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Exxaro Resources Limited - Reviewed Condensed Group Interim Financial Results For The Six-month Period Ended 30 June 2015

Release Date: 20/08/2015 07:05:00      Code(s): EXX     
Exxaro Resources Limited
(Incorporated in the Republic of South Africa)
Registration number: 2000/011076/06
JSE share code: EXX
ISIN: ZAE000084992
ADR code: EXXAY
(?Exxaro? or ?the company? or ?the group?)
REVIEWED CONDENSED GROUP INTERIM FINANCIAL RESULTS AND UNREVIEWED PRODUCTION AND SALES VOLUME INFORMATION
FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2015


PERFORMANCE IN BRIEF    

No fatality for 1H15                                              
Lost-time injury frequency rate (LTIFR) improved by 23% to 0,17 
Coal production volumes at 19 million tonnes, up 1%                                                             
Coal exports at 2,4 million tonnes, down 12%       
53% decrease in dividends received from associates
Net cash position of R55 million   
Headline earnings per share of 303 cents, down 62% 
Interim dividend of 65 cents per share, down 75%                                                                          


CONDENSED GROUP STATEMENT OF COMPREHENSIVE INCOME

                                                                    6 months ended    6 months ended    12 months ended        
                                                                           30 June           30 June        31 December       
                                                                              2015              2014               2014       
                                                                          Reviewed          Reviewed            Audited       
                                                                                Rm                Rm                 Rm       
Revenue                                                                      8 324             7 412             16 401       
Operating expenses                                                          (6 513)           (6 620)           (15 197)       
Operating profit (note 4)                                                    1 811               792              1 204       
Other income (note 5)                                                                            888              1 466       
Impairment charges of non-current assets (note 6)                                             (5 760)            (5 962)       
Net operating profit/(loss)                                                  1 811            (4 080)            (3 292)       
Finance income (note 7)                                                         33                43                 80       
Finance costs (note 7)                                                        (359)              (86)              (183)       
Income from financial assets                                                     1                 7                  9       
Share of income of equity-accounted investments (note 8)                        83             1 515              2 515       
Profit/(loss) before tax                                                     1 569            (2 601)              (871)       
Income tax (expense)/benefit                                                  (402)              159                (13)       
Profit/(loss) for the period                                                 1 167            (2 442)              (884)       
Other comprehensive income, net of tax                                         561               468              1 190       
Items that will not be reclassified to profit or loss:                          16                35               (316)       
- share of comprehensive income/(loss) of equity-accounted     
  investments                                                                   16                35               (316)       
Items that may be subsequently reclassified to profit or loss:                 545               433              1 506       
- unrealised gains on translation of foreign operations                         28               164                224       
- revaluation of financial assets available-for-sale                            14               148                345       
- share of comprehensive income of                                                   
  equity-accounted investments                                                 503               121                937                                                                                                                                                                                                                                                                                                                                        
Total comprehensive income/(loss) for the period                             1 728            (1 974)               306       
Profit/(loss) attributable to:                                                                                                
Owners of the parent                                                         1 167            (2 441)              (883)       
Non-controlling interests                                                                         (1)                (1)       
Profit/(loss) for the period                                                 1 167            (2 442)              (884)       
Total comprehensive income/(loss) attributable to:                                                                            
Owners of the parent                                                         1 728            (1 969)               307       
Non-controlling interests                                                                         (5)                (1)       
Total comprehensive income/(loss) for the period                             1 728            (1 974)               306       

                                                                                                                                             
                                                                    6 months ended    6 months ended    12 months ended        
                                                                           30 June           30 June        31 December       
                                                                              2015              2014               2014       
                                                                          Reviewed          Reviewed            Audited       
                                                                             cents             cents              cents       
Attributable earnings/(loss) per share                                                                                        
Aggregate                                                                                                                     
- basic                                                                        329              (688)              (249)       
- diluted                                                                      328              (686)              (249)       
Refer to note 9 for details regarding the number of shares                                                                     


CONDENSED GROUP STATEMENT OF FINANCIAL POSITION

                                                    At 30 June     At 30 June    At 31 December   
                                                          2015           2014              2014             
                                                      Reviewed       Reviewed           Audited          
                                                            Rm             Rm                Rm               
ASSETS                                                                                                
Non-current assets                                      41 638         40 402            41 408          
Property, plant and equipment                           19 018         17 057            18 344          
Biological assets                                           84             72                84              
Intangible assets                                           30            232                34              
Investments in associates (note 11)                     18 118         18 828            18 588          
Investments in joint ventures (note 12)                  1 104            859               966             
Financial assets                                         2 766          2 763             2 853           
Deferred tax                                               518            591               539             
Current assets                                           9 987          5 578             5 693           
Inventories                                                995          1 018               998             
Trade and other receivables                              1 906          2 875             2 611           
Current tax receivable                                     102             98                78              
Cash and cash equivalents                                6 984          1 587             2 006           
Non-current assets held-for-sale (note 13)                 314            284               328             
Total assets                                            51 939         46 264            47 429          
EQUITY AND LIABILITIES                                                                                   
Capital and other components of equity                                                                   
Share capital                                            2 435          2 402             2 409           
Other components of equity                               6 581          5 334             6 031           
Retained earnings                                       26 413         25 328            25 985          
Equity attributable to owners of the parent             35 429         33 064            34 425          
Non-controlling interests                                                  (4)                               
Total equity                                            35 429         33 060            34 425          
Non-current liabilities                                 12 638          9 186             9 182           
Interest-bearing borrowings (note 14)                    5 931          3 405             2 976           
Non-current provisions                                   2 373          1 950             2 219           
Post-retirement employee obligations                       167            158               167             
Financial liabilities                                       82             91                88              
Deferred tax                                             4 085          3 582             3 732           
Current liabilities                                      3 645          3 809             3 590           
Trade and other payables                                 2 465          2 888             3 208           
Interest-bearing borrowings (note 14)                      465            197                34              
Current tax payable                                         14             57                27              
Current provisions                                         168             29               254             
Overdraft (note 14)                                        533            638                67              
Non-current liabilities held-for-sale (note 13)            227            209               232             
Total equity and liabilities                            51 939         46 264            47 429          
                                                       

GROUP STATEMENT OF CHANGES IN EQUITY

                                                                                     Other components of equity                                                                                                                              
                                                             Foreign    Financial                   Retirement      Available-           
                                                 Share      currency  instruments         Equity-      benefit       for-sale            
                                               capital  translations  revaluation         settled   obligation   revaluations    Other   
                                                    Rm            Rm           Rm              Rm           Rm             Rm       Rm           
At 31 December 2013 (Audited)                    2 396         3 146          310           1 493          (13)           100     (802)  
Loss for the period                                                                                                                       
Other comprehensive income/(loss)                                168                                                      148            
Share of comprehensive income/(loss)                                                                                                     
of equity-accounted investments                                   69         (124)            147           35                      (6)  
Issue of share capital1                              6                                                                                   
Share-based payments movement                                                                (118)                                        
Reclassification of equity                                                                                                         808    
Dividends paid                                                                                                                            
Acquisition of non-controlling interest                                                                                            (27)  
At 30 June 2014 (Reviewed)                       2 402         3 383          186           1 522           22            248      (27)  
Profit for the period                                                                                                                    
Other comprehensive income                                        56                                                      197            
Share of comprehensive income/(loss)                                                                                                     
of equity-accounted investments                                  758          (70)            163         (351)           (63)           
Issue of share capital1                              7                                                                                   
Share-based payments movement                                                                  10                                        
Dividends paid                                                                                                                            
Disposal of non-controlling interest                                                                                                27    
Disposal and liquidation of subsidiaries                         (30)                                                                     
At 31 December 2014 (Audited)                    2 409         4 167          116           1 695         (329)           382            
Profit for the period                                                                                                                    
Other comprehensive income                                       282                                                       14            
Share of comprehensive income/(loss)                                                                                                     
of equity-accounted investments                                  384          (23)            116           16             13            
Issue of share capital1                             26                                                                                   
Share-based payments movement                                                                   2                                        
Dividends paid                                                                                                                            
At 30 June 2015 (Reviewed)                       2 435         4 579           93           1 813         (313)           409            
1 Vesting of treasury shares held by Mpower 2012 to good leavers. A good leaver is a participant to a share-based payment scheme whose 
  employment has been terminated due to retrenchment, retirement, death, serious disability, serious incapacity or promotion out of the 
  relevant qualification category as defined internally by the remuneration and nominations committee.                                                                                                                                                                         
2 Includes R33 million gain on translation differences recycled to the statement of comprehensive income.  


GROUP STATEMENT OF CHANGES IN EQUITY (continued)

                                                                                                                                                 
                                                         Attributable          Non-     
                                              Retained   to owners of  controlling     Total   
                                              earnings     the parent    interests    equity   
                                                    Rm             Rm           Rm        Rm           
At 31 December 2013 (Audited)                   29 668         36 298          (26)   36 272   
Loss for the period                             (2 441)        (2 441)          (1)   (2 442)   
Other comprehensive income/(loss)                                 316           (4)      312   
Share of comprehensive income/(loss)                                                
of equity-accounted investments                     35            156                    156   
Issue of share capital1                                             6                      6   
Share-based payments movement                                    (118)                  (118)   
Reclassification of equity                        (808)                                         
Dividends paid                                  (1 126)        (1 126)                (1 126)   
Acquisition of non-controlling interest                           (27)          27             
At 30 June 2014 (Reviewed)                      25 328         33 064           (4)   33 060   
Profit for the period                            1 558          1 558                  1 558   
Other comprehensive income                                        253            4       257   
Share of comprehensive income/(loss)                                                
of equity-accounted investments                     28            465                    465   
Issue of share capital1                                             7                      7   
Share-based payments movement                                      10                     10   
Dividends paid                                    (929)          (929)                  (929)   
Disposal of non-controlling interest                               27          (27)             
Disposal and liquidation of subsidiaries                          (30)          27        (3)   
At 31 December 2014 (Audited)                   25 985         34 425                 34 425   
Profit for the period                            1 167          1 167                  1 167   
Other comprehensive income                                         42                     42   
Share of comprehensive income/(loss)                                                
of equity-accounted investments                     13            519                    519   
Issue of share capital1                                            26                     26   
Share-based payments movement                                       2                      2   
Dividends paid                                    (752)          (752)                  (752)   
At 30 June 2015 (Reviewed)                      26 413         35 429                 35 429   
1 Vesting of treasury shares held by Mpower 2012 to good leavers. A good leaver is a participant 
  to a share-based payment scheme whose employment has been terminated due to retrenchment, retirement, 
  death, serious disability, serious incapacity or promotion out of the relevant qualification category 
  as defined internally by the remuneration and nominations committee.                                                                                                                                                                         
2 Includes R33 million gain on translation differences recycled to the statement of comprehensive income. 

                                                                                                                                                                       
Final dividend paid per share (cents) in respect of the 2014 financial year                          210                                                                                                          
Interim dividend paid per share (cents) in respect of the 2014 interim period                        260                                                                                                          
Dividend payable per share (cents) in respect of the 2015 interim period                              65     
                                                                                                     
Foreign currency translations                                                                                                                                                                                                                
Arise from the translation of the financial statements of foreign operations within the group.   
                                                                                                                                                                      
Financial instruments revaluation                                                                                                                                                                                                            
Comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments where 
the hedged transaction has not yet occurred. 
                                                                                                                                                                        
Equity-settled                                                                                                                                                                                                                               
Represents the fair value of services received from employees and settled by equity instruments granted.    
                                                                                                                                                                     
Retirement benefit obligation                                                                                                                                                                                                                
Comprises remeasurements on the post-retirement obligation. 
                                                                                                                                                                                  
Available-for-sale revaluations                                                                                                                                                                                                              
Comprise the fair value adjustments, net of tax, on the investments in RBCT R15 million decrease (2014: R344 million increase) 
and Chifeng Kumba Hongye Corporation Limited (Chifeng) R29 million increase (2014: R1 million increase) (refer note 16).
                                                                                                                                                                         
Other                                                                                                                                                                                                                                        
Comprise mainly transactions with non-controlling interests for the acquisition of the Mayoko iron ore project of R808 million 
and Botswana of R27 million during 2014.                                                                                                                                                                         


CONDENSED GROUP STATEMENT OF CASH FLOWS

                                                                     6 months ended     6 months ended     12 months ended    
                                                                            30 June            30 June         31 December        
                                                                               2015               2014                2014               
                                                                           Reviewed           Reviewed             Audited            
                                                                                 Rm                 Rm                  Rm                 
Cash flows from operating activities                                          1 297                262               1 660             
Cash generated by operations                                                  2 330              1 555               4 083             
Interest paid                                                                  (230)              (170)               (307)             
Interest received                                                                23                 34                  59                
Tax paid                                                                        (74)               (31)               (120)             
Dividends paid                                                                 (752)            (1 126)             (2 055)           
Cash flows from investing activities                                           (178)               485                 620               
Property, plant and equipment to maintain operations (note 10)                 (703)              (502)             (1 460)           
Property, plant and equipment to expand operations (note 10)                   (298)            (1 076)             (1 737)           
Increase in investment in intangible assets                                                        (10)                (25)              
Proceeds from disposal of property, plant and equipment                          73                                      8                 
(Increase)/decrease in investments in other non-current assets                 (158)                51                 214               
Increase in investment in joint ventures                                        (77)               (61)               (108)             
Income from investments in associates                                           984              2 081               3 719             
Dividend income from financial assets                                             1                  2                   9                 
Cash flows from financing activities                                          3 350                                   (604)             
Interest-bearing borrowings raised (note 14)                                  4 320              1 000               1 000             
Interest-bearing borrowings repaid (note 14)                                   (970)            (1 000)             (1 604)                                                                                                                                                 
Net increase in cash and cash equivalents                                     4 469                747               1 676             
Cash and cash equivalents at beginning of the period                          1 939                223                 223               
Translation difference on movement in cash and cash equivalents                  43                (21)                 40                
Cash and cash equivalents at end of the period                                6 451                949               1 939             
- cash and cash equivalents                                                   6 984              1 587               2 006             
- overdraft                                                                    (533)              (638)                (67)              
                                                                                                                               

RECONCILIATION OF GROUP HEADLINE EARNINGS

                                                                                       Gross       Tax         Net   
                                                                                          Rm        Rm          Rm   
6 months ended 30 June 2015 (Reviewed)                                                                               
Profit for the period attributable to owners of the parent                                                   1 167   
Adjusted for:                                                                            (90)                  (90)   
- IAS 16 Net gains on disposal of property, plant and equipment                          (66)       (2)        (68)   
- IAS 16 Compensation from third parties for items of property, 
  plant and equipment impaired, given up or lost                                          (5)        2          (3)   
- IAS 21 Gains on translation differences recycled to the 
  statement of comprehensive income                                                      (33)                  (33)   
- IAS 28 Loss on dilution of investment in associate                                      11                    11   
- IAS 28 Share of associates? separate identifiable remeasurements                         3                     3                                                                                                                                                       
Headline earnings                                                                                            1 077   
6 months ended 30 June 2014 (Reviewed)                                                                               
Loss for the period attributable to owners of the parent                                                    (2 441)   
Adjusted for:                                                                          5 812      (557)      5 255   
- IAS 16 Net losses on disposal of property, plant and equipment                          19        (5)         14   
- IAS 28 Loss on dilution of investment in associate                                      29                    29   
- IAS 28 Share of associates? separate identifiable remeasurements                         4                     4   
- IAS 36 Impairment of property, plant and equipment                                   4 740      (552)      4 188   
- IAS 36 Impairment of goodwill acquired in a business combination 
  in terms of IFRS 3                                                                   1 020                 1 020                                                                                                                                                      
Headline earnings                                                                                            2 814   
12 months ended 31 December 2014 (Audited)                                                                           
Loss for the year attributable to owners of the parent                                                        (883)   
Adjusted for:                                                                          6 328      (576)      5 752   
- IFRS 10 Loss on disposal of subsidiary                                                  28                    28   
- IAS 16 Net losses on disposal of property, plant and equipment                          27        (6)         21   
- IAS 21 Gains on translation differences recycled to the 
  statement of comprehensive income                                                      (47)                  (47)   
- IAS 28 Loss on dilution of investment in associate                                      58                    58   
- IAS 28 Share of associates? separate identifiable remeasurements                       296       (18)        278   
- IAS 36 Impairment of property, plant and equipment                                   4 740      (552)      4 188   
- IAS 36 Impairment of intangible asset                                                  202                   202   
- IAS 36 Impairment of goodwill acquired in a business combination 
  in terms of IFRS 3                                                                   1 020                 1 020   
- IAS 38 Loss on the write-off of intangible assets                                        4                     4                                                                                                                                                      
Headline earnings                                                                                            4 869   

                                                             6 months ended     6 months ended     12 months ended    
                                                                    30 June            30 June         31 December        
                                                                       2015               2014                2014               
                                                                   Reviewed           Reviewed             Audited            
                                                                      cents              cents               cents             
Headline earnings per share                                                                                           
Aggregate                                                                                                             
- basic                                                                 303                793               1 372             
- diluted                                                               303                790               1 372             
Refer to note 9 for details regarding the number of shares.                                                              


NOTES TO THE REVIEWED CONDENSED GROUP INTERIM FINANCIAL STATEMENTS
for the six-month period ended 30 June 2015

1.  Corporate background                         
    Exxaro Resources Limited (Exxaro), a public company incorporated in South Africa, is a diversified resources group 
    with interests in the carbon (controlled and non-controlled), TiO2 and Alkali Chemicals (non-controlled), ferrous 
    (controlled and non-controlled) and energy (non-controlled) markets. These reviewed condensed group interim 
    financial statements as at and for the six-month period ended 30 June 2015 comprise the company and its 
    subsidiaries (together referred to as the group) and the group?s interest in associates and joint ventures.
    
2.  Basis of accounting                            
    Statement of compliance                        
    The reviewed condensed group interim financial statements as at and for the six-month period ended 30 June 2015 have 
    been prepared in accordance with IFRS, IAS 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as 
    issued by the Accounting Practices Committee and 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 statements as at and for the six-month period ended 30 June 2015 have been prepared under the supervision 
    of WA de Klerk (CA)SA, SAICA registration number: 00133273.                
                                                   
    The reviewed condensed group interim financial statements should be read in conjunction with the group annual financial 
    statements as at and for the year ended 31 December 2014, which have been prepared in accordance with IFRS as issued by 
    the IASB. The reviewed condensed group interim financial statements have been prepared on the historical cost basis, 
    excluding financial instruments and biological assets, which are at fair value.                
                                                   
    The reviewed condensed group interim financial statements of Exxaro and its subsidiaries as at and for the six-month 
    period ended 30 June 2015 were authorised for issue by the board of directors on 18 August 2015.                
                                                   
    Judgements and estimates                       
    In preparing these reviewed condensed group interim financial statements, management made judgements, estimates and 
    assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, 
    income and expenses. Actual results may differ from these estimates. The significant judgements made by management 
    in applying the group?s accounting policies and the key source of estimation uncertainty were similar to those 
    applied to the group annual financial statements as at and for the year ended 31 December 2014.                
                                                   
    Significant accounting policies                
    The accounting policies adopted in the preparation of the reviewed condensed group interim financial statements are 
    consistent with those followed in the preparation of the group annual financial statements as at and for the year ended 
    31 December 2014. Amendments to IFRSs effective for the financial year ended 31 December 2015 are not expected to have 
    a material impact on the group.                
                                                   
    New accounting standards and amendments issued to accounting standards and interpretations which are relevant to the group, 
    but not yet effective on 30 June 2015, have not been adopted. The group continuously evaluates the impact of these standards 
    and amendments.                
                                                   
    Taxes on income in the interim period are accrued using the tax rate that would be applicable to expected total annual profit 
    or loss.                
                                                   
3.  Segmental information                          
    Operating segments are reported on in a manner consistent with the internal reporting provided to the chief operating 
    decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance 
    of the reportable operating segments, has been identified as the group executive committee. Operating segments reported 
    are based on the group?s different products and operations.                
                                                   
    Total operating segment revenue, which excludes VAT, represents the gross value of goods invoiced, services rendered and 
    includes operating revenues directly and reasonably allocable to the segments. Export revenue is recorded according to the 
    relevant sales terms, when the risks and rewards of ownership are transferred.                
                                                   
    Segment revenue includes sales made between segments. These sales are made on a commercial basis.                
                                                   
    Segment operating expenses, assets and liabilities represent direct or reasonably allocable operating expenses, assets and 
    liabilities.                
                                                   
    Segment net operating profit equals segment revenue less operating segment expenses, less impairment charges, plus impairment 
    reversals.                
                                                   
    The group has four reportable operating segments, as described below, which are the group?s strategic divisions. These offer 
    different products and services, and are managed separately because they require different technology and marketing strategies. 
    The group executive committee reviews internal management reports on these strategic divisions at least quarterly. The summary 
    below describes the operations in each of the group?s reportable operating segments:
    
    Carbon                                         
    The carbon segment was previously referred to as the coal segment. Carbon segment is now used to include the future envisaged 
    development of the operations which includes not only coal. The operations are mainly situated in the Waterberg and Mpumalanga 
    regions and are split between commercial carbon operations and tied carbon operations as well as a 50% joint venture interest 
    in Mafube Coal Proprietary Limited (Mafube) (a joint venture with Anglo South Africa Capital Proprietary Limited). 
    The operations produce thermal and metallurgical coal as well as other small-scale products.     
    
    Ferrous                                        
    The ferrous segment includes the Mayoko iron ore project in the RoC (iron ore operating segment), a 19,98% equity interest in 
    SIOC reported within the other ferrous operating segment as well as the FerroAlloys and Alloystream? operations 
    (collectively referred to as Alloys).  
    
    TiO2 and Alkali Chemicals                      
    The TiO2 and Alkali Chemicals segment was previously referred to as TiO2. This change is due to the acquisition of the 
    Alkali Chemicals business from FMC Corporation by Tronox Limited on 1 April 2015. Tronox Limited now operates two vertically  
    integrated divisions: TiO2 and Alkali Chemicals. Exxaro holds a 43,84% (June 2014: 44,18%; December 2014: 43,98%) equity interest in  
    Tronox and a 26% equity interest in each of the South African-based operations, Tronox KZN Sands Proprietary Limited and Tronox  
    Mineral Sands Proprietary Limited (collectively referred to as Tronox SA) as well as a 26% member?s interest in Tronox Sands Limited 
    Liability Partnership in the United Kingdom (Tronox UK).
    
    Other                                          
    The other operating segment includes the 50% investment in Cennergi Proprietary Limited (Cennergi) (a joint venture with Tata Power), 
    a 26% equity interest in Black Mountain Proprietary Limited (Black Mountain), an effective investment of 11,7% in Chifeng as well 
    as the corporate office which renders support services to both internal and external parties.                
                                                   
3.  Segmental information (continued)                
    The following table presents a summary of the group?s segmental information:                
    
                                                                                                            TiO2 and        
                                                                                                             Alkali                                  
                                                            Carbon                     Ferrous            Chemicals          Other         Total                              
                                                        Tied   Commercial     Iron                Other                  Base             
                                                  operations   operations      ore     Alloys   ferrous                metals    Other             
                                                          Rm           Rm       Rm         Rm        Rm          Rm        Rm       Rm        Rm            
    6 months ended 30 June 2015 (Reviewed)                                                                                                         
    Total revenue                                      1 847        6 370                  83                                       24     8 324   
    Inter-segmental revenue                                                                                                                        
    External revenue                                   1 847        6 370                  83                                       24     8 324   
    Segment net operating profit/(loss)                  102        1 562      (40)         3       (11)                           195     1 811   
    External finance income                                2           15                                                           16        33   
    (note 7)                                                                                                                                       
    External finance costs (note 7)                      (29)         (65)                                                        (265)     (359)   
    Income tax (expense)/benefit                         (15)        (427)      (3)        (2)        8                             37      (402)   
    Depreciation and amortisation (note 4)               (12)        (367)                 (2)                                     (30)     (411)   
    Cash generated by/(utilised in) operations1          233        2 078      (65)       (16)      (15)                           115     2 330   
    Share of income/(loss) of equity-accounted                                                                                  
    investments (note 8)                                              132                           633        (659)        9      (32)       83   
    Capital expenditure (note 10)                                    (956)                (10)                                     (35)   (1 001)   
    At 30 June 2015 (Reviewed)                                                                                                                     
    Segment assets and liabilities                                                                                                                 
    Deferred tax                                           9           33                 125       111                            240       518   
    Investments in associates (equity-accounted)                                                                                
    (note 11)                                                                                     5 498      12 255       365             18 118   
    Investments in joint ventures                                                                            
    (equity-accounted) (note 12)                                      935                                                          169     1 104   
    External assets2                                   1 742       22 813      106        146        32                   305    6 741    31 885   
    Total assets                                       1 751       23 781      106        271     5 641      12 255       670    7 150    51 625   
    Non-current assets held-for-sale (note 13)                        314                                                                    314   
    Total assets as per statement of 
    financial position                                 1 751       24 095      106        271     5 641      12 255       670    7 150    51 939   
    External liabilities                               1 366        3 564      165         43        75                          6 971    12 184   
    Deferred tax                                         (78)       4 143        3          7                                       10     4 085   
    Current tax payable                                                 8        2                                                   4        14   
    Total liabilities                                  1 288        7 715      170         50        75                          6 985    16 283   
    Non-current liabilities                                           227                                                                    227   
    held-for-sale (note 13)                                                                                                                        
    Total liabilities as per statement of 
    financial position                                 1 288        7 942      170         50        75                          6 985    16 510   
    1 Cash utilised for the iron ore operating segment (within the ferrous reportable operating segment) relates to the day-to-day costs for having a  
      presence in the RoC.                                                                                                                
    2 Excluding deferred tax, investments in equity-accounted associates and joint ventures and non-current assets held-for-sale.                                                                                                                
                                                                                                                                                                                          
3.  Segmental information (continued)                                                                                                                  
                                                                                                           TiO2 and       
                                                                                                             Alkali                                 
                                                              Carbon                    Ferrous           Chemicals          Other           Total   
                                                         Tied    Commercial    Iron                Other                Base                 
                                                   operations    operations     ore     Alloys   ferrous              metals      Other               
                                                           Rm            Rm      Rm         Rm        Rm         Rm       Rm         Rm        Rm      
    6 months ended 30 June 2014 (Reviewed)                                                                                                            
    Total revenue                                        2 094        5 220                 71        11                             29     7 425   
    Inter-segmental revenue                                              (2)                         (11)                                     (13)   
    External revenue                                     2 094        5 218                 71                                       29     7 412   
    Segment net operating                                  208        1 628  (5 821)       (96)                                       1    (4 080)   
    profit/(loss)                                                                                                                                    
    External finance income (note 7)                         3           27                                                          13        43   
    External finance costs (note 7)                        (34)         (63)                                                         11       (86)   
    Income tax (expense)/benefit                           (43)        (467)    563         27        (3)                            82       159   
    Depreciation and amortisation (note 4)                 (21)        (326)     (8)        (2)       (3)                           (48)     (408)   
    Impairment charges of non-current assets                                
    (excluding financial assets) (note 6)                                    (5 751)                  (9)                                  (5 760)                                                                                                                                                                               
    Write-off and impairment of trade and                                   
    other receivables (note 4)                                           (1)    (26)                                                 (2)      (29)   
    Impairment charges of non-current                                       
    financial assets (note 4)                                                   (21)                                                          (21)   
    Cash generated by/(utilised in) operations             169        1 483     108        (20)       (9)                          (176)    1 555   
    Share of income/(loss) of equity-accounted                              
    investments (note 8)                                                109                        1 711       (304)      46        (47)    1 515   
    Capital expenditure (note 10)                                    (1 045)   (456)        (8)                                     (69)   (1 578)   
    At 30 June 2014 (Reviewed)                                                                                                                        
    Segment assets and liabilities                                                                                                                    
    Deferred tax                                            43           98                125        50                            275       591   
    Investments in associates (equity-accounted)                            
    (note 11)                                                                                      5 583     12 918      327               18 828   
    Investments in joint ventures                                           
    (equity-accounted) (note 12)                                        636                                                         223       859   
    External assets1                                     1 803       21 364      62         88        78                 287      2 020    25 702   
    Total assets                                         1 846       22 098      62        213     5 711     12 918      614      2 518    45 980   
    Non-current assets                                                  284                                                                   284   
    held-for-sale (note 13)                                                                                                                         
    Total assets as per statement of 
    financial position                                   1 846       22 382      62        213     5 711     12 918      614      2 518    46 264   
    External liabilities                                 1 432        3 318     193         91        11                          4 311     9 356   
    Deferred tax                                           105        3 343      51          2        40                             41     3 582   
    Current tax payable                                                  10       2                                                  45        57   
    Total liabilities                                    1 537        6 671     246         93        51                          4 397    12 995   
    Non-current liabilities held-for-sale (note 13)                     209                                                                   209   
    Total liabilities as per statement of                                   
    financial position                                   1 537        6 880     246         93        51                          4 397    13 204   
    1 Excluding deferred tax, investments in equity-accounted associates and joint ventures and non-current assets held-for-sale.                                                                                                                
                                                                                                                                                                                   
3.  Segmental information (continued)                                                                                                                                           
                                                                                                            TiO2 and        
                                                                                                              Alkali                                    
                                                               Carbon                    Ferrous           Chemicals           Other           Total   
                                                           Tied  Commercial    Iron                 Other                 Base                 
                                                     operations  operations     ore     Alloys    ferrous               metals      Other               
                                                             Rm          Rm      Rm         Rm         Rm         Rm        Rm         Rm        Rm      
    12 months ended                                                                                                                                   
    31 December 2014 (Audited)                                                                                                                        
    Total revenue                                         4 577      11 601                159         14                              67    16 418   
    Inter-segmental revenue                                              (2)                          (14)                             (1)      (17)   
    External revenue                                      4 577      11 599                159                                         66    16 401   
    Segment net operating                                   319       2 978  (6 100)       (97)       (41)                  (1)      (350)   (3 292)   
    profit/(loss)                                                                                                                                     
    External finance income (note 7)                          4          43                                                            33        80   
    External finance costs (note 7)                         (69)       (124)                                                           10      (183)   
    Income tax (expense)/benefit                            (53)       (751)    624         23         90                              54       (13)   
    Depreciation and amortisation (note 4)                  (43)       (734)     (8)        (4)        (4)                            (96)     (889)   
    Impairment charges of non-current assets                                                               
    (excluding financial assets) (note 6)                                    (5 751)                   (9)                           (202)   (5 962)   
                                                                                                                                             
    Write-off and impairment of trade and                                                                  
    other receivables (note 4)                                           (1)    (22)                                                  (17)      (40)   
    Impairment charges of non-current                                                                      
    financial assets (note 4)                                                   (21)                                                            (21)   
    Cash generated by/(utilised in) operations               95       4 365     (75)       (64)      (109)                           (129)    4 083   
    Share of income/(loss) of equity-accounted                                                             
    investments (note 8)                                                268                         2 830       (568)       77        (92)    2 515   
    Capital expenditure (note 10)                                    (2 576)   (352)       (42)      (104)                           (123)   (3 197)   
    At 31 December 2014 (Audited)                                                                                                                     
    Segment assets and liabilities                                                                                                                    
    Deferred tax                                              4          41      57        123        103                             211       539   
    Investments in associates (equity-accounted)                                                           
    (note 11)                                                                                       5 422     12 809       357               18 588   
    Investments in joint ventures                                                                          
    (equity-accounted) (note 12)                                        818                                                           148       966   
    External assets1                                      1 883      22 075      81        124         16                  267      2 562    27 008   
    Total assets                                          1 887      22 934     138        247      5 541     12 809       624      2 921    47 101   
    Non-current assets held-for-sale (note 13)                          303                            25                                       328   
    Total assets as per statement of                                                                       
    financial position                                    1 887      23 237     138        247      5 566     12 809       624      2 921    47 429   
    External liabilities                                  1 523       3 723     139         49         73                           3 506     9 013   
    Deferred tax                                            (71)      3 718      57          5                                         23     3 732   
    Current tax payable                                      10           5       5                                                     7        27   
    Total liabilities                                     1 462       7 446     201         54         73                           3 536    12 772   
    Non-current liabilities held-for-sale (note 13)                     232                                                                     232   
    Total liabilities as per statement of                                                                  
    financial position                                    1 462       7 678     201         54         73                           3 536    13 004   
    1 Excluding deferred tax, investments in equity-accounted associates and joint ventures and non-current assets held-for-sale.                                                                                                                
    
                                                                                   6 months ended     6 months ended     12 months ended        
                                                                                          30 June            30 June         31 December            
                                                                                             2015               2014                2014                   
                                                                                         Reviewed           Reviewed             Audited                
                                                                                               Rm                 Rm                  Rm                     
4.  Significant items included in operating profit                                                                                              
    Depreciation and amortisation                                                             411                408                 889                   
    Net realised foreign currency exchange                                                    (35)                24                 (97)                  
    (gains)/losses                                                                                                                                        
    Net unrealised foreign currency exchange gains1                                          (307)                (5)                 (7)                   
    Net gains on derivative instruments                                                        (9)               (28)                (28)                  
    held-for-trading                                                                                                                                      
    Write-off and impairment of trade and other receivables2                                    3                 29                   40                    
    Impairment charges of non-current                                                                             21                   21                    
    financial asset3                                                                                                                                      
    Royalties                                                                                  53                 46                  125                   
    Net (gains)/losses on disposal of property, plant and equipment                           (66)                19                   27                    
    Loss on dilution of investment in associate                                                11                 29                   58                    
    Loss on disposal of subsidiary                                                                                                     28                    
    Termination benefits4                                                                      40                 25                  138                   
    1 Include unrealised (gains)/losses on revaluations of foreign cash balances.                                                               
    2 Include trade and other receivables relating to the Mayoko iron ore project 
      (Rnil) (June 2014: R26 million; 31 December 2014: R22 million).                                                           
    3 Non-current financial asset relating to the Mayoko iron ore project.                                                                                                                                   
    4 Include voluntary severance package costs incurred and accrued for.  
    
5.  Other income                                                                                                                                                                                             
    Other income                                                                                                (888)              (1 466)               
    Other income relates to shortfall income received from Eskom as a result of 
    delays in agreed upon production off-take plans.  
    
6.  Impairment charges of non-current assets                                                                                                                                                                 
    Mayoko iron ore project                                                                                    5 208                5 208                 
    Impairment charges                                                                                         5 760                5 760                 
    - property, plant and equipment                                                                            4 740                4 740                 
    - goodwill                                                                                                 1 020                1 020                 
    Net tax effect                                                                                              (552)                (552)                 
    Intellectual property                                                                                                             202                   
    Impairment of intangible asset                                                                                                                        
    - total impairment charges (pre-tax and post-tax)                                                                                 202                                                                                                                                                                         
    Net impairment charges per statement of comprehensive income                                               5 760                5 962                 
    Net tax effect                                                                                              (552)                (552)                 
    Net effect on attributable earnings                                                                        5 208                5 410                 
                                                                                                                                                                                                                                                      
    Mayoko iron ore project                                                                                                                                        
    The Mayoko iron ore project is located in the RoC and was acquired in 2012 with the acquisition of AKI. The project is reported within 
    the iron ore operating segment which forms part of the ferrous reportable operating segment.                                                                      
                                                                                                                                                                                                                        
    The concept study on the revised 12 million tonnes Mayoko iron ore project was concluded during June 2014. As a result of the delays 
    in the rail and port agreements as well as higher future project development costs following the outcome of the concept study, a 
    pre-tax impairment loss of R5 803 million (R5 760 million excluding financial assets and trade and other receivables written down), 
    was raised on 30 June 2014 consisting of an impairment of goodwill acquired in the business combination with AKI in 2012 of 
    R1 020 million, impairment of property, plant and equipment of R4 740 million (including the mineral resource of R1 877 million 
    recognised on acquisition of the project and project-related cost capitalised of R1 696 million) as well as financial assets amounting 
    to R43 million written down in terms of IAS 39 Financial instruments: Recognition and Measurement.                                                                      
                                                                                                                                                                                                                        
                                                                                   6 months ended     6 months ended     12 months ended        
                                                                                          30 June            30 June         31 December            
                                                                                             2015               2014                2014                   
                                                                                         Reviewed           Reviewed             Audited                
                                                                                               Rm                 Rm                  Rm                     
7.  Net financing costs                                                                                                                         
    Total finance income                                                                       33                 43                  80                    
    - interest income                                                                          27                 33                  66                    
    - finance lease interest income                                                             6                  5                   9                     
    - interest income from loans to joint ventures                                                                 5                   5                     
    Total finance costs                                                                      (359)               (86)               (183)                 
    - interest expense1                                                                      (260)              (182)               (323)                 
    -  unwinding of discount rate on rehabilitation cost                                      (96)               (86)               (183)                 
    - amortisation of transaction costs                                                        (5)                (5)                (10)                  
    - borrowing costs capitalised2                                                              2                 187                333                   
                                                                                                                                                         
    Total net financing costs                                                                (326)                (43)              (103)                 
    1 Refer to note 14 for details on the movements on 
      interest-bearing borrowings.                                                                      
    2 Borrowing costs capitalisation rate                                                    6,93%              6,56%              6,69%    
    
8.  Share of income/(loss) of equity-accounted investments                                                                                               
    Associates                                                                                (17)              1 453              2 339                 
    Listed investments                                                                       (713)               (339)              (628)                 
    Tronox Limited                                                                           (713)               (339)              (628)                 
    Unlisted investments                                                                      696               1 792              2 967                 
    SIOC                                                                                      633               1 711              2 830                 
    Tronox SA                                                                                   3                 (13)               (38)                  
    Tronox UK                                                                                  51                  48                 98                    
    Black Mountain                                                                              9                  46                 77                                                                                                                                                                        
    Joint ventures                                                                            100                  62                176                   
    Mafube                                                                                    132                 109                267                   
    SDCT                                                                                                                               1                     
    Cennergi                                                                                  (32)                (47)               (92)                                                                                                                                                                      
    Share of income of equity-accounted investments                                            83               1 515              2 515                 
                                                                                                                                                
9.  Dividend distribution                                                                                                                                                                                                                                                                           
    Total dividends paid in 2014 amounted to R2 055 million, made up of a final dividend of R1 126 million that related to the 
    year ended 31 December 2013, which was paid in April 2014, as well as an interim dividend of R929 million, paid in 
    September 2014. A final dividend relating to the 2014 year of 210 cents per share (amounting to R752 million) was paid to 
    shareholders in April 2015.                                                        
                                                                                                                                                                                                                                                                                                    
    An interim cash dividend for 2015 of 65 cents per share (2014: 260 cents per share) was approved by the board of directors 
    on 18 August 2015. The dividend is payable on 14 September 2015 to shareholders who will be on the register at 11 September 2015. 
    This interim dividend, amounting to approximately R233 million (2014: R929 million), has not been recognised as a liability in 
    these reviewed condensed group interim financial statements. It will be recognised in shareholders? equity in the year ended 
    31 December 2015.                                                        
                                                                                                                                                                                                                                                                                                    
    The dividend declared will be subject to a dividend withholding tax of 15% for all shareholders who are not exempt from or do 
    not qualify for a reduced rate of dividend withholding tax. The net local dividend payable to shareholders, subject to dividend 
    withholding tax at a rate of 15% amounts to 55,25 cents per share. The number of ordinary shares in issue at the date of this 
    declaration is 358 115 505 (2014: 358 115 505). Exxaro?s company tax reference number is 9218/098/14/4. 

                                                                                     At 30 June       At 30 June   At 31 December   
                                                                                           2015             2014             2014             
                                                                                       Reviewed         Reviewed          Audited          
    Issued shares as at declaration date (number)                                   358 115 505      358 115 505      358 115 505     
    Ordinary shares (million)                                                                                                           
    - weighted average number of shares                                                     355              355              355             
    - diluted weighted average number of shares                                             356              356              355             
                                              
                                                                                    At 30 June       At 30 June   At 31 December   
                                                                                          2015             2014             2014             
                                                                                      Reviewed         Reviewed          Audited          
                                                                                            Rm               Rm               Rm               
10. Property, plant and equipment                                                                                                           
    Capital expenditure                                                                                                                                                             
    Incurred                                                                             1 001            1 578            3 197           
    - to maintain operations                                                               703              502            1 460           
    - to expand operations                                                                 298            1 076            1 737           
    Contracted                                                                           2 715            2 084            2 887           
    -  contracted for the group (owner controlled)                                       1 580            1 251            1 402           
    -  group?s share of capital commitments of equity-accounted investments              1 135              833            1 485           
    Authorised, but not contracted                                                         581              523            2 160 
                                                                                      
11. Investments in associates                                                                                                              
    Listed investments                                                                   9 075            9 823            9 686           
    Tronox Limited1                                                                      9 075            9 823            9 686           
    Unlisted investments                                                                 9 043            9 005            8 902           
    SIOC                                                                                 5 498            5 583            5 422           
    Tronox SA                                                                            1 792            1 807            1 786           
    Tronox UK                                                                            1 388            1 288            1 337           
    Black Mountain                                                                         365              327              357                                                                                                                                                            
    Total carrying value of investments in associates                                   18 118           18 828           18 588          
    1 Fair value based on a listed price (Level 1 within the IFRS 13                  
      Fair Value Measurement fair value hierarchy)                                       9 183           14 559           14 122          
    Listed share price (US$ per share)                                                   14,63            26,90            23,88           
    Subsequent to 30 June 2015, the Tronox Limited share price has declined to US$8,83 per share on 17 August 2015, a decline of 40%.                                                                                                              
                                                                                                              
                                                                                    At 30 June       At 30 June   At 31 December   
                                                                                          2015             2014             2014             
                                                                                      Reviewed         Reviewed          Audited          
                                                                                            Rm               Rm               Rm               
12. Investments in joint ventures                                                                                                            
    Unlisted investments                                                                 1 104              859              966             
    Mafube1                                                                                935              636              818             
    SDCT2                                                                                                                                    
    Cennergi                                                                               169              223              148                                                                                                                                                                  
    Total carrying value of investments in joint ventures                                1 104              859              966             
    1 Included in financial assets, is a loan to Mafube of:                                                  60                               
    2 The cost of the investment is R1 333 and included in financial assets, 
      is a loan to SDCT of:                                                                 90               80               83              

13. Non-current assets and liabilities held-for-sale                                                                                                                                                                                                                                    
    NCC operation                                                                                                                                                                                                                                                                       
    Exxaro concluded a sale of asset agreement relating to the NCC operation with Universal Coal Development VIII Proprietary Limited 
    (Universal) in January 2014. On 30 June 2015, all conditions precedent to the sale agreement had not been met, and the NCC operation 
    remains a non-current asset classified as held-for-sale.                                                        
                                                                                                                                                                                                                                                                                                    
    The NCC operation does not meet the criteria to be classified as a discontinued operation since it does not represent a separate major 
    line of business, nor does it represent a major geographical area of operation since it forms part of the Mpumalanga carbon region
    which is reported as part of the commercial carbon operating segment. 
    
    The conditions precedent to this sale have since been met. Refer note 22 for events after reporting period.                                                        
                                                                                                                                                                                                                                                                                                    
    Other                                                                                                                                                                                                                                                                                           
    The held-for-sale property, plant and equipment for 31 December 2014 included farms, with a carrying amount of R25 million, which 
    were expected to be sold during 2015. Subsequently, the potential buyer indicated that it would not be able to accumulate the 
    purchase price. Management is still committed to a formal plan to sell the land. However, since a sale is unlikely within the next 
    12 months the farms have been reclassified from non-current assets held-for-sale to property, plant and equipment.                                                        
                                                                                                                                                                                                                                                                                                    
    The major classes of assets and liabilities classified as non-current assets and liabilities held-for-sale are as follows:                                                                                                                                                                      
                                                                                    At 30 June       At 30 June   At 31 December   
                                                                                          2015             2014             2014             
                                                                                      Reviewed         Reviewed          Audited          
                                                                                            Rm               Rm               Rm               
    Assets                                                                                                                                  
    Property, plant and equipment                                                          149              149              174             
    Deferred tax                                                                            79               31               65              
    Financial assets                                                                        75               70               73              
    Inventories                                                                              8                7                8               
    Trade and other receivables                                                              3                6                8               
    - trade receivables                                                                      1                3                3               
    - non-financial instrument receivables                                                   2                3                5               
    Current tax receivable                                                                                   21                               
    Total assets                                                                           314              284              328                                                                                                     
    Liabilities                                                                                                                              
    Non-current provisions                                                                (158)            (151)            (158)           
    Post-retirement employee obligations                                                    (4)              (4)              (4)             
    Trade and other payables                                                               (16)             (16)             (21)            
    - trade payables                                                                        (7)              (9)             (11)            
    - other payables                                                                        (3)              (1)              (3)             
    - derivative instruments                                                                                 (5)                              
    - non-financial instrument payables                                                     (6)              (1)              (7)             
    Tax payable                                                                             (9)                               (9)             
    Current provisions                                                                     (40)             (38)             (40)            
    Total liabilities                                                                     (227)            (209)            (232)           
    Net assets held-for-sale                                                                87               75               96              

14. Interest-bearing borrowings                                                                                                                                               
    Loans                                                                                                                                                                     
    Senior loan facility                                                                                                                                                                                                                                                                            
    During April 2012, Exxaro secured a senior loan facility of R8 billion. The senior loan facility comprises a:                                                                                                                                                                                   
    - term loan facility of R5 billion for a duration of 97 months; and                                                                                                                                                                                                                             
    - revolving credit facility of R3 billion for a duration of 62 months.                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                    
    Interest is based on JIBAR plus a margin of 2,75% for the term loan, and JIBAR plus a margin of 2,50% for the revolving facility. 
    The effective interest rate for the transaction costs for the term loan is 0,47%. Interest is paid on a six-monthly basis for the  
    term loan, and on a monthly basis for the revolving facility.                                                        
                                                                                                                                                                                                                                                                                                    
    The undrawn portion relating to the term loan amounts to R1 billion (30 June 2014: R3 billion; 31 December 2014: R3 billion). 
    The undrawn portion of the revolving facility amounts to R1,65 billion (30 June 2014: R2,4 billion; 31 December 2014: R3 billion).                                                        
                                                                                                                                                                                                                                                                                                    
    Bond issue                                                                                                                                                                                                                                                                                      
    In terms of Exxaro?s R5 billion DMTN programme, a senior unsecured floating rate note (bond) of R1 billion was raised during May 2014. 
    The bond comprises a:                                                                                                                                    
    - R480 million senior unsecured floating rate note due 19 May 2017; and                                                                                                                                                                                                                         
    - R520 million senior unsecured floating rate note due 19 May 2019.                                                                                                                  
    Interest is based on JIBAR plus a margin of 1,70% for the R480 million bond and JIBAR plus a margin of 1,95% for the R520 million bond. 
    The effective interest rate for the transaction costs is 0,13% for the R480 million bond and 0,08% for the R520 million bond. Interest 
    is paid on a three monthly basis for both bonds.

    Events after reporting period
    Refer note 22 for detail on the financial assistance that Exxaro has provided to its BEE shareholder after reporting date.
                                                                                                                                                                  
                                                                                           At 30 June       At 30 June   At 31 December   
                                                                                                 2015             2014             2014             
                                                                                             Reviewed         Reviewed          Audited          
                                                                                                   Rm               Rm               Rm                                                                                                                                    
    Summary of loans by financial year of redemption                                                                                          
    2015                                                                                                           197               34              
    2016                                                                                          465              324              392             
    20171                                                                                       2 622            1 406              874             
    2018                                                                                          795              328              395             
    2019                                                                                        1 316              850              917             
    2020 onwards                                                                                1 198              497              398             
    Total interest-bearing borrowings                                                           6 396            3 602            3 010           
    - current2                                                                                    465              197               34              
    - non-current3                                                                              5 931            3 405            2 976           
    1 The repayment in 2017 comprises a portion of the term loan, as well as the full 
      repayment of the revolving credit facility that is drawn at the end of the 
      reporting period, and the R480 million senior unsecured floating rate note.                                                   
    2 The current portion represents                                                              465              197               34               
    - capital repayments                                                                          400              166                              
    - interest capitalised                                                                         74               41               44              
    -  reduced by the amortised transaction costs amounting to                                     (9)             (10)             (10)            
    3 The non-current portion includes the following amounts in respect of transaction 
      costs that will be amortised using the effective interest rate method, over the 
      term of the facilities.                                                                      28               38               34               
    Overdraft                                                                                                                                       
    Bank overdraft                                                                                533              638               67              
    The bank overdraft is repayable on demand and interest payable is based on current 
    South African money market rates.                                                                                                                                                                       
    There were no defaults or breaches in terms of interest-bearing borrowings during 
    the reporting periods.  

15. Net cash/(debt)                                                                                                                                                                                                                                                                            
    Net cash/(debt) is presented by the following items on the statement of 
    financial position (excluding assets and liabilities classified as held-for-sale):             55           (2 653)          (1 071)         
    - cash and cash equivalents                                                                 6 984            1 587            2 006           
    - non-current interest-bearing borrowings                                                  (5 931)          (3 405)          (2 976)         
    - current interest-bearing borrowings                                                        (465)            (197)             (34)            
    - overdraft                                                                                  (533)            (638)             (67)            
    Calculation of movement in net debt:                                                                                                          
    Cash inflow from operating and investing activities                                         1 119              747            2 280           
    Add:                                                                                                                                          
    -  non-cash flow movement for interest accrued not yet paid                                   (31)              (1)              (4)             
    -  non-cash flow of amortisation of transaction costs                                          (5)              (1)             (10)            
    -  translation differences of movements in cash and cash equivalents                           43              (21)              40              
    Decrease in net debt                                                                        1 126              724            2 306           

16. Financial instruments                                                                                                                                       
    a) Carrying amounts and fair values                                                                                                   
       The carrying amounts and fair values of financial assets and financial liabilities in the condensed group statement of 
       financial position, are as follows:                                                        
                                                                                                          At 30 June 2015                  
                                                                                                      Carrying           Fair    
                                                                                                        amount          value   
                                                                                                            Rm             Rm   
       ASSETS                                                                                                                   
       Non-current assets                                                                                                       
       Financial assets, consisting of:                                                                  2 612          2 612   
       - environmental rehabilitation funds                                                                876            876   
       - loans to joint ventures                                                                            90             90   
       - KIO                                                                                                13             13   
       - Chifeng                                                                                           305            305   
       - RBCT                                                                                              739            739   
       - non-current receivables                                                                           589            589   
       Current assets1                                                                                   8 617          8 617   
       Trade and other receivables                                                                       1 630          1 630   
       Derivative financial assets                                                                           3              3   
       Cash and cash equivalents                                                                         6 984          6 984   
       Non-current assets held-for-sale (note 13)                                                           76             76   
       Total financial instrument assets                                                                11 305         11 305   
       LIABILITIES                                                                                                              
       Non-current liabilities                                                                           5 931          5 931   
       Interest-bearing borrowings2                                                                      5 931          5 931   
       Current liabilities1                                                                              2 868          2 868   
       Trade and other payables                                                                          1 868          1 868   
       Derivative financial liabilities                                                                      2              2   
       Interest-bearing borrowings2                                                                        465            465   
       Overdraft                                                                                           533            533   
       Non-current liabilities held-for-sale (note 13)                                                      10             10   
       Total financial instrument liabilities                                                            8 809          8 809   
       1 Carrying amounts approximate the fair values due to the short-term nature of the maturities of these financial assets and 
         liabilities.                                                        
       2 Carried at amortised cost that approximates fair value in terms of IAS 39 Financial Instruments: Recognition and Measurement.                                                        
                                                                                                                                          
16. Financial instruments (continued)                                                                                                                                       
    a) Carrying amounts and fair values (continued)                                                                                       
                                                                                                           At 30 June 2014                  
                                                                                                       Carrying           Fair    
                                                                                                         amount          value   
                                                                                                             Rm             Rm   
       ASSETS                                                                                                                    
       Non-current assets                                                                                                        
       Financial assets, consisting of:                                                                   2 603          2 603   
       - environmental rehabilitation funds                                                                 749            749   
       - loans to joint ventures                                                                            140            140   
       - KIO                                                                                                 30             30   
       - Chifeng                                                                                            287            287   
       - RBCT                                                                                               691            691   
       - New Age Exploration Limited                                                                          1              1   
       - non-current receivables                                                                            705            705   
       Current assets1                                                                                    3 896          3 896   
       Trade and other receivables                                                                        2 306          2 306   
       Derivative financial assets                                                                            3              3   
       Cash and cash equivalents                                                                          1 587          1 587   
       Non-current assets held-for-sale (note 13)                                                            73             73   
       Total financial instrument assets                                                                  6 572          6 572   
       LIABILITIES                                                                                                               
       Non-current liabilities                                                                            3 405          3 405   
       Interest-bearing borrowings2                                                                       3 405          3 405   
       Current liabilities1                                                                               2 994          2 994   
       Trade and other payables                                                                           2 159          2 159   
       Interest-bearing borrowings2                                                                         197            197   
       Overdraft                                                                                            638            638   
       Non-current liabilities held-for-sale (note 13)                                                       15             15   
       Total financial instrument liabilities                                                             6 414          6 414   
       1 Carrying amounts approximate the fair values due to the short-term nature of the maturities of these financial assets and 
         liabilities.                                                        
       2 Carried at amortised cost that approximates fair value in terms of IAS 39 Financial Instruments: Recognition and Measurement.                                                        
                                                                                                                                              
16. Financial instruments (continued)                                                                                                                                       
    a) Carrying amounts and fair values (continued)                                                                                       
                                                                                                         At 31 December 2014                  
                                                                                                       Carrying           Fair    
                                                                                                         amount          value   
                                                                                                             Rm             Rm   
       ASSETS                                                                                                                    
       Non-current assets                                                                                                        
       Financial assets, consisting of:                                                                   2 693          2 693   
       - environmental rehabilitation funds                                                                 826            826   
       - loans to joint ventures                                                                             83             83   
       - KIO                                                                                                 22             22   
       - Chifeng                                                                                            267            267   
       - RBCT                                                                                               973            973   
       - non-current receivables                                                                            522            522   
       Current assets1                                                                                    4 104          4 104   
       Trade and other receivables                                                                        2 090          2 090   
       Derivative financial assets                                                                            8              8   
       Cash and cash equivalents                                                                          2 006          2 006   
       Non-current assets held-for-sale (note 13)                                                            76             76   
       Total financial instrument assets                                                                  6 873          6 873   
       LIABILITIES                                                                                                               
       Non-current liabilities                                                                            2 976          2 976   
       Interest-bearing borrowings2                                                                       2 976          2 976   
       Current liabilities1                                                                               2 603          2 603   
       Trade and other payables                                                                           2 502          2 502   
       Interest-bearing borrowings2                                                                          34             34   
       Overdraft                                                                                             67             67   
       Non-current liabilities held-for-sale (note 13)                                                       14             14   
       Total financial instrument liabilities                                                             5 593          5 593   
       1 Carrying amounts approximate the fair values due to the short-term nature of the maturities of these financial assets and 
         liabilities.                                                        
       2 Carried at amortised cost that approximates fair value in terms of IAS 39 Financial Instruments: Recognition and Measurement.                                                        
                                                                                                                                              
    b) Fair value hierarchy                                                                                                               
       The table below analyses recurring fair value measurements for financial assets and 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 that the group can access at the measurement date.                                                        
       Level 2 - inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset 
                 or liability.                                                        
       Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs).                                                        
                                                                                                                                                                                                                                                                                          
16. Financial instruments (continued)                                                                                                                                       
    b) Fair value hierarchy (continued)                                                                                                   
       At 30 June 2015 (Reviewed)                                                       Level 1     Level 2      Level 3     Fair value    
                                                                                             Rm          Rm           Rm             Rm   
       Financial assets held-for-trading at fair value through profit or loss                                                             
       - current derivative financial assets                                                              3                           3   
       Financial assets designated at fair value through profit or loss                                                                   
       - environmental rehabilitation funds                                                 876                                     876   
       -  environmental rehabilitation funds held-for-sale                                   75                                      75   
       - KIO                                                                                 13                                      13   
       Available-for-sale financial assets                                                                                                
       - Chifeng                                                                                                     305            305   
       - RBCT                                                                                                        739            739   
       Financial liabilities held-for-trading at fair value through profit or loss                                                        
       - current derivative financial liabilities                                                        (2)                         (2)   
       Net financial assets carried at fair value                                           964           1        1 044          2 009   
       At 30 June 2014 (Reviewed)                                                                                                         
       Financial assets held-for-trading at fair value through profit or loss                                                             
       - current derivative financial assets                                                              3                           3   
       Financial assets designated at fair value through profit or loss                                                                   
       - environmental rehabilitation funds                                                 749                                     749   
       -  environmental rehabilitation funds held-for-sale                                   70                                      70   
       - KIO                                                                                 30                                      30   
       Available-for-sale financial assets                                                                                                
       - Chifeng                                                                                                     287            287   
       - RBCT                                                                                                        691            691   
       - New Age Exploration Limited                                                          1                                       1   
       Financial liabilities held-for-trading at fair value through profit or loss                                                        
       -  current derivative financial liabilities held-for-sale                                         (5)                         (5)   
       Net financial assets/(liabilities) carried at fair value                             850          (2)         978          1 826   
                                                                                                                                              
16. Financial instruments (continued)                                                                                                                                       
    b) Fair value hierarchy (continued)                                                                                                   
       At 31 December 2014 (Audited)                                                    Level 1     Level 2      Level 3     Fair value    
                                                                                             Rm          Rm           Rm             Rm   
       Financial assets held-for-trading at fair value through profit or loss                                                             
       - current derivative financial assets                                                              8                           8   
       Financial assets designated at fair value through profit or loss                                                                   
       - environmental rehabilitation funds                                                 826                                     826   
       -  environmental rehabilitation funds held-for-sale                                   73                                      73   
       - KIO                                                                                 22                                      22   
       Available-for-sale financial assets                                                                                                
       - Chifeng                                                                                                     267            267   
       - RBCT                                                                                                        973            973   
       Net financial assets carried at fair value                                           921           8        1 240          2 169   
       Reconciliation of assets within Level 3 of the fair value hierarchy                                                                
                                                                                                                 Chifeng           RBCT   
                                                                                                                      Rm             Rm   
       Opening balance at 31 December 2013                                                                           253            551   
       Movement during the period                                                                                                         
       Gains recognised for the period in OCI (pre-tax effect)1                                                       34            140   
       Closing balance at 30 June 2014                                                                               287            691   
       Movement during the period                                                                                                         
       (Loss)/gain recognised for the period in OCI (pre-tax effect)1                                               (33)            282   
       Exchange gain for the period recognised in OCI                                                                 13                  
       Closing balance at 31 December 2014                                                                           267            973   
       Movement during the period                                                                                                         
       Gain/(loss) recognised for the period in OCI (pre-tax effect)1                                                 29           (18)   
       Reclassification of loan repayments                                                                                         (216)   
       Exchange gain for the period recognised in OCI                                                                  9                  
       Closing balance at 30 June 2015                                                                               305            739   
       1 Tax on RBCT amounts to R3 million (30 June 2014: R26 million; 31 December 2014: R78 million).                                                        
                                                                                                                                              
       Transfers                                                                                                                          
       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 nor between Level 2 and Level 3 of the fair value hierarchy during the periods 
       ended 30 June 2015, 30 June 2014 and 31 December 2014.                                                        
                                                                                                                                          
       Valuation process applied by the group                                                                                             
       The fair value computations of the investments are performed by the group?s 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 
       group?s reporting governance.                                                        
                                                                                                                                          
       Current derivative financial instruments                                                                                           
       Level 2 fair value for simple over-the-counter derivative financial instruments are based on market quotes. These quotes are tested 
       for reasonableness by discounting estimated future cash flows using the market rate for similar instruments at measurement date.                                                        
                                                                                                                                                  
16. Financial instruments (continued)                                                                                                                                       
    c) Valuation techniques used in the determination of fair values within Level 3 of the hierarchy, as well as significant inputs used 
       in the valuation models                                                        
       Chifeng                                                                                                                            
       Chifeng is classified within Level 3 of the fair value hierarchy 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. The valuation technique is consistent to that used in previous reporting periods.                                                        
                                                                                                                                          
       The significant observable and unobservable inputs used in the fair value measurement of the investment in Chifeng are rand/RMB 
       exchange rate, RMB/US$ exchange rate, Zinc LME price, production volumes, operational costs and the discount rate.                                                        

       At 30 June 2015 (Reviewed)  
                                                                                                                      Sensitivity                                 
                                                                                                                         analysis   
                                                                                                                of a 10% increase    
                                                                        Sensitivity of inputs                    in the inputs is    
                                                                        and fair value                               demonstrated    
                                                               Inputs   measurement1                                       below2   
       Observable inputs                                                                                                            
       Rand/RMB exchange rate                              R1,88/RMB1   Strengthening of the rand to the RMB                   30   
       RMB/US$ exchange rate                               RMB6,28 to   Strengthening of the RMB to the US$                   175   
                                                         RMB7,18/US$1                                                               
       Zinc LME price (US$ per tonne in real terms)       US$2 000 to   Increase in price of zinc concentrate                 175   
                                                             US$2 400                                                               
       Unobservable inputs                                                                                                          
       Production volumes (tonnes)                      85 000 tonnes   Increase in production volumes                         44   
       Operational costs 
       (US$ million per annum in real terms)           US$64 to US$83   Decrease in operations costs                         (139)   
       Discount rate (%)                                        9,94%   Decrease in discount rate                             (25)   
                                                                                                                                    
       At 30 June 2014 (Reviewed)                                                                                                   
       Observable inputs                                                                                                            
       Rand/RMB exchange rate                              R1,70/RMB1   Strengthening of the rand to the RMB                   28   
       RMB/US$ exchange rate                               RMB6,02 to   Strengthening of the RMB to the US$                   153   
                                                         RMB6,18/US$1                                                               
       Zinc LME price (US$ per tonne in real terms)      US$2 007 to    Increase in price of zinc concentrate                 153   
                                                             US$2 140                                                               
       Unobservable inputs                                                                                                          
       Production volumes (tonnes)                     108 750 tonnes   Increase in production volumes                         76   
       Operational costs 
       (US$ million per annum in real terms)           US$69 to US$71   Decrease in operations costs                         (160)   
       Discount rate (%)                                          10%   Decrease in discount rate                             (23)   
       1 Change in observable/unobservable input which will result in an increase in the fair value measurement.                                                                                                 
       2 A 10% decrease in the respective inputs would have an equal but opposite effect on the above, on the basis that all 
         other variables remain constant.                                                                                                     
                                                                                                                                                                    
16. Financial instruments (continued)                                                                                                                                                                
    c) Valuation techniques used in the determination of fair values within Level 3 of the hierarchy, as well as significant inputs used 
       in the valuation models (continued)                                                                                                     
       Chifeng (continued)                                                                                                                                         
       At 31 December 2014 (Audited)                                                                                                                               
                                                                                                                      Sensitivity  
                                                                                                                         analysis  
                                                                                                                of a 10% increase  
                                                                        Sensitivity of inputs                    in the inputs is  
                                                                        and fair value                               demonstrated  
                                                               Inputs   measurement1                                       below2  
       Observable inputs                                                                                                                             
       Rand/RMB exchange rate                              R1,86/RMB1   Strengthening of the rand to the RMB                   26   
       RMB/US$ exchange rate                               RMB6,13 to   Strengthening of the RMB to the US$                   152   
                                                         RMB6,75/US$1                                                               
       Zinc LME price (US$ per tonne                     US$2 311 to    Increase in price of zinc concentrate                 152   
       in real terms)                                        US$2 226                                                               
       Unobservable inputs                                                                                                          
       Production volumes (tonnes)                      85 000 tonnes   Increase in production volumes                         37   
       Operational costs                            
       (US$ million per annum in real terms)           US$63 to US$76   Decrease in operations costs                         (133)   
       Discount rate (%)                                        9,94%   Decrease in the discount rate                         (20)   
       1 Change in observable/unobservable input which will result in an increase in the fair value measurement.                                                                                                      
       2 A 10% decrease in the respective inputs would have an equal but opposite effect on the above, on the basis that all 
         other variables remain constant.                                                                                                     
                                                                                                                                                                   
       Inter-relationships                                                                                                                                          
       Any inter-relationships between unobservable inputs are not considered to have a significant impact within the range of 
       reasonably possible alternative assumptions for the periods ended 30 June 2015, 30 June 2014 and 31 December 2014.                                                                                                     
                                                                                                                                                                   
       RBCT                                                                                                                                                        
       RBCT is classified within Level 3 of the fair value hierarchy 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 valuation technique is 
       consistent with that used in previous reporting periods.                                                                                                     
                                                                                                                                                                   
       The significant observable and unobservable inputs used in the fair value measurement of the investment in RBCT are rand/US$ 
       exchange rate, API4 export price, Transnet market demand strategy, annual utilisation factor and the discount rate.                                                                                                     

16. Financial instruments (continued)                                                                                                                                                                                          
    c) Valuation techniques used in the determination of fair values within Level 3 of the hierarchy, as well as significant inputs used 
       in the valuation models (continued)                                                                                                              
       RBCT (continued)                                                                                                                                              
       At 30 June 2015 (Reviewed)                                                                                                                                    
                                                                                                          Sensitivity analysis   
                                                                                                             of a 10% increase    
                                                                   Sensitivity of inputs                      in the inputs is    
                                                                   and fair value                                 demonstrated    
                                                          Inputs   measurement1                                          below2   
       Observable inputs                                                                                                          
       Rand/US$ exchange rate                          R11,81 to   Strengthening of the rand to the US$                    209   
                                                     R20,43/US$1                                                                 
       API4 export price (US$ steam coal A-grade     US$60,30 to   Increase in API4 export price per tonne                 140   
       price per tonne in real terms)                      US$85                                                                 
       Unobservable inputs                                                                                                       
       Transnet market                                             Acceleration of TFR performance,    
       demand strategy for the                         77Mtpa to   ie reach full capacity sooner                            74                                                                                             
       terminal (Mtpa)                                    81Mtpa                                                                        
       Discount rate (%)                              13% to 17%   Decrease in the discount rate                          (125)   
       Annual utilisation factor (safety and                       Increase in annual utilisation factor                    99   
       rail delay factor) (%)                                90%                                                                                           
       At 30 June 2014 (Reviewed)                                                                                                 
       Observable inputs                                                                                                          
       Rand/US$ exchange rate                          R10,53 to   Strengthening of the rand to the US$                    145   
                                                     R15,47/US$1                                          
       API4 export price (US$ steam coal A-grade     US$83,33 to   Increase in API4 export price per tonne                 145   
       price per tonne in real terms)                      US$97                                                                  
       Unobservable inputs                                                                                                        
       Transnet market                                             Acceleration of TFR performance,    
       demand strategy for the                         72Mtpa to   ie reach full capacity sooner                           145                                                                                             
       terminal (Mtpa)                                    91Mtpa                                                                         
       Discount rate (%)                              13% to 17%   Decrease in the discount rate                          (116)   
       Annual utilisation factor (safety and rail                  Increase in annual utilisation factor                   145   
       delay factor) (%)                                     90%
       1 Change in observable/unobservable input which will result in an increase in the fair value measurement.                                                                                                              
       2 A 10% decrease in the respective inputs would have an equal but opposite effect on the above, on the basis that all other 
         variables remain constant.                                                                                                              
                                                                                                                                                                                             
16. Financial instruments (continued)                                                                                                                                                                                          
    c) Valuation techniques used in the determination of fair values within Level 3 of the hierarchy, as well as significant inputs used 
       in the valuation models (continued)                                                                                                              
       RBCT (continued)                                                                                                                                                                      
       At 31 December 2014 (Audited)                                                                                                                                                         
                                                                                                          Sensitivity analysis 
                                                                                                             of a 10% increase 
                                                                   Sensitivity of inputs                      in the inputs is 
                                                                   and fair value                                 demonstrated 
                                                          Inputs   measurement1                                          below2
       Observable inputs                                                                                                                                                                     
       Rand/US$ exchange rate                          R10,94 to   Strengthening of the rand to the US$                    257   
                                                     R18,80/US$1                                                                                             
       API4 export price (US$ steam coal A-grade        US$62 to   Increase in API4 export price per tonne                 154   
       price per tonne in real terms)                      US$93                                                                                             
       Unobservable inputs                                                                                                                                   
       Transnet market                                             Acceleration of TFR performance,    
       demand strategy for the                         74Mtpa to   ie reach full capacity sooner                            97                                                                                          
       terminal (Mtpa)                                    81Mtpa                                                                                                     
       Discount rate (%)                              13% to 17%   Decrease in the discount rate                          (120)   
       Annual utilisation factor (safety and rail                  Increase in annual utilisation factor                   123   
       delay factor) (%)                                     90%
       1 Change in observable/unobservable input which will result in an increase in the fair value measurement.                                                                                                              
       2 A 10% decrease in the respective inputs would have an equal but opposite effect on the above, on the basis that all other 
         variables remain constant.                                                                                                              
                                                                                                                                                                                             
       Inter-relationships                                                                                                                                                                    
       Any inter-relationships between unobservable inputs are not considered to have a significant impact within the range of 
       reasonably possible alternative assumptions for the periods ended 30 June 2015, 30 June 2014 and 31 December 2014.                                                                                                              
                                                                                
                                                                                          At 30 June     At 30 June At 31 December   
                                                                                                2015           2014           2014             
                                                                                            Reviewed       Reviewed        Audited          
                                                                                                  Rm             Rm             Rm               
17.  Contingent liabilities                                                                                                              
     Total contingent liabilities                                                              3 678          2 447          2 609           
     - DMC Iron Congo SA                                                                          18             84                             
     - Pending litigation claims1                                                                995            411            445             
     - Operational guarantees2                                                                 1 292          1 258          1 263           
     -  Share of contingent liabilities of equity-accounted investments3                       1 373            694            901             
     1 Pending litigation claims consist of legal cases where Exxaro is the defendant. The outcome of these claims is uncertain and the 
       amount of possible legal obligations that may be incurred can only be estimated at date of reporting.                                                    
     2 Operational guarantees include guarantees to banks and other institutions in the normal course of business from which it is 
       anticipated that no material liabilities will arise.                                                                                              
     3 Relate mainly to rehabilitation guarantees.                                                                                                                                                    
                                                                                                                                                                                                        
     The timing and occurrence of any possible outflows of the contingent liabilities above are uncertain.  
 
18.  Contingent assets                                                                                                                                             
     Total contingent assets                                                                     170            226            256             
     -  Surrender fee on prospecting rights, exploration rights and mining rights1                               87                             
     - Guarantee on sale of NCC2                                                                 170                           170             
     -  Share of contingent assets of equity-accounted investments3                                             139             86              
                                                                                                                                               
     1 In June 2014 a surrender fee in exchange for the exclusive right to prospect, explore, investigate and mine for 
       coal within a designated area of Central Queensland and Moranbah, Australia, conditional to the grant of a mining lease 
       was included as a contingent asset. However, in the second half of 2014, circumstances changed to the extent that the 
       probability for this surrender fee no longer existed, hence no amount relating to this matter was included since December 2014.                                                    
     2 Exxaro has received a guarantee from Universal as part of the sales transaction of NCC.                 
     3 Bank guarantees issued in favour of SIOC related to environmental rehabilitation.                       
                                                                                                               
     The timing and occurrence of any possible inflows of the contingent assets above are uncertain. 

19.  Related party transactions                                                                                
     During the period the group, 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, nor more favourable than those 
     arranged with independent third parties.                                                    
                                                                                                                                                                                                                                                                                     
20.  Going concern                                                                                                                                                                                                                                                                   
     Taking into account the group?s 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 over the next 12 months.  

21.  JSE Listings Requirements                                                                                                                                                                                                                                                       
     The reviewed condensed group interim financial statements have been prepared in accordance with the Listings Requirements 
     of the JSE. 
 
22.  Events after the reporting period                                                                                                                                                                                                                                               
     Details of the final dividend are provided in note 9.                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                     
     The following non-adjusting events occurred after the reporting date and are disclosed for information purposes:                                                                                                                                                                
                                                                                                                                                                                                                                                                                     
     Sale of non-core assets                                                                                                                                                                                                                                                         
     On 3 February 2014 Exxaro announced the conclusion of the NCC sale of asset agreement. On 31 July 2015 all conditions 
     precedent to the NCC sale of asset agreement were met and the sale became effective. Refer note 13 on non-current assets 
     and liabilities held-for-sale for accounting treatment as at 30 June 2015.                                                                     
                                                                                                                                                                                                                                                                                     
     Financial assistance to BEE shareholder                                                                                                                                                                                                                                         
     On 24 July 2015 Exxaro announced that it would provide financial assistance to Mainstreet 333 Proprietary Limited 
     (MS333) to the amount of R400 million, in order for MS333 to be able to comply with the terms of its preference 
     share facility.                                                    
                                                                                                                                                                                                                                                                                     
     Acquisition of business                                                                                                                                                                                                                                                         
     On 11 August 2015, Exxaro announced on SENS that all conditions precedent to the Exxaro acquisition of TCSA from Total S.A. 
     have been met. The closing date of the transaction shall occur on the 10th business day following the completion of 
     all terms and conditions precedent to the transaction. The initial purchase price, as announced in July 2014, was 
     reduced and TCSA will be acquired for an upfront cash payment of US$262 million, plus a maximum additional amount of 
     US$120 million structured in a series of deferred payments, linked to the performance of the API4 price between now 
     and 2019 (contingent consideration). Exxaro also committed to creating a new broad-based BEE transaction as part  
     of the overall investment.                                                    
                                                                                                                                                                                                                                                                                        
     Purchase price deferred payments                                                 
     Reference year                       API4 coal price range    Deferred payment   
                                                      US$/tonne                US$m   
     2015                                               60 - 80                  10   
     2016                                               60 - 80                  25   
     2017                                               60 - 80                  25   
     2018                                               60 - 90                  25   
     2019                                               60 - 90                  35   
                                                                                120   

     TCSA is a large-scale, coal operating business in South Africa and has a majority interest in two operating complexes, 
     Dorstfontein and Forzando, located in the Witbank coal basin in South Africa?s Mpumalanga province. The majority of 
     TCSA?s production is export coal which is shipped via RBCT to international markets, mainly India and China. TCSA 
     also sells its production into the South African domestic market.                                                    
                                                                                                                                                                        
     The rationale for the acquisition was focused around the alignment of Exxaro?s long-term growth strategy, as well 
     as the fact that the acquisition complements Exxaro?s existing coal portfolio and it provides access to primary 
     RBCT entitlement.                                                    
                                                                                                                                                                        
     At the time of approving the condensed group interim financial statements Exxaro was still in the process of 
     completing the valuation of the acquired assets and liabilities. This process is expected to be finalised by August 2016.                                                    
                                                                                                                                                                     
     It is expected that the operations will be re-branded and referred to as ECC, which will be part of the carbon commercial 
     operating segment for internal reporting purposes to the chief operating decision maker.
 
     The directors are not aware of any other significant matter or circumstance arising after the reporting period up to 
     the date of this report, not otherwise dealt with in this report.                                                    
                                                                                                                                                                        
23.  Review conclusion                                                                                                                                               
     The reviewed condensed group interim financial statements for the six-month period ended 30 June 2015 have been 
     reviewed by the company?s external auditors, PricewaterhouseCoopers Inc, in accordance with International Standards 
     on Reviewed Engagements 2410 Review Interim Financial Information Performed by the Independent Auditors of the Entity. 
     The unmodified review conclusion is available for inspection at the company?s registered office.
 
24.  Corporate governance                                                                                                                                            
     Detailed disclosure of the company?s application of the principles contained in the King Report on Governance for 
     South Africa 2009 (King III) was made in the 2014 integrated report and is available on the company?s website in 
     accordance with the JSE Listings Requirements. Following the appointment of Ms MW Hlahla as an independent non-executive 
     director to the board and the appointment of Mr MDM Mgojo, as chief executive officer (designate) and an executive director 
     to the board, Mr NB Mbazima resigned from the board with effect from 18 August 2015 and Mr S Mayet has been appointed with 
     effect from the same day. Please contact the group company secretary, Ms CH Wessels, for any additional information in 
     this regard.  
 
25.  Mineral resources and mineral reserves                                                                                                                          
     Other than the normal life of mine depletion, there have been no material changes to the mineral resources and 
     mineral reserves as disclosed in the 2014 integrated report.                                                    
                                                                                                                                                                        
                                                                                       At 30 June     At 30 June     At 31 December   
                                                                                             2015           2014               2014             
26.     Salient features1                                                                                                             
        Net asset value per share (rand/share)                                                 99             92                 96              
        Capital expenditure contracted relating to tied mines, 
        Arnot and Matla, which will be financed by Eskom (Rm)                                  93            239                159             
        Operating lease commitments (Rm)                                                      109            146                135             
        Closing share price (rand/share)                                                    86,92         138,50             103,50          
        Market capitalisation (Rbn)                                                         31,13          49,60              37,06           
        Average rand/US$ spot exchange rate (for the period ended)                          11,91          10,67              10,83           
        Closing rand/US$ spot exchange rate                                                 12,27          10,58              11,56           
        1Non-IFRS numbers.                                                                                                            


OPERATING UNDER DIFFICULT MARKET CONDITIONS   


- Twelve consecutive months without a fatality                       - Exxaro average realised coal export price of US$56 per tonne, down 18%                            
- Medupi power station supply in line with Addendum 9                - Continuing pressure on prices across our basket of commodities  
  to the coal supply agreement                                       - R0,6 billion core post-tax equity-accounted income from SIOC, down 48%                                         
- Thermal coal sales up 4% on 1H14                                                                               
- Healthy domestic coal demand                                                                                                        
- Continuing cost-containment efforts 

COMMENTARY FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2015

1. Safety
   We are pleased that Exxaro has repeated a significant milestone by again operating for 12 consecutive months without
   a fatality. In the first half of 2015, we reduced the LTIFR to 0,17 compared to 0,22 for the first half of 2014. Our
   target remains 0,15 LTIFR and we are committed to increasing awareness of safety risks and preventing accidents. 

   Although not a reportable fatality in terms of the DMR's mining regulations, it saddens us to announce that one of our 
   colleagues, Mr Johan Swanepoel was killed in a motor car accident at NCC on 7 July 2015 while performing company duties. 
   This is treated as an internal reportable fatality. We extend our sincere condolences to the family, colleagues and friends 
   of Mr Swanepoel.

2. Responding to difficult market conditions
   2.1 Commodity prices
       Despite the continuing pressure on prices across our basket of commodities (coal, iron ore, mineral sands and
       pigment) in 1H15, the group weathered the storm and performed well. API4 export prices at the beginning of 2015 averaged
       US$63 per tonne, declining to lows of around US$59 per tonne at the end of June 2015. Iron ore fines prices also plummeted
       by over 20% over the same period, averaging US$60 per tonne CFR in 1H15 compared to US$112 per tonne CFR in 1H14. Lows of
       US$47 per tonne for iron ore fines were recorded in April 2015. The continued oversupply in the TiO2 market has kept
       pigment prices at historically low levels.

       To ensure our resilience through these challenging times, we have embarked on several strategic initiatives:
       - Focus on carbon operations - coal will be our focus of activity and investment in the short to medium term. We
         will maintain our investment portfolio at current levels and consider our options as market conditions evolve
       - Reprioritise and stagger projects to preserve cash given the poor price outlook
       - Continue the drive to reduce input and overhead costs.

       These strategic initiatives are targeted to place Exxaro in a favourable position to weather the subdued outlook
       for our commodity exposure.

   2.2  Events after reporting period 
        Given the extent of the decline in the Exxaro share price this year, our primary BEE partner, MS333, has requested a 
        loan from Exxaro to be able to comply with the terms of its preference share facility. Exxaro provided support to 
        MS333 via a R400 million bridge loan that was applied against the MS333 preference share facility in July 2015. 
        R200 million of the bridge loan will be settled by MS333 through the coordinated sale of a portion of its shareholding. 
        As announced on the SENS of the JSE on 24 July 2015, further discussions between MS333, its related parties, Exxaro and 
        MS333?s financiers on a longer-term solution are progressing well and will be communicated once finalised.

        Refer note 22 to the reviewed condensed group interim financial statements for more detail regarding the
        rest of the events after the reporting period.

3. Comparability of results
   Comments are based on a comparison between the six-month periods ended 30 June 2015 and 30 June 2014 (1H15 and 1H14,
   unless otherwise indicated) in terms of the reviewed condensed group interim financial results and unreviewed
   production and sales volumes information. The financial results for 1H15 and 1H14 are not comparable mainly due to key
   transactions listed in Table 1. Comments are based on the group?s performance excluding these events, which are viewed as non-core.
   The exclusions are the responsibility of the group?s board of directors and have been provided to illustrate the impact
   on net operating profit or loss in the respective periods, and hence may not fairly present the group?s financial
   results, financial position, changes in equity, results of operations or cash flows.

 Table 1: Key transactions in the reporting periods that make financial and operational results not comparable                                                                                                                                                                                                                                                                                
 Reporting                                                     1H15                                                              2H14       1H14
 segment    Description                                          Rm   Description                                                  Rm         Rm   
 Carbon     - Loss on sale of non-core assets,                        - Loss on sale of non-core assets and 
              voluntary severance packages                              voluntary severance packages                               (9)       (13)
              and insurance claim income                        (11)    
 Ferrous    - Profit on sale of non-core assets                  73   - Pre-tax partial reversal of the write-off of   
                                                                        financial assets in 2H14 and Mayoko iron ore                                                                              
                                                                        project impairment in 1H14                                  4     (5 807)                                                                                                                                              
                                                                      - Loss on sale of non-core assets and voluntary        
                                                                        severance packages                                        (14)    
 Other      - Loss on dilution of shareholding in                     - Loss on dilution of shareholding in Tronox Limited        (29)       (29)  
              Tronox Limited                                    (11)                                                                                                                                                    
            - Net unrealised foreign exchange gain on                 - Impairment of intellectual property assets               (202)             
              revaluations of US$ accumulated for the  
              TCSA acquisition                                  315                                                                                                                                                                                                                                                               
            - Voluntary severance packages                      (30)  - Profit on sale of other non-core assets and 
                                                                        voluntary severance packages                              (62)        (5)                                                                                                                                                                                                                                                                                                     
            - Gains on translation differences recycled 
              to profit or  loss                                 33   
 Group      Total net operating profit impact                   369   Total net operating loss impact                            (312)    (5 854)  
 Carbon                                                               - Tax impact                                                  1          4   
 Ferrous    - Exxaro?s post-tax share of SIOC loss on                                                                                                                                 
              sale of non-core assets                            (3)                                                                                                                                                                                                                                                                                                         
                                                                      - Exxaro?s post-tax share of SIOC loss on impairment 
                                                                        of operation, loss on sale of other non-core assets      (109)        (4)  
 TiO2 and   - Exxaro?s post-tax share of Tronox                       - Exxaro?s post-tax share of Tronox restructuring costs 
 Alkali       restructuring costs   (10)                                and other                                                 (41)   
 Chemicals
 Other                                                                - Tax impact                                                  2              
 Group       Total attributable earnings impact                 356   Total attributable loss                                     
                                                                      impact                                                     (459)    (5 302)                                                                                                                                                                                                                                                                                                    

4. Financial and operational excellence
   4.1  Group financial results
        4.1.1  Revenue 
               Group revenue increased by 12% to R8 324 million for 1H15 compared to R7 412 million in 1H14 (2H14: R8 989 million), 
               mainly due to higher revenue in the carbon business arising from higher power station coal sales.

        4.1.2  Net operating profit 
               The group recorded a net operating profit for the period of R1 811 million (1H14: net operating loss of R4 080
               million; 2H14: net operating profit of R788 million). The 2014 operating loss was mainly due to the pre-tax impairment of
               the carrying value of the Mayoko iron ore project assets totalling R5 807 million in 1H14 as well as the pre-tax
               impairment of the carrying value of intellectual property (R202 million) in 2H14. 

        4.1.3  Earnings
               Earnings attributable to owners of the parent, which include Exxaro?s equity-accounted investments in associates
               and joint ventures, were R1 167 million (1H14: attributable losses of R2 441 million; 2H14: attributable earnings of R1
               558 million) or 329 cents earnings per share (1H14: 688 cents loss per share, 2H14: 439 cents earnings per share), an
               improvement of 148% from 1H14 mainly due to non-recurring post-tax impairment losses recorded in 2014.

               Headline earnings, excluding the impact of any impairment and partial impairment reversals as well as profits
               realised on the sale of subsidiaries and other non-core assets, were 62% lower at R1 077 million (1H14: R2 814 million,
               2H14: R2 055 million) or 303 cents per share (1H14: 793 cents, 2H14: 579 cents per share), mainly due to a R1 432 million
               (95%) reduction in the post-tax equity-accounted income of associates and joint ventures.
               
        4.1.4  Cash flow and funding
               Cash preservation remains key to managing the business through this challenging period and maintaining a balance
               between project capital investment and return of cash to shareholders. Cash flow generated from operations was 50% higher
               at R2 330 million (1H14: R1 555 million; 2H14: R2 528 million). This cash was used to pay dividends of R752 million,
               net financing charges of R207 million and taxation of R74 million. 

               At R1 001 million, a 37% reduction in overall capital expenditure was recorded in 1H15. R298 million (1H14: R1 076
               million; 2H14: R661 million) was invested in new capacity (expansion capital), and R703 million (1H14: R 502 million;
               2H14: R958 million) applied to sustaining and environmental capital (stay-in-business capital). Of funds spent on stay-in
               business capital, R390 million was for Grootegeluk?s replacement of trucks and shovels. We continue to critically
               assess growth projects and consider the timing of cash flow in order to prioritise capital accordingly. 

               After the receipt of dividends of R985 million (1H14: R2 083 million; 2H14: R1 645 million), primarily from SIOC
               and Tronox Limited, as well as the outflow associated with capital expenditure, the group had net cash inflow before 
               financing activities of R1 119 million (1H14: R747 million; 2H14: R1 533 million).

               Net debt position reported at 30 June 2014 improved to net cash of R55 million at 30 June 2015 (30 June 2014: net debt 
               of R2 653 million, 31 December 2014: net debt of R1 071 million), reflecting a net cash to equity ratio of 0,2% 
               (30 June 2014: net debt to equity ratio of 8%, 31 December 2014: net debt to equity ratio of 3%).

 Table 2: Group segment results                                                                                                                  
                                        Revenue                                  Net operating profit/(loss)                                              
                                           6 months     12 months                            6 months     12 months    
                        6 months ended        ended         ended       6 months ended          ended         ended   
                            30 Jun           31 Dec        31 Dec            30 Jun            31 Dec        31 Dec   
                       2015        2014        2014          2014        2015        2014        2014          2014   
                   Reviewed    Reviewed    Reviewed       Audited    Reviewed    Reviewed    Reviewed       Audited 
                         Rm          Rm          Rm            Rm          Rm          Rm          Rm            Rm
 Carbon               8 217       7 312       8 864        16 176       1 664       1 836       1 461         3 297   
 - Tied1              1 847       2 094       2 483         4 577         102         208         111           319   
 - Commercial         6 370       5 218       6 381        11 599       1 562       1 628       1 350         2 978   
 Ferrous                 83          71          88           159         (48)     (5 917)       (321)       (6 238)  
 - Iron ore2                                                              (40)     (5 821)       (279)       (6 100)  
 - Alloys                83          71          88           159           3         (96)         (1)          (97)  
 - Other                                                                  (11)                    (41)          (41)  
 Other                   24          29          37            66         195           1        (352)         (351)  
 - Base metals                                                                                     (1)           (1)  
 - Other3                24          29          37            66         195           1        (351)         (350)  
                                                                                                                      
 Total                8 324       7 412       8 989        16 401       1 811      (4 080)        788        (3 292)  
 1  Mines managed on behalf of and supplying their entire production to either Eskom or AMSA in terms of contractual agreements.                                                                                                                  
 2  Net operating loss includes the pre-tax impairment of the original investment including goodwill, carrying value of property, 
    plant and equipment and qualifying project costs capitalised to the Mayoko iron ore project of R5 760 million as well as the 
    write-off and impairment of financial assets totalling R43 million recorded in 2014.                                                                                                                  
 3  Net operating profit/(loss) includes a pre-tax impairment loss of intellectual property of R202 million in 2H14.                                                                                                                  


   4.2  Carbon business results
        Export volumes reached 2,39Mt for 1H15 against 2,73Mt in 1H14. The group realised an average coal export price of US$56 per tonne 
        (API4 of US$61 per tonne) in 1H15 compared to US$68 per tonne (API4 of US$77 per tonne) in 1H14, mainly on higher sales volumes 
        of higher-value product. An average of 81% of export sales was RB1 product, compared with 67% for the same period in 2014.

        Demand for steam coal in the domestic boiler market was stable in 1H15. However, sales to Eskom from Leeuwpan were
        lower than anticipated mainly due to operational issues at Majuba power station. Exxaro expects to recover these lost
        volumes in 2H15. Medupi power station continues to take coal at the agreed tempo in terms of Addendum 9 to the coal supply
        and off-take agreement.

        4.2.1  Production and sales volumes
               Overall coal production volumes (excluding buy-ins) were 221kt higher and sales were 226kt, marginally higher than 1H14. 

               4.2.1.1  Metallurgical coal
                        Grootegeluk?s production was 207kt (18%) lower mainly due to the failure of the run-of-mine conveyor feed
                        structure at the Grootegeluk 8 plant. This resulted in a cut back on semi-soft coking coal production at Grootegeluk 
                        6 plant in order to meet Eskom demand. The closure of Tshikondeni in 4Q14 translated into a 108kt reduction in 
                        production compared to 1H14.
                        

                        Sales decreased by 505kt (37%) mainly due to lower stock available for exports via RBCT and lower supply to AMSA
                        because of low semi-soft coking coal stock levels after reprioritising production to deliver power station coal for
                        Eskom?s Medupi and Matimba plants, coupled with no sales from Tshikondeni to AMSA due to the closure of the mine. 

               4.2.1.2  Thermal coal
                        Power station coal production from tied mines was 1 820kt (30%) lower than 1H14. Matla production was 1 754kt
                        lower (34%) mainly due to suspending some production volume-related bonus schemes, permanent closure of Mine 1 on safety
                        risks and exacerbated by short wall moves at Mine 2. Arnot?s production was 66kt lower, also due to suspending some
                        production volume-related bonus schemes.

                        The commercial mines? power station coal production was higher by 2 924kt (32%) compared to 1H14 mainly at
                        Grootegeluk (2 907kt: 45%) after Medupi power station began ramping up from mid-2014. NBC production was 166kt higher (14%)
                        after Eskom agreed to off-take 240kt per month in 1H15 compared to 200kt per month in 1H14, while Leeuwpan production
                        decreased by 149kt (11%) on reduced demand from the Majuba plant caused by the silo and tippler breakdown late in 2014. 

                        Power station domestic coal sales for the commercial mines were 2 807kt (32%) higher, mainly due to higher demand
                        from Eskom with Medupi power station ramping up.

                        Power station export coal sales via RBCT decreased marginally (93kt). No coal was exported via Maputo in 2015.

                        Steam coal production was 568kt (23%) lower, reflecting lower production at Inyanda (337kt) as the mine nears the
                        end of its life, lower Leeuwpan production (198kt) on lower yields and reduced throughput in the DMS plant and lower
                        Grootegeluk (33kt) production as a result of reprioritisation to deliver power station coal to Eskom.

                        Steam coal domestic sales decreased by 275kt (18%) mainly due to the low production at Inyanda 157kt (86%) being
                        diverted to the export market, 80kt (12%) lower sales at Leeuwpan on lower demand, 38kt (5%) lower sales at Grootegeluk
                        due to lower demand and stock availability. 

                        Steam coal export sales rose 106kt (6%), reflecting high stock levels at the beginning of 1H15.

                        4.2.1.3  Semi-coke
                        Semi-coke plant production was down 28kt (44%), mainly due to low demand that limited production to only two
                        retorts. Sales were 30kt (46%) lower due to the high amount of imported coke from China.
 
        4.2.2  Revenue
               Carbon revenue rose 12% from 1H14, reflecting higher revenue from commercial mines due to increased power station
               coal sales at higher prices, partly offset by lower export sales volumes at weaker rand prices, and lower domestic
               volumes at lower prices.
               
        4.2.3  Net operating profit
               A decrease of 9% in carbon net operating profit was recorded for 1H15 compared to 1H14. This reflects the absence
               of shortfall income compared to that recorded in 1H14 (R888 million), lower domestic and export sales volumes at 
               lower average rand selling prices recorded in 1H15, as well as the discontinuation of the capitalisation of GMEP
               and backfill mining cost (R152 million) recorded in 1H15 compared to 1H14. This was partly offset by higher Eskom
               sales due to the Medupi power station ramp up. Operating margin of 20% was realised in 1H15.
        
        4.2.4  Equity-accounted income
               Equity-accounted income from the Mafube joint venture with Anglo South Africa Capital Proprietary Limited
               increased by 21% from 1H14 on lower production and financing costs, partly offset by higher royalty payments and labour
               expenses.
 
 Table 3: Unreviewed coal production and sales volumes                                                                                                  
                                                      Production                                      Sales                                      
                                                              6 months   12 months                            6 months   12 months    
                                          6 months ended         ended       ended        6 months ended         ended       ended   
                                              30 Jun            31 Dec      31 Dec            30 Jun            31 Dec      31 Dec   
                                          2015        2014        2014        2014        2015        2014        2014        2014   
                                   '000 tonnes '000 tonnes '000 tonnes '000 tonnes '000 tonnes '000 tonnes '000 tonnes '000 tonnes  
 Thermal                                18 097      17 561      19 314      36 875      19 193      18 462      20 609      39 071   
 - Tied                                  4 181       6 001       5 813      11 814       4 181       5 997       5 811      11 808   
 -  Commercial: domestic                13 916      11 560      13 501      25 061      12 770      10 238      12 515      22 753   
 -  Commercial: export                                                                   2 242       2 227       2 283       4 510   
 Metallurgical                             923       1 238       1 036       2 274         843       1 348       1 122       2 470   
 - Tied                                                108          46         154                     157          76         233   
 -  Commercial: domestic                   923       1 130         990       2 120         697         693         763       1 456   
 -  Commercial: export1                                                                    146         498         283         781                                                                                                                               
 Total coal                             19 020      18 799      20 350      39 149      20 036      19 810      21 731      41 541   
 Semi-coke                                  35          63          64         127          35          65          50         115   
 Total carbon (excluding buy-ins)       19 055      18 862      20 414      39 276      20 071      19 875      21 781      41 656   
 Thermal buy-ins                         1 041       1 033       1 169       2 202                                                   
 Total carbon (including buy-ins)       20 096      19 895      21 583      41 478       20 071     19 875      21 781      41 656   
 1 Exported as a steam coal product, blended at RBCT.                                                                                                                  
 
        4.2.5  Portfolio improvement
               Project details were included in the finance director?s pre-close message published on SENS on 25 June 2015. 
               The details below relate to further developments since then.

               4.2.5.1  Grootegeluk 
                        We continue to engage with Eskom on announced later dates to commission Medupi power station?s units 1 to 5 to
                        evaluate and understand the impact this may have on the current coal supply and off-take agreement. For now, all 
                        supply and off-take is in line with Addendum 9 to the coal supply and off-take agreement.

               4.2.5.2  Acquisitions: TCSA 
                        Approval of the section 11 transfer of mineral rights was granted on 5 August 2015 by the DMR for the TCSA mineral 
                        rights. The purchase price consideration has been amended as detailed in the SENS announcement dated 11 August 2015. 
                        All remaining conditions precedent for the transaction to become effective have been met.

               4.2.5.3   NCC
                         All conditions precedent for the sale of NCC were fulfilled and the transaction was completed on 31 July 2015.

   4.3  Ferrous business results
        We closed the AlloyStream? test plant in 2Q15. Most employees (eight) were redeployed within the group, with the
        balance (three) accepting retrenchment packages. As such, FerroAlloys is now the only owner-controlled and operated ferrous
        business in the group. 

        4.3.1  Net operating loss
               Ferrous core net operating losses increased by 10% to R121 million, excluding the impact of key transactions
               listed in Table 1, mainly as a result of R11 million relating to inflationary pressures.

        4.3.2  Equity-accounted investments
               The significant decline in the iron ore price in 1H15 has translated into 63% lower equity-accounted income and
               61% lower dividends from SIOC compared to 1H14.

        4.3.3  Portfolio improvement
               4.3.3.1  Mayoko iron ore project
                        Four of the six locomotives were sold to the government of the RoC. We aim to dispose of the remaining
                        locomotives and rolling stock in 2H15/1H16. No further capital will be spent on the project. In the meantime, our  
                        presence in the RoC is aimed at securing the mining right at the absolute minimum operating costs.

   4.4  TiO2 and Alkali Chemicals commodity business
        4.4.1  Equity-accounted losses
               Equity-accounted loss from the Tronox investment was R659 million, compared to R304 million in 1H14. This was
               mainly due to ilmenite stock write-downs (R435 million) to the lower of cost or net realisable value, consulting fees for
               the Alkali Chemicals acquisition and higher financing costs in 1H15. 

   4.5  Energy business
        4.5.1  Equity-accounted losses
               Equity-accounted losses, from Cennergi (a 50% joint venture with Tata Power), for 1H15 reduced
               by 32% on the R47 million loss recorded in 1H14. 
 
 Table 4: Reviewed equity-accounted investments                                                                                                           
                                 Equity-accounted income/(loss)             Exxaro?s share of dividends received                                              
                                                6 months   12 months                           6 months  12 months    
                              6 months ended       ended       ended        6 months ended        ended      ended   
                                  30 Jun          31 Dec      31 Dec             30 Jun          31 Dec     31 Dec   
                             2015        2014       2014        2014        2015        2014       2014       2014   
                         Reviewed    Reviewed   Reviewed     Audited    Reviewed    Reviewed   Reviewed    Audited  
                               Rm          Rm         Rm          Rm          Rm          Rm         Rm         Rm
 SIOC                         633       1 711      1 119       2 830         673       1 736      1 359      3 095   
 Tronox                      (659)       (304)      (264)       (568)        311         274        279        553   
 Black Mountain                 9          46         31          77                      71                    71   
 Mafube                       132         109        158         267                                                 
 Cennergi                     (32)        (47)       (45)        (92)                                                
 SDCT                                                  1           1                                                 
 Total                         83       1 515      1 000       2 515         984       2 081       1 638      3 719   

5.  Outlook
    Our priority in the short- to medium term is to remain cash flow-positive while preserving growth opportunities. The
    actions we have implemented in response to current market conditions are expected to position Exxaro to withstand the
    subdued macro-economic outlook.

    We expect market oversupply, coupled with low demand in our commodity portfolio (coal, iron ore, mineral sands
    and pigment), to persist in the near term which will demand more rigorous efforts to ensure short-term survival and
    sustainable long-term profitability. Given that the API4 RB1 coal price is expected to remain around US$60 per tonne, we
    expect our export sales volumes for FY15 to be roughly 4Mtpa.

    While the Eskom power station business provides a hedge against falling export US$ commodity prices, the prolonged
    weakness of the ZAR against the US$ raises the risk of increased domestic inflation, which has a direct impact on our
    production costs and capital projects for imported goods.

    Given the state of commodity markets, we have assumed that no dividends will be received from our SIOC
    equity-accounted investment and minimal dividends will be received from Tronox Limited. This will have a direct impact on our current
    positive cash flows as well as our ability to continue paying dividends. As such, we will continue to critically review capital
    allocation, our project pipeline, as well as our optionality regarding investments. Our BEE structure comes to a ten year end 
    in 2016, and we continue to put a concerted effort towards a co-ordinated unwinding of this structure.

6.  Interim dividend
    Notice is given that a gross interim cash dividend, number 25, of 65 cents (interim 2014: 260 cents; final 2014: 210
    cents) per share, for the six-month period ended 30 June 2015 has been declared, payable to shareholders of ordinary
    shares. The dividend is declared out of retained earnings. The gross local dividend is 65 cents per share for
    shareholders exempt from dividend withholding tax. The dividend declared will be subject to a dividend withholding tax of 15%
    for all shareholders who are not exempt from or do not qualify for a reduced rate of dividend withholding tax. The net
    local dividend payable to shareholders who are subject to dividend withholding tax at a rate of 15% is 55,25 cents per
    share. The dividend withholding tax amounts to 9,75000 cents per share (interim 2014: 39 cents per share; final
    2014: 31,5 cents per share). The number of ordinary shares in issue at the date of this declaration is 358 115 505
    (2014: 358 115 505). Exxaro Resources Limited?s tax reference number is 9218/098/14/4. 

    Salient dates for payment of the interim dividend are:

    Last day to trade cum dividend on the JSE                     Friday, 4 September 2015
    First trading day ex dividend on the JSE                      Monday, 7 September 2015
    Record date                                                  Friday, 11 September 2015
    Payment date                                                 Monday, 14 September 2015

    No share certificates may be dematerialised or re-materialised between Monday, 7 September 2015 and Friday, 11
    September 2015, both days inclusive. Dividends for certificated shareholders will be transferred electronically to their bank
    accounts on payment date. Shareholders who hold dematerialised shares will have their accounts at their central
    securities depository participant (CSDP) or broker credited on Monday, 14 September 2015.

7.  Changes to the board
    As announced on SENS on 18 August 2015, Mr NB Mbazima resigned from the board with effect from 18 August 2015 and Mr S Mayet
    has been appointed with effect from the same day. The board thanks Mr Mbazima for his diligent service and welcomes 
    Mr Mayet to the team.

8.  General
    Additional information on financial and operational results for the six-month period ended 30 June 2015, as well as
    the accompanying presentation can be accessed on the company?s website on www.exxaro.com.

On behalf of the board

Len Konar            Sipho Nkosi                        Wim de Klerk 
Chairman             Chief Executive Officer            Finance Director

19 August 2015

CORPORATE INFORMATION

Registered office
Exxaro Resources Limited
Roger Dyason Road
Pretoria West, 0183
Tel: +27 12 307 5000
Fax: +27 12 323 3400

This report is available at: www.exxaro.com

Directors
MW Hlahla***, Dr D Konar*** (chairman), S Mayet**, MDM Mgojo* (chief executive officer designate), SA Nkosi* (chief executive officer), 
WA de Klerk* (finance director), S Dakile-Hlongwane***, Dr CJ Fauconnier***, V Nkonyeni***, VZ Mntambo**, RP Mohring ***, Dr MF Randera**, 
J van Rooyen***, D Zihlangu ***
*Executive  **Non-executive  ***Independent non-executive

Prepared under supervision of: 
WA de Klerk, CA(SA)

Group company secretary 
CH Wessels

Transfer secretaries
Computershare Investor 
Services Proprietary Limited
Ground Floor
70 Marshall Street
Johannesburg, 2001
PO Box 61051
Marshalltown, 2107

Investor relations 
MI 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.

ANNEXURE TO THE REVIEWED CONDENSED GROUP INTERIM FINANCIAL STATEMENTS

Acronyms

AKI              African Iron Limited
AMSA             ArcelorMittal South Africa Limited
API4             Argus?s Coal Price Index
AU$              Australian dollar
BEE              Black Economic Empowerment
Black Mountain   Black Mountain Proprietary Limited
Cennergi         Cennergi Proprietary Limited
CFR              Cost and Freight
CSDP             Central securities depository participant
DMR              Department of Mineral Resources
DMS              Dense Medium Separation
DMTN             Domestic Medium-Term Note
ECC              Exxaro Coal Central Proprietary Limited
GMEP             Grootgeluk Medupi expansion project
IAS              International Accounting Standards
IASB             International Accounting Standards Board
IFRS             International Financial Reporting Standard
JIBAR            Johannesburg Interbank Agreed Rate
JSE              JSE Limited
KIO              Kumba Iron Ore Limited
kt               Thousand tonnes
KZN              KwaZulu-Natal
LME              London Metal Exchange
MS333            Mainstreet 333 Proprietary Limited
Mt               Million tonnes
Mtpa             Million tonnes per annum
NBC              North Block Complex
NCC              New Clydesdale Colliery
OCI              Other comprehensive incom
RBI              Richards Bay I
Rbn              Rand billion
RBCT             Richards Bay Coal Terminal
Rm               Rand million
RMB              Chinese Renminbi
RoC              Republic of Congo
SA               South Africa
SAICA            South African Institute of Chartered Accountants
SDCT             South Dunes Coal Terminal SOC Limited
SENS             Stock Exchange New Service
SIOC             Sishen Iron Ore Company Proprietary Limited 
SOC              State-owned company
TCSA             Total Coal South African Proprietary Limited
Tata Power       The Tata Power Company Limited
TFR              Transnet Freight Rail
TiO2             Titanium dioxide
Total S.A.       Total Societe Anonyme
UK               United Kingdom
US$              United States dollar
VAT              Value Added Tax

Periods
1H14             Six-month period ended 30 June 2014
1H14             Six-month period ended 30 December 2014
1H15             Six-month period ended 30 June 2015
4Q14             Fourth quarter of 2014
                                                        
This report is available on www.exxaro.com.
Date: 20/08/2015 07:05:00 Supplied by www.sharenet.co.za                     
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