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Exxaro Resources Limited - Exx - Reviewed Condensed Group Financial Statements, Unreviewed Production & Sales Volumes Ye 31 December 2015

Release Date: 03/03/2016 07:07:00      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 financial statements and unreviewed production and sales volumes information
for the year ended 31 December 2015

Salient features

Owner-controlled operations                                              
- Coal sales at 43Mt, up 5%                                         
- Core coal NOP of R4,3 billion, up 29%                             
                                                                                  
SIOC                                                                     
- R967 million core post-tax equity-accounted income, down 67%          
- No dividends declared for FY15                                    
                                                                                  
Tronox                                                                   
- R1,3 billion core post-tax equity losses                          
- Dividend of R668 million                                          
                                                                                  
Group                                                                    
- Net debt: equity of 8,8%                                          
- Capital expenditure reduction                                     
  - R807 million FY15 capex cut                                 
  - R3 billion further coal capex cut to FY20                   
- Cost savings                                                       
  - R408 million paid in VSPs*                                  
  - R250 million future labour bill savings p/a**               
  - R288 million procurement savings p/a                        
- Final dividend of 85cps, down 60%                                 
* Voluntary severance and termination packages 
** per annum

  
Condensed group statement of comprehensive income 
for the year ended 31 December
                                                                                   2015           2014          
                                                                               Reviewed        Audited          
                                                                                     Rm             Rm          
Revenue                                                                          18 330         16 401          
Operating expenses                                                              (13 408)       (15 197)          
Operating profit (note 5)                                                         4 922          1 204          
Other income                                                                                     1 466          
Impairment charges of non-current assets (note 6)                                (1 749)        (5 962)          
Net operating profit/(loss)                                                       3 173         (3 292)          
Finance income (note 7)                                                             102             80          
Finance costs (note 7)                                                             (770)          (183)          
Income from financial assets                                                          1              9          
Share of (loss)/income from equity-accounted investments (note 8)                (1 137)         2 515          
Profit/(loss) before tax                                                          1 369           (871)          
Income tax expense                                                               (1 102)           (13)          
Profit/(loss) for the year                                                          267           (884)          
Other comprehensive income/(loss), net of tax                                     2 167          1 190          
Items that will not be reclassified to profit or loss:                              124           (316)          
- Remeasurements of post-employment benefit obligation                              (17)                         
-  Share of comprehensive income/(loss) of equity-accounted investments             141           (316)          
Items that may be subsequently reclassified to profit or loss:                    2 043          1 506          
- Unrealised gains on translation of foreign operations                             329            224          
- Revaluation of financial assets available-for-sale                               (141)           345          
-  Share of comprehensive income of equity-accounted investments                  1 855            937                        
Total comprehensive income for the year                                           2 434            306          
Profit/(loss) attributable to:                                                                                  
Owners of the parent                                                                296           (883)          
Non-controlling interests                                                           (29)            (1)          
Profit/(loss) for the year                                                          267           (884)          
Total comprehensive income/(loss) attributable to:                                                              
Owners of the parent                                                              2 463            307          
Non-controlling interests                                                           (29)            (1)          
Total comprehensive income for the year                                           2 434            306
                                                                              
                                                                                   2015           2014          
                                                                               Reviewed        Audited          
                                                                                  cents          cents          
Attributable earnings/(loss) per share                                                                          
Aggregate                                                                                                       
- Basic                                                                              83           (249)          
- Diluted                                                                            83           (249)          
Refer to note 10 for details regarding the number of shares.                                                         


Condensed group statement of financial position
at 31 December
                                                                     2015          2014    
                                                                 Reviewed       Audited    
                                                                       Rm            Rm    
ASSETS                                                                                     
Non-current assets                                                 46 482        41 408    
Property, plant and equipment                                      20 412        18 344    
Biological assets                                                      51            84    
Intangible assets (note 12)                                            56            34    
Investments in associates (note 13)                                19 690        18 588    
Investments in joint ventures (note 14)                             1 662           966    
Financial assets (note 18)                                          4 067         2 853    
Deferred tax                                                          544           539    
Current assets                                                      6 016         5 693    
Inventories                                                         1 240           998    
Trade and other receivables                                         2 666         2 611    
Current tax receivable                                                 55            78    
Cash and cash equivalents                                           2 055         2 006    
Non-current assets held-for-sale (note 15)                            128           328    
Total assets                                                       52 626        47 429    
EQUITY AND LIABILITIES                                                                     
Capital and other components of equity                                                     
Share capital                                                       2 445         2 409    
Other components of equity                                          6 911         6 031    
Retained earnings                                                  25 670        25 985    
Equity attributable to owners of the parent                        35 026        34 425    
Non-controlling interests                                            (800)                  
Total equity                                                       34 226        34 425    
Non-current liabilities                                            12 701         9 182    
Interest-bearing borrowings (notes 16, 17)                          4 185         2 976    
Non-current provisions                                              3 112         2 219    
Post-retirement employee obligations                                  217           167    
Financial liabilities                                                 116            88    
Deferred tax                                                        5 071         3 732    
Current liabilities                                                 4 655         3 590    
Trade and other payables                                            3 546         3 208    
Current shareholder loan                                               21                  
Interest-bearing borrowings (notes 16, 17)                            882            34    
Current tax payable                                                    48            27    
Current provisions                                                    158           254    
Overdraft (note 16)                                                                  67    
Non-current liabilities held-for-sale (note 15)                     1 044           232    
Total equity and liabilities                                       52 626        47 429    


Group statement of changes in equity
                                                          Other components of equity                                                
                                                                                                                                    
                                                            Foreign      Financial               Retirement       Available-    
                                                Share      currency    instruments    Equity-       benefit         for-sale    
                                              capital   translation    revaluation    settled    obligation     revaluations    
                                                   Rm            Rm             Rm         Rm            Rm               Rm   
At 1 January 2014 (Audited)                     2 396         3 146            310      1 493           (13)             100    
Loss for the year                                                                                                               
Other comprehensive income                                      224                                                      345    
Share of comprehensive income/(loss)                                                                                            
from equity-accounted investments                               827           (194)       310          (316)            (63)    
Issue of share capital                             13                                                                           
Share-based payments movement                                                            (108)                                  
Dividends paid                                                                                                                  
Reclassification of equity                                                                                                      
Disposal and liquidation of subsidiaries                        (30)                                                            
At 31 December 2014 (Audited)                   2 409         4 167            116      1 695          (329)             382    
Profit/(loss) for the year                                                                                                      
Other comprehensive income/(loss)1                              329                                     (17)           (141)    
Reclassification of equity2                                                                                            (360)    
Share of comprehensive income from                                                                                              
equity-accounted investments                                  1 438            125        215           141              64     
Issue of share capital3                            36                                                                           
Share-based payments movement                                                              98                                   
Dividends paid                                                                                                                  
Acquisition of subsidiaries                                                                                                     
Liquidation of subsidiaries4                                 (1 012)                                                            
At 31 December 2015 (reviewed)                  2 445         4 922            241      2 008          (205)            (55)    
1  Other comprehensive income/(loss) attributable to owners of the parent relating to available-for-sale revaluation 
   comprise the fair value adjustments, net of tax, on the investments in RBCT R38 million (2014: R344 million) and
   Chifeng R103 million (2014: R1 million) (note 18).            
2  Reclassification of equity relating to the RBCT investment which has been transferred out of financial assets 
   available-for-sale and classified as an investment in associate (refer note 13 and 18).                                        
3  Vesting of Mpower 2012 treasury shares to good leavers amounted to R36 million (31 December 2014: R13 million).       
4  Gain on translation differences recycled to profit or loss on the liquidation of a foreign subsidiary                      
   (Exxaro Esmore Cooperatief U.A.).                                                                                          

Final dividend paid per share (cents) in respect of the 2014 financial year                                             210   
Dividend paid per share (cents) in respect of the 2015 interim period                                                    65   
Final dividend payable per share (cents) in respect of the 2015 financial year                                           85 
  
Foreign currency translation                                                                                                  
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, net of tax, of services received from employees and settled by equity instruments 
granted. 
                             
Retirement benefit obligation       
Comprises remeasurements, net of tax, on the post-retirement obligation.                

   
                                                           Other components of equity                                           
                                                                                 Attributable                               
                                                                                    to owners           Non-              
                                                                     Retained          of the    controlling          Total     
                                                        Other        earnings          parent      interests         equity     
                                                           Rm              Rm              Rm             Rm             Rm
At 1 January 2014 (Audited)                              (802)         29 668          36 298            (26)        36 272  
Loss for the year                                                        (883)           (883)            (1)          (884) 
Other comprehensive income                                                                569                           569  
Share of comprehensive income/(loss)                                               
from equity-accounted investments                          (6)             63             621                           621  
Issue of share capital                                                                     13                            13  
Share-based payments movement                                                            (108)                         (108) 
Dividends paid                                                         (2 055)         (2 055)                       (2 055) 
Reclassification of equity                                808            (808)                                               
Disposal and liquidation of subsidiaries                                                  (30)            27             (3) 
At 31 December 2014 (Audited)                                          25 985          34 425                        34 425  
Profit/(loss) for the year                                                296             296            (29)           267  
Other comprehensive income/(loss)1                                                        171                           171  
Reclassification of equity2                                               360                                               
Share of comprehensive income from                                                 
equity-accounted investments                                               13           1 996                         1 996  
Issue of share capital3                                                                    36                            36  
Share-based payments movement                                                              98                            98  
Dividends paid                                                           (984)           (984)                         (984) 
Acquisition of subsidiaries                                                                             (771)          (771) 
Liquidation of subsidiaries4                                                           (1 012)                       (1 012) 
At 31 December 2015 (reviewed)                                         25 670          35 026           (800)        34 226  
1  Other comprehensive income/(loss) attributable to owners of the parent relating to available-for-sale revaluation 
   comprise the fair value adjustments, net of tax, on the investments in RBCT R38 million (2014: R344 million) and
   Chifeng R103 million (2014: R1 million) (note 18).            
2  Reclassification of equity relating to the RBCT investment which has been transferred out of financial assets 
   available-for-sale and classified as an investment in associate (refer note 13 and 18).                                        
3  Vesting of Mpower 2012 treasury shares to good leavers amounted to R36 million (31 December 2014: R13 million).       
4  Gain on translation differences recycled to profit or loss on the liquidation of a foreign subsidiary                      
   (Exxaro Esmore Cooperatief U.A.).                                                                                          

Final dividend paid per share (cents) in respect of the 2014 financial year                                             210   
Dividend paid per share (cents) in respect of the 2015 interim period                                                    65   
Final dividend payable per share (cents) in respect of the 2015 financial year                                           85 
  
Foreign currency translation                                                                                                  
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, net of tax, of services received from employees and settled by equity instruments 
granted. 
                             
Retirement benefit obligation       
Comprises remeasurements, net of tax, on the post-retirement obligation.                

  
Condensed group statement of cash flows
for the year ended 31 December
                                                                                 2015          2014    
                                                                             Reviewed       Audited    
                                                                                   Rm            Rm    
Cash flows from operating activities                                            3 011         1 660    
Cash generated by operations                                                    4 526         4 083    
Interest paid                                                                    (500)         (307)    
Interest received                                                                  54            59    
Tax paid                                                                          (85)         (120)    
Dividends paid                                                                   (984)       (2 055)    
Cash flows from investing activities                                           (5 130)          620    
Property, plant and equipment to maintain operations (note 11)                 (1 663)       (1 460)    
Property, plant and equipment to expand operations (note 11)                     (727)       (1 737)    
Increase in investment in intangible assets                                       (34)          (25)    
Proceeds from disposal of property, plant and equipment                           198             8    
(Increase)/decrease in investments in other non-current assets                   (106)          214    
Increase in loans to related parties                                             (400)                  
Proceeds from disposal of operation                                                70                  
Increase in investment in joint ventures                                         (374)         (108)    
Income from investments in associates                                           1 341         3 719    
Acquisition of subsidiaries                                                    (3 436)                  
Dividend income from financial assets                                               1             9    
Cash flows from financing activities                                            2 000          (604)    
Interest-bearing borrowings raised (note 16)                                    4 320         1 000    
Interest-bearing borrowings repaid (note 16)                                   (2 320)       (1 604)    
Net (decrease)/increase in cash and cash equivalents                             (119)        1 676    
Cash and cash equivalents at beginning of the year                              1 939           223    
Translation difference on movement in cash and cash equivalents                   235            40    
Cash and cash equivalents at end of the year                                    2 055         1 939    
Cash and cash equivalents                                                       2 055         2 006    
Overdraft                                                                                       (67)    


Reconciliation of group headline earnings 
for the year ended 31 December
                                                                             Gross         Tax         Net    
                                                                                Rm          Rm          Rm    
2015 (Reviewed)                                                                                               
Profit attributable to owners of the parent                                                            296    
Adjusted for:                                                                1 683        (356)      1 327    
- IFRS 10 Gain on disposal of an operation                                    (112)         31         (81)    
- IAS 16 Net gains on disposal of property, plant                                                
  and equipment                                                               (158)          2        (156)    
- IAS 16 Compensation from third parties for items                                                
  of property, plant and equipment impaired, abandoned or lost                  (5)          2          (3)    
- IAS 21 Gains on translation differences recycled to profit                                      
  or loss on the liquidation of a foreign subsidiary                        (1 012)                 (1 012)    
- IAS 28 Loss on dilution of investment in associate                            10                      10    
- IAS 28 Share of associates? separate identifiable remeasurements           1 211        (328)        883    
- IAS 36 Impairment of property, plant and equipment                           225         (63)        162    
- IAS 36 Impairment of goodwill acquired in a business                                            
  combination in terms of IFRS 3                                             1 524                   1 524    
                                                                                                              
Headline earnings                                                                                    1 623    
2014 (Audited)                                                                                                
Loss 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 profit or                                  
   loss on the liquidation of a foreign subsidiary                             (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    
                                                                                                  
                                                                                                  
                                                                                          2015        2014    
                                                                                      Reviewed     Audited    
                                                                                         cents       cents    
Headline earnings per share                                                                                   
Aggregate                                                                                                     
- Basic                                                                                    457       1 372    
- Diluted                                                                                  456       1 372    
  

Notes to the reviewed condensed group financial statements
for the year ended 31 December


1. Corporate background   
   Exxaro, a public company incorporated in South Africa, is a diversified resources group with interests in the coal
   (controlled and non-controlled), TiO2 and Alkali chemicals (non-controlled), ferrous (controlled and non-controlled) 
   and energy (non-controlled) markets. These reviewed condensed group financial statements as at and for the year 
   ended 31 December 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 preparation            
   2.1 Statement of compliance     
       The reviewed condensed group financial statements as at and for the year ended 31 December 2015 are prepared 
       in accordance with the requirements of the JSE Listings Requirements for preliminary reports and the requirements 
       of the Companies Act of South Africa. The Listings Requirements require preliminary reports to be prepared in 
       accordance with the framework concepts and the measurement and recognition requirements of IFRS and the SAICA 
       Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued 
       by the Financial Reporting Standards Council and also, as a minimum, contain the information required by IAS 34 
       Interim Financial Reporting. 
       
       The reviewed condensed group financial statements as at and for the year ended 31 December 2015 have been prepared 
       under the supervision of WA de Klerk (CA) SA, SAICA registration number: 00133273.  
       
       The reviewed condensed group 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 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 financial statements of Exxaro and its subsidiaries for the year ended 31 December 2015 
       were authorised for issue by the board of directors on 1 March 2016.
       
   2.2 Judgements and estimates                                                                                 
       In preparing these reviewed condensed group financial statements, management made judgements, estimates and
       assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, 
       income and expense. Actual results may differ from these estimates. The significant judgements made by management 
       in applying the 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. Additional 
       judgements, estimates and assumptions relating to the business combination and impairments of non-current assets 
       in 2015 are detailed in notes 9 and 6 respectively.    
      
3. Accounting policies                      
   The accounting policies adopted in the preparation of the reviewed condensed group 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 ending 31 December 2015 have not had an 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 31 December 2015, have not been adopted. The group continuously evaluates the impact of 
   these standards and amendments.                
                                            
4. Segmental information                    
   Operating segments are reported on in a manner consistent with the internal reporting provided to the chief operating 
   decision-maker, who is responsible for allocating resources and assessing performance of the reportable operating 
   segments. The chief operating decision-maker 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 strategic reportable operating segments, as described below. These offer different products and 
   services, and are managed separately based on commodity, location and support function grouping. The group executive 
   committee reviews internal management reports on these strategic divisions at least quarterly.    
   
   Coal                                     
   The coal operations are mainly situated in the Waterberg and Mpumalanga regions and are split between coal commercial 
   operations and coal tied operations, a 50% joint venture interest in Mafube as well as a 9,37% effective equity interest 
   in RBCT. The newly acquired controlling interest in TCSA, renamed ECC, forms part of the coal commercial operations 
   (refer note 9). The coal operations produce thermal, metallurgical and SSCC. 
   
   Ferrous                                  
   The ferrous segment comprises the Mayoko iron ore project in the RoC (iron ore operating segment), a 19,98% equity 
   interest in SIOC (located in South Africa) reported within the other ferrous operating segment as well as the 
   FerroAlloys and AlloystreamTM operations (collectively referred to as Alloys). Although the SIOC investment is an 
   investment in an iron ore commodity company and the executive committee classifies the investment as a non-controlled 
   business, it is classified under other ferrous segment where investments and other are reviewed by the executive 
   committee.
   
   TiO2 and Alkali chemicals                
   The TiO2 and Alkali chemicals segment was previously referred to as TiO2. It was renamed after the acquisition of the 
   Alkali chemicals business by Tronox on 1 April 2015. Tronox now operates two vertically integrated divisions: TiO2 and 
   Alkali chemicals. Exxaro holds a 43,87% (2014: 43,98%) equity interest in Tronox and a 26% equity interest in Tronox SA 
   (each of the South African-based operations), as well as a 26% member?s interest in Tronox UK.
   
   Other                                    
   This operating segment comprises the 50% investment in Cennergi (a South African joint venture with Tata Power), 26% 
   equity interest in Black Mountain (located in the Western Cape province), an effective investment of 11,7% in Chifeng 
   (located in the PRC) as well as the corporate office which renders services to customers.                


4. Segmental information continued                                                                                                 
   The following table presents a summary of the group?s segmental information:                                                  
                                                                        Coal                  Ferrous           TiO2 and             Other       Total    
                                                                                                                  Alkali                                    
                                                                                                                chemicals                                   
                                                                  Tied   Commercial   Iron             Other                   Base                  
                                                            operations   operations    ore   Alloys  ferrous                 metals    Other           
                                                                    Rm           Rm     Rm       Rm       Rm           Rm        Rm       Rm        Rm         
   For the year ended 31 December 2015 (Reviewed)                                                                                                        
   External revenue                                              3 835       14 258             173                                       64    18 330    
   Segment net operating                                           195        2 379   (292)      10      (24)                            905     3 173    
   profit/(loss)                                                                                                                                         
   External finance income (note 7)                                  3           38                                                       61       102    
   External finance costs (note 7)                                 (63)        (154)                                                    (553)     (770)    
   Income tax (expense)/benefit                                    (17)      (1 115)             (3)        6                             27    (1 102)    
   Depreciation and amortisation (note 5)                          (24)        (927)             (7)       (4)                           (67)   (1 029)    
   Impairment charges - goodwill (note 6)                                    (1 524)                                                            (1 524)    
   Impairment charges - non-current assets                                                    
   (excluding financial assets and goodwill) (note 6)                          (225)                                                              (225)    
   Impairment charges - trade and other receivables                                           
   (note 5)                                                         (4)          (3)    11                                               (81)      (77)    
   Cash generated by/(utilised in) operations                      332        4 300   (285)     (38)      (74)                           291     4 526    
   Share of income/(loss) from equity-accounted                                               
   investments (note 8)                                                         251                       104      (1 503)       64      (53)   (1 137)    
   Capital expenditure (note 11)                                             (2 313)            (28)                                     (49)   (2 390)    
   At 31 December 2015 (Reviewed)                                                                                                                        
   Segment assets and liabilities                                                                                                                        
   Deferred tax                                                     39           47             124       109                            225       544    
   Investments in associates (equity-accounted)                                               
   (note 13)                                                                  1 919                     5 081      12 270       420             19 690    
   Investments in joint ventures (equity-accounted)
   (note 14)                                                                  1 067                                                      595     1 662    
   External assets1                                              1 934       25 948    114      189        29                   210    2 178    30 602    
   Total assets                                                  1 973       28 981    114      313     5 219      12 270       630    2 998    52 498    
   Non-current assets held-for-sale (note 15)                                                                                            128       128    
   Total assets as per statement of financial position           1 973       28 981    114      313     5 219      12 270       630    3 126    52 626    
   External liabilities                                          1 775        5 179    286       37        52                          4 908    12 237    
   Deferred tax2                                                   (30)       5 094      1        5                                        1     5 071    
   Current tax payable2                                           (100)         145      3                                                          48    
   Total liabilities                                             1 645       10 418    290       42        52                          4 909    17 356    
   Non-current liabilities held-                                              1 044                                                              1 044    
   for-sale (note 15)                                                                                                                                     
   Total liabilities as per statement of financial position      1 645       11 462    290       42        52                          4 909    18 400    
   1 Excluding deferred tax, investments in equity-accounted associates and joint ventures and non-current assets held-for-sale.                                          
   2 Off-set per legal entity and tax authority.                                                                                                                                       
                                                                                                                                                                                 
                                                                                                                                                             
                                                                      Coal                    Ferrous          TiO2 and            Other       Total
                                                                                                                 Alkali                           
                                                                                                              chemicals                          
                                                                  Tied   Commercial     Iron             Other              Base                  
                                                            operations   operations      ore   Alloys  ferrous            metals    Other           
                                                                    Rm           Rm       Rm       Rm       Rm       Rm       Rm       Rm         Rm    
   For the year 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 5)                          (43)        (734)      (8)      (4)      (4)                       (96)      (889)    
   Impairment charges - goodwill (note 6)                                             (1 020)                                                 (1 020)    
   Impairment charges - non-                                                          (4 731)               (9)                      (202)    (4 942)    
   current assets (excluding                                                                                                                                 
   goodwill) (note 6)                                                                                                                                        
   Impairment charges - non-                                                             (21)                                                    (21)    
   current financial assets (note 5)                                                                                                                     
   Impairment charges - trade and other                                                                  
   receivables (note 5)                                                          (1)     (22)                                         (17)       (40)    
   Cash generated by/(utilised in) operations1                      95        4 365      (75)     (64)    (109)                      (129)     4 083    
   Share of income/(loss) from equity-accounted                                                          
   investments (note 8)                                                         268                      2 830     (568)      77      (92)     2 515    
   Capital expenditure (note 11)                                             (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 13)                                                                                             5 422   12 809      357              18 588    
   Investments in joint ventures (equity-accounted)                                                      
   (note 14)                                                                    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 15)                                   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 tax2                                                   (71)       3 718       57        5                                  23      3 732    
   Current tax payable2                                             10            5        5                                            7         27    
   Total liabilities                                             1 462        7 446      201       54       73                      3 536     12 772    
   Non-current liabilities                                                      232                                                              232    
   held-for-sale (note 15)                                                                                                                              
   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.                                                                                                                                  
   2 Off-set per legal entity and tax authority.                                                                                                                                                                               


                                                                                    Year ended 31 December                       
                                                                                          2015         2014          
                                                                                      Reviewed      Audited          
                                                                                            Rm           Rm          
5. Significant items included in operating profit                                                                    
   Depreciation and amortisation                                                        (1 029)        (889)          
   Net realised foreign currency exchange gains1                                         1 325           97          
   Net unrealised foreign currency exchange gains                                          498            7          
   Net (losses)/gains on derivative instruments held-for-trading                          (125)          28          
   Net impairment charges and write-offs of trade and other receivables                    (77)         (40)          
   Royalties                                                                              (119)        (125)          
   Net gain/(loss) on disposal of property, plant and equipment                            158          (27)          
   Loss on dilution of investment in associate                                             (10)         (58)          
   Impairment charges of non-current financial assets                                                   (21)          
   Gain/(loss) on disposal of operation/subsidiary2                                        112          (28)          
   Termination benefits3                                                                  (408)        (138)          
   1  Include R1 012 million relating to the liquidation of a foreign subsidiary.                                    
   2 Sale of the NCC operation in 2015 and Botswana in 2014.                                                         
   3  Voluntary package costs and other termination costs incurred and accrued for.

6. Impairment charges of non-current assets                                                                          
   ECC                                                                                                               
   Impairment, net of tax                                                                1 524                       
   - Goodwill (note 12)                                                                  1 524                       
   Reductants                                                                                                        
   Impairment, net of tax                                                                  162                       
   - Property, plant and equipment                                                         225                       
   - Tax effect                                                                            (63)                       
   Mayoko iron ore project                                                                                           
   Impairment, net of tax                                                                             5 208          
   - Property, plant and equipment                                                                    4 740          
   - Goodwill (note 12)                                                                               1 020          
   - Tax effect                                                                                        (552)          
   Intellectual property                                                                                             
   Impairment, net of tax                                                                               202          
   - Intangible asset                                                                                   202          
   Net impairment charges per statement of comprehensive income                          1 749        5 962          
   Net tax effect                                                                          (63)        (552)          
   Net effect on attributable earnings                                                   1 686        5 410          
                                                              
   ECC                                                                                                               
   Exxaro acquired TCSA on 20 August 2015 and renamed it ECC. The PPA was completed and goodwill of R1 524 million 
   was recognised at acquisition. Refer note 9 and note 12 regarding detail of the business combination and goodwill 
   recognised. The goodwill was as a result of the purchase price being in excess of the net identifiable assets and 
   assumed liabilities.  

   ECC forms part of the coal commercial operating segment for chief operating decision-maker reporting purposes. 
   The goodwill recognised was allocated to ECC, with all its business units and legal entities, for group reporting 
   purposes. Upon finalisation of the PPA, the goodwill was assessed for impairment as required by IAS 36 Impairment 
   of Assets on 31 December 2015.

   The recoverable amount of ECC, being the fair value less costs of disposal (Level 3 as per IFRS 13 Fair Value 
   Measurements), marginally exceed the carrying amount (excluding goodwill) of R1 087 million, and therefore the full 
   amount of goodwill was impaired. This was derived using a discounted cash flow method where the net cash flows 
   taking into account the capital, working capital, operating costs and tax against the revenue generated from sales 
   are discounted over the LOM of the Dorstfontein East and West operations, Forzando North and South operations as 
   well as Tumelo operation. The financial model was performed in nominal terms in South African rand.

   Key assumptions made in the valuation included the following (all in real terms):    
   - Costs of disposal was assumed to be 2% of the fair value of each business unit     
   - Coal API4 selling price: range US$44,07/tonne and US$70,00/tonne                   
   - Discount factor on API4 was applied for the specific coal quality: 20%             
   - Coal domestic selling price: range R789/tonne and R796/tonne                       
   - Post-tax discount rate: 13%                                                        
   - Corporate tax rate: 28%                                                            
   - R/US$ exchange rate: range R15,50 and R16,58                                       
   - RSA production price index: range 6,00% and 5,50%                                  
   - LOM: range 5 years and 23 years.                                                   
                                                                                        
   The values assigned to the key assumptions represented management?s best estimates of LOM, operating conditions 
   projections and pricing forecasts. The coal price ranges were based on the current industry trends and analysis. 
   The discount rate was based on a post-tax weighted average cost of capital.  

   Reductants operation                                                                                                       
   The char plant was commissioned in 2009 and had its first year of full production in 2011. The plant was selling
   semi-coke to five major customers until September 2015 when the FeCr market started to experience difficulties 
   after the demise of steel and stainless steel markets globally. Three of the five customers were put into business 
   rescue and the remaining two customers turned off their furnaces. There is no commercially viable demand for the 
   semi-coke or char products in the current market.
   
   The weakness in the FeCr industry and lack of demand resulted in the char plant?s four retorts being placed on 
   care and maintenance. This impairment indicator (according to IFRS) resulted in an impairment assessment being 
   performed at 31 December 2015.

   The decline in demand, lower FeCr prices and rising production costs have drastically impacted local producers 
   coupled with continued declining imported semi-coke and cheaper market coke prices, which has resulted in 
   producers increasing market coke usage and further reducing semi-coke demand. There are no foreseeable sales 
   contracts that will be acquired in 2016. The char plant was fully impaired (R225 million) based on the cessation 
   of production. 

                                                                       
   Mayoko iron ore project                                                                                                    
   The Mayoko iron ore project was acquired in 2012 when Exxaro acquired 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 in 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 as well as financial assets amounting to R43 million written down in terms of 
   IAS 39 Financial Instruments: Recognition and Measurement. 

   Other impairment considerations                                                                                            
   Impairment indicators, including declining commodity prices, share prices and increased cost pressures, resulted 
   in impairment assessments being performed for the operations and other investments within the Exxaro group on 
   31 December 2015. Other than the impairments discussed above, the recoverable amount exceeded the carrying value 
   of the respective assets.                                           

                                                                                  Year ended 31 December                       
                                                                                      2015         2014          
                                                                                  Reviewed      Audited          
                                                                                        Rm           Rm          
7. Net financing costs                                                                                           
   Total finance income                                                                102           80          
   - Interest income                                                                    91           66          
   - Finance lease interest income                                                      11            9          
   - Interest income from loans to joint ventures                                                     5          
   Total finance costs                                                                (770)        (183)          
   - Interest expense                                                                 (546)        (323)          
   - Unwinding of discount rate on rehabilitation cost                                (220)        (183)          
   - Amortisation of transaction costs                                                 (10)         (10)          
   - Borrowing costs capitalised1                                                        6          333          
                                                                                                                 
   Total net financing costs                                                          (668)        (103)          
   1 Borrowing costs capitalisation rate.                                            6,94%        6,69%
   
8. Share of (loss)/income from equity-accounted investments                                                      
   Associates                                                                       (1 339)       2 339          
   Listed investments                                                                                                  
   - Tronox Limited                                                                 (1 646)        (628)          
   Unlisted investments                                                                307        2 967          
   - SIOC1                                                                             104        2 830          
   - Tronox SA                                                                          40          (38)          
   - Tronox UK                                                                         103           98          
   - RBCT2                                                                              (4)                       
   - Black Mountain                                                                     64           77          
                                                                                                                 
   Joint ventures                                                                      202          176          
   - Mafube                                                                            253          267          
   - SDCT                                                                                2            1          
   - Cennergi                                                                          (53)         (92)          
                                                                                                                 
   Share of (loss)/income from equity-accounted investments                         (1 137)       2 515          
   1 The reduction in equity-accounted income from SIOC was mainly due to the impairment of property, 
     plant and equipment (Exxaro?s share amounted to R1 194 million, pre-tax) and the decline in iron 
     ore prices.                                           
   2 Previously reported as a financial asset available-for-sale (refer note 13). 
   
9. Business combination                                                                                                       
   On 20 August 2015, the group acquired a 100% controlling interest of the share capital of TCSA for a cash amount 
   of US$262 million (R3 381 million) from Total S.A. 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 2015 and 2019 (contingent 
   consideration). The acquisition was classified as an acquisition of a business in accordance with IFRS 3 Business 
   Combinations. 
   
   TCSA was renamed ECC on 20 August 2015, which forms part of the coal commercial operating segment for purposes of 
   reporting to the chief operating decision-maker. ECC is a large-scale South African business which has a majority 
   interest in two mining complexes, DCM and Forzando, located in the Witbank coal basin in the Mpumalanga province. 
   The majority of ECC?s production is export coal which is shipped via RBCT to international markets, mainly India 
   and China. ECC also sells some of its production into the South African domestic market.
   
   The business combination increases the scale of the group?s coal portfolio and further entrenches Exxaro as one of
   the premier coal producers in South Africa. The transaction complements Exxaro?s strategic imperative to focus on 
   coal businesses and it provides access to primary RBCT export entitlement.                                           
                                                              
   The following table summarises the consideration paid for the ECC group, the fair value of the assets acquired, 
   liabilities assumed and the non-controlling interest at the acquisition date.     
                                                                                       2015    
                                                                                   Reviewed    
                                                                                         Rm    
   Consideration                                                                               
   Cash                                                                               3 381    
   Contingent consideration                                                              33    
   Consideration                                                                      3 414    
   Less: indemnification asset                                                       (1 044)    
   Total consideration                                                                2 370    
   Recognised amounts of identifiable assets acquired and liabilities assumed                  
   - Property, plant and equipment                                                    1 064    
   - Intangible assets                                                                    2    
   - Investment in RBCT                                                               1 133    
   - Deferred tax assets                                                                 42    
   - Financial assets                                                                   211    
   - Inventories                                                                        133    
   - Trade and other receivables                                                        235    
   - Current tax receivable                                                              25    
   - Cash and cash equivalents                                                           31    
   - Current outside shareholder loans                                                  (21)    
   - Non-current provisions                                                            (878)    
   - Deferred tax liabilities                                                          (507)    
   - Trade and other payables                                                          (248)    
   - Current tax payable                                                                 (4)    
   - Contingent liability                                                               (13)    
   - Overdraft                                                                          (86)    
   - Non-current liabilities held-for-sale                                           (1 044)    
   Net identifiable assets acquired                                                      75    
   Add: non-controlling interests                                                       771    
   Add: goodwill                                                                      1 524    
   Net assets acquired                                                                2 370    
   Purchase consideration - cash flow                                                          
   Subsidiary acquired, net of cash:                                                           
   Cash consideration                                                                 3 381    
   Add: overdraft acquired                                                               55    
   - Bank                                                                               (31)    
   - Overdraft                                                                           86    
   Net cash outflow investing activities                                              3 436    
  
   Goodwill                                                                                    
   The goodwill of R1 524 million arising from the business combination was a result of the purchase price being in
   excess of the net identifiable assets (including mineral properties, RBCT investments and other assets) and 
   assumed liabilities. The goodwill is not deductible for tax purposes. This goodwill was recognised as part of 
   intangible assets, refer to note 12.
   
   Acquisition-related costs                                                                   
   Acquisition-related costs of R39,3 million were charged to operating expenses in profit or loss and included in 
   operating cash flows for the year ended 31 December 2015. Total acquisition-related costs since the inception of 
   the transaction amounts to R71,2 million.    
   
   Contingent consideration                                                                    
   The potential undiscounted amount of all deferred future payments that the group could be required to make under 
   this arrangement is between nil and US$120 million. The amount of future payments is dependent on the API4 coal 
   price.  
   
   The fair value of the contingent consideration arrangement of US$2,52 million (R32,51 million) was estimated by 
   applying the discounted cash flow method. The fair value estimates are based on a discount rate of 3,44% and 
   assumed API4 price per tonne between US$51 and US$63. This is a Level 3 fair value measurement.  
   
   At 31 December 2015, there was an increase of US$0,03 million (R0,44 million) recognised in profit or loss for 
   the contingent consideration arrangement.                  

                             API4 coal price range   Future payment    
                             (US$/tonne)                                     
      Reference year       Minimum      Maximum          US$million    
      2015                      60           80                  10    
      2016                      60           80                  25    
      2017                      60           80                  25    
      2018                      60           90                  25    
      2019                      60           90                  35    
      The amount to be paid in each of the five years is determined as follows:                                                  
      -  If the average API4 price in the reference year is below the minimum API4 price of the agreed range, then 
         no payment will be made                                                  
      -  If the average API4 price falls within the range, then the amount to be paid is determined based on a 
         formula contained in the agreement                                                  
      -  If the average API4 price is above the maximum API4 price of the range, then Exxaro is liable for the full 
         amount due for that reference year.
 
    No additional payment to Total S.A. was required for the 2015 financial year as the API4 price was below the 
    range.      

    Acquired trade and other receivables                                                  
    The fair value and gross contractual amount of trade and other receivables acquired was R235 million. The full
    amount is expected to be collectable.                                                  
    
    Indemnification asset                                                                 
    Total S.A. has contractually agreed to indemnify Exxaro for any claims brought by Scinta Energy Proprietary 
    Limited (Scinta, the buyer of ECC?s interest in the EMJV) or any third party in relation to the sale of ECC?s 
    interest in the EMJV to Scinta, including without limitation all liabilities arising out of the mine closure in 
    respect of the EMJV and all environmental liabilities attributable to the mining operations which were subject of
    the EMJV. Ermelo indemnification amounts to R1 044 million. (Refer note 15).   

    The indemnification asset is deducted from the consideration for the business combination. As is the case with the
    indemnified liabilities, there have been no changes in the amount recognised for the indemnification asset as at 
    31 December 2015.                                                    
            
    Accounting policy choice for non-controlling interests                                                  
    Exxaro has elected to measure non-controlling interests at their proportionate share in the recognised amounts of
    the acquiree?s identifiable net assets and assumed liabilities. The non-controlling interests of R771 million 
    represents the proportionate share of net identifiable assets and assumed liabilities attributable to non-controlling
    interests, arising from the acquisition of ECC.   

    Revenue and profit contribution                                                       
    The acquired business contributed R827 million revenue to the group results. It also contributed no profit or loss 
    to the group?s profits for the period from 21 August 2015 to 31 December 2015. If the date of acquisition had been 
    1 January 2015, revenue contribution from this business would have been R2 268 million, while losses would have 
    been R1 163 million.                                                  

    Other judgements, estimates and assumptions applied to the business combination transaction:

    Contingent liability:                                                                                                                                                                                                                                                                                                                                                      
    A contingent liability of R13 million was recognised in the statement of financial position on the acquisition of 
    ECC for a take-or-pay penalty. The take-or-pay penalty is being finalised by the charging party. There is 
    uncertainty on the probability of the take-or-pay penalty. 

    Consolidation of entities with less than 50% ownership:                                                                                                                                                                                                                                                                                                                    
    It has been concluded that the ECC group controls Mmakau Coal, even though it holds less than half of the voting 
    rights of this subsidiary. This is because the group has provided the majority of the funding, is exposed to the 
    downside risk and carries all the operational risk for the company. 

    Fair value of material assets acquired:                                                                                                                                                                                                                                                                                                                                    
    Asset acquired                                    Valuation technique                                                                                                                                                                                                                                                                                        
    Mineral assets (included in property, plant      The market approach was used to fair value the mineral assets. A range 
    and equipment)                                    of indicative market-related values of R/tonne attributed to different 
                                                      coal resources were identified. This was applied to the inside and 
                                                      outside LOM resources.

    Investment in RBCT                                The income approach was used to fair value the RBCT investment.   
                                                      Discounted cash flow methodology was applied to the free cash flows 
                                                      expected to be generated. The discount rate applied is one which would   
                                                      be for a similar investment. The discount rate was adjusted for a similar 
                                                      size shareholding.

10. Dividend distribution                                                                                                                                                                                                                                                                                                                                                               
    Total dividends paid in 2015 amounted to R984 million, made up of a 2014 final dividend of R752 million which was
    paid in April 2015 as well as a 2015 interim dividend of R232 million, paid in September 2015.

    A final dividend for 2015 of 85 cents per share (2014: 210 cents per share) was approved by the board of directors 
    on 2 March 2016. The dividend is payable on 18 April 2016 to shareholders who will be on the register on 
    15 April 2016. This final dividend, amounting to approximately R304 million (2014: R752 million), has not been 
    recognised as a liability in these reviewed condensed group financial statements. It will be recognised in 
    shareholders? equity in the year ending 31 December 2016.  

    The final 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 72,25000 cents per share. The number of 
    ordinary shares in issue at the date of this declaration is 358 115 505 (2014: 358 115 505). The Exxaro company?s 
    tax reference number is 9218/098/14/4.                                      
                                                                                     At 31 December                     
                                                                                  2015             2014    
                                                                              Reviewed          Audited    
    Issued share capital as at declaration date (number)                   358 115 505      358 115 505    
    Ordinary shares (million)                                                                              
    - Weighted average number of shares                                            355              355    
    - Diluted weighted average number of shares                                    356              355
    
11. Capital expenditure                                                                                    
    Incurred                                                                     2 390            3 197    
    - To maintain operations                                                     1 663            1 460    
    - To expand operations                                                         727            1 737    
    Contracted                                                                   2 162            2 887    
    - Contracted for the group (owner-controlled)                                1 721            1 402    
    -  Share of capital commitments of equity-accounted investments                441            1 485    
    Authorised, but not contracted                                               1 376            2 160    
                                                                                                            
                                                                                     At 31 December                     
                                                                                  2015             2014    
                                                                              Reviewed          Audited    
                                                                                    Rm               Rm    
12. Intangible assets                                                                                      
    Goodwill1                                                                                              
    Gross carrying amount                                                                                  
    At beginning of the year                                                     1 020              953    
    Acquisition of subsidiaries                                                  1 524                     
    Exchange differences                                                                             67    
    At end of the year                                                           2 544            1 020    
    Accumulated impairment                                                                                 
    At beginning of the year                                                    (1 020)                     
    Impairment charge                                                           (1 524)          (1 020)    
    At end of the year                                                          (2 544)          (1 020)    
    Patents and licences2                                                                                  
    Gross carrying amount                                                                                  
    At beginning of the year                                                       258              232    
    Acquisition of subsidiaries                                                      2                     
    Additions                                                                       34               30    
    Transfer from other assets                                                                        1    
    Write-offs                                                                                       (5)    
    At end of the year                                                             294              258    
    Accumulated amortisation                                                                               
    At beginning of the year                                                       (22)              (9)    
    Scrapping of other intangibles                                                                    1    
    Amortisation charge                                                            (14)             (14)    
    At end of the year                                                             (36)             (22)    
    Accumulated impairment                                                                                 
    At beginning of the year                                                      (202)                    
    Impairment charge                                                                              (202)    
    At end of the year                                                            (202)            (202)    
    Net carrying amount at end of the year                                          56               34    
    1 2015 goodwill was allocated to ECC (refer notes 6 and 9), 2014 goodwill was allocated to AKI with
      the acquisition in 2012.                   
    2 Includes software licences, intellectual property (which was impaired on 31 December 2014) and an 
      option to receive specific quantities of water from the Eungella water pipeline (Australia) and the 
      right to receive water from the Zeeland Water Treatment Works (Lephalale, South Africa).                              
         
                                                                                      At 31 December                     
                                                                                  2015             2014    
                                                                              Reviewed          Audited    
                                                                                    Rm               Rm    
13. Investments in associates                                                                              
    Listed investments                                                                                     
    - Tronox Limited1                                                            8 997            9 686    
    Unlisted investments                                                        10 693            8 902    
    - SIOC                                                                       5 081            5 422    
    - Tronox SA                                                                  1 833            1 786    
    - Tronox UK                                                                  1 440            1 337    
    - RBCT2                                                                      1 919                     
    - Black Mountain                                                               420              357     
    Total carrying value of investment in associates                            19 690           18 588    
    1 Fair value based on a listed price (Level 1 within the IFRS 13 Fair 
      Value Measurement fair value hierarchy). The recoverable amount 
      (value in use) of this investment was determined based on Exxaro?s share 
      of the present value of Tronox?s future cash flows, and resulted in no 
      impairment charge being recognised on 31 December 2015.                    3 095           14 122    
     
    Listed share price (US$ per share)                                            3,91            23,88    
    
    2  The investment in RBCT increased as part of the ECC acquisition. This 
       resulted in RBCT being accounted for as an associate. The carrying 
       amount of the investment in RBCT was deemed to be the carrying amount of
       the previously held interest plus the newly acquired additional cost.   
14. Investments in joint ventures                                                                           
    Unlisted investments                                                         1 662              966    
    - Mafube                                                                     1 067              818    
    - SDCT1                                                                                                
    - Cennergi                                                                     595              148    
    Total carrying value of investment in joint ventures                         1 662              966    
    1  The cost of the investment is below R1 million (R1 333) and included in 
       financial assets, is a loan to SDCT to the value of:                        105               83    
                                                                    
15. Non-current assets and liabilities held-for-sale    
    EMJV                                                
    Exxaro concluded the purchase of ECC in 2015 (refer note 9), and as part of this acquisition Exxaro acquired
    non-current liabilities held-for-sale relating to the EMJV (classified as a joint operation). The sale of the 
    EMJV is conditional on section 11 approval required in terms of the MPRDA for transfer of the new-order mining 
    right to the new owners, Scinta, as well as section 43(2) approval for the transfer of environmental liabilities 
    and responsibilities. The EMJV remains a non-current liability held-for-sale for the Exxaro group. 

    The EMJV 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.

    Other                                                                                  
    Exxaro concluded a sale of asset agreement relating to the land and buildings situated at the corporate office in
    Pretoria, with Africorp International Properties Proprietary Limited (Africorp) in November 2015. The sale is 
    conditional to Africorp providing a guarantee issued by a financial institution. The land and buildings situated at
    corporate centre was classified as a non-current asset held-for-sale on 31 December 2015.

    NCC    
    Exxaro concluded a sale of asset agreement of the NCC operation with Universal Coal Development VIII Proprietary 
    Limited (Universal) in January 2014. The sale was conditional on section 11 approval required in terms of the MPRDA 
    for transfer of the new-order mining right from Exxaro Coal Mpumalanga Proprietary Limited to the new owners. On 
    31 July 2015 all conditions precedent to the NCC sale of asset agreement were met and the sale became effective. The 
    NCC operation did not meet the criteria to be classified as a discontinued operation since it did not represent a 
    separate major line of business, nor did it represent a major geographical area of operation and is reported as part 
    of the coal commercial operating segment.    

    The major classes of non-current assets and liabilities held-for-sale are as follows:                                  
                                                                          At 31 December                     
                                                                          2015             2014    
                                                                      Reviewed          Audited    
                                                                            Rm               Rm    
    Assets                                                                                         
    Property, plant and equipment                                          128              174    
    Deferred tax                                                                             65    
    Financial assets                                                                         73    
    Inventories                                                                               8    
    Trade and other receivables                                                               8    
    - Trade receivables                                                                       3    
    - Non-financial instrument receivables                                                    5    
                                                                                                   
    Total assets                                                           128              328    
    Liabilities                                                                                    
    Non-current provisions                                              (1 027)            (158)    
    Post-retirement employee obligations                                   (17)              (4)    
    Trade and other payables                                                                (21)    
    - Trade payables                                                                        (11)    
    - Other payables                                                                         (3)    
    - Non-financial instrument payables                                                      (7)    
    Current provisions                                                                      (40)    
    Current tax payable                                                                      (9)    
    Total liabilities                                                   (1 044)            (232)    
    Net (liabilities)/assets held-for-sale                                (916)              96    
    
16. 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        
    - 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 facility amounts to R1 billion (2014: R3 billion). The undrawn 
    portion of the revolving facility amounts to R3 billion (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 in May 2014. The bond comprises a:                                                       
    - R480 million senior unsecured floating rate note due 19 May 2017                        
    - R520 million senior unsecured floating rate note due 19 May 2019                        
    
    Interest on the bond 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 quarterly basis for both bonds.                                             
                                                                                   At 31 December                     
                                                                                    2015             2014    
                                                                                Reviewed          Audited    
                                                                                      Rm               Rm    
    Summary of loans by financial year of redemption                                                               
    2015                                                                                               34    
    20161                                                                            882              392    
    2017                                                                           1 274              874    
    2018                                                                             795              395    
    2019                                                                           1 317              917    
    2020 onwards                                                                     799              398    
    Total interest-bearing borrowings                                              5 067            3 010    
    - Current interest-bearing borrowings2                                           882               34    
    - Non-current interest-bearing borrowings3                                     4 185            2,976    
    1 During the 2014 year, an addendum to the senior loan facility 
      was signed extending the first capital repayment to 30 January 2016.                                        
    2 The current portion represents                                                 882               34    
    - Capital repayments                                                             800                     
    - Interest capitalised                                                            90               44    
    - Reduced by the amortised transaction costs                                      (8)             (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.                                   15               34    
   
    Overdraft                                                                                                                        
    Bank overdraft                                                                                     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 2015.   
                                                                         
                                                                                            At 31 December                     
                                                                                         2015             2014    
                                                                                     Reviewed          Audited    
                                                                                           Rm               Rm    
17. Net debt1                                                                                                     
    Net debt is presented by the following items on the face of the statement
    of financial position (excluding assets and liabilities held-for-sale):            (3 012)          (1 071)    
    - Cash and cash equivalents                                                         2 055            2 006    
    - Non-current interest-bearing borrowings                                          (4 185)          (2 976)    
    - Current interest-bearing borrowings                                                (882)             (34)    
    - Overdraft                                                                                            (67)    
    Calculation of movement in net debt:                                                                          
    Cash (outflow)/inflow:                                                             (2 119)           2 280    
    Add:                                                                                                           
    - Non-cash flow movement for interest accrued not yet paid                            (47)              (4)    
    - Non-cash flow amortisation of transaction costs                                     (10)             (10)    
    -  Translation differences of movements in cash and cash equivalents                  235               40    
    (Increase)/decrease in net debt                                                    (1 941)           2 306    
    1 Non-IFRS measure.   
                      
18. Financial instruments                                                 
    a) Carrying amounts and fair values                             
       The carrying amounts and fair values of financial assets and liabilities in the statement of financial position, are as follows:       
                                                                                      At 31 December                                             
                                                                            2015                         2014                    
                                                                          Reviewed                      Audited                  
                                                                   Carrying          Fair       Carrying         Fair     
                                                                     amount         value         amount        value    
                                                                         Rm            Rm             Rm           Rm    
       ASSETS                                                                                                          
       Non-current assets                                                                                              
       Financial assets, consisting of:                               3 921         3 921          2 693        2 693    
       - Environmental rehabilitation funds                           1 329         1 329            826          826    
       - Loans to joint ventures                                        105           105             83           83    
       - KIO                                                              4             4             22           22    
       - Chifeng                                                        210           210            267          267    
       - RBCT                                                                                        973          973    
       - Indemnification asset                                        1 044         1 044                                
       - Loan to BEE shareholder1                                       426           426                                
       - Non-current receivables                                        803           803            522          522    
         Current assets2                                              4 411         4 411          4 104        4 104    
       Trade and other receivables                                    2 355         2 355          2 090        2 090    
       Derivative financial instruments                                   1             1              8            8    
       Cash and cash equivalents                                      2 055         2 055          2 006        2 006    
       Non-current assets held-for-sale                                                               76           76    
       Total financial instrument assets                              8 332         8 332          6 873        6 873    
                                                                                                                         
                                                                                             
                                                                                     At 31 December    
                                                                             2015                         2014                    
                                                                           Reviewed                      Audited                  
                                                                   Carrying          Fair       Carrying         Fair     
                                                                     amount         value         amount        value    
                                                                         Rm            Rm             Rm           Rm    
       LIABILITIES                                                                                                    
       Non-current liabilities                                        4 224         4 224          2 976        2 976    
       Interest-bearing borrowings                                    4 185         4 185          2 976        2 976    
       Non-current derivative financial liability                        39            39                                
       Current liabilities2                                           3 630         3 630          2 603        2 603    
       Trade and other payables                                       2 686         2 686          2 502        2 502    
       Current shareholder loans                                         21            21                                
       Derivative financial liabilities                                  41            41                                
       Interest-bearing borrowings                                      882           882             34           34    
       Overdraft                                                                                      67           67    
       Non-current liabilities held-for-sale                                                          14           14    
       Total financial instrument liabilities                         7 854         7 854          5 593        5 593    
       1 During 2015 Exxaro provided Mainstreet 333 with a loan. The loan is repayable by April 2017 and attracts interest 
         at prime plus 5%.                                                               
       2 Carrying amounts approximate the fair values due to the short-term nature of the maturities of these financial 
         assets and liabilities.  
 
       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 or liabilities that the group can 
                    access at the measurement date.                                                                 
          Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, 
                    either directly or indirectly.                                                                 
          Level 3 - unobservable inputs for the asset and liability. 
  
                                                                                          Level 1    Level 2    Level 3    Total     
          At 31 December 2015 (Reviewed)                                                       Rm         Rm         Rm       Rm    
            Financial assets held-for-trading at fair value through profit or loss                                                      
          - Current derivative financial assets                                                            1                   1    
            Financial assets designated at fair value through profit or loss                                                        
          - Environmental rehabilitation funds                                              1 113                          1 113    
          - KIO                                                                                 4                              4    
            Available-for-sale financial assets                                                                                     
          - Chifeng                                                                                                 210      210    
            Financial liabilities held-for-trading at fair value through profit or loss                                             
          - Current derivative financial liabilities                                                     (41)                (41)    
            Financial liabilities designated at fair value through profit or loss                                                   
          - Non-current derivative financial liability                                                              (39)     (39)    
            Net financial assets/(liabilities) held at fair value                           1 117        (40)       171    1 248    
                                                                                                                                                
                                                                                          Level 1    Level 2    Level 3    Total     
          At 31 December 2014 (Audited)                                                        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 fund 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 and liabilities within Level 3 of the hierarchy        
                                                                                                     Non-           
                                                                                                  current          
                                                                                               derivative         
                                                                                                financial         
                                                                                                liability    Chifeng    RBCT    Total 
                                                                                                       Rm         Rm      Rm       Rm 
          At 1 January 2014 (Audited)                                                                            253     551      804    
          Movement during the year                                                                                                         
          Gains recognised for the year in other comprehensive income (pre-tax effect)1                            1     422      423    
          Exchange gains for the year recognised in other comprehensive income                                    13               13    
          At 31 December 2014 (Audited)                                                                          267     973    1 240    
          Movement during the year                                                                                                         
          Gains recognised for the year in other comprehensive income (pre-tax effect)1                         (103)    (61)    (164)    
          Reclassification of loan repayments                                                                           (229)    (229)    
          Acquisition of subsidiaries                                                                 (33)                        (33)    
          Exchange gains for the period recognised in other comprehensive income                                  46               46    
          Exchange losses for the period recognised in profit or loss                                  (6)                         (6)    
          Transfers out of Level 32                                                                                     (683)    (683)    
          At 31 December 2015 (Reviewed)                                                              (39)       210              171    
          1 Tax on RBCT amounts to R23 million (2014: R78 million).                                                                        
          2 Relates to the RBCT investment now accounted for as an investment in associate.                                                        
                                                                                                                                                        

18. Financial instruments continued                                                                                               
    b) Fair value hierarchy continued                                                                       
       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 years ended 31 December 2015 and 2014, as shown in the 
       reconciliation on page 26.
   
       The RBCT investment has been transferred out of Level 3 of the fair value hierarchy, and classified as an investment 
       in associate following the acquisition of additional interest in RBCT through the ECC acquisition. Refer note 13.             
       
       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 chief operating decision-maker and the audit committee in accordance
       with the group's reporting governance.
   
       Current derivative financial instruments                                                                                                    
       Level 2 fair values for simple over-the-counter derivative financial instruments are based on market quotes. These 
       quotes are assessed for reasonability by discounting estimated future cash flows using the market rate for similar 
       instruments at measurement date.                                                                 
    
    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 R/RMB exchange rate, RMB/US$ exchange rate, Zinc LME price, production volumes, operational costs and the 
       discount rate.                                                                 

       At 31 December 2015 (Reviewed)                                                   
                                                                                                    Sensitivity analysis     
                                                                                                       of a 10% increase        
                                                                                                        in the inputs is
                                                             Sensitivity of inputs and                      demonstrated          
       Observable inputs                           Inputs    fair value measurement1                           below2 Rm   
       Rand/RMB exchange rate                  R2,31/RMB1    Strengthening of the rand to the RMB                     21    
       RMB/US$ exchange rate                   RMB6,26 to    Strengthening of the RMB to the US$                     203    
                                             RMB7,12/US$1                                                               
       Zinc LME price (US$ per tonne          US$1 611 to
       in real terms)                            US$2 200    Increase in price of zinc concentrate                   203    
       Unobservable inputs                                                                                              
       Production volumes (tonnes)          85 000 tonnes    Increase in production volumes                           31    
       Operational costs (US$ million per     US$56,94 to
       annum in real terms)                      US$75,22    Decrease in operations costs                           (173)    
       Discount rate (%)                            9,93%    Decrease in the discount rate                           (19)    
      
       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.                                                                                              
                                                                                                                                          
    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
                                                                                                        in the inputs is
                                                             Sensitivity of inputs and                      demonstrated
       Observable inputs                          Inputs     fair value measurement1                           below2 Rm                        
       Rand/RMB exchange rate                 R1,86/RMB1     Strengthening of the rand to the RMB                     26    
                                              RMB6,13 to         
       RMB/US$ exchange rate                RMB6,75/US$1     Strengthening of the RMB to the US$                     152                
       Zinc LME price (US$ per               US$2 311 to
       tonne in real terms)                     US$2 226     Increase in price of zinc concentrate                   152    
       Unobservable inputs                                                                                                               
       Production volumes (tonnes)         85 000 tonnes     Increase in production volumes                           37    
       Operational costs (US$ million           US$63 to
       per annum in real terms)                    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-relationship between unobservable inputs are not considered to have a significant impact within the 
       range of reasonably possible alternative assumptions for both reporting periods. 
   
       Non-current derivative financial liability                                                                             
       The non-current derivative financial liability, arising on the contingent consideration relating to the acquisition 
       of ECC, is classified within a Level 3 of the fair value hierarchy as there is no quoted market price or observable 
       price available for this financial instrument. This financial instrument is valued as the present value of the 
       estimated future cash flows, using a discounted cash flow model.                                                                 
       The significant observable and unobservable inputs used in the fair value measurement of this financial instrument 
       are the rand/US$ exchange rate, API4 export price and the discount rate.                                                         
                                                                                                                                                
    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                                                                                    
       
       Non-current derivative financial liability continued                                                                              
       At 31 December 2015 (Reviewed)                                                          Sensitivity analysis
                                                                                                  of a 10% increase
                                                                                                   in the inputs is
                                                        Sensitivity of inputs and                      demonstrated
       Observable inputs                     Inputs     fair value measurement1                           below2 Rm
       Rand/US$ exchange rate           R15,48/US$1     Strengthening of the rand to the US$                      4    
       API4 export price (price         US$51,15 to
       per tonne)                          US$62,50     Increase in API4 export price per tonne                 175    
       Unobservable inputs                                                                                         
       Discount rate (%)                      3,44%     Decrease in the discount rate                            (1)   

       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 reporting period.                                         
      
       RBCT                                                                                                                              
       For 2014, RBCT was classified within Level 3 of the fair value hierarchy as there was no quoted market 
       price or observable price available for this investment. This unlisted investment was valued as the present 
       value of the estimated future cash flows, using a discounted cash flow model. It was not anticipated that the 
       RBCT investment would be disposed of in the near future. The valuation technique was consistent to that used in 
       previous reporting periods.                                                                                                                       
       The significant observable and unobservable inputs used in the fair value measurement of the investment in RBCT 
       were rand/US$ exchange rate, API4 export price, Transnet market demand strategy, discount rate and annual 
       utilisation factor.
   
       At 31 December 2014 (Audited)                                                           Sensitivity analysis
                                                                                                  of a 10% increase
                                                                                                   in the inputs is
                                                        Sensitivity of inputs and                      demonstrated
       Observable inputs                     Inputs     fair value measurement1                           below2 Rm    
                                          R10,94 to
       Rand/US$ exchange rate           R18,80/US$1     Strengthening of the rand to the US$                    257                     
       API4 export price 
       (US$ steam coal A-grade             US$62 to
       price per tonne in real terms)         US$93     Increase in API4 export price per tonne                 154    
       Unobservable inputs                                                                                                                  
       Transnet market                    74Mtpa to     Acceleration of TFR performance, ie:                              
       demand strategy                      81 Mtpa     reach full capacity sooner                               97                        
       for the terminal                                                                                                                     
       Discount rate (%)                 13% to 17%     Decrease in the discount rate                          (120)    

       At 31 December 2014 (Audited) continued                                                                                    
       Annual utilisation factor
       (safety and rail delay factor) (%)       90%     Increase in annual utilisation factor                   123    
       
       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-relationship between unobservable inputs were not considered to have a significant impact within 
       the range of reasonably possible alternative assumptions for the prior reporting periods.                                              

                                                                                     At 31 December                  
                                                                                  2015          2014    
                                                                              Reviewed       Audited    
                                                                                    Rm            Rm    
19. Contingent liabilities                                                                                
    Total contingent liabilities                                                 7 378         2 609    
    - DMC Iron Congo SA                                                              6                  
    - Pending litigation claims1                                                 1 233           445    
    - Operational guarantees2                                                    3 559         1 263    
    -  Share of contingent liabilities from equity-accounted investments         2 580           901    
                                                                                                           
    1 Pending litigation and other claims consist of legal cases as well as tax disputes with Exxaro as defendant. 
      The outcome of these claims is uncertain and the amount of possible legal obligations that may be 
      incurred can only be estimated at this stage.                                
    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.                                
    
    The timing and occurrence of any possible outflows of the contingent liabilities above are uncertain.                                  
    Exxaro's share of contingent liabilities from equity-accounted investments relates mainly to:                                  
    - Operational guarantees (guarantees to banks and other institutions) amounting to R1 394 million                                   
     (2014: R901 million).                                                                                
    - Municipality rates and taxes levied but under objection of R87 million (2014: Rnil).                                  
    - Tax assessments under process of objection of R1,1 billion, which includes R739 million of interest                                   
      and penalties.
 
    SIOC has received a tax assessment from SARS in relation to the tax years 2006 to 2010, for the amount of 
    R5,5 billion. This includes interest and penalties of R3,7 billion. Exxaro's share of the additional tax 
    would be approximately R1,1 billion, which includes R739 million of interest and penalties.                                  
    SIOC has considered these matters in consultation with specialist external tax and legal advisers and 
    disagrees with SARS' audit findings. SIOC is therefore in the process of preparing an objection to the 
    assessment, together with an application to the Commissioner of SARS for a suspension of payment until the 
    matter is resolved. Furthermore, during 2015 SARS notified SIOC of its intention to conduct a field audit 
    covering the 2011 to 2013 years of assessment, which is in progress.                                  
    
    Mayoko                                                                                              
    At 31 December 2015 DMC, a subsidiary of Exxaro, is exposed to possible customs import duties as a result 
    of a review by the RoC customs department on assets imported by DMC into the RoC in 2012 under a temporary 
    arrangement, pending the ratification of the mining convention. To date, the mining convention has not been 
    ratified, which increases the potential risk. The penalties are deemed reasonably possible, but the level of 
    probability for the outflow of economic resources is considered not probable.                                  
    
    To date, no notification has been issued by the RoC customs department. Exxaro believes that these matters 
    have been appropriately treated by disclosing a contingent liability. The group will be defending any claims 
    for penalties by following due process in the RoC.

    SARS                                                                                                
    On 18 January 2016, Exxaro received a letter of intent from SARS following an international income tax audit 
    for the years of assessment 2009 - 2013. According to the letter, SARS proposes that certain international 
    Exxaro companies will be subject to South African Income Tax. No assessment has been issued at this stage 
    and Exxaro is following due processes to respond to SARS.                                  
    As at the date of this announcement, Exxaro has responded to the letter of intent, disputing to the basis 
    for the proposed adjustments. The group is awaiting SARS's response. These matters have been considered 
    in consultation with external tax and legal advisors, who support the group's position set out in its dispute.                                  
    Exxaro believes that these matters have been appropriately treated by disclosing a contingent liability.                                  
                                                                                                          
                                                                                    At 31 December                  
                                                                                 2015          2014    
                                                                             Reviewed       Audited    
                                                                                   Rm            Rm    
20. Contingent assets                                                                            
    Total contingent assets                                                        86           256    
    - Guarantee on sale of NCC1                                                                 170    
    -  Share of contingent assets from equity-accounted investments2               86            86    
      
    1 Exxaro received a guarantee from Universal as part of the sales transaction of NCC. This transaction 
      was concluded in 2015.                                
    2 Bank guarantee issued in favour of SIOC related to environmental rehabilitation.                                

21. Related party transactions                                                                          
    The group entered into various sale and purchase transactions with associates and joint ventures during 
    the ordinary course of business. These transactions were subject to terms that are no less, nor more 
    favourable than those arranged with third parties.                                  
    Exxaro also granted a loan of R400 million to Main Street 333, Exxaro's majority BEE shareholder during July 2015.          

22. Going concern                                                                                       
    Based on the results for the year ended 31 December 2015, and the latest budget for 2016, as well as the 
    available bank facilities and cash generating capability, Exxaro satisfies the criteria of a going concern.                                 

23. JSE Listings Requirements                                                                           
    The reviewed condensed group annual financial results were prepared in accordance with the Listings 
    Requirements of the JSE Limited.                                  

24. Events after the reporting period                                                                   
    Details of the final dividend proposed are given in note 10.                                          
    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.                                  

25. Review conclusion                                                                                   
    The reviewed condensed group financial statements for the year ended 31 December 2015, on page 2 to 32, 
    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.                                  

26. 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) will be made in the 2015 integrated report and will be available on the 
    company's website in April 2016 in accordance with the JSE Listings Requirements. As announced in August 2015, 
    Mr Norman Mbazima resigned from the board from 18 August 2015 and Saleh Mayet was appointed from the same day. 
    As previously communicated, Mxolisi Mgojo will be succeeding Sipho Nkosi as chief executive officer on 1 April 2016. 
    Please contact the group company secretary, Carina Wessels, if you require additional information in this regard.                                  

27. Mining and prospecting rights                                                                       
    On 20 August 2015, Exxaro acquired TCSA (renamed ECC) with a number of mining and prospecting rights held by ECC 
    under the operations of Forzando, Dorstfontein and Tumelo. The Forzando Complex, an underground operation comprises 
    of two mining rights, Forzando South and Forzando North and five associated (immediate adjacent) prospecting rights 
    in which ECC holds a 74% ownership.                                   
    ECC also holds a 49% interest in the prospecting right of Schurvekop, a highly prospective project area to the 
    immediate north of the complex. The Dorstfontein Complex consists of three mining rights and one prospecting right 
    in which ECC holds a 74% ownership. The complex comprises an eastern primarily open cut operation Dorstfontein 
    East (DCME) and a western underground operation namely Dorstfontein West (DCMW). The Rietkuil Vhakoni prospecting 
    right for which a section 102 was timely submitted for the incorporation to the Dorstfontein Complex mining right, 
    is viewed as a potential extension of the Dorstfontein Complex operation. ECC has reasonable expectation that the 
    approval will not be withheld. The Tumelo operation consists of one mining right (116MR). The operation was put 
    under care and maintenance in early 2014. The Eloff project located near the town of Delmas and in close proximity 
    of the Exxaro Leeuwpan operation consists of two prospecting rights.

    The converted mining right of Matla mine, a dedicated coal supplier to Eskom, was executed in March 2015 and 
    timelessly submitted for registration.                                  
   
    The two mining rights at Leeuwpan mine have both been executed. The approval of a ministerial consent (section 102) 
    submitted to amalgamate the two rights is pending.                                  
    
    A prospecting right renewal was submitted for the Thabametsi project area, a resource adjacent to the Grootegeluk 
    coal mine. In addition, a new mining right application was submitted in April 2012. Exxaro has a reasonable 
    expectation that the mining right will be granted in the first quarter of 2016.                                  
    
    The Belfast mining right was registered in March 2015. Exxaro applied for an extension for the commencement 
    of mining activities based of the pending resolution of environmental appeals. The application was granted.                                  
    The North Block Complex includes the traditional mining areas of Glisa (converted mining right), Strathrae 
    (converted mining right) and Eerstelingsfontein, an executed new mining right. Environmental approvals for 
    Eerstelingsfontein have been granted and approval for the renewal of the mining right, timeously submitted 
    in March 2013, is pending. In addition, a renewal for a prospecting right and an application for a new mining 
    right for the Glisa South project area, immediately adjacent to Glisa, was timeously submitted in November 2013. 
    An appeal received on this right is currently being addressed through the regional mining development and 
    environment committee.                                  

28. Key measures*                                                                                       
                                                                                    At 31 December                  
                                                                                  2015          2014    
    Net asset value per share (rand/share)                                          98            96    
    Operating lease commitments (Rm)                                               152           135    
    Closing share price (rand/share)                                             44,04        103,50    
    Market capitalisation (Rbn)                                                  15,77         37,06    
    Average rand/US$ exchange rate (for the period ended)                        12,76         10,83    
    Closing rand/US$ spot exchange rate                                          15,48         11,56    
    * Non-IFRS numbers.                                                                                 

Exxaro 2015 performance at a glance                                                                                                          
                                                                                                                                                 
Sustainable operations           - 18 months fatality free                                                           
                                 - Lost-time injury frequency rate (LTIFR) improved 11% to 0,17                     
Strong profit margins and        - Core net operating profit margin of 19%, in line with FY14                       
resilient balance sheet          - R1,1 billion losses from investments, down 145% from FY14 profits                
                                 - Headline earnings per share (HEPS) down 67% at 457 cps                           
                                 - R1,7 billion impairment of assets                                                 
                                 - Net debt to equity at 8,8%                                                        
Cost and capital expenditure     - 464 termination packages                                                          
discipline                       - Procurement contracts review savings - R288 million                              
                                 - Capital expenditure reduced by 25% to R2,4 billion                               
                                                                                                                          
Growth in coal                   - R4,3 billion coal core net operating profit (NOP)                                
                                 - Operating profit margin of 24%                                                    
                                 - Volumes up:                                                                       
                                   -  Production - 7% at 42 million tonnes (Mt)                                        
                                   - Sales - 5% at 43Mt                                                                
                                   - Exports - 17% at 6Mt                                                              
                                                                                                                          
Maintain dividend policy         - Final dividend of 85 cents per share (cps) at a core 
                                   earnings cover of 2,8 times                                                                           




COMMENTARY FOR THE YEAR ENDED 31 DECEMBER

Comments below are based on a comparison between the financial years ended 31 December 2015 and 2014 
(FY15 and FY14 respectively).

1. SAFETY
   Exxaro has operated for 18 consecutive months without a loss of life. Although no mining-related fatalities were
   recorded in 2015, regrettably one road-related fatality occurred in 2H15. We achieved an LTIFR of 0,17 in FY15 
   compared to 0,19 in FY14. Our internal LTIFR target remains 0,15 and we are encouraged by the 11% progress to date. 
   We will continue to concentrate on this target, in line with our zero-harm vision. 

2. RESILIENT PERFORMANCE
2.1. Commodity prices
     Calendar 2015 saw the continued downward trend in commodity prices, reaching new lows for iron ore and thermal
     coal. Despite this, Exxaro has delivered a robust set of results.

     The API4 for FY15 averaged US$57 per tonne, compared with US$72 in FY14. Iron ore fines prices also plummeted 
     by over 42%, averaging US$56 (cost and freight (CFR) China) in FY15 compared to US$97 in FY14. The ongoing 
     oversupply in the titanium dioxide (TiO2) market and lacklustre demand continued to depress pigment prices.

2.2. Delivery on key priorities
     In this challenging time, we continued to focus on our coal business to improve our operational efficiency 
     and we reviewed our capital allocation in the short to medium term. We reprioritised and staggered our project 
     pipeline to preserve cash in the year, and continued the drive to reduce input and overhead costs, while 
     protecting our profit margins.

     Key results from our initiatives include:
     - Cash conservation:
       - R1 billion (58%) reduction in expansionary capital expenditure compared to FY14
       - R18 billion coal capital expenditure (R13 billion for the Waterberg region) for the period to FY20, 
         down from previous guidance of R21 billion (R15 billion for the Waterberg region)
     - Maintaining low debt levels:
       - Net debt at R3 billion, reflecting a net debt to equity ratio of 8,8%; 
     - Operational efficiency:
       - R288 million reduction in input costs

     A total of 464 employees, with minimal impact on the critical and scarce skills categories, accepted voluntary
     severance packages and left between FY15 or first quarter of 2016 (1Q16). While this came at a cost of 
     R408 million in FY15, it is expected to save future labour costs of R250 million per annum (based on FY15 
     notional cost of employment).
     - Optimisation of Exxaro Coal Central Proprietary Limited (ECC) after announcing that all conditions precedent 
       to the acquisition of Total Coal South Africa Proprietary Limited (TCSA) were met:
       - Rolling out cost-savings initiatives across all operations (R80 million in FY15).

     We completed the purchase price allocation accounting for the acquisition of TCSA as required by International
     Financial Reporting Standards (IFRS). Exxaro acquired TCSA on 20 August 2015 for R3,4 billion, and renamed 
     it ECC. ECC is included in the results of coal commercial operations from 1 September 2015.  

3. COMPARABILITY OF RESULTS
   The results of the two years are not comparable mainly due to key transactions shown in table 1 below. 

   Table 1: Key transactions in the reporting periods that make financial and operational results not comparable                       
   Reporting                                             FY15                                                  FY14    
   segment      Description                                Rm       Description                                  Rm           
   Coal         - Termination and voluntary              (110)      - Voluntary severance packages               (6)   
                  severance packages                                                                                                         
                - Impairment charges1                  (1 749)      - Loss on disposal of non-core assets1      (16)   
                - Compensation from third                 137        
                  parties, gain on disposal 
                  of non-core assets and 
                  property, plant and equipment1                                                                  

   Ferrous      - Termination and voluntary               (39)      - Termination and voluntary                  (2)   
                  severance packages                                  severance packages                                                                                                                                                                                                                                               
                - Gain on disposal of                     122       - Loss on disposal of non-core assets1      (12)
                  property, plant and equipment1             
                - Partial reversal of previous             11       - Mayoko iron ore project impairment     (5 803) 
                  write-off of financial assets                       in 1H14 and pre-tax partial reversal
                                                                      of the write-off of financial assets 
                                                                      in 2H141   

   Other        - Loss on dilution of shareholding        (10)      - Loss on dilution of shareholding          (58)
                  in Tronox1                                          in Tronox1                                        
                - Gain on disposal of property,            17       - Loss on disposal of other non-core        (32)
                  plant and equipment and                             assets1
                  non-core assets1                                                                                               
                - Foreign exchange gain on US$ held       747       - Impairment of intellectual               (202)
                  for the TCSA acquisition                            property assets1                                                    
                - Termination and voluntary              (259)      - Termination and voluntary                 (82)   
                  severance packages                                  severance packages                                                    
                - Gains on translation differences      1 012       - Gains on translation differences           47
                  recycled to profit or loss on                       recycled to profit or loss on 
                  liquidating foreign subsidiaries1                   liquidating foreign subsidiaries                                               
                - Other                                   (96)                                                                          
              
   Group        Total net operating loss impact          (217)      Total net operating loss impact          (6 166)   
              
   Coal         - Tax impact                               28       - Tax impact                                  5    
              
              
   Ferrous      - Exxaro's post-tax share of                3       - Exxaro's post-tax share of SIOC           (36)
                  Sishen Iron Ore Company                             loss on sale of non-core assets1
                  Proprietary Limited's (SIOC) 
                  gains on sale of non-core assets 
                  and compensation from third parties1                 
                - Exxaro's post-tax share of SIOC 
                  loss on impairment of operation1       (866)      - Exxaro's post-tax share of SIOC           (77)   
                                                                      loss on impairment of operation1 
                                                                    - Tax on Mayoko iron ore project            554
                                                                      pre-tax impairment1                             
              
   TiO2 and     - Exxaro's post-tax share of             (141)      - Exxaro's post-tax share of Tronox         (73)
   chemicals      Tronox Limited (Tronox)                             restructuring costs and other
                  restructuring costs                                                                                            
                - Loss on disposal of property,           (21)      - Exxaro's post-tax share of Tronox           2
                  plant and equipment1                                profit on sale of property, plant                                
                                                                      and equipment1                                            
                                                                    - Prior-year tax adjustment and              30
                                                                      translation of net investment                
                                                                      in foreign operation

   Group        - Total attributable loss              (1 214)      Total attributable loss                  (5 761)   
   
1 Excluded from headline earnings.


4. FINANCIAL AND OPERATIONAL EXCELLENCE
4.1. Group financial results
4.1.1. Revenue 
       Group revenue increased by 12% to R18 330 million in FY15, mainly due to increased power station coal sales.

       Table 2: Group segment results (Rm)
                                                                        Net operating                 
                                             Revenue                    profit/(loss)                 
                                        FY15         FY14             FY15         FY14    
                                    Reviewed      Audited         Reviewed      Audited    
       Coal                           18 093       16 176            2 574        3 297    
       - Tied1                         3 835        4 577              195          319    
       - Commercial2                  14 258       11 599            2 379        2 978    
       Ferrous                           173          159             (306)      (6 238)   
       - Iron ore3                                                    (292)      (6 100)   
       - Alloys                          173          159               10          (97)   
       - Other                                                         (24)         (41)   
       Other                              64           66              905         (351)   
       - Base metals                                                                 (1)   
       - Other4                           64           66              905         (350)   
       Total                          18 330       16 401            3 173       (3 292)   

       1 Mines managed on behalf of and supplying their entire production to Eskom (FY14: either Eskom or 
         ArcelorMittal South Africa Limited (ArcelorMittal) in terms of contractual agreements.
       2 Net operating profit includes pre-tax impairment of the carrying value of goodwill recognised 
         on the acquisition of TCSA of R1 524 million and the reductants operation property, plant 
         and equipment of R225 million in FY15.
       3 FY14 net operating loss includes pre-tax impairment of 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 write-off and impairment of financial assets totalling R43 million.
       4 FY14 net operating loss includes pre-tax impairment of intellectual property of R202 million.

4.1.2. Net operating profit or loss
       The group recorded a net operating profit for the period of R3 173 million compared to a net operating 
       loss of R3 292 million in FY14. The improvement was mainly due to:
       - Medupi power station ramp-up
       - Non-recurrence of pre-tax impairments of the carrying value of the Mayoko iron ore project non-current assets
         and intellectual property R5 962 million in FY14
        Offset by FY15 pre-tax impairments of the carrying value of:
        - Goodwill recognised on the acquisition of TCSA of R1 524 million
        - Reductants operation property, plant and equipment of R225 million.

4.1.3. Earnings
       Earnings attributable to owners of the parent, which include Exxaro's equity-accounted investments in 
       associates and joint ventures, were R296 million (FY14: attributable losses of R883 million) or 83 cents 
       earnings per share (2014: 249 cents losses per share), an increase of 134% mainly due to non-recurring 
       post-tax impairment losses in FY14.

       Headline earnings, excluding the impact of any impairment, impairment reversals and profits or losses realised 
       on the sale of subsidiaries and other non-core assets, were 67% lower at R1 623 million (FY14: R4 869 million) 
       or 457 cents per share (FY14: 1 372 cents per share), mainly due to a R3 652 million (145%) reduction in 
       post-tax equity-accounted income from associates (mainly SIOC and Tronox, refer sections 4.3.2 and 4.4.1).

4.1.4. Cash flow and funding
       Cash preservation remains key to managing the business through this challenging period. It is imperative that we
       continue to maintain a balance between project capital investment and returning cash to shareholders. Cash flow 
       generated from operations was R44 million higher at R4 526 million (FY14: R4 083 million), used to pay for 
       capital expenditure of R2 390 million, dividends of R984 million, net financing charges of R446 million and 
       taxation of R85 million. 

       At R2 390 million, overall capital expenditure decreased 25% in FY15 compared to FY14. A total of R727 million
       (FY14: R1 737 million) was invested in new capacity (expansion capital), and R1 663 million (FY14: R1 460 million) 
       was applied to sustaining and environmental capital (stay-in-business capital). Of the funds spent on stay-in 
       business capital, R833 million was for Grootegeluk's replacement of trucks, shovels and stacker reclaimers.

       We continue to critically assess our overall project pipeline and the timing of cash flows to prioritise and
       preserve capital. 

       Dividends received of R1 341 million (FY14: R3 719 million) were down 64% primarily due to the non-declaration of
       dividends by SIOC for FY15. Tronox continued its dividend payout at US$0,25 cents per quarter, resulting in the 
       receipt of dividends of R668 million. We expect to receive no dividends from SIOC and significantly lower 
       dividends from Tronox in FY16.

       R3 436 million was spent to fund the acquisition of TCSA in August 2015.

       Due to lower dividends received, funding the acquisition of TCSA and the outflow associated with capital
       expenditure, the group had net cash outflow before financing activities of R2 119 million (FY14: net cash 
       inflow of R2 280 million). 

4.1.4.1. Debt exposure
         Net debt at 31 December 2015 was R3 012 million, up 181% on the R1 071 million at 31 December 2014, 
         reflecting a net debt to equity ratio of 8,8% (at 31 December 2014: 3,1%). The increase was mainly due 
         to funding the TCSA acquisition in August 2015.

         Our South African credit rating was downgraded in first half of 2015 (1H15) by Standard & Poor's Ratings Services
         from A- to BBB+. We began a process to refinance our R8 billion debt facilities and an information memorandum 
         was sent to potential lenders. We have received sufficient expressions of interest, confirming there is appetite 
         to refinance the facility, which we intend to close in second quarter of 2016 (2Q16).
 
4.2. Coal business performance
     Domestic trading conditions remained challenging in FY15. The metals and reductants markets remained under pressure 
     as they struggled to compete with Chinese imports, weak demand and lower international metals prices.

     Despite an oversupplied export thermal coal market, we recorded good demand for our export coal. Export volumes rose 
     from 5,3Mt to 6,2Mt mainly on additional volumes from ECC.

     The group realised an average export price of US$50 per tonne in FY15 compared to US$65 in FY14. 

4.2.1. Production and sales volumes
       Coal production volumes (excluding buy-ins) were 2,66Mt (7%) higher than FY14, mainly due to the ramp-up on 
       Medupi supply and inclusion of ECC from September 2015 (1,37Mt). 

       Sales were 1,95Mt higher (5%) also due to increased Medupi off-take and the inclusion of ECC.

4.2.1.1. Metallurgical coal
         Grootegeluk's production was 264kt (12%) lower than FY14 after reduced semi-soft coking coal (SSCC) production
         and high demand from ArcelorMittal in FY14. Tshikondeni production decreased by 154kt (100%) after its closure 
         in FY14.

         Table 3: Unreviewed coal production and sales volumes (000 tonnes)
                                                        Production                 Sales                       
                                                     FY15        FY14        FY15        FY14          
         Thermal                                   39 953      36 875      41 739      39 071          
         Tied                                       9 260      11 814       9 270      11 808          
         Commercial                                30 693      25 061      32 469      27 263          
         - Domestic                                30 693      25 061      26 694      22 753          
         - Export                                                           5 775       4 510          
         Metallurgical                              1 856       2 274       1 748       2 470          
         Tied                                                     154                     233          
         Commercial                                 1 856       2 120       1 748       2 237          
         - Domestic                                 1 856       2 120       1 341       1 456          
         - Export1                                                            407         781          
         Total coal                                41 809      39 149      43 487      41 541          
         Semi-coke                                     48         127          49         115          
         Total coal (excluding buy-ins)            41 857      39 276      43 536      41 656          
         Thermal buy-ins                            2 369       2 202                                  
         Total coal (including buy-ins)            44 226      41 478      43 536      41 656          

         1 Exported as a steam coal product, blended at Richards Bay Coal Terminal (RBCT).

         Grootegeluk sales decreased by 722kt (29%), reflecting lower exports after reprioritising production to 
         deliver power station coal to Eskom's Medupi and Matimba plants in 1H15 and lower train allocation 
         for exports via RBCT. There were no sales from Tshikondeni to ArcelorMittal in FY15 due to closure. 

4.2.1.2. Thermal coal
         Power station coal production from tied mines was 2,55Mt (22%) lower than FY14, reflecting the 
         closure of Matla mine 1 due to safety risks and challenging geological conditions at mine 3. 

         The commercial mines' power station coal production was 5,08Mt (25%) higher than FY14 mainly 
         due to higher production at Grootegeluk 7 and 8 plants after ramping-up according to the Medupi 
         off-take schedule, higher production at North Block Complex (NBC) due to improved coal and 
         equipment availability.

         Domestic power station coal sales for the commercial mines rose 4,43Mt (23%) on higher demand. 

         Steam coal production was 551kt (12%) higher after including ECC from September 2015 and better yields 
         at Grootegeluk, partly offset by lower yields at Inyanda as the mine reached its end of life in 2015 
         and the Leeuwpan dense medium separation plant realised lower yield. 

         Domestic steam sales decreased by 491kt (16%) mainly due to lower demand from local customers (mainly
         ArcelorMittal) and lower volumes at Inyanda on end of life. Steam coal export sales were 2,44Mt (64%) 
         higher mainly due to the inclusion of ECC (1,42Mt) from September and higher buy-ins. 

4.2.1.3. Semi-coke
         Semi-coke production was 79kt (62%) lower than FY14, reflecting depressed conditions in the ferroalloy 
         industry. In addition, only two retorts of the reductants plant were running during the year and the 
         plant was shut in September given the lack of demand.

         Several ferroalloy companies have closed or are in business rescue as they struggle to compete globally 
         due to low commodity prices and high domestic electricity tariffs, despite a weaker R/US$ exchange rate. 
         Demand has dropped to 2012 lows. As such, the group recorded a pre-tax impairment loss of R225 million 
         on property, plant and equipment.

4.2.2. Revenue
       Coal revenue rose 12% from FY14, mainly from commercial mines, reflecting a combination of higher export 
       sales volumes (including ECC since September) at weaker rand international prices, higher Medupi power 
       station coal sales and lower domestic steam volumes at lower prices.

4.2.3. Net operating profit or loss
       For FY15, coal net operating profit decreased 22% mainly due to:
       - Impairment of ECC goodwill (R1 524 million) and the reductants property, plant and equipment (R225 million)
       - No Grootegeluk Medupi expansion project (GMEP) coal-supply agreement shortfall income (FY14: R1 466 million)
       - Higher depreciation (R188 million) due to a higher asset base
       - Inflationary pressures (R157 million)
       Offset by:
       - Higher prices (R451 million)
       - Higher volumes (R899 million)
       - Higher exchange rate gains (R549 million)
       - Lower scope changes on environmental rehabilitation provision, including water treatment liabilities 
         (R778 million)
      - Lower distribution cost (R451 million).

      The inclusion of ECC from 1 September 2015 added R17 million to net operating profit.

4.2.3.1. ECC goodwill impairment
         On finalising the purchase price allocation accounting, goodwill of R1 524 million was recognised in terms 
         of IFRS. ECC operations were assessed to be sensitive to the coal index price and R/US$ exchange rate, with 
         a 10 cent move affecting net operating profit by R12 million. At 31 December 2015, the ECC operations were 
         assessed for impairment against these indicators. The 12% decrease in export coal prices from transaction 
         signature date to the reporting date, partially offset by the weakening in the R/US$ exchange rate in the 
         same period. Impairment assessments resulted in an impairment of goodwill at 31 December 2015. 

4.2.4. Eskom coal-supply agreements
       Short-term                                        Long-term                            
       Fixed                                             Fixed                      Tied      
       Leeuwpan - Majuba (monthly rolling contract)      Grootegeluk - Medupi       Matla       
       North Block Complex                               Grootegeluk - Matimba      Arnot1      

       1 Up to 31 December 2015.

       We continue to supply coal under existing contracts and no contracts are currently open for review. Exxaro 
       and Eskom are discussing a possible addendum 10 to the Medupi coal-supply and off-take agreement.

4.2.5. Portfolio improvement
       The coal business will continue to deliver growth as Medupi power station ramps up its coal off-take. 
       Additional growth is anticipated and planned from the Belfast project which will boost export volumes 
       when production begins in 2018, and the Thabametsi IPP coal supply in 2020.

       The capital expenditure programme for the five-year period to 2020 has been reduced by 15% to preserve cash 
       during this period of market uncertainty. All remaining capital expenditure is focused on coal to ensure 
       this business's continued growth.

       Project details were included in the finance director's pre-close message published on the Stock Exchange 
       News Service (SENS) on 20 November 2015. The details below relate to further developments since then.

4.2.5.1. Grootegeluk 
         Medupi power station coal-supply
         As part of our continued engagement with Eskom on later dates to commission Medupi power station's next five
         units, we had initial discussions on a possible addendum 10 to the GMEP coal-supply and off-take agreement. 
         The basis of the discussions is Eskom's request to review options available to both parties to reduce future 
         take-or-pay obligations. FY15 deliveries to Eskom were in line with addendum 9, including 2,6Mt delivered 
         to Matimba on addendum 9 terms.

         For now, all supply and off-take remains in line with addendum 9 to the coal-supply agreement.

         Grootegeluk 10
         We expect construction to be completed in 2Q16 with the plant scheduled for handover in May 2016.

         Grootegeluk 6 phase 2
         The approved water use licence was received in December 2015. However, project execution was delayed by one 
         year due to current market and capital constraints and further delays in the Medupi ramp-up. Detail design 
         is progressing as planned.

         Project optimisation continues across the group against ongoing changes in market fundamentals.

4.2.5.2. ECC
         We initiated a section 189 (retrenchments under the Labour Relations Act) process in fourth quarter of 2015
         (4Q15), focusing on the Illovo office and Dorstfontein East operations. Consultation sessions concluded 
         on 2 February 2016. 

         Optimisation
         We are implementing Exxaro's operating philosophy by:
         - Implementing the Exxaro operational excellence methodology
         - Adding a fifth 4-seam section at Forzando South which is expected to contribute 200 kilo tonnes (kt) to 
           FY16 production
         - Optimising the resource-to-market value chain through plant and product-mix adjustments, taking the 
           acquired export entitlement into account (evaluating 4 800kcal and 5 300kcal option combinations for FY16)
         - Rolling out cost-saving initiatives across all operations (R80 million in FY15)
         - Exploring available adjacent reserves to extend the current life of mine 
         - Exploring the Eskom market as a potential customer.

         The capital expenditure plan is continuously being reviewed and only critical capital expenditure is approved
         until the actions above have been finalised.

         ECC volumes are currently focused on exports, with minimal volumes to the domestic market. 

4.2.5.3. Arnot
         Eskom issued Exxaro with a notice that the offtake of coal from Arnot mine would discontinue after 31 December
         2015. All production has ceased, a section 189 process was declared and discussions continue with Eskom on 
         the closure and rehabilitation of this mine Exxaro owns the mining right for this resource while Eskom owns 
         the assets and is responsible for the ultimate mine rehabilitation and post closure obligations.

         From FY13, both parties agreed on the need for a memorandum of understanding to develop win-win scenarios on 
         the R/tonne cost. Since then, Exxaro and Eskom agreed to investigate plans to optimise the mine as the cost 
         was becoming excessive given Eskom's delay in procuring surface rights for the opencast reserves, Mooifontein. 
         As part of this review:
         - An optimised scenario was discussed and agreed in principle by Eskom, after which an independent study was to
           be launched to test assumptions. Eskom never initiated this independent study despite repeated requests by 
           Exxaro
         - The chosen scenario would form the basis of a new coal-supply agreement post FY15
         - On 8 September 2015, Eskom notified Exxaro in writing that the coal-supply agreements would expire at the end
           of 2015, and advised Exxaro to initiate closure activities. In terms of the agreements, either party has to 
           give two years' notice of its intent to terminate the coal-supply agreement
         - Numerous engagements have taken place with Eskom and there is an impasse between the companies on the
           interpretation of the obligations for closure in the agreement, notably relating to funding the rehabilitation 
           trust fund shortfall, future liabilities, operational and all closure-related costs
         - The parties are proceeding with arbitration in terms of the coal-supply agreement resolution mechanisms.

         Impact on employees
         - Employees were briefed by mine management on the contents of the Eskom letter on 21 September 2015
         - 1 853 people are directly affected by the closure
         - A section 189 notice was issued to organised labour and employees on 2 December 2015
         - A commissioner from the Commission for Conciliation, Mediation and Arbitration (CCMA) was appointed, with the
           first meeting on 14 January 2016
         - Organised labour requested additional information which was supplied on 15 January and 4 February 2016
         - To date, all required information has been submitted to organised labour and further sessions have been
           scheduled.

         Exxaro, Department of Mineral Resources (DMR), Eskom and organised labour discussions
         - Meetings between Exxaro, Eskom, DMR and organised labour took place on 22 December 2015 and 4 February 2016 to
           identify ways to prevent job losses and the sterilisation of coal reserves
         - A revised coal-supply agreement proposal was sent to Eskom in February 2016, based on an optimised mine plan,
           including the Mooifontein opencast reserves which would effectively halve the unit cost per tonne to Eskom.
 
         Going forward
         All equipment and infrastructure is being reclaimed for a disposal strategy that will be implemented by Eskom. 
         In the meantime, the section 189 process is continuing.

4.2.5.4. Matla
         Matla is the only remaining mine with production tied to Eskom. 

         As previously reported, Matla mine 1 remains closed on safety concerns until the required capital for shaft
         development and safety improvement initiatives is obtained from Eskom. A capital expenditure request for 
         mine 2 was submitted to Eskom for approval. 

         The main production at Matla is currently from mine 2.

4.2.5.5. Inyanda
         Mining at Inyanda ended in November 2015. A sale transaction for the assets and liabilities of this mine 
         is in progress, subject to conditions precedent (including the section 11 mineral rights transfer).

4.2.5.6. Belfast
         Following the integrated water use licence authorisation in 2014, an appeal was lodged, resulting in the
         suspension of the licence. We expect the appeal case to be heard by the water tribunal in 2Q16. We also 
         expect the tribunal hearing on the objection against the project's rezoning application received in 2015 
         to be heard in 2Q16. 

         Only 7% of the approved project start-up capital budget has been released to date, primarily for detail
         engineering designs and activities beginning in 2016, until we have more certainty on the regulatory process 
         for this project.
 
         We continue to review our portfolio in the Mpumalanga area for optimal reconfiguration.

4.2.5.7. Thabametsi independent power producer (IPP) coal-supply project
         The mining right application for Thabametsi was submitted in January 2013 and is being reviewed by the DMR. 
         The bankable feasibility study was completed at the end of 2015, and the integrated water use licence was 
         approved in January 2016. An appeal was lodged and Exxaro is following due legal process.

         Preferred bidders for the IPP submissions in the first bid window under the Department of Energy's coal 
         baseload IPP procurement programme are expected to be announced in 1Q16. Based on this, we expect early 
         construction works will begin in 2Q16.

4.2.6. Logistics and infrastructure
       Exxaro was forced to cancel trains to RBCT due to low coal demand from the Indian market. 

       Transnet Freight Rail (TFR) performance from our Mpumalanga mines to RBCT remained on schedule. However, rail
       performance on the North West corridor remains a key concern as it impacts materially on Grootegeluk's ability 
       to dispatch trains to RBCT and ArcelorMittal. Active engagement with TFR has confirmed its commitment to 
       ensuring that adequate rail performance levels are reached and maintained. We will continue to align our 
       Waterberg production with TFR's rail ramp-up schedule.

On the export allocation profile, we expect Inyanda tonnes to be replaced by ECC, Belfast and Grootegeluk tonnes
in future. 
 
4.3. Ferrous business
4.3.1. Net operating loss
       Net operating losses reduced 95% from R6 238 in FY14 to R306 million in FY15, mainly due to:
       - Non-recurring pre-tax impairment loss recorded in FY14 for the Mayoko iron ore project of R5 760 million
       - The reduction in operational activities at Mayoko (R69 million)
       - Closure of the loss-making AlloystreamTM operation in 1Q15 (R108 million).
       Included in FY15 net operating loss is a once-off tax expense provision relating to non-income-based taxes of 
       R156 million recorded after receipt of the assessment. Exxaro will rigorously contest this assessment by 
       following the appropriate processes.

4.3.2. Equity-accounted investments
       In FY15, Exxaro received 96% lower equity-accounted income and 78% lower dividends from SIOC compared to FY14,
       largely attributable to the deteriorating iron ore price which necessitated a reconfiguration of the Sishen pit 
       to a lower cost shell. This, together with the significant impact of a weaker iron ore price outlook, resulted 
       in an impairment charge for Sishen mine of R6 billion (pre-tax), of which Exxaro's share is R1,2 billion (pre-tax). 

       We will continue to review our major investment as markets evolve. We are considering our options following the
       announcement by Anglo American plc to dispose of its interest in Kumba Iron Ore Limited (SIOC's parent company) 
       at an appropriate time.

4.3.3. Portfolio improvement
4.3.3.1. Mayoko iron ore project
         Most of the rolling stock, except for two locomotives, was sold in FY15. No further capital was spent on the
         project, and we kept operating costs to the minimum. The labour force was reduced from 140 to 15 employees. 

         Despite submitting all documents to the Republic of the Congo parliamentary authorities in FY15, the mining
         convention has not yet been ratified. 

         Table 4: Equity-accounted investments (Rm)
                              Equity-accounted income/(loss)       Dividends received                 
                                     FY15         FY14              FY15         FY14    
                                 Reviewed      Audited          Reviewed      Audited    
         SIOC                         104        2 830               673        3 095    
         Tronox                    (1 503)        (568)              668          553    
         Black Mountain                64           77                             71    
         Mafube                       253          267                                   
         Cennergi                     (53)         (92)                                  
         RBCT                          (4)                                               
         SDCT                           2            1                                   
         Total                     (1 137)       2 515             1 341        3 719    

4.4. Titanium dioxide and Alkali chemicals business
4.4.1. Equity-accounted losses
       Equity-accounted losses from the Tronox investment were R1 503 million, compared to R568 million in FY14. 
       This was mainly due to our share of:
       - Stock write-downs to the lower of cost or net realisable value
       - Higher consulting fees and financing costs on the Alkali acquisition in FY15. 

       The performance of this business reflects the resilience and cash-generating abilities from vertical 
       integration model. Therefore, Tronox continued its dividend pay-out at 25 US$ cents per quarter, 
       resulting in our share of the dividends received of R668 million.
 
       We will maintain our investment in Tronox at current levels, given prevailing market conditions.

4.5. Energy business
4.5.1. Equity-accounted losses
       Equity-accounted losses of R53 million from Cennergi (a 50% joint venture with Tata Power) for FY15 
       improved by 42% compared to the R92 million loss in FY14, mainly due a successful cost-reduction 
       initiative focused on both labour and non-labour cost.

       The Amakhala Emoyeni Wind Farm project is on track and within budget. 

5.  BROAD-BASED BLACK ECONOMIC EMPOWERMENT
5.1. BEE shareholder
     Financial assistance 
     Following our announcements in FY15, we secured additional funding to support Exxaro's controlling BEE 
     shareholder, Main Street 333 Proprietary Limited(RF) (Main Street 333). This provides a longer-term 
     solution to Exxaro's BEE status until the structure unwinds in FY16. The current Main Street 333 
     preference share balance is R2,8 billion (IDC supported - R621 million, Exxaro loan R426 million and 
     other R175 million) at 31 December 2015. 

     The lock-in restrictions originally imposed on Main Street 333 as part of Exxaro's current empowerment 
     scheme expire on 30 November 2016, at which point Main Street 333 is free to trade its shares in Exxaro. 
     Currently Main Street 333 has debt obligations that need to be settled by March 2017. We are assessing 
     alternative solutions to address Main Street 333 and its empowerment strategy includes: 
     - Formulating a proposed mechanism for a potential unwind of Exxaro's existing BEE structure
     - Managing all risks, particularly market risk, associated with unwinding
     - Evaluating the requirements and potential alternatives of a subsequent BEE structure/scheme. 

     We are actively engaging Main Street 333 on these matters to find a sustainable and satisfactory solution 
     for all stakeholders and working to implement this solution prior to the November 2016 deadline. We will 
     provide further guidance to the market in due course. 

5.2. ECC transaction
     As part of the DMR's conditions for approving the transfer of ECC's mineral rights to Exxaro (and granting 
     a section 11 transfer of the mining rights in terms of the Mineral and Petroleum Resources Development 
     Act 28 2002 (MPRDA)), Exxaro was required to include additional broad-based black economic empowerment 
     (BBBEE) partners in ECC's assets. 

     We are reconfiguring the ECC asset base to ensure BEE partners are introduced to a sustainable business, 
     aiming for the most appropriate mechanism to introduce BBBEE participation.

6. SUSTAINABILITY OF THE COAL BUSINESS MODEL IN THE SOUTH AFRICAN AND GLOBAL CONTEXT
   There has recently been much activism against coal as a source of energy given to the environmental impact from
   carbon dioxide (CO2) emissions. Our efforts to reduce emissions are well regarded by CDP, the global carbon disclosure
   project. Continued participation in this project remains one of our strategic imperatives as it highlights our 
   climate change strategy and mitigation activities. Our 2014/15 performance was again excellent as we improved by 
   1% to 99% on our disclosure score and received the Platinum Award for the longest-reporting organisation.

   We have made written comments on draft laws for carbon emission regulations to government and were part of a
   business coalition that was actively engaging government on implementation of the carbon tax and greenhouse gas 
   mandatory reporting. 

   Given the current and expected outlook for South Africa's electricity requirements, we believe coal remains a
   relevant source of affordable electricity generation for the economy and that we are well positioned to supply this 
   energy source to Eskom and IPPs. We have a responsibility to supply the people of South Africa with an affordable 
   and sustainable source of energy. 


7. OUTLOOK
   We anticipate that 2016 will be challenging. The key risk to the South African economy for FY16 is the anticipated
   slowing economic growth (forecast rate of 0,9% for 2016), and thus weakening fiscal fundamentals which could pave 
   the way for a credit rating downgrade. We expect the weak exchange rate to remain vulnerable in FY16 on account 
   of domestic and global events. 

   We anticipate that international thermal coal prices will remain at current levels for the short to medium term.
   There is, however, still good international demand for Exxaro's coal. We expect demand from the local metals 
   market to remain subdued in the short to medium term, given the over supply in the market.

   We expect iron ore markets to remain oversupplied, with suppliers' focus further entrenched on cost reductions 
   to shift the cost curve lower. 

   We also expect pricing weakness in the mineral sands and TiO2 pigment sectors to continue throughout FY16, with 
   the slowdown in the Chinese construction industry weighing heavily on the titanium value chain.

   The challenges facing the group relate mainly to:
   - Securing mining rights
   - Securing water use licences and section 11 certificates. Delays in securing these affect the timely delivery 
     of projects, and we continue to liaise with the authorities to ensure licences are granted expeditiously
   - Security of supply contracts with Eskom.

   As a result of delays in ratifying the Mayoko iron ore project mining convention, we will focus on obtaining 
   the mining right in FY16 while finalising our options.

   Our cost base was streamlined but, given the prevailing operating environment, we will continue to identify 
   areas where we can achieve both reductions and efficiency improvements.

   We expect to receive no dividends from SIOC and significantly lower dividends from Tronox in FY16. In the meantime, 
   we will continue to review our major investments as markets evolve. Part of this includes considering our options
   following the announcement by Anglo American plc to dispose of its interest in Kumba Iron Ore Limited at an 
   appropriate time.

   In summary, our focus in the short to medium term will be to:
   - Prioritise and stagger projects (mainly expansion capex) to preserve cash and ensure debt remains within
     acceptable levels. An internal target of net debt at less than two times earnings before interest, taxes, 
     depreciation and amortisation (EBITDA) has been set
   - Continue to reduce input and overhead costs by R300 million in FY16
   - Ensure we maintain high levels of cash generated from controlled operations
   - Maintain our dividend payout philosophy of between 2,5 to 3,0 times core earnings cover
   - Develop Exxaro's future BEE shareholding strategy amid regulatory uncertainty and ensure the current BEE 
     structure unwinds efficiently with minimal impact on stakeholders
   - Evaluate our continued shareholding in key investments (mainly SIOC and Tronox) and assess the ability of these
     investments to contribute to our future earnings and cash flow.
   - Further optimising ECC assets
   - Increasing investor confidence in Exxaro's prospects for the coal business through increased communication of the
     coal business strategy. 

8. FINAL DIVIDEND
   Our dividend policy is based on a cover ratio of between 2,5 and 3,5 times core attributable earnings. While our
   target has been to move towards a 2,0 times core earnings cover, we are cognisant of the environment in which we operate
   and our stakeholders' needs. We continuously review this policy to ensure our dividend pay-outs are sustainable.

   Notice is therefore given that a gross final cash dividend, number 26 of 85 cents (final FY14: 210 cents) per share,
   for the financial year ended 31 December 2015 was declared, payable to shareholders of ordinary shares. For details of
   the dividend, please refer note 10 of the reviewed condensed group financial statements.

   Salient dates for payment of the final dividend are:
   Last day to trade cum dividend on the JSE            Friday, 8 April 2016
   First trading day ex dividend on the JSE            Monday, 11 April 2016
   Record date                                         Friday, 15 April 2016
   Payment date                                        Monday, 18 April 2016

   No share certificates may be dematerialised or rematerialised between Monday, 11 April 2016 and Friday, 15 April
   2016, 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 or broker credited on Monday, 18 April 2016.

9. CHANGES TO THE BOARD
   As announced in August 2015, Norman Mbazima resigned from the board from 18 August 2015 and Saleh Mayet was
   appointed from the same day. The board thanks Norman for his diligent service and welcomes Saleh to the team.

   As previously communicated, Mxolisi Mgojo will succeed Sipho Nkosi as chief executive officer on 1 April 2016. 
   Sipho has served the company with absolute diligence and dedication over the eight years since November 2007, 
   a year after Exxaro listed on the JSE Limited following the unbundling of Kumba Resources Limited (Kumba). 

   Sipho was instrumental in forming Exxaro, which involved the merger of Kumba's coal, mineral sands and base metals
   assets with Eyesizwe Coal Proprietary Limited, a company he had founded earlier with Mxolisi and others. Under his
   leadership, Exxaro has developed into one of the largest and foremost black-owned, South Africa-based diversified 
   resources companies. 

   The board of directors thanks Sipho for his tenure during which the group's net asset value per share rose by 250%
   to R98 per share at 31 December 2015 from R28 in 2007.

GENERAL
Additional information on financial and operational results for the year ended 31 December 2015, and the accompanying
presentation can be accessed on our website on www.exxaro.com.


On behalf of the board

Len Konar        Sipho Nkosi                    Wim de Klerk 
Chairman         Chief executive officer        Finance director

2 March 2016

The Exxaro board would like to thank Sipho for developing Exxaro into a leading South African resources company and
for delivering significant value to stakeholders. The group has a strong balance sheet, solid growth potential and is
poised to move to the next level of growth,? said Dr Len Konar, chairman of the Exxaro board.

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
Absa Bank Limited (acting through its Corporate and Investment Bank Division) 
Tel: +27 11 895 6000

If you have any queries regarding your shareholding in Exxaro Resources Limited, please contact the transfer
secretaries at +27 11 370 5000.


ANNEXURE: Acronyms


Acronyms                                                                                                    
                                                                                                            
AKI                  African Iron Limited                                                                   
AMSA                 ArcelorMittal SA Limited                                                               
API4                 All publications index 4 (fob Richards Bay 6 000kcal/kg)                               
ArcelorMittal        ArcelorMittal South Africa Limited                                                     
AU$                  Australian dollar                                                                      
AEWF                 Amakhala Emoyeni Wind Farm                                                             
BEE                  Black-Economic Empowerment                                                             
Black Mountain       Black Mountain Proprietary Limited                                                     
Cennergi             Cennergi Proprietary Limited                                                           
CFR                  Cost and Freight                                                                       
CGU                  Cash-generating unit                                                                   
Chifeng              Chifeng Kumba Hongye Corporation Limited                                               
Cps                  cents per share                                                                        
DCM                  Dorstfontein Coal Mine                                                                 
DMR                  Department of Mineral Resources                                                        
DMTN                 Domestic Medium-Term Note                                                              
ECC                  Exxaro Coal Central Proprietary Limited                                                
EMJV                 Ermelo joint venture                                                                   
Exxaro               Exxaro Resources Limited                                                               
FCTR                 Foreign currency translation reserve                                                   
FeCr                 FerroChrome                                                                            
HEPS                 Headline earnings per share                                                            
IAS                  International Accounting Standard                                                      
IASB                 International Accounting Standards Board                                               
IFRS                 International Financial Reporting Standard                                             
JIBAR                Johannesburg Interbank Average Rate                                                    
JSE                  JSE Limited                                                                            
kcal                 kilocalorie                                                                            
KIO                  Kumba Iron Ore Limited                                                                 
kt                   kilo tonnes                                                                            
LME                  London Metal Exchange                                                                  
LOM                  Life of Mine                                                                           
LTIFR                Lost-time injury frequency rate                                                        
Mafube               Mafube Coal Proprietary Limited                                                        
Main Street 333      Mainstreet 333 Proprietary Limited(RF)                                                
Mmakau Coal          Mmakau Coal Proprietary Limited                                                        
MPRDA                Mineral and Petroleum Resources Development Act                                        
Mt                   Million tonnes                                                                         
Mtpa                 Million tonnes per annum                                                               
NBC                  North Block Complex                                                                    
NCC                  New Clydesdale Colliery                                                                
OCI                  Other comprehensive income                                                             
PPA                  Purchase Price Allocation                                                              
Rb                   Rand billion                                                                           
RB1                  Richards Bay export product 1                                                          
RBCT                 Richards Bay Coal Terminal                                                             
Rm                   Rand million                                                                           
RMB                  Chinese Renminbi                                                                       
RoC                  Republic of Congo                                                                      
PRC                  Peoples Republic of China                                                              
RSA                  Republic of South Africa                                                               
SAICA                South African Institute of Chartered Accountants                                       
SARS                 South African Revenue Service                                                          
Scinta               Scinta Energy Proprietary Limited                                                      
SDCT                 South Dunes Coal Terminal SOC Limited                                                  
SIOC                 Sishen Iron Ore Company Proprietary Limited                                            
SOC                  State owned company                                                                    
SSCC                 Semi-soft coking coal                                                                  
TCSA                 Total Coal South Africa Proprietary Limited                                            
TFR                  Transnet Freight Rail                                                                  
TiO2                 Titanium dioxide                                                                       
Tronox               Tronox Limited                                                                         
Tronox SA            Tronox KZN Sands Proprietary Limited and Tronox Mineral Sands Proprietary Limited      
Tronox UK            Tronox Sands Limited Liability Partnership in the United Kingdom                       
US$                  United States dollar                                                                   
VAT                  Value Added Tax

Disclaimer
Opinions expressed herein are by nature subjective to known and unknown risks and uncertainties. Changing information
or circumstances may cause the actual results, plans and objectives of Exxaro Resources Limited (the ?Company?) to
differ materially from those expressed or implied in the forward looking statements. Financial forecasts and data given
herein are estimates based on the reports prepared by experts who in turn relied on management estimates. Undue reliance
should not be placed on such opinions, forecasts or data. No representation is made as to the completeness or correctness of
the opinions, forecasts or data contained herein. Neither the Company, nor any of its affiliates, advisors or
representatives accepts any responsibility for any loss arising from the use of any opinion expressed or forecast or data herein.
Forward-looking statements apply only as of the date on which they are made and the Company does not undertake any
obligation to publicly update or revise any of its opinions or forward looking statements whether to reflect new data or
future events or circumstances. 

The full report is available on 
www.exxaro.com or scan the code with your smartphone to take you there.
Date: 03/03/2016 07:07:00 Supplied by www.sharenet.co.za                     
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