payment. Corporate costs continue to 
be overweight following the divestments
in 2012; as such sustainable cost savings initiatives and the need to remove 
the inefficiencies across the group will be top priority over the next six to
12 months. The long lead times of Exxaros Grootegeluk Medupi Expansion and
Mayoko projects result in Exxaros earnings being sensitive in the short- to 
medium-term period up to 2016.
The financial and operational results for the remainder of 2013 are expected
to be impacted by continued low coal prices, the ZAR/USD exchange rate 
volatility as well as the availability of trains for coal exports.
To broaden coal marketing options, Exxaro is active in developing new markets
in China, India and Pakistan. A proposed ban on low-grade imports to China may 
benefit higher-grade South African coal. However, developments in the financial 
markets may impact on the availability of trade finance and impact coal 
trading.
Whilst expected to remain stable, domestic market demand is expected to be
sensitive to international market pricing influences. Supply to Eskom from
Exxaro will remain on schedule at agreed supply levels.
Capital investment management as well as project execution and delivery are
critical factors in Exxaros short- to medium-term outlook.
Key challenges that are expected to have significant influence over the groups 
strategy include:
 commodity price volatility;
 the potential for labour unrest in the mining industry;
 the impact of carbon tax on the Exxaro group;
 uncertainty in future government policy on South Africas future energy 
requirements mix; and
 the proposed changes to the Mineral and Petroleum Resources Develoment Act
and introduction of beneficiation legislation.
Exxaros equity income from Tronox is expected to improve in the second half
of 2013. Positive pigment volumes are expected in the second half of 2013 as 
the pigment utilisation rates increase. It is expected that Tronox will reach 
approximately a 80% utilisation rate. Zircon sales are also expected to pick up 
as the market continues to recover.
As reported in the Kumba Iron Ore Limited results announcement on 25 July
2013, annual production volumes from the Sishen mine are expected to increase
in the second half of 2013, whilst export sales volumes are expected to be 
similar to those in 2012.
Exxaro will continue to be a diversified and multi-commodity organisation to
mitigate the risk of over-reliance on one commodity. 
Changes to the board
Mr U Khumalo resigned as non-executive director effective 31 January 2013. The 
board expressed its sincere appreciation to Mr Khumalo for his contribution 
during his tenure on the board.
Interim dividend
The dividend declaration was carefully considered to take into account the 
groups capital allocation strategy, with an effort to balance distribution 
between shareholders and long-term growth.
Notice is hereby given that a gross interim cash dividend number 21 of 235 
cents per share for the six-month period ended 30 June 2013 has been declared 
payable to shareholders of ordinary shares. The total Secondary Tax on 
Companies (STC) credits available for offsetting against the new dividend tax 
amount to R1 566 million, which equates to 235 cents per share. The number of 
ordinary shares in issue at the date of this declaration is 358 061 205. 
Although the local dividend tax rate is 15%, no tax will be due as a result
of the STC credits utilised. Exxaros tax reference number is 9218/098/14/4. 
The salient dates relating to the payment of the dividend are as follows:
Last day to trade cum dividend on the JSE            Friday, 6 September 2013
First trading day ex dividend on the JSE             Monday, 9 September 2013
Record date                                         Friday, 13 September 2013
Payment date                                        Monday, 16 September 2013
No share certificates may be dematerialised or rematerialised between Monday,
9 September 2013 and Friday, 13 September 2013, both days inclusive. Dividends 
in respect of certificated shareholders will be transferred electronically to 
the shareholders bank accounts on the payment date. Shareholders who hold 
dematerialised shares will have their accounts at their Central Securities 
Depository Participant (CSDP) or broker credited on
Monday, 16 September 2013.
On behalf of the board
Len Konar                             Sipho Nkosi          Wim de Klerk
Chairman                  Chief Executive Officer      Finance Director
21 August 2013

Registered Office                      Transfer Secretaries
Exxaro Resources Limited               Computershare Investor
Roger Dyason Road                      Services Proprietary Limited
Pretoria West, 0183                    Ground Floor
Tel +27 12 307 5000                    70 Marshall Street
Fax +27 12 323 3400                    Johannesburg, 2001
PO Box 61051
Marshalltown, 2107
This report is available at:           www.exxaro.com
Directors: Dr D Konar*** (Chairman), SA Nkosi* (Chief Executive Officer), WA de 
Klerk* (Finance Director), S Dakile-Hlongwane**, JJ Geldenhuys***, NB 
Mbazima**, VZ Mntambo**, RP Mohring***, Dr MF Randera**, J van Rooyen***, NL 
Sowazi**, D Zihlangu**
*  Executive.
** Non-executive.
*** Independent non-executive.
 Zambian.
Prepared under supervision of: WA de Klerk, CA(SA) Group company secretary: CH 
Wessels
Investor relations: M Mthenjane (+27 12 307 7393)
Sponsor: Deutsche Securities (SA) Proprietary Limited (+27 11 775 7000)

If you have any queries regarding your shareholding in Exxaro Resources
Limited, please contact the transfer secretaries at +27 11 370 5000.
The financial information on which the outlook statement is based has not
been reviewed nor reported on by the groups external auditors. Any forward- 
looking statements are based on managements current beliefs and expectations 
and are subject to uncertainty and changes in circumstances. The forward- 
looking statements involve risks that may affect the groups operations, 
markets, products, services and prices. Exxaro undertakes no obligation to 
update or revise any forward-looking statements, whether as a result of new 
information or future developments.

Date: 22/08/2013 07:05:00 Supplied by www.sharenet.co.za                     
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