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Exxaro Resources Limited - Exx - Reviewed Condensed Group Annual Financial Statements And Unreviewed Production And Sales Volumes

Release Date: 09/03/2017 07:05:00      Code(s): EXX     
EXXARO RESOURCES LIMITED 
(Incorporated in the Republic of South Africa)
Registration number: 2000/011076/06
JSE share code: EXX
ISIN: ZAE000084992
ADR code: EXXAY
(?Exxaro? or ?the company? or ?the group?)

REVIEWED CONDENSED GROUP ANNUAL FINANCIAL STATEMENTS AND UNREVIEWED PRODUCTION AND SALES VOLUMES INFORMATION
for the year ended 31 December 2016

SALIENT FEATURES

Owner-controlled operations                                        
- Coal revenue R20,7 billion, up 14%                               
- Coal NOP* of R5,2 billion, up 101%                               
                                                                            
SIOC                                                               
- R2,4 billion post-tax equity-accounted income                    
- No dividends declared for FY16                                    
                                                                            
Tronox                                                             
- R384 million post-tax equity-accounted losses                              
- Dividend of R298 million                                         
                                                                            
Group                                                              
- Net debt: equity of 3,8%                                          
- Final dividend of 410 cents per share, up 382%                                
- HEPS** of R13,02 per share, up 185%                              
- AEPS*** of R16,00 per share, up from 83 cents per share          
                                                                            
*   Net operating profit.
**  Headline earnings per share.
*** Attributable earnings per share.

Please refer to the end for an explanation of the acronyms used throughout this document.

CONDENSED GROUP STATEMENT OF COMPREHENSIVE INCOME 
for the year ended 31 December
                                                                                                    2015          
                                                                                2016             Audited          
                                                                            Reviewed      (Re-presented)         
                                                                                  Rm                  Rm          
Revenue                                                                       20 897              18 330          
Operating expenses                                                           (16 413)            (13 116)          
Operating profit (note 8)                                                      4 484               5 214          
Gain on disposal of joint venture (note 7.1)                                     203                              
Impairment charges of non-current assets (note 9)                               (100)             (1 749)          
Net operating profit                                                           4 587               3 465          
Finance income (note 10)                                                         229                 102          
Finance costs (note 10)                                                         (857)               (770)          
Income from financial assets                                                                           1          
Share of income/(loss) of equity-accounted investments (note 11)               2 373              (1 137)          
Profit before tax                                                              6 332               1 661          
Income tax expense                                                            (1 179)             (1 102)          
Profit for the year from continuing operations                                 5 153                 559          
Profit/(loss) for the year from discontinued operations (note 6)                 538                (292)          
Profit for the year                                                            5 691                 267          
Other comprehensive (loss)/income, net of tax                                   (549)              2 167          
Items that will not be reclassified to profit or loss:                           (57)                124          
- Remeasurements of post-employment benefit obligation                                               (17)          
- Share of comprehensive (loss)/income of equity-accounted investments           (57)                141          
Items that may be subsequently reclassified to profit or loss:                  (492)              2 043          
- Unrealised (losses)/gains on translation of foreign operations                 (45)                329          
- Revaluation of financial assets available-for-sale                              (5)               (141)          
- Share of comprehensive (loss)/income of equity-accounted investments          (442)              1 855          
Total comprehensive income for the year                                        5 142               2 434          
Profit/(loss) attributable to:                                                                                    
Owners of the parent                                                           5 679                 296          
- Continuing operations                                                        5 141                 588          
- Discontinued operations                                                        538                (292)          
Non-controlling interests                                                         12                 (29)          
- Continuing operations                                                           12                 (29)          
Profit for the year                                                            5 691                 267          
Total comprehensive income/(loss) attributable to:                                                                
Owners of the parent                                                           5 130               2 463          
- Continuing operations                                                        4 666               2 768          
- Discontinued operations                                                        464                (305)          
Non-controlling interests                                                         12                 (29)          
- Continuing operations                                                           12                 (29)          
Total comprehensive income for the year                                        5 142               2 434          
                                                                                                                  
                                                                                                    2015          
                                                                                2016             Audited          
                                                                            Reviewed      (Re-presented)         
                                                                               cents               cents          
Attributable earnings/(loss) per share                                                                            
Aggregate                                                                                                         
- Basic                                                                        1 600                  83          
- Diluted                                                                      1 591                  83          
Continuing operations                                                                                             
- Basic                                                                        1 448                 165          
- Diluted                                                                      1 440                 165          
Discontinued operations                                                                                           
- Basic                                                                          152                 (82)          
- Diluted                                                                        151                 (82)          


CONDENSED GROUP STATEMENT OF FINANCIAL POSITION
at 31 December
                                                               2016          2015          
                                                           Reviewed       Audited          
                                                                 Rm            Rm          
ASSETS                                                                                     
Non-current assets                                           49 959        46 482          
Property, plant and equipment                                21 972        20 412          
Biological assets                                                45            51          
Intangible assets                                                31            56          
Investments in associates (note 14)                          21 518        19 690          
Investments in joint ventures (note 15)                       1 258         1 662          
Financial assets (note 16)                                    4 720         4 067          
Deferred tax                                                    415           544          
Current assets                                                9 842         6 016          
Inventories                                                   1 036         1 240          
Financial assets (note 16)                                      480                        
Trade and other receivables                                   3 050         2 666          
Current tax receivable                                           81            55          
Cash and cash equivalents                                     5 195         2 055          
Non-current assets held-for-sale (note 17)                      130           128          
Total assets                                                 59 931        52 626          
EQUITY AND LIABILITIES                                                                     
Capital and other components of equity                                                     
Share capital                                                 2 509         2 445          
Other components of equity                                    2 085         6 911          
Retained earnings                                            31 281        25 670          
Equity attributable to owners of the parent                  35 875        35 026          
Non-controlling interests                                      (788)         (800)          
Total equity                                                 35 087        34 226          
Total liabilities                                            24 844        18 400          
Non-current liabilities                                      16 282        12 701          
Interest-bearing borrowings (note 18)                         6 002         4 185          
Provisions                                                    4 162         3 112          
Post-retirement employee obligations                            239           217          
Financial liabilities (note 20)                                 479           116          
Deferred tax                                                  5 400         5 071          
Current liabilities                                           7 461         4 655          
Trade and other payables                                      3 010         3 546          
Shareholder loans                                                18            21          
Interest-bearing borrowings (note 18)                           503           882          
Current tax payable                                             210            48          
Financial liabilities (note 20)                               3 599                        
Provisions                                                      109           158          
Overdraft (note 18)                                              12                        
Non-current liabilities held-for-sale (note 17)               1 101         1 044          
Total equity and liabilities                                 59 931        52 626          


CONDENSED 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    revaluation   
                                       Rm            Rm            Rm         Rm            Rm             Rm     
At 1 January 2015 (Audited)         2 409         4 167           116      1 695          (329)           382    
Profit/(loss) for the year                                                                                       
Other comprehensive income/(loss)                   329                                    (17)          (141)   
Reclassification of equity                                                                               (360)  
Share of comprehensive income of                                                                               
equity-accounted investments                      1 438           125        215           141             64    
Issue of share capital                 36                                                                        
Share-based payments movement                                                 98                                 
Dividends paid                                                                                                    
Acquisition of subsidiaries                                                                                       
Liquidation of subsidiaries                      (1 012)                                                          
At 31 December 2015 (Audited)       2 445         4 922           241      2 008          (205)           (55)   
Profit for the year                                                                                              
Other comprehensive loss                            (45)                                                   (5)    
Share of associates?                                                                                           
reclassification of equity                                                  (557)                               
Share of comprehensive 
(loss)/income of equity-accounted
investments                                        (466)         (218)       242           (57)                   
Issue of share capital1                64                                                                        
Share-based payments movement                                                205                                 
Dividends paid                                                                                                    
Share repurchase2                                                                                                 
Disposal of foreign subsidiaries3                  (401)                                                          
At 31 December 2016 (Reviewed)      2 509         4 010            23      1 898          (262)           (60)   
1 Vesting of Mpower 2012 treasury shares to good leavers.                                                      
2 Refer note 20.                                                                                              
3 Gain on translation differences recycled to profit or loss on the disposal of subsidiaries (Mayoko iron ore project 
  and related subsidiaries). 

CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY
                          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 2015 (Audited)                   25 985           34 425                  34 425    
Profit/(loss) for the year                       296              296           (29)      267    
Other comprehensive income/(loss)                                 171                     171    
Reclassification of equity                       360                                            
Share of comprehensive income of                                                     
equity-accounted investments                      13            1 996                   1 996    
Issue of share capital                                             36                      36    
Share-based payments movement                                      98                      98    
Dividends paid                                  (984)            (984)                   (984)    
Acquisition of subsidiaries                                                    (771)     (771)    
Liquidation of subsidiaries                                    (1 012)                 (1 012)    
At 31 December 2015 (Audited)                 25 670           35 026          (800)   34 226    
Profit for the year                            5 679            5 679            12     5 691    
Other comprehensive loss                                          (50)                    (50)    
Share of associates?                                                 
reclassification of equity                       557                                            
Share of comprehensive 
(loss)/income of equity-accounted
investments                                                      (499)                   (499)    
Issue of share capital1                                            64                      64    
Share-based payments movement                                     205                     205    
Dividends paid                                  (625)            (625)                   (625)    
Share repurchase2                 (3 524)                      (3 524)                 (3 524)    
Disposal of foreign subsidiaries3                                (401)                   (401)    
At 31 December 2016 (Reviewed)    (3 524)     31 281           35 875          (788)   35 087    
1 Vesting of Mpower 2012 treasury shares to good leavers.                                                            
2 Refer note 20.                                                                                                                  
3 Gain on translation differences recycled to profit or loss on the disposal of subsidiaries (Mayoko iron ore 
  project and related subsidiaries).     
                                                                                                                 
Final dividend paid per share (cents) in respect of the 2015 financial year                            85        
Dividend paid per share (cents) in respect of the 2016 interim period                                  90        
Final dividend payable per share (cents) in respect of the 2016 financial year                        410        
                                                                                                                 
Foreign currency translation                                                                                  
Arises 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.                              
                                                                                                 
Available-for-sale revaluation                                                                                                                    
Comprises fair value adjustments, net of tax, on the available-for-sale financial assets.                                    
                                                                                                             

CONDENSED GROUP STATEMENT OF CASH FLOWS
for the year ended 31 December
                                                                         2016          2015    
                                                                     Reviewed       Audited    
                                                                           Rm            Rm    
Cash flows from operating activities                                    3 918         3 011    
Cash generated by operations                                            5 549         4 526    
Interest paid                                                            (595)         (500)    
Interest received                                                         136            54    
Tax paid                                                                 (547)          (85)    
Dividends paid                                                           (625)         (984)    
Cash flows from investing activities                                   (2 198)       (5 130)    
Property, plant and equipment to maintain operations (note 13)         (2 413)       (1 663)    
Property, plant and equipment to expand operations (note 13)             (367)         (727)    
Increase in investment in intangible assets                                             (34)    
Proceeds from disposal of property, plant and equipment                    35           198    
Increase in investments in other non-current assets                      (160)         (106)    
Increase in loans to related parties                                                   (400)    
Proceeds from disposal of operation (note 7.1)                             47            70    
Proceeds from disposal of joint venture (note 7.1)                        200                  
Increase in investment in associate                                      (233)                  
Increase in investment in joint venture                                   (55)         (374)    
Income from investments in associates and joint ventures                  748         1 341    
Acquisition of subsidiaries                                                          (3 436)    
Dividend income from financial assets                                                     1    
Cash flows from financing activities                                    1 483         2 000    
Interest-bearing borrowings raised                                      7 565         4 320    
Interest-bearing borrowings repaid                                     (6 066)       (2 320)    
Shares acquired in market to settle share-based payments                  (16)                  
                                                                                               
Net increase/(decrease) in cash and cash equivalents                    3 203          (119)    
Cash and cash equivalents at beginning of the year                      2 055         1 939    
Translation difference on movement in cash and cash equivalents           (75)          235    
Cash and cash equivalents at end of the year                            5 183         2 055    
Cash and cash equivalents                                               5 195         2 055    
Overdraft                                                                 (12)                  
                                                                                               

RECONCILIATION OF GROUP HEADLINE EARNINGS 
for the year ended 31 December
                                                                    Gross        Tax           Net    
2016 (Reviewed)                                                        Rm         Rm            Rm 
Profit attributable to owners of the parent                                                  5 679    
Adjusted for:                                                      (1 001)       (57)       (1 058)    
- IFRS 10 Gain on disposal of subsidiaries                           (670)                    (670)    
- IAS 16 Net losses on disposal of property,                                           
  plant and equipment                                                  35        (13)           22    
- IAS 16 Gain on disposal of an operation                            (100)                    (100)    
- IAS 28 Excess of fair value over cost of                                             
  investment in associate                                            (256)                    (256)    
- IAS 28 Loss on dilution of investment in associate                   36                       36    
- IAS 28 Share of equity-accounted investments?                                        
  separate identifiable remeasurements                                 57        (17)           40    
- IAS 28 Gain on disposal of joint venture                           (203)                    (203)    
- IAS 36 Impairment of property, plant and equipment                  100        (27)           73    
                                                                                                       
Headline earnings/(loss)                                                                     4 621    
- Continuing operations                                                                      4 763    
- Discontinued operations                                                                     (142)    
2015 (Audited) (Re-presented)                                                                          
Profit attributable to owners of the parent                                                    296    
Adjusted for:                                                       1 683       (356)        1 327    
- IAS 16 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 from 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 equity-accounted investments? 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/(loss)                                                                     1 623    
- Continuing operations                                                                      2 035    
- Discontinued operations                                                                     (412)    
                                                                                                      
                                                                                              2015    
                                                                          2016             Audited    
                                                                      Reviewed      (Re-presented)   
                                                                         cents               cents    
Headline earnings/(loss) per share                                                                    
Aggregate                                                                                             
- Basic                                                                  1 302                 457    
- Diluted                                                                1 294                 456    
Continuing operations                                                                                 
- Basic                                                                  1 342                 573    
- Diluted                                                                1 334                 572    
Discontinued operations                                                                               
- Basic                                                                    (40)               (116)    
- Diluted                                                                  (40)               (116)    


NOTES TO THE REVIEWED CONDENSED GROUP ANNUAL 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 annual financial statements as at and for the year ended 31 December 2016 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 annual financial statements as at and for the year ended 31 December 2016 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 annual financial statements as at and for the year ended 31 December 2016 have been prepared under the 
     supervision of PA Koppeschaar CA(SA), SAICA registration number: 00038621.          
     The reviewed condensed group annual financial statements should be read in conjunction with the group annual financial statements 
     as at and for the year ended 31 December 2015, which have been prepared in accordance with IFRS as issued by the IASB. The reviewed 
     condensed group annual 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 annual financial statements of Exxaro and its subsidiaries for the year ended 31 December 2016 were 
     authorised for issue by the board of directors on 7 March 2017.          

2.2  Judgements and estimates          
     In preparing these reviewed condensed group annual 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 2015.          

3.   ACCOUNTING POLICIES          
     The accounting policies adopted in the preparation of the reviewed condensed group annual 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 2015. Amendments 
     to IFRS effective for the financial year ending 31 December 2016 did not have a material impact on the group.          
     New accounting standards and amendments issued to accounting standards and interpretations which are relevant to the group, but 
     not yet effective on 31 December 2016, have not been adopted. The group continuously evaluates the impact of these standards and 
     amendments.          

4.   RE-PRESENTATION OF COMPARATIVE INFORMATION          
     The prior year of the condensed group statement of comprehensive income (and related notes) has been re-presented as a result of 
     the ferrous iron ore operating segment being identified as discontinued operations. Refer note 6 on discontinued operations.          
               
5.   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. Segments reported are based on the 
     group?s different products and operations.          

     Total operating segment revenue, which excludes VAT, represents the gross value of goods invoiced, services rendered and 
     includes operating revenues directly and reasonably allocable to the segments. Export revenue is recorded according to the 
     relevant sales terms, when the risks and rewards of ownership are transferred.          

     Segment revenue includes sales made between segments. These sales are made on a commercial basis. Segment operating expenses, 
     assets and liabilities represent direct or reasonably allocable operating expenses, assets and liabilities. Segment net operating    
     profit equals segment revenue less operating segment expenses, less impairment charges, plus impairment reversals.          

     The group has four reportable 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 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% (2015: 50%) investment in Mafube (a joint venture with Anglo) as well as a 10,82% (2015: 9,37%) 
     effective equity interest in RBCT. The coal operations produce thermal coal, metallurgical coal and SSCC.          

     Ferrous          
     The ferrous segment comprises a 20,62% (2015: 19,98%) equity interest in SIOC (located in South Africa) reported within the other 
     ferrous operating segment as well as the FerroAlloys operations (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 the other ferrous segment where investments and other are reviewed by the executive committee. The iron ore operating segment 
     (comprising the Mayoko iron ore project and related subsidiaries) was classified as discontinued operations and sold on 
     23 September 2016.          

     TiO2 and Alkali chemicals          
     Exxaro holds a 43,66% (2015: 43,87%) equity interest in Tronox and a 26% (2015: 26%) equity interest in Tronox SA (each of the South 
     African-based operations), as well as a 26% (2015: 26%) member?s interest in Tronox UK.       

     Other          
     This reportable segment comprises the 50% (2015: 50%) investment in Cennergi (a South African joint venture with Tata Power), 
     26% (2015: 26%) equity interest in Black Mountain (located in the Northern Cape province), an effective investment of 11,7% 
     (2015: 11,7%) in Chifeng (located in the PRC) as well as the corporate office which renders services to customers.        
    
     The following table presents a summary of the group?s segmental information:                                             
                                                           Coal                    Ferrous          TiO2 and            Other            Total        
                                                      Tied   Commercial    Iron              Other      Alkali      Base                               
                                                operations   operations     ore   Alloys   ferrous   chemicals    metals     Other                     
                                                        Rm           Rm      Rm       Rm        Rm          Rm        Rm        Rm          Rm         
     For the year ended                                                                                                             
     31 December 2016 (Reviewed)                                                                                                      
     External revenue (continuing operations)        3 483       17 190              170                                        54      20 897          
     Segment net operating profit/(loss)               226        4 940     613      (75)       28                            (532)      5 200          
     - Net operating profit/(loss) from                                                                                             
       continuing operations                           226        4 940              (75)       28                            (532)      4 587          
     - Net operating profit from                                                                                                    
       discontinued operations                                              613                                                            613          
     External finance income (note 10)                   2           61                1                                       165         229          
     External finance costs (note 10)                 (105)        (245)                                                      (507)       (857)          
     Income tax benefit/(expense)                       13       (1 110)    (75)      21         2                            (105)     (1 254)          
     Depreciation and amortisation (note 8)            (12)      (1 072)              (7)                                     (107)     (1 198)          
     Impairment charges - non-current assets                                                                                        
     (excluding financial assets) (note 9)                                          (100)                                                 (100)          
     Gain on disposal of operation                                  100                                                                    100          
     Gain on disposal of Mayoko iron ore project                                                                                    
     and related subsidiaries                                               670                                                            670          
     Gain on disposal of joint venture                              203                                                                    203          
     Cash generated by/(utilised in) operations        260        5 426     (29)     (53)      (22)                            (33)      5 549          
     Share of income/(loss) of                                                                                                      
     equity-accounted investments (note 11)                         238                      2 416        (384)      100         3       2 373          
     Capital expenditure (note 13)                               (2 747)             (14)                                      (19)     (2 780)          
     At 31 December 2016 (Reviewed)                                                                                                                     
     Segment assets and liabilities                                                                                                                     
     Deferred tax                                                    49               22         1                             343         415          
     Investments in associates (note 14)                          2 217                      7 549      11 232       520                21 518          
     Investments in joint ventures (note 15)                        839                                                        419       1 258          
     External assets1                                2 952       27 481      13       201       25                   178     5 760      36 610          
     Assets                                          2 952       30 586      13       223    7 575      11 232       698     6 522      59 801          
     Non-current assets held-for-sale (note 17)                       1                                                        129         130          
     Total assets as per statement                                                                                                  
     of financial position                           2 952       30 587      13      223     7 575      11 232       698     6 651      59 931          
     External liabilities                            2 631        4 939               39         4                          10 520      18 133          
     Deferred tax2                                     (54)       5 515                                                        (61)      5 400          
     Current tax payable2                              (14)         224                                                                    210          
     Liabilities                                     2 563       10 678               39         4                          10 459      23 743          
     Non-current liabilities held-for-sale                                                                                            
     (note 17)                                                    1 101                                                                  1 101          
     Total liabilities as per statement                                                                                              
     of financial position                           2 563       11 779               39         4                          10 459      24 844          
     1 Excluding deferred tax, investments in associates and joint ventures and non-current assets held-for-sale.              
     2 Offset per legal entity and tax authority.                                                                     
                                                                                                                                    
                                                            Coal                    Ferrous           TiO2 and           Other           Total        
                                                      Tied   Commercial    Iron              Other      Alkali      Base                              
                                                operations   operations     ore   Alloys   ferrous   chemicals    metals     Other                    
                                                        Rm           Rm      Rm       Rm        Rm          Rm        Rm        Rm          Rm         
     For the year ended                                                                                                              
     31 December 2015 (Audited) (Re-presented)                                                                                       
     External revenue (continuing operations)        3 835       14 258              173                                        64      18 330          
     Segment net operating profit/(loss)               195        2 379    (292)      10       (24)                            905       3 173          
     - Net operating profit/(loss) from                                                                                              
       continuing operations                           195        2 379               10       (24)                            905       3 465          
     - Net operating loss from                                                                                                       
       discontinued operations                                             (292)                                                          (292)          
     External finance income (note 10)                   3           38                                                         61         102          
     External finance costs (note 10)                  (63)        (154)                                                      (553)       (770)          
     Income tax (expense)/benefit                      (17)      (1 115)              (3)        6                              27      (1 102)          
     Depreciation and amortisation (note 8)            (24)        (927)              (7)       (4)                            (67)     (1 029)          
     Impairment charges - goodwill (note 9)                      (1 524)                                                                (1 524)          
     Impairment charges - non-current assets                                                                                         
     (excluding financial assets                                                                                                     
     and goodwill) (note 9)                                        (225)                                                                  (225)          
     Gain on disposal of operation                                  112                                                                    112          
     Cash generated by/(utilised in)                                                                                                 
     operations                                        332        4 300    (285)     (38)      (74)                            291       4 526          
     Share of income/(loss) of                                                                                                       
     equity-accounted investments (note 11)                         251                        104      (1 503)       64       (53)     (1 137)          
     Capital expenditure (note 13)                               (2 313)             (28)                                      (49)     (2 390)          
     At 31 December 2015 (Audited)                                                                                                                      
     Segment assets and liabilities                                                                                                                     
     Deferred tax                                       39           47              124       109                             225         544          
     Investments in associates (note 14)                          1 919                      5 081      12 270       420                19 690          
     Investments in joint ventures (note 15)                      1 067                                                        595       1 662          
     External assets1                                1 934       25 948     114      189        29                   210     2 178      30 602          
     Assets                                          1 973       28 981     114      313     5 219      12 270       630     2 998      52 498          
     Non-current assets held-for-sale                                                                                                
     (note 17)                                                                                                                 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          
     Liabilities                                     1 645       10 418     290       42        52                           4 909      17 356          
     Non-current liabilities held-for-sale                                                                                           
     (note 17)                                                    1 044                                                                  1 044          
     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 associates and joint ventures and non-current assets held-for-sale.          
     2 Offset per legal entity and tax authority.                           

6.   DISCONTINUED OPERATIONS                                                                      
     Exxaro entered into a sale of shares agreement for the sale of the Mayoko iron ore project (and related subsidiaries) for a purchase 
     consideration of US$2 million which became effective on 23 September 2016. The disposal group represents a separate geographical 
     area of operation and represents the iron ore operating segment within the ferrous reportable segment. Financial information 
     relating to discontinued operations for the period to the date of disposal is set out below:                 
                                                                 For the year ended 31 December                        
                                                                                          2015    
                                                                      2016             Audited    
                                                                  Reviewed      (Re-presented)   
                                                                        Rm                  Rm    
     The financial performance and cash flow information                                          
     Operating expenses                                                (57)               (292)    
     Operating loss                                                    (57)               (292)    
     Gain on disposal of subsidiaries                                  670                        
     Net operating profit/(loss)                                       613                (292)    
     Income tax expense                                                (75)                        
     Profit/(loss) for the year from discontinued operations           538                (292)    
     Cash flow attributable to operating activities                    (29)               (326)    
     Cash flow attributable to investing activities                      9                 119    
     Cash flow attributable to discontinued operations                 (20)               (207)    

7.   GAINS ON THE DISPOSAL OF JOINT VENTURE, OPERATIONS AND SUBSIDIARIES       
7.1  Continuing operations                                                
                                                              SDCT            Inyanda     
                                                     joint venture          operation    
                                                                Rm                 Rm    
     For the year ended 31 December 2016                                                
     Gain on the disposal                                                
     Consideration received:                                                
     - Cash                                                    200                 47    
     Total disposal consideration                              200                 47    
     Carrying amount of net liabilities sold                     3                 53    
     - Carrying amount of investment sold1                                                
     - Equity-accounted losses realised on disposal              3                       
     - Provisions                                                                  53    
     Gain on disposal2                                         203                100    
     1 The investment in SDCT was sold on 31 March 2016. The carrying value of the investment was 
       below R1 million (R1 333).      
     2 After tax of nil.                                                
                                               
                                                                  NCC operation    
                                                                             Rm    
     For the year ended 31 December 2015                                                
     Gain on the disposal                                                
     Consideration received:                                                
     - Cash                                                                  70    
     Total disposal consideration                                            70    
     Carrying amount of net liabilities sold                                 42    
     - Property, plant and equipment                                       (149)    
     - Inventories                                                           (7)    
     - Provisions                                                           197    
     - Trade and other payables                                               1    
     Gain on disposal                                                       112    
     Net tax effect                                                         (31)    

7.2  Discontinued operations                                                
                                                                         Mayoko     
                                                                       iron ore     
                                                                       project1    
                                                                             Rm    
     For the year ended 31 December 2016                                                
     Gain on the disposal                                                
     Consideration receivable:                                                
     - Cash                                                                  28    
     Total disposal consideration                                            28    
     Carrying amount of net liabilities sold                                642    
     - Trade and other receivables                                          (13)    
     - Provisions                                                            32    
     - Trade and other payables                                             153    
     - Current tax payable                                                   69    
     - Foreign currency translation reserve                                 401    
     Gain on disposal2                                                      670    

     1 The following subsidiaries relating to the Mayoko iron ore project were disposed of:                                                
       - African Iron Exploration SA                                                
       - African Iron Proprietary Limited                                                
       - AKI Exploration (Bermuda) Proprietary Limited                                                
       - AKI Exploration Proprietary Limited                                                
       - DMC Iron Congo SA                                                
       - DMC Mining Proprietary Limited                                                
       - Exxaro Mayoko SA                                                
       - Mayoko Investment Company                                                
     2 After tax of nil.                                                
                                                         
                                                                              For the year ended 31 December                             
                                                                                                      2015          
                                                                                   2016            Audited          
                                                                               Reviewed     (Re-presented)          
                                                                                     Rm                 Rm          
8.   SIGNIFICANT ITEMS INCLUDED IN OPERATING PROFIT                                                                 
     Depreciation and amortisation                                               (1 198)            (1 029)          
     Net realised foreign currency exchange (losses)/gains1                        (116)             1 336          
     Fair value adjustment on contingent consideration2                            (445)                             
     Royalties                                                                      (82)              (126)          
     Gain on disposal of operations3                                                100                112          
     Termination benefits4                                                         (226)              (372)          

     1 2015 includes R1 012 million relating to the liquidation 
       of a foreign subsidiary.                                                     
     2 Relating to the ECC acquisition.                                                    
     3 Sale of the Inyanda operation in 2016 and the 
       NCC operation in 2015 (refer note 7.1).                                                 
     4 Voluntary severance package costs and other termination 
       costs incurred and accrued for.                                               

9.   IMPAIRMENT CHARGES OF NON-CURRENT ASSETS                                                                       
     FerroAlloys operation                                                                                          
     Impairment charges, net of tax                                                  73                             
     - Property, plant and equipment                                                100                             
     - Tax effect                                                                   (27)                             
     ECC                                                                                                            
     Impairment charges, net of tax                                                                  1 524          
     - Goodwill                                                                                      1 524          
     Reductants operation                                                                                           
     Impairment charges, net of tax                                                                    162          
     - Property, plant and equipment                                                                   225          
     - Tax effect                                                                                      (63)          
     Net impairment charges per statement of comprehensive income                   100              1 749          
     Net tax effect                                                                 (27)               (63)          
     Net effect on attributable earnings                                             73              1 686          
                                                                                 
     FerroAlloys operation                                                          
     The ferrosilicon plant was expanded during 2013/4 which led to a material increase in production capacity on commissioning. 
     This expansion project was in line with Exxaro?s strategy and expected increased demand from customers. During 2016, one 
     of the major customers was put into business rescue and another major customer gave notice to terminate the current supply 
     agreement on 31 December 2018.                                                      

     FerroAlloys has been engaged in product diversification, promotions and test campaigns at various plants and markets. 
     Although some interest was shown in the product and positive test results were obtained, it is not possible to determine 
     growth in the new market. The significant lower demand from current customers and the prospects of securing new customers for 
     the ferrosilicon product has been identified as an impairment indicator (according to IFRS) and as a result an impairment 
     assessment was performed at 31 December 2016. The ferrosilicon plant was fully impaired (R100 million) on 31 December 2016.                       

     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. The goodwill was assessed for impairment on 31 December 2015 and was fully impaired on that date.                  

     Reductants operation                                                                          
     The decline in demand, lower FeCr prices and rising production costs drastically impacted local producers. This, coupled 
     with continued declining imported semi-coke and cheaper market coke prices resulted in producers increasing market coke usage 
     and further reducing semi-coke demand. The char plant was fully impaired in 2015 based on the cessation of production.
 
                                                                     For the year ended 31 December                             
                                                                          2016               2015          
                                                                      Reviewed            Audited          
                                                                            Rm                 Rm          
10.  NET FINANCING COSTS                                                                                   
     Total finance income                                                  229                102          
     - Interest income                                                     218                 91          
     - Finance lease interest income                                        11                 11          
     Total finance costs                                                  (857)              (770)          
     - Interest expense                                                   (496)              (546)          
     - Unwinding of discount rate on rehabilitation cost                  (347)              (220)          
     - Finance lease interest expense                                       (5)                             
     - Amortisation of transaction costs                                   (25)               (10)          
     - Borrowing costs capitalised1                                         16                  6          
     Total net financing costs                                            (628)              (668)          
     1 Borrowing costs capitalisation rate:                               9,55%              6,94%          
                                                                                                           
                                                                     For the year ended 31 December                             
                                                                          2016               2015          
                                                                      Reviewed            Audited          
                                                                            Rm                 Rm          
11.  SHARE OF INCOME/(LOSS) OF EQUITY-ACCOUNTED INVESTMENTS                                                
     Associates                                                          2 132             (1 339)          
     Listed investments                                                   (391)            (1 646)          
     - Tronox                                                             (391)            (1 646)          
     Unlisted investments                                                2 523                307          
     - SIOC1                                                             2 416                104          
     - Tronox SA                                                          (111)                40          
     - Tronox UK                                                           118                103          
     - RBCT2                                                                                   (4)          
     - Black Mountain                                                      100                 64          
     Joint ventures                                                        241                202          
     - Mafube                                                              238                253          
     - SDCT                                                                                     2          
     - Cennergi                                                              3                (53)          
     Share of income/(loss) of equity-accounted investments              2 373             (1 137)          
     1 2016 includes R221 million excess of fair value over the cost of the investment which arose on the increase of 
       0,64% in the shareholding of SIOC.                                                                                 
     2 2016 includes R35 million excess of fair value over the cost of the investment which arose on the increase in 
       the shareholding in RBCT (refer note 14).                                                      

12.  DIVIDEND DISTRIBUTION                                                                                      
     Total dividends paid in 2016 amounted to R625 million (2015: R984 million), made up of a final dividend of 
     R304 million which related to the year ended 31 December 2015, paid in April 2016, as well as an interim dividend 
     of R321 million, paid in September 2016.                                                                                

     A final dividend for 2016 of 410 cents per share (2015: 85 cents per share) was approved by the board of directors on 
     8 March 2017. The dividend is payable on 24 April 2017 to shareholders who will be on the register on 21 April 2017. 
     This final dividend, amounting to approximately R1 289 million (2015: R304 million), has not been recognised as a 
     liability in these reviewed condensed group annual financial statements. It will be recognised in shareholders? 
     equity in the year ending 31 December 2017.                                                         

     The final dividend declared will be subject to a dividend withholding tax of 20% 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 20% amounts to 328,00000 cents per share. The number 
     of ordinary shares in issue at the date of this declaration is 314 171 761 (2015: 358 115 505) after the share 
     repurchase on 17 January 2017. Exxaro company?s tax reference number is 9218/098/14/4.

                                                                    At 31 December                             
                                                                2016               2015          
                                                            Reviewed            Audited          
     Issued share capital (number)                       358 115 505        358 115 505          
     Ordinary shares (million)                                                                   
     - Weighted average number of shares                         355                355          
     - Diluted weighted average number of shares                 357                356          
                                                                                                      
                                                           For the year ended 31 December                             
                                                                2016               2015          
                                                            Reviewed            Audited          
                                                                  Rm                 Rm          
13.  CAPITAL EXPENDITURE                                                                         
     Incurred                                                  2 780              2 390          
     - To maintain operations                                  2 413              1 663          
     - To expand operations                                      367                727          
     Contracted                                                2 333              2 162          
     - Contracted for the group (owner-controlled)             1 382              1 721          
     - Share of capital commitments of 
       equity-accounted investments                              951                441          
     Authorised, but not contracted                            3 500              1 376
 
                                                                    At 31 December                             
                                                                2016               2015          
                                                            Reviewed            Audited          
                                                                  Rm                 Rm          
14.  INVESTMENTS IN ASSOCIATES                                                                  
     Listed investments                                        7 946              8 997          
     - Tronox1                                                 7 946              8 997          
     Unlisted investments                                     13 572             10 693          
     - SIOC                                                    7 549              5 081          
     - Tronox SA                                               1 728              1 833          
     - Tronox UK                                               1 558              1 440          
     - RBCT2                                                   2 217              1 919          
     - Black Mountain                                            520                420          
     Total carrying value of investments in associates        21 518             19 690          

     1 Fair value based on a listed price 
       (Level 1 within the IFRS 13 Fair 
       Value Measurement fair value hierarchy) (Rm):           7 186              3 095          

       Listed share price (US$ per share):                     10,31               3,91          

       The recoverable amount (value in use) of this investment was determined based on Exxaro?s share of 
       the present value of Tronox?s cash flows, and resulted in no impairment charge being recognised on                                   
       31 December 2016. Subsequent to 31 December 2016, the Tronox share price improved to US$17,80 per share 
       on 7 March 2017, an increase of 73%.                                                         

     2 On 31 March 2016 Exxaro restructured the shareholding in SDCT for a direct interest in RBCT. The restructuring 
       resulted in a R203 million gain on disposal of SDCT and a R35 million excess of fair value over cost of the 
       investment in RBCT on the additional 20 000 shares acquired in RBCT. The total purchase consideration of the 
       additional RBCT investment amounted to R297 million, comprising R233 million cash consideration and R64 million 
       non-cash consideration.                                                        
                                                                                                         
                                                                     At 31 December                             
                                                                2016               2015          
                                                            Reviewed            Audited          
                                                                  Rm                 Rm          
15.  INVESTMENTS IN JOINT VENTURES                                                               
     Unlisted investments                                      1 258              1 662          
     - Mafube                                                    839              1 067          
     - SDCT1                                                                                     
     - Cennergi2                                                 419                595          
     Total carrying value of investments          
     in joint ventures                                         1 258              1 662          

     1 The investment in SDCT was sold on 31 March 2016. 
       Refer note 7 and 14. The carrying value of the 
       investment was below R1 million (R1 333) for the 
       comparative year and included in financial assets,
       was a loan to SDCT which was settled on the disposal 
       of the investment (refer note 16):                                           105          
     2 Included in financial assets is a loan 
        to Cennergi (refer note 16):                             126                             
                                                                                                    
                                                                    At 31 December                      
                                                                2016               2015          
                                                            Reviewed            Audited          
                                                                  Rm                 Rm          
16.  FINANCIAL ASSETS                                                                            
     Non-current financial assets                                                                
     Environmental rehabilitation funds                        1 401              1 329          
     Loans to joint ventures                                     126                105          
     Non-current receivables                                   1 768                803          
     Loan to BEE shareholder1                                                       426          
     Indemnification asset2                                    1 100              1 044          
     Investments                                                 193                214          
     - Available-for-sale                                        178                210          
     - Fair value through profit or loss                          15                  4          
     Lease receivables                                           132                146          
     Total non-current financial assets                        4 720              4 067          
     Current financial assets                                                                    
     Loan to BEE shareholder1                                    480                             
     Total current financial assets                              480                             
     Total financial assets                                    5 200              4 067          
     1 Exxaro provided a loan to Main Street 333, during 2015, which has been classified as current for the year ended 
       31 December 2016. The loan is repayable by April 2017 and attracts interest at prime plus 5%.                 
     2 The indemnification asset arose on the ECC business combination transaction.                            

17.  NON-CURRENT ASSETS AND LIABILITIES HELD-FOR-SALE                                                
     EMJV                                                                                            
     Exxaro concluded the purchase of ECC in 2015, and as part of this acquisition Exxaro acquired non-current liabilities
     held-for-sale relating to the EMJV. 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 Energy Proprietary Limited 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 on 31 December 2016.                                                      

     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                                                                                              
     The land and buildings situated at corporate centre were classified as a non-current asset held-for-sale on 
     31 December 2015. The sale was subject to the fulfilment of suspensive conditions which were not met and the 
     sales agreement subsequently lapsed.                                         

     A new agreement was entered into with a property consortium in June 2016. The sale is conditional on Exxaro entering 
     into a leaseback agreement for a minimum of two years. These agreements have been finalised during January 2017. 
     The land and buildings situated at corporate centre remains classified as a non-current asset held-for-sale on 
     31 December 2016.                                                      
                                                                                                
     The major classes of non-current assets and liabilities held-for-sale are as follows:                                    
                                                                    At 31 December                             
                                                                2016               2015          
                                                            Reviewed            Audited          
                                                                  Rm                 Rm          
     Assets                                                                                      
     Property, plant and equipment                               129                128          
     Deferred tax                                                  1                             
     Total assets                                                130                128          
     Liabilities                                                                                 
     Non-current provisions                                   (1 083)            (1 027)          
     Post-retirement employee obligations                        (18)               (17)          
     Total liabilities                                        (1 101)            (1 044)          
     Net liabilities held-for-sale                              (971)              (916)          

18.  INTEREST-BEARING BORROWINGS                               
     Loans                                                     
     Refinanced loan facility                                  
     Exxaro refinanced the previous senior loan facility by entering into a new facility agreement during July 2016.        

     The refinanced loan facility comprises a:                                                                              
     - R3 250 million bullet term loan facility with a term of five years (term loans)                                      
     - R2 000 million amortised term loan facility with a term of seven years (term loans)                                 
     - R2 750 million revolving credit facility with a term of five years (revolving facility)                              

     Interest is based on JIBAR plus a margin of 3,25% for the bullet term loan (R3 250 million), JIBAR plus a margin 
     of 3,60% for the amortised term loan facility (R2 000 million) and JIBAR plus a margin of 3,25% for the revolving 
     credit facility. The effective interest rate for the transaction costs on the term loans is 0,32%. Interest is 
     paid on a quarterly basis for the term loans, and on a monthly basis for the revolving credit facility.          

     The undrawn portion relating to the term loan facilities amounts to R1 750 million. The undrawn portion of the 
     revolving facility amounts to R750 million.                                                
                                                                                                       
     Senior loan facility                                                                    
     During July 2016 the senior loan facility was settled.                                  

     Exxaro had secured the senior loan facility of R8 000 million during April 2012. The senior loan facility comprised a:        
     - Term loan facility of R5 000 million for a duration of 97 months                                                            
     - Revolving credit facility of R3 000 million for a duration of 62 months.                                                    

     Interest was based on JIBAR plus a margin of 2,75% for the term loan, and JIBAR plus a margin of 2,50% for the 
     revolving credit facility. The effective interest rate for the transaction costs for the term loan was 0,47%. 
     Interest was paid on a six-monthly basis for the term loan, and on a monthly basis for the revolving credit facility.            

     Bond issue                                                                        
     In terms of Exxaro?s R5 000 million DMTN programme, a senior unsecured floating rate note (bond) of R1 000 million was 
     issued 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.                 
                                                                                                   
     Included in the 2016 interest-bearing borrowings are obligations relating to finance leases for mining equipment.         
                                                                    At 31 December                             
                                                                2016               2015          
                                                            Reviewed            Audited          
                                                                  Rm                 Rm          
     Summary of loans and finance leases 
     by financial year of redemption1                        
     2016                                                                           882          
     2017                                                        503              1 274          
     2018                                                          5                795          
     2019                                                        514              1 317          
     2020                                                         (9)               799          
     2021                                                      5 244                             
     2022 onwards                                                248                             
     Total interest-bearing borrowings                         6 505              5 067          
     - Current interest-bearing borrowings2                      503                882          
     - Non-current interest-bearing borrowings3                6 002              4 185          
                                                                                                                              
     1 During 2016 the R8 000 million loan facility was refinanced which resulted in a new redemption profile.                        
     2 The current portion represents capital repayments amounting to R512 million (2015: R800 million), interest 
       capitalised amounting to nil (2015: R90 million) reduced by transaction costs amounting to R9 million 
       (2015: R8 million).                                                                                                              
     3 The non-current portion includes R35 million (2015: R15 million) in respect of transaction costs that 
       will be amortised using the effective interest rate method, over the term of the facilities.                        

     Minimum finance lease payments:                                                             
     - Not later than one year                                    35                             
     - Later than one year but not later than five years          18                             
     Total                                                        53                             
     Less: future finance charges                                (4)                             
     Present value of finance lease liabilities                   49                             
                                                                                                 
     - Current                                                    32                             
     - Non-current                                                17                             
                                                                                                 
     Overdraft                                                                                   
     Bank overdraft                                               12                             
     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 2016.                              
                                                                                                 
                                                                   At 31 December                             
                                                                2016               2015          
                                                            Reviewed            Audited          
                                                                  Rm                 Rm          
19.  NET DEBT1                                                               
     Net debt is presented by the following              
     items on the statement of financial position        
     (excluding assets and liabilities                   
     classified as held-for-sale):                            (1 322)            (3 012)          
     - Cash and cash equivalents                               5 195              2 055          
     - Non-current interest-bearing borrowings                (6 002)            (4 185)          
     - Current interest-bearing borrowings                      (503)              (882)          
     - Overdraft                                                 (12)                             
     Calculation of movement in net debt:                                                        
     Cash inflow/(outflow) from operating                  
     and investing activities:                                 1 720             (2 119)          
     Add:                                                                                                    
     - Shares acquired in market to                        
       settle share-based payments                               (16)                             
     - Movement in external shareholder loans                     (3)                             
     - Movement for interest                               
       capitalised/interest accrued                               89                (47)          
     - Non-cash amortisation of transaction costs                (25)               (10)          
     - Translation differences of movements                
       in cash and cash equivalents                              (75)               235          
     Decrease/(increase) in net debt                           1 690             (1 941)          
     1 Non-IFRS measure.                                                                

20.  FINANCIAL LIABILITIES                                                                       
     Non-current financial liabilities                                                           
     Finance lease                                                66                 77          
     Contingent consideration1                                   408                 39          
     Other                                                         5                             
     Total non-current financial liabilities                     479                116          
     Current financial liabilities                                                               
     Contingent consideration1                                    75                             
     Share repurchase2                                         3 524                             
     Total current financial liabilities                       3 599                             
     Total financial liabilities                               4 078                116          
     1 Relates to the contingent consideration which arose on the 2015 ECC business combination transaction. 
       A portion of the contingent consideration has been classified as current as it is payable in 2017, due 
       to the API4 export price being within the agreed range for the 2016 financial year.                             
     2 On 30 December 2016 Exxaro shareholders approved the repurchase of shares by means of a special resolution. 
       Subsequent to year-end Exxaro repurchased 43 943 744 ordinary shares from Main Street 333 for a purchase              
       consideration of R3 524 million.                                                                                             
                                                                                         
21.  FINANCIAL INSTRUMENTS                                                 
21.1 Carrying amounts and fair values                                      
     Due to the short-term nature of the current financial assets and current financial liabilities, the carrying amount
     is assumed to be the same as the fair value. For the non-current financial assets and non-current financial liabilities, 
     the fair value is also equivalent to the carrying amounts.                                                              

21.2 Fair value hierarchy                                                                
     The table below analyses recurring fair value measurements for financial assets and financial liabilities. These fair
     value measurements are categorised into different levels in the fair value hierarchy based on the inputs to the valuation 
     techniques used. The different levels are defined as follows:                                                              
     Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that the group can access 
               at the measurement date.                                                              
     Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, 
               either directly or indirectly.                                                              
     Level 3 - unobservable inputs for the asset and liability.                                   
                                                                Level 1      Level 2      Level 3        Total    
                                                                     Rm           Rm           Rm           Rm    
     At 31 December 2016 (Reviewed)                                                                               
     Financial assets designated at fair value                
     through profit or loss                                       1 183                                  1 183    
     - Environmental rehabilitation funds                         1 168                                  1 168    
     - New Age Exploration Limited                                    1                                      1    
     - KIO                                                           14                                     14    
     Available-for-sale financial assets                                                      178          178    
     - Chifeng                                                                                178          178    
     Financial liabilities held-for-trading at fair           
     value through profit or loss                                                (25)                      (25)    
     - Current derivative financial liabilities                                  (25)                      (25)    
     Financial liabilities designated at fair                 
     value through profit or loss                                                            (483)        (483)    
     - Non-current contingent consideration                                                  (408)        (408)    
     - Current contingent consideration                                                       (75)         (75)    
     Net financial assets/(liabilities) held at fair value        1 183          (25)        (305)         853    
                                                                                                                  
     At 31 December 2015 (Audited)                                                                                
     Financial assets held-for-trading at fair value          
     through profit or loss                                                        1                         1    
     - Current derivative financial assets                                         1                         1    
     Financial assets designated at fair value                
     through profit or loss                                       1 117                                  1 117    
     - Environmental rehabilitation funds                         1 113                                  1 113    
     - KIO                                                            4                                      4    
     Available-for-sale financial assets                                                      210          210    
     - Chifeng                                                                                210          210    
     Financial liabilities held-for-trading at fair           
     value through profit or loss                                                (41)                      (41)    
     -Current derivative financial liabilities                                   (41)                      (41)    
     Financial liabilities designated at fair value           
     through profit or loss                                                                   (39)         (39)    
     - Non-current contingent consideration                                                   (39)         (39)    
     Net financial assets/(liabilities) held at fair value        1 117          (40)         171        1 248    
                                                                
     Reconciliation of financial assets and financial liabilities within Level 3 of the hierarchy                    
                                                                      Contingent      Chifeng         RBCT        Total    
                                                                   consideration           Rm           Rm           Rm    
                                                                              Rm                                           
     At 1 January 2015 (Audited)                                                          267          973        1 240    
     Movement during the year                                                                                              
     Losses recognised for the year in other                     
     comprehensive income (pre-tax effect)1                                              (103)         (61)        (164)    
     Acquisition of subsidiaries                                             (33)                                   (33)    
     Reclassification of loan repayments                                                              (229)        (229)    
     Exchange gains recognised in other comprehensive income                               46                        46    
     Exchange losses recognised in profit or loss                             (6)                                    (6)    
     Transfers out of Level 32                                                                        (683)        (683)    
     At 31 December 2015 (Audited)                                           (39)         210                       171    
     Movement during the year                                                                                              
     Losses recognised for the year in profit or loss                       (445)                                  (445)    
     Losses for the year recognised in other                     
     comprehensive income (pre-tax effect)                                                 (5)                       (5)    
     Exchange losses recognised in other comprehensive income                             (27)                      (27)    
     Exchange gains recognised in profit or loss                               1                                      1    
     At 31 December 2016 (Reviewed)                                         (483)         178                      (305)    
     1 Tax on RBCT amounts to R23 million.                                                                                 
     2 Relates to the RBCT investment now accounted for as an investment in associate.                          

     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 2016 and 2015, as shown in the 
     reconciliation above.  

     During 2015, the RBCT investment was transferred out of Level 3 of the fair value hierarchy and classified as an investment 
     in associate following the acquisition of an additional interest in RBCT through the ECC acquisition.                       

     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.                                                              
                                                               
21.3 Valuation techniques used in the determination of fair values within Level 3 of the hierarchy, as well as significant
     inputs used in the valuation models                                                              

     Chifeng                                                                                            
     Chifeng is classified within Level 3 of the fair value hierarchy as there is no quoted market price or observable 
     price available for this investment. This unlisted investment is valued as the present value of the estimated future 
     cash flows, using a discounted cash flow model. The valuation technique is consistent to that used in previous 
     reporting periods.                   

     The significant observable and unobservable inputs used in the fair value measurement of the investment in 
     Chifeng are rand/RMB exchange rate, RMB/US$ exchange rate, Zinc LME price, production volumes, operational costs 
     and the discount rate.        

                                                                                                           Sensitivity     
                                                                                                         analysis of a     
                                                                                                          10% increase     
                                                                                    Sensitivity of    in the inputs is     
                                                                                   inputs and fair        demonstrated     
                                                                                             value              below2    
     At 31 December 2016 (Reviewed)                                   Inputs          measurement1                  Rm    
     Observable inputs                                                                                                  
     Rand/RMB exchange rate                                       R1,96/RMB1      Strengthening of                  18    
                                                                                   the rand to the                      
                                                                                               RMB                     
     RMB/US$ exchange rate                                           RMB6,52      Strengthening of                 158    
                                                             to RMB7,13/US$1        the RMB to the                      
                                                                                               US$                     
     Zinc LME price (US$ per tonne in real terms)                US$2 026 to           Increase in                 158    
                                                                    US$2 113         price of zinc                      
                                                                                       concentrate                     
     Unobservable inputs                                                                                                
     Production volumes (tonnes)                               85 000 tonnes           Increase in                  33    
                                                                                        production                      
                                                                                           volumes                     
     Operational costs (US$ million per annum in real terms)     US$58,97 to           Decrease in                (129)    
                                                                    US$74,38            operations                      
                                                                                             costs                     
     Discount rate (%)                                                11,23%       Decrease in the                 (15)    
                                                                                     discount rate                     
     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.                                                                        
                                                                                                                                    
                                                                                                           Sensitivity   
                                                                                                         analysis of a   
                                                                                                          10% increase   
                                                                                    Sensitivity of    in the inputs is   
                                                                                   inputs and fair        demonstrated   
                                                                                             value              below2   
     At 31 December 2015 (Audited)                                    Inputs          measurement1                  Rm   
     Observable inputs                                                                                                         
     Rand/RMB exchange rate                                       R2,31/RMB1      Strengthening of                  21    
                                                                                   the rand to the                        
                                                                                               RMB                       
     RMB/US$ exchange rate                                        RMB6,26 to      Strengthening of                 203    
                                                                RMB7,12/US$1        the RMB to the                        
                                                                                               US$                       
     Zinc LME price (US$ per tonne in real terms)                US$1 611 to           Increase in                 203    
                                                                    US$2 200         price of zinc                        
                                                                                       concentrate                       
     Unobservable inputs                                                                                                      
     Production volumes (tonnes)                               85 000 tonnes           Increase in                  31    
                                                                                        production                        
                                                                                           volumes                       
     Operational costs (US$ million per annum in real terms)        US$56,94           Decrease in                (173)    
                                                                 to US$75,22            operations                        
                                                                                             costs                       
     Discount rate (%)                                                 9,93%       Decrease in the                 (19)    
                                                                                     discount rate                       
     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 both reporting periods.                              

     Contingent consideration                                                                                                       
     The potential undiscounted amount of all deferred future payments that the group could be required to make under the 
     ECC acquisition is between nil and US$120 million. The amount of future payments is dependent on the API4 coal price.           

     At 31 December 2016, there was an increase of US$32,9 million (R445 million) (2015 since acquisition: US$0,03 million 
     (R0,44 million)) recognised in profit or loss for the contingent consideration arrangement.                                

                             API4 coal price range (US$/tonne)          Future payment    
     Reference year             Minimum                Maximum             US$ 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 (refer table above):                           
     - 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                                                                        

     An additional payment to Total S.A. is required for the 2016 financial year as the API4 price was within the agreed range. 
     No additional payment to Total S.A. was required for the 2015 financial year as the API4 price was below the range.                 

     This derivative financial liability is classified within 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 
     rand/US$ exchange rate, API4 export price and the discount rate.                                     
                                                                                                           Sensitivity    
                                                                                                         analysis of a    
                                                                                                          10% increase    
                                                                                    Sensitivity of    in the inputs is    
                                                                                   inputs and fair        demonstrated    
                                                                                             value              below2    
     At 31 December 2016 (Reviewed)                                   Inputs          measurement1                  Rm    
     Observable inputs                                                                                                              
     Rand/US$ exchange rate                                      R13,63/US$1      Strengthening of                  48    
                                                                                          the rand                        
                                                                                        to the US$                       
     API4 export price (price per tonne)                         US$57,19 to      Increase in API4                 248    
                                                                       US$75          export price                        
                                                                                         per tonne                       
     Unobservable inputs                                                                                                  
     Discount rate (%)                                                 3,44%       Decrease in the                 (21)    
                                                                                     discount rate                       
     At 31 December 2015 (Audited)                                                                                        
     Observable inputs                                                                                                    
     Rand/US$ exchange rate                                      R15,48/US$1      Strengthening of                   4    
                                                                                          the rand                        
                                                                                        to the US$                       
     API4 export price (price per tonne)                            US$51,15      Increase in API4                 175    
                                                                  to US$62,5          export price                        
                                                                                         per tonne                       
     Unobservable inputs                                                                                                  
     Discount rate (%)                                                 3,44%       Decrease in the                  (1)    
                                                                                     discount rate                       
     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.                                       

                                                                                     At 31 December                 
                                                                                   2016         2015    
                                                                               Reviewed      Audited    
                                                                                     Rm           Rm    
22.  CONTINGENT LIABILITIES                                                                             
     Total contingent liabilities                                                 6 907        7 378    
     - DMC Iron Congo SA                                                                           6    
     - Pending litigation and other claims1                                       1 136        1 233    
     - Operational guarantees2                                                    4 331        3 559    
     - Share of contingent liabilities of equity-accounted investments3           1 440        2 580    
                                                                                                        
     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 date of reporting.                               
     2 Operational guarantees include guarantees to banks and other institutions in the normal course of business 
       from which it is anticipated that no material liabilities will arise.                               
     3 Decrease mainly relates to SIOC settlement with SARS.                                           

     The timing and occurrence of any possible outflows of the contingent liabilities above are uncertain.                        

     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 to 2013. According to the letter, SARS proposes that certain international 
     Exxaro companies will be subject to South African Income Tax under Section 9D of the Income Tax Act. Assessments 
     to the amount of R442 million (R199 million tax payable, R91 million interest and R152 million penalties) were 
     issued on 30 March 2016 and Exxaro formally objected against these assessments. The group is awaiting SARS? response.                   

     These assessments have been considered in consultation with external tax and legal advisers and senior counsel. 
     Exxaro believes this matter has been treated appropriately by disclosing a contingent liability.       

23.  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 independent third parties.                               

     Exxaro received payments amounting to R15,5 million from Main Street 333, Exxaro?s majority BEE shareholder, during the 
     year for interest on the loan granted in July 2015. Subsequent to the reporting date, Main Street 333 settled the loan 
     and accrued interest thereon.                               

24.  GOING CONCERN                                                                                      
     Based on the results for the year ended 31 December 2016, and the latest budget for 2017, as well as the available 
     bank facilities and cash generating capability, Exxaro satisfies the criteria of a going concern.    

25.  JSE LISTINGS REQUIREMENTS                                                                          
     The reviewed condensed group annual financial results were prepared in accordance with the Listings Requirements of 
     the JSE.      
                                                                                                        
26.  EVENTS AFTER THE REPORTING PERIOD                                                                  
     Details of the final dividend proposed are given in note 12.                                       

     On 17 January 2017, Exxaro paid R3 524 million to Main Street 333 for the repurchase of 43 943 744 ordinary shares. 
     On 20 January 2017, Main Street 333 settled its loan with Exxaro.                               

     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.                               

27.  REVIEW CONCLUSION                                                                                  
     These reviewed condensed group annual financial statements for the year ended                                
     31 December 2016 have been reviewed by PricewaterhouseCoopers Inc., who expressed an unmodified review conclusion. 
     A copy of the auditor?s review report is available for inspection at the company?s registered office together with the 
     financial statements identified in the auditor?s report.                               

28.  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 2016 Integrated Report and will, in accordance with the JSE Listings 
     Requirements, be available on the company?s website in April 2017. The company is in the process of preparing itself for 
     the implementation of the King Report on Corporate Governance for South Africa 2016 (King IV) and further information 
     on the plans and progress will be provided in due course. As previously communicated, during the 2016 financial year 
     Messrs EJ (Ras) Myburgh and PCCH (Peet) Snyders were appointed as independent non-executive directors to the board and 
     Mr PA (Riaan) Koppeschaar as Finance Director. Please contact the group company secretary and legal, Mrs CH (Carina) Wessels, 
     for any additional information in this regard.                               

29.  KEY MEASURES1                                                                    
                                                                   At 31 December                 
                                                                 2016         2015    
     Closing share price (rand/share)                           89,50        44,04    
     Market capitalisation (Rb)                                 32,05        15,77    
     Average rand/US$ exchange rate (for the year ended)        14,69        12,76    
     Closing rand/US$ spot exchange rate                        13,63        15,48    
     1 Non-IFRS numbers.                                                              


EXXARO 2016 PERFORMANCE AT A GLANCE                    
                                                       
Sustainable operations                             Lost-time injury frequency rate (LTIFR) improved 47% to 0,09                           

Strong profit margins and resilient balance sheet  Core net operating profit margin of 24%, up 6%                                         

                                                   R2,4 billion income from equity-accounted investments, up 309% from FY15                      

                                                   Headline earnings per share at 1 302 cents per share               

                                                   Net debt to equity at 3,8%                                                              

                                                   Cash generated from operations at R5,5 billion, up 23%                       

Growth in coal                                     R5,2 billion coal net operating profit (NOP), up 101%                                  

                                                   Operating profit margin of 25%                              

                                                   Exports volume - at 7,9Mt up 27%                      

Returning cash to shareholders                     Final dividend of 410 cents per share (cps) at a FY16 core attributable 
                                                   earnings cover of 3,2 times                                             

COMMENTARY 
for the year ended 31 December 
Comments below are based on a comparison between the financial years ended 31 December 2016 and 2015 (FY16 and FY15 respectively).                      
                                                                 
1.     ROBUST PERFORMANCE                                    
       The Exxaro group of companies reached another unprecedented milestone on 31 December 2016 achieving two consecutive 
       calendar years without a fatality. By December 2016, the company had operated for a record 30 consecutive months without 
       a fatality. The group also achieved a lost-time injury frequency rate (LTIFR) of 0,09 (FY15: 0,17) representing a 
       47% improvement.                  
                                                                                                        
       Regrettably, an employee at Matla Mine 2 in Mpumalanga, Mr Sibongiseni Sihle Majozi, was fatally injured on 1 March 2017 
       following an underground accident. Exxaro continues to strive for a consistent fatality-free environment and to 
       continuously improve all aspects of safety.                                     
                                                                                          
       Exxaro delivered a very strong performance for FY16 with higher net operating profit, mainly driven by higher 
       coal selling prices. The income from equity-accounted investments increased substantially during the second half of 
       the year, to end FY16 at R2 373 million (FY15: loss of R1 137 million). The increase can mainly be attributed to an 
       improved performance from SIOC (increase of R2 312 million) as a result of a recovery in iron ore export selling prices, 
       and lower losses from our investment in Tronox (decrease in losses of R1 119 million).      
                                                                     
       Following the Exxaro Improvement Project (EIP) to reduce costs and improve efficiencies, Exxaro achieved sustainable 
       cost savings of R235 million in FY16.                        

2.     COMPARABILITY OF RESULTS                                                                            
       The key transactions shown in table 1 below should be taken into account to gain a better understanding of the 
       comparability of the results for the two years.                                       

       Table 1: Key transactions impacting on comparability

       Reporting                                                          FY16                                                           FY15    
       segment     Description                                              Rm    Description                                              Rm    
       Coal        - Termination and voluntary severance packages          (10)   - Termination and voluntary severance packages         (110)   
                   - Gain on disposal of operation (Inyanda)1              100    - Impairment of goodwill recognised on the           (1 524)
                                                                                    acquisition of TCSA1                                       
                   - Gain on disposal of SDCT shareholding1                203    - Gain on disposal of non-core assets, property,        137 
                                                                                    plant and equipment and insurance claim income1               
                   - Loss on disposal of property, plant and equipment1    (45)   - Impairment of property, plant and equipment          (225)
                                                                                    (reductants operation)1                                   
       Ferrous     - Termination and voluntary severance packages           (1)   - Termination and voluntary severance packages          (39)   
                   - Gain on disposal of property, plant                    10    - Gain on disposal of property, plant                   122
                     and equipment1                                                 and equipment1
                   - Gain on disposal of subsidiaries (Mayoko iron         670    - Partial reversal of previous                           11
                     ore project and related subsidiaries)1                         write-off of financial assets
                   - Impairment of property, plant and equipment          (100)                
                     (FerroAlloys)1                                                                                               
       1 Excluded from headline earnings.                                                                              

       Reporting                                                          FY16                                                           FY15
       segment     Description                                              Rm    Description                                              Rm    
       Other       - Termination and voluntary severance packages          (87)   - Termination and voluntary severance packages         (259)   
                   - Loss on dilution of shareholding in Tronox1           (36)   - Loss on dilution of shareholding in Tronox1           (10)   
                   - Fair value adjustment on contingent                  (445)   - Gain on disposal of property, plant and                17
                     consideration relating to the acquisition of ECC               equipment and non-core assets1                            
                                                                                  - Foreign exchange gain on US$                          747     
                                                                                    held for TCSA acquisition                                 
                                                                                  - Gains on translation differences of                 1 012
                                                                                    foreign subsidiaries1                                     
                                                                                  - Other                                                 (96)

       Group       Total net operating profit impact                       259    Total net operating loss impact                        (217)           

       Coal        - Tax on disposal of property,                           13    - Tax on disposal of non-core assets, insurance          28
                     plant and equipment1                                           claim income and impairment1                               
                   - Excess of fair value over cost of                      35      
                     investment in RBCT1                                                                          
                   - Post-tax share of Mafube impairment                   (16)
                     of property, plant and equipment1                                                                    
                   - Post-tax share of Mafube gain on                        1
                     disposal of property, plant and equipment1                     
       Ferrous     - Tax on impairment of property, plant                   27    - Post-tax share of SIOC gains on disposal of             3
                     and equipment1                                                 non-core assets and insurance claims income1                  
                   - Excess of fair value over cost of                     221    - Post-tax share of SIOC?s impairment                  (866)
                     investment in SIOC1                                            of operation1                                                   
                   - Post-tax share of SIOC loss on disposal               (28)
                     of property, plant and equipment1                                                     
                   - Post-tax share of SIOC impairment of                   (1)
                     property, plant and equipment1                                                
       TiO2 and    - Post-tax share of                                      (9)   - Post-tax share of                                    (141)   
       Alkali        Tronox restructuring costs                                     Tronox restructuring costs                 
       chemicals   - Post-tax share of Tronox gain on disposal               4    - Post-tax share of Tronox loss on disposal             (21)      
                     of property, plant and equipment1                              of property, plant and equipment1                               
                                                                                      
       Group       Total attributable earnings impact                      506    Total attributable loss impact                       (1 214)   
       1 Excluded from headline earnings.                  

3.     COMMODITY PRICE PERFORMANCE AND GROUP SEGMENT RESULTS
       The movements in commodity prices significantly impacting Exxaro?s performance is summarised in table 2 below:
       Table 2: Change in commodity prices                                                          
                                                                       Average US$ per tonne           %
       Commodity price                                                    FY16       FY15         Change    
       API4 coal                                                            64         57            +12    
       Iron ore fines (cost and freight (CFR) China)                        58         56             +4    
       TiO2 pigment (cost, insurance and freight (CIF), US)#             2 087      2 205             -5    
       # Although a decline in annual average terms, the TiO2 pigment prices were on an upward trajectory from a 
        relatively low base for most of FY16.                                        

       Table 3 below summarise the group revenue and net operating profit.             
       Table 3: Group segment results (Rm)                                                            
                                                                                         Net operating          
                                                                 Revenue                 profit/(loss)                 
                                                             FY16         FY15          FY16         FY15     
                                                         Reviewed      Audited      Reviewed      Audited    
       Coal                                                20 673       18 093         5 166        2 574    
       Tied1                                                3 483        3 835           226          195    
       Commercial2                                         17 190       14 258         4 940        2 379    
       Ferrous                                                170          173           566         (306)   
       Iron ore3                                                                         613         (292)   
       Alloys4                                                170          173           (75)          10    
       Other                                                                              28          (24)   
       Other5                                                  54           64          (532)         905    
       Total                                               20 897       18 330         5 200        3 173    
       1 Mines managed on behalf of and supplying their entire production to Eskom in terms of contractual agreements.         
       2 Net operating profit for FY15 includes pre-tax impairment of the goodwill recognised on the acquisition of ECC 
         of R1 524 million and the reductants operation property, plant and equipment of R225 million.                  
       3 Net operating profit for FY16 includes R670 million pre-tax gain on the disposal of the Mayoko iron ore project 
         and related subsidiaries.                                                          
       4 Net operating loss for FY16 include the FerroAlloys property, plant and equipment pre-tax impairment of R100 million.             
       5 Net operating loss for FY16 includes R445 million fair value adjustment of contingent consideration which relates to
         the ECC acquisition.                                                          

4.     FINANCIAL AND OPERATIONAL RESULTS
4.1.   Group financial results
4.1.1. Revenue and net operating profit
       Consolidated group revenue increased by 14% to R20 897 million, while group net operating profit increased by 64% to
       R5 200 million (FY15: R3 173 million) mainly due to higher coal sales prices and the weakening of the rand against the
       US dollar in FY16. An average spot exchange rate of R14,69 to the US dollar was recorded for FY16, compared to R12,76 in
       FY15, a depreciation of 15%. Other contributing factors to the increased net operating profit included the following:
       - Higher contributions from the coal operations (refer 4.2.2)
       - The non-recurrence of impairments of goodwill and property, plant and equipment arising in FY15 of R1 749 million
       - R670 million gain on disposal of the Mayoko iron ore project and its related subsidiaries in FY16
       - Cost savings in the ferrous segment due to the disposal of Mayoko iron ore project, offset by the non-recurrence
         of gains in FY15 relating to:
         - Unrealised foreign exchange profits recorded on US dollars held for the ECC acquisition
         - Translation differences recycled to profit or loss on liquidation of foreign subsidiaries
       - R445 million loss on the fair value adjustment recognised in FY16 relating to the contingent consideration which
         arose on the acquisition of ECC.

4.1.2. Earnings
       Earnings, which include Exxaro?s equity-accounted investments in associates and joint ventures, was R5 679 million
       (FY15: R296 million) or 1 600 cents earnings per share (FY15: 83 cents per share).

       Headline earnings were 185% higher at R4 621 million (FY15: R1 623 million) or 1 302 cents per share 
       (FY15: 457 cents per share).

       Table 4: Equity-accounted investments (Rm)                                                            
                                  Equity-accounted income/(loss)        Dividends received                 
                                       FY16         FY15                  FY16         FY15     
                                   Reviewed      Audited              Reviewed      Audited    
       SIOC1                          2 416          104                                673    
       Tronox                          (384)      (1 503)                  298          668    
       Mafube                           238          253                   450                 
       Black Mountain                   100           64                                       
       Cennergi                           3          (53)                                      
       RBCT2                                          (4)                                      
       SDCT                                            2                                       
       Total                          2 373       (1 137)                  748        1 341    
       1 FY16 includes R221 million excess of fair value over the cost of the investment which arose on the 0,64% increase
         in the shareholding of SIOC and FY15 includes Exxaro?s share of an impairment charge on property, plant and equipment 
         amounting to R866 million.                                                          
       2 FY16 includes R35 million excess of fair value over the cost of the investment which arose on the increase in the 
         shareholding in RBCT, offset by a R35 million equity-accounted loss.                            

4.1.3. Cash flow and funding
       Cash flow generated by operations increased by R1 023 million to R5 549 million (FY15: R4 526 million) and was
       sufficient to cover capital expenditure of R2 780 million, dividends of R625 million, net financing charges of R459 million
       and tax of R547 million.

       Total capital expenditure increased by 16% or R390 million, consisting of a R750 million increase in expenditure on
       sustaining and environmental capital (stay-in-business capital) offset by a R360 million decrease in expenditure on new
       capacity (expansion capital).

       Dividends received of R748 million (FY15: R1 341 million) consisted of R450 million (FY15: nil) from Mafube 
       (a joint venture with Anglo South Africa Capital Proprietary Limited), and R298 million (FY15: R668 million) from our 
       investment in Tronox. No dividends were received from SIOC in FY16 (FY15: R673 million).

4.1.4. Debt exposure
       Net debt at 31 December 2016 was R1 322 million, compared to R3 012 million at 31 December 2015. This equates to a
       net debt to equity ratio of 3,8% (8,8% at 31 December 2015). Exxaro?s capital structure remains robust and we
       successfully refinanced our R8 billion term loan facility at attractive terms, despite Standard and Poor?s downgrading 
       of Exxaro's domestic credit rating to zaBB+/zaB.

       In January 2017, the specific repurchase by Exxaro of Exxaro ordinary shares from Main Street 333, to the value of
       R3 524 million, was effected using cash generated from Exxaro?s own operations.

       The repurchase consideration was funded firstly with available contributed tax capital and the remaining portion from 
       reserves. The circular posted to shareholders on 29 November 2016 had incorrectly reflected the contributed tax capital 
       per share as R35.87 instead of the correct amount of R8.31. The only impact of this difference is that a larger portion 
       of the repurchase is classified as a dividend in the hands of Main Street 333.

       Table 5: Unreviewed coal production and sales volumes (?000 tonnes)      
                                                        Production                  Sales                      
                                                     FY16        FY15        FY16        FY15          
       Thermal                                     40 811      41 100      42 489      42 146          
       - Tied                                       7 900       9 260       7 893       9 270          
       - Commercial                                32 911      31 840      34 596      32 876          
       - Domestic power station coal1                                      22 029      24 107          
       - Domestic steam coal1                                               4 709       2 587          
       Export                                                               7 858       6 182          
       Metallurgical                                1 985       1 856       1 298       1 341          
                                                                                                       
       - Commercial domestic                        1 985       1 856       1 298       1 341          
                                                                                                       
       Total coal                                  42 796      42 956      43 787      43 487          
       Semi-coke                                       54          48          65          49          
       Total coal (excluding buy-ins)              42 850      43 004      43 852      43 536          
       Thermal buy-ins1                               606       1 222                                  
       Total coal (including buy-ins)              43 456      44 226      43 852      43 536          
       1 Mafube trading division buy-ins of 1 760kt from Mafube JV are included under thermal coal commercial production 
         and the prior year has also been re-presented from buy-ins to thermal coal commercial production (FY15: 1 147kt).                

4.2.   Coal business performance
       The fourth quarter of 2016 saw a surge in the international coal price as China reduced its coal production due to
       the 276 day cap on production, and prices more than doubled compared to January 2016 index levels. Exxaro also had 
       good international demand.

       Export volumes increased from 6,18Mt to 7,86Mt, mainly as a result of the additional volumes from ECC, but offset
       by the sale of Inyanda. The group realised an average export price of US$50 per tonne in both FY16 and FY15.

       Trading conditions in the domestic market improved during the second half of 2016 as some producers found the export
       market more attractive due to strong international thermal coal prices in the fourth quarter of 2016. Exxaro
       experienced strong demand for its products in the domestic power generation, steam coal, metals and reductants segments. 

4.2.1. Production and sales volumes
       Total coal production volumes (excluding buy-ins) were 160kt lower than FY15. The decrease can mainly be attributed
       to the sale of Inyanda as well as the closure of Arnot. However, the inclusion of ECC production for 12 months in FY16
       compared to four months in FY15 cushioned the extent of the reduction. Sales, however, increased by 300kt (1%).

4.2.1.1. Metallurgical coal
         Grootegeluk (GG) production increased by 129kt (7%). In FY15, semi-soft coking coal production was cut back in order
         to produce power station coal due to low stocks in the second half of 2015. Sales decreased by 43kt (3%) mainly due 
         to lower off-take from local customers. 

4.2.1.2. Thermal coal
         Tied mines
         Power station coal production from the tied mines was 1 360kt (15%) lower compared to FY15, mainly due to Eskom
         terminating the contract with Arnot at the end of 2015.

         Commercial mines
         The commercial mines? power station coal production was lower by 396kt (2%) attributable to GG for 894kt (4%) 
         due to full stockpiles at Eskom during the first half of 2016 and lower off-take from Eskom, resulting in production 
         cut-backs. NBC production was lower by 186kt (7%) due to industrial action and the move of a plant for safety reasons.
         This was offset by higher production at Mafube of 625kt (100%).

         Domestic power station coal sales from the commercial mines was 2 078kt (9%) lower mainly due to Leeuwpan?s coal no
         longer being delivered to Eskom and lower demand as a result of Addendum 9 to the Medupi Coal Supply Agreement. Export
         power station coal sales increased by 1 034kt (142%) mainly as a result of the Eskom contracts ceasing at Leeuwpan and
         Mafube and redirecting the coal to the export market.

         Steam coal production was 1 467kt (23%) higher mainly due to the inclusion of ECC (2 539kt) for the full year and
         higher production at NBC of 173kt (100%) as the Eerstelingsfontein reserve was mined for the full year, partly offset by
         no production at Inyanda (1 035kt). GG production was lower by 127kt (8%) mainly due to full stockpiles.

         Domestic steam sales increased by 2 122kt (82%) mainly from Leeuwpan as a result of the Eskom agreement ceasing and
         product being redirected to the domestic market (1 335kt), the inclusion of ECC sales of 402kt for the full year and
         increased demand at NBC and GG partly offset by lower Inyanda sales of 111kt. Steam coal export sales were 642kt (12%)
         higher mainly from ECC partly offset by the Inyanda closure.

4.2.2. Revenue and net operating profit
       Coal revenue was 14% higher than in FY15. The increase in revenue from commercial mines was due to higher prices
       while sales volumes were in line with FY15. Volumes lost due to the closure of Inyanda were countered by the inclusion of
       ECC for the full year.

       Net operating profit of R5 166 million (FY15: R2 574 million) represents an increase of 101%, at an operating margin
       of 25%, compared to FY15 due to:
       - Impairment (+R1 524 million) of goodwill in FY15 which arose on the acquisition of ECC
       - Higher prices (+R931 million)
       - Lower buy-in prices from Mafube JV (+R441 million)
       - Inclusion of ECC (+R429 million) for the full year
       - Impairment of property, plant and equipment of the reductants operation in FY15 (+R225 million)
       - Gain on the restructuring of SDCT shareholding (+R203 million)
       - Exchange rate variances due to the weakening of the local currency against the US dollar (+R111 million)
       
       Partly offset by: 
       - Scope changes on environmental rehabilitation provisions (-R417 million)
       - Inflation (-R342 million)
       - Closure of Inyanda (-R202 million)
       - Higher distribution price (-R167 million)
       - Higher depreciation (-R95 million)
       
4.3.   Ferrous business
4.3.1. Net operating profit
       Net operating profit increased by R872 million to R566 million in FY16 from the R306 million loss reported for FY15.
       The increase is mainly as result of a R670 million gain on the disposal of the Mayoko iron ore project and related
       subsidiaries, cost savings due to scaling down activities in the RoC offset by a R100 million pre-tax impairment of the
       ferrosilicon plant at FerroAlloys. The decision to impair the ferrosilicon plant was based on lower demand from major
       customers as well as our current view of securing new contracts in future.

4.3.2. Equity-accounted investments
       The increase in equity-accounted income from SIOC is largely attributable to the increase in export iron ore prices in FY16,
       a R221 million excess of fair value over the cost of the investment which arose due to a 0,64% increase in Exxaro?s
       shareholding following the unwinding of SIOC?s employee ownership scheme in FY16, as well as Exxaro?s share of the impairment
       charge amounting to R866 million which was included in FY15. No dividends were received from SIOC in FY16 
       (FY15: R673 million).

4.4.   TiO2 and Alkali chemicals investment
4.4.1. Equity-accounted investment
       Equity-accounted losses from the Tronox investment decreased from R1 503 million in FY15 to R384 million for FY16,
       mainly due to tax benefits realised on an organisational restructuring which occurred during the latter part of the year,
       reduction in restructuring costs as well as net realisable value adjustments on inventory which were released through
       profit or loss.

       Tronox continued its dividend declaration during the year, however, at a rate of US$0,25 per share for the first
       quarter of 2016 (final 2015 dividend) and US$0,045 per share for the remainder of the year 
       (FY15: US$0,25 per share per quarter).

       On 21 February 2017, Tronox entered into a definitive agreement to acquire the titanium dioxide business of Cristal 
       (also known as The National Titanium Dioxide Company Limited) for US$1 673 million cash and shares, representing a 
       24% shareholding in the enlarged company. As Tronox?s largest shareholder, Exxaro intends to vote its shares in 
       favour of the proposed transaction.

       Exxaro?s board has determined that it will explore available alternatives to sell its Tronox shares in a thoughtful, 
       efficient and staged process over time to focus on its core activities.

4.5.   Energy business
4.5.1. Equity-accounted investment
       Cennergi, a 50% joint venture with Tata Power, recorded equity-accounted income of R3 million for FY16 (FY15: loss
       of R53 million) mainly due to the two wind-farm projects being brought into commercial operation. The wind-farm projects,
       Amakhala Emoyeni (AE) and Tsitsikamma Community Wind Farm (TCWF), both achieved Commercial Operation Date (COD) during
       the third quarter of FY16 and started earning revenue from electricity supplied into the national grid.

5.     BROAD-BASED BLACK ECONOMIC EMPOWERMENT
       Exxaro supports transformation through, inter alia, economic empowerment ownership and strongly believes that the
       proposed replacement BEE transaction (as announced on SENS dated 22 November 2016) has a greater ability to create
       wealth through its reduced risk profile, which contributes to sustainable empowerment. The new proposed structure is 
       less risky and more flexible which is important in a cyclical industry. Exxaro learned valuable lessons from the 
       previous empowerment transaction and aims to create sustainable value for the BEE shareholders. A sustainable 
       ownership structure is in the best interest of BEE shareholders, minority shareholders, the company, employees
       and our communities.

       Exxaro remain of the view that a transaction at the listed level is appropriate to ensure flexibility, a well
       capitalised funding package for the new empowerment vehicle, while also allowing our strategic BEE shareholders to 
       significantly participate in Exxaro. Our benchmarking indicated the proposed cost of the replacement transaction is below 
       market norms but we could potentially implement a further specific share repurchase from Main Street 333 to act as a 
       further anti-dilutive measure.

       Current contracts with Eskom are not affected by the decision to reduce our BEE shareholding. 

       It is expected that Exxaro will seek shareholder approval in the second quarter of 2017 for the replacement BEE transaction.

6.     MINERAL RESOURCES AND RESERVES
       There has been a material change in the reserves of ECC following new geological models and life of mine plans
       developed in FY16. Run of mine for the Dorstfontein complex increased from 20,3Mt to 43,5Mt, and Forzando increased from
       11,5Mt to 48,5Mt. The reported tonnage in 2015 was a conservative estimate, as the mentioned models and plans were still in
       development at the time.

7.     MINING AND PROSPECTING RIGHTS
       The mining right application for the Thabametsi project, a resource adjacent to the Grootegeluk Waterberg coal mine,
       which will supply coal to the Thabametsi Coal IPP, was granted in June 2016 for a period of 30 years. The approval,
       execution and subsequent registration of the right signify the start of a new and exciting phase for Exxaro within the
       Waterberg. Exxaro also holds a 100% ownership in the Waterberg North and South prospecting right areas situated roughly 
       30km north-west of the Grootegeluk coal mine. The project areas consist of four prospecting rights for which applications 
       for renewals were timeously submitted. Approvals for two of the renewals were granted in the second half of 2016 and 
       Exxaro has a reasonable expectation that the remaining renewals will be granted in early 2017.  

       ECC holds a 51% interest in the Eloff prospecting right, a project situated near the town of Delmas and close to
       Exxaro?s Leeuwpan operation. The project area lies within the Delmas coalfield, to the west of the Witbank Coalfield, 
       and along the northern edge of the main Karoo sedimentary basin. Three major coal seams are present in the project area
       although with variable seam thickness, coal qualities and depth below surface. A mining right compilation for the project 
       was completed in December 2016 and the application will be submitted within the first quarter of 2017. 

       Technical studies concluded have resulted in a significant increase in the life of mine at both the Forzando and
       Dorstfontein operations, a complex of which ECC holds 74%. The approval of a section 102 application to incorporate the
       Forzando-West prospecting right into the Forzando-South mining right was received which adds additional potential for the
       expansion of the Forzando operation.

       The mining right registrations of Matla, Arnot, Leeuwpan extension, Forzando-South and Glisa (NBC) are pending.
       Exxaro has a reasonable expectation that registrations will be concluded during the first half of 2017. 

       NBC 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 being addressed through the DMR?s
       Regional Mining Development and Environment Committee.

8.     OUTLOOK
       Supportive market conditions are expected in 2017 for most of Exxaro?s chosen coal market segments compared to 2016,
       both domestically and internationally. Exxaro is confident that the strength of the diversified coal product portfolio
       will create new opportunities in this environment.  

       Exxaro expects an improvement in the operational results of the coal business in 2017 based on:
       - Stable trading conditions in domestic markets
       - Higher international coal prices compared to 2016
       - Our operational excellence process delivering further results
       - Technology and innovation improvements
       
       The rand exchange rate against the US dollar is expected to remain volatile for most of 2017 due to the combination
       of significant event risks and volatility in the US dollar.

       The performance of the investment portfolio (SIOC and Tronox) is currently expected to be positively influenced by a
       favourable commodity price outlook for 2017.

9.     FINAL DIVIDEND
       Exxaro?s dividend policy is based on a cover ratio of between 2,5 and 3,5 times core attributable earnings. 

       Notice is therefore given that a gross final cash dividend, number 28 of 410 cents (final FY15: 85 cents) per share,
       for the financial year ended 31 December 2016 was declared, payable to shareholders of ordinary shares. For details of
       the dividend, please refer note 12 of the reviewed condensed group annual financial statements.

       Salient dates for payment of the final dividend are:                                                  
       - Last day to trade cum dividend on the JSE         Tuesday, 18 April 2017        
       - First trading day ex dividend on the JSE        Wednesday, 19 April 2017      
       - Record date                                        Friday, 21 April 2017         
       - Payment date                                       Monday, 24 April 2017         
                                                                                            
       No share certificates may be dematerialised or rematerialised between Wednesday, 19 April 2017 and Friday, 
       21 April 2017, 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, 24 April 2017.

10.    GENERAL
       Additional information on financial and operational results for the financial year ended 31 December 2016, and the
       accompanying presentation can be accessed on our website on www.exxaro.com.

On behalf of the board

Len Konar      Mxolisi Mgojo                Riaan Koppeschaar       
Chairman       Chief executive officer      Finance director        

7 March 2017

CORPORATE INFORMATION

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

Directors
MW Hlahla**, Dr D Konar*** (chairman), S Mayet***, MDM Mgojo* (chief executive officer), 
PA Koppeschaar (finance director)*, S Dakile-Hlongwane***, Dr CJ Fauconnier***, 
V Nkonyeni***, VZ Mntambo**, EJ Mybrugh***, Dr MF Randera**, J van Rooyen***, 
PCCH Snyders***, D Zihlangu**
*   Executive 
**  Non-executive 
*** Independent non-executive

Prepared under supervision of: 
PA Koppeschaar, CA(SA)
SAICA registration number: 00038621

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.

ACRONYMS                                                                                                                                                                                                                        
Anglo                    Anglo South Africa Capital Proprietary Limited                                         
API4                     All publications index 4 (fob Richards Bay 6000kcal/kg)                                
BEE                      Black Economic Empowerment                                                             
Black Mountain           Black Mountain Proprietary Limited                                                     
Cennergi                 Cennergi Proprietary Limited                                                           
CFR                      Cost and Freight                                                                       
Chifeng                  Chifeng Kumba Hongye Corporation Limited                                               
CIF                      Cost, insurance and freight                                                            
Companies Act            Companies Act No 71 of 2008, as amended                                                
Cps                      cents per share                                                                        
DMR                      Department of Mineral Resources                                                        
DMTN                     Domestic Medium-Term Note                                                              
ECC                      Exxaro Coal Central Proprietary Limited                                                
EIP                      Exxaro Improvement Project                                                             
EMJV                     Ermelo joint venture                                                                   
Exxaro                   Exxaro Resources Limited                                                               
FeCr                     FerroChrome                                                                            
FY15                     Financial year ended 31 December 2015                                                  
FY16                     Financial year ended 31 December 2016                                                  
GG                       Grootegeluk                                                                            
HEPS                     Headline earnings per share                                                            
IAS                      International Accounting Standard                                                      
IASB                     International Accounting Standards Board                                               
IPP                      Independent Power Producer                                                             
IFRS                     International Financial Reporting Standard                                             
JIBAR                    Johannesburg Interbank Average Rate                                                    
JSE                      JSE Limited                                                                            
KIO                      Kumba Iron Ore Limited                                                                 
kt                       kilo tonnes                                                                            
Listings Requirements    JSE Listings Requirements                                                              
LME                      London Metal Exchange                                                                  
LTIFR                    Lost-time injury frequency rate                                                        
Mafube                   Mafube Coal Proprietary Limited                                                        
Main Street 333          Main Street 333 Proprietary Limited (RF), controlling shareholder                      
Mpower 2012              Exxaro Employee Empowerment Trust                                                      
MPRDA                    Mineral and Petroleum Resources Development Act 28 2002                                
Mt                       Million tonnes                                                                         
NBC                      North Block Complex                                                                    
NCC                      New Clydesdale Colliery                                                                
NOP                      Net operating profit
PPA                      Purchase Price Allocation                                                              
PRC                      People?s Republic of China                                                             
Rb                       Rand billion                                                                           
RBCT                     Richards Bay Coal Terminal Proprietary Limited                                         
Rm                       Rand million                                                                           
RMB                      Chinese Renminbi                                                                       
RoC                      Republic of Congo                                                                      
RSA                      Republic of South Africa
SAICA                    South African Institute of Chartered Accountants                                       
SARS                     South African Revenue Service                                                          
SDCT                     South Dunes Coal Terminal SOC Limited                                                  
SENS                     Stock Exchange News Service                                                            
SIOC                     Sishen Iron Ore Company Proprietary Limited                                            
SOC                      State-owned company                                                                    
SSCC                     Semi-soft coking coal                                                                  
Tata Power               Tata Power Company Limited                                                                             
TCSA                     Total Coal South Africa Proprietary Limited                                            
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 of America                                                               
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, advisers 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
Date: 09/03/2017 07:05:00 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             . The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.


                                        
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