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Exxaro Resources Limited - Cancellation Of S388177 Exx: Interim Financial Results For Six-month Period Ended 30 June 2017

Release Date: 17/08/2017 13:01:59      Code(s): EXX     
EXXARO RESOURCES LIMITED 

(Incorporated in the Republic of South Africa)
Registration number: 2000/011076/06
JSE share code: EXX
ISIN: ZAE000084992
ADR code: EXXAY
(Exxaro or the company or the group)

REVIEWED CONDENSED GROUP INTERIM STATEMENTS AND UNREVIEWED PRODUCTION AND 
SALES VOLUMES INFORMATION FOR THE SIX MONTHS ENDED 30 JUNE 2017

SALIENT FEATURES
Group
- Revenue R10,7 billion, up 10%
- Net operating profit R2,9 billion, up 35% 
- Net debt: equity of 12%
- Interim dividend of 300 cents per share, up 210 cents per share
- HEPS* of 822 cents, up 185% 
- AEPS** of 852 cents, up 135%
- Cash generated by operations at R3,7 billion, up 68%

SIOC
- R1,2 billion post-tax equity-accounted income
- R1,4 billion, Exxaro's share of dividend declared for 1H17

Tronox
- R295 million post-tax equity-accounted losses
- Diviedend of R59 million received in 1H17

*  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 
                                                          6 months       6 months        12 months           
                                                             ended          ended            ended           
                                                           30 June        30 June      31 December          
                                                              2017           2016             2016          
                                                          Reviewed       Reviewed          Audited          
                                                                Rm             Rm               Rm          
Revenue                                                     10 736          9 762           20 897          
Operating expenses                                          (7 826)        (7 760)         (16 413)          
Operating profit (note 6)                                    2 910          2 002            4 484          
Gain on disposal of joint venture                                             203              203          
Impairment charges of non-current assets                                                      (100)          
Net operating profit                                         2 910          2 205            4 587          
Finance income (note 7)                                         71             83              229          
Finance costs (note 7)                                        (522)          (417)            (857)          
Share of income/(loss) of equity-accounted 
investments (note 8)                                         1 125             (9)           2 373          
Profit before tax                                            3 584          1 862            6 332          
Income tax expense                                            (861)          (490)          (1 179)          
Profit for the period from continuing operations             2 723          1 372            5 153          
(Loss)/profit for the period from 
discontinued operations (note 5)                                             (121)             538          
Profit for the period                                        2 723          1 251            5 691          
Other comprehensive (loss)/income, net of tax                 (181)           (91)            (549)          
Items that will not be reclassified to
profit or loss:                                                 (4)            31              (57)          
- Remeasurements of post-employment 
  benefit obligation                                           (29)                                          
- Share of comprehensive income/(loss) 
  of equity-accounted investments                               25             31              (57)          
Items that may be subsequently reclassified 
to profit or loss:                                            (177)          (122)            (492)          
- Unrealised (losses)/gains on translation of 
  foreign operations                                           (39)            25              (45)          
- Revaluation of financial assets 
  available-for-sale                                             5             (2)              (5)          
- Share of comprehensive loss of 
  equity-accounted investments                                (143)          (145)            (442)          
Total comprehensive income for the period                    2 542          1 160            5 142          
Profit/(loss) attributable to:                                                                              
Owners of the parent                                         2 692          1 285            5 679          
- Continuing operations                                      2 692          1 406            5 141          
- Discontinued operations                                                    (121)             538          
Non-controlling interests                                       31            (34)              12          
- Continuing operations                                         31            (34)              12          
                                                                                                            
Profit for the period                                        2 723          1 251            5 691          
Total comprehensive income/(loss) 
attributable to:                                                          
Owners of the parent                                         2 511          1 194            5 130          
- Continuing operations                                      2 511          1 226            4 666          
- Discontinued operations                                                     (32)             464          
Non-controlling interests                                       31            (34)              12          
- Continuing operations                                         31            (34)              12          
Total comprehensive income for the period                    2 542          1 160            5 142          
                                                             Cents          Cents            Cents          
Attributable earnings/(loss) per share                                                                      
Aggregate                                                                                                   
- Basic                                                        852            362            1 600          
- Diluted                                                      852            360            1 591          
Continuing operations                                                                                       
- Basic                                                        852            396            1 448          
- Diluted                                                      852            394            1 440          
Discontinued operations                                                                                     
- Basic                                                                       (34)             152          
- Diluted                                                                     (34)             151          

CONDENSED GROUP STATEMENT OF FINANCIAL POSITION
                                                        At 30 June       At 30 June      At 31 December    
                                                              2017             2016                2016    
                                                          Reviewed         Reviewed             Audited    
                                                                Rm               Rm                  Rm    
ASSETS                                                                                                     
Non-current assets                                          51 556           46 126              49 959    
Property, plant and equipment                               22 568           21 073              21 972    
Biological assets                                               47               52                  45    
Intangible assets                                               23               43                  31    
Investments in associates (note 11)                         22 333           19 687              21 518    
Investments in joint ventures (note 12)                      1 329            1 195               1 258    
Financial assets (note 13)                                   4 827            3 638               4 720    
Deferred tax                                                   429              438                 415    
Current assets                                               5 919            6 492               9 842    
Inventories                                                  1 287            1 213               1 036    
Financial assets (note 13)                                                      452                 480    
Trade and other receivables                                  2 440            2 281               3 050    
Current tax receivable                                         119              185                  81    
Cash and cash equivalents                                    2 073            2 361               5 195    
Non-current assets held-for-sale (note 14)                     175              142                 130    
Total assets                                                57 650           52 760              59 931    
EQUITY AND LIABILITIES                                                                                     
Capital and other components of equity                                                                     
Share capital                                                1 660            2 460               2 509    
Other components of equity                                   5 007            6 901               2 085    
Retained earnings                                           30 476           26 651              31 281    
Equity attributable to owners of the parent                 37 143           36 012              35 875    
Non-controlling interests                                     (757)            (834)               (788)    
Total equity                                                36 386           35 178              35 087    
Non-current liabilities                                     15 909           11 940              16 282    
Interest-bearing borrowings (note 15)                        5 498            3 039               6 002    
Provisions                                                   4 149            3 297               4 162    
Post-retirement employee obligations                           222              228                 239    
Financial liabilities (note 17)                                253               73                 479    
Deferred tax                                                 5 787            5 303               5 400    
Current liabilities                                          4 221            4 298               7 461    
Trade and other payables                                     2 753            2 515               3 010    
Shareholder loans                                               18               21                  18    
Interest-bearing borrowings (note 15)                           11            1 584                 503    
Current tax payable                                            146               35                 210    
Financial liabilities (note 17)                                236                                3 599    
Provisions                                                     140              127                 109    
Overdraft (note 15)                                            917               16                  12    
Non-current liabilities held-for-sale (note 14)              1 134            1 344               1 101    
Total liabilities                                           21 264           17 582              24 844    
Total equity and liabilities                                57 650           52 760              59 931    
                                                                       
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    Other   
                                                       Rm            Rm             Rm          Rm             Rm             Rm       Rm     
At 31 December 2015 (Audited)                       2 445         4 922            241       2 008           (205)           (55)             
Profit/(loss) for the period                                                                                                                  
Other comprehensive income/(loss)                                    25                                                       (2)             
Share of other comprehensive                                                                                                                
(loss)/income of equity-accounted                                                                                                           
investments                                                         (80)          (192)        127             31                              
Issue of share capital                                 15                                                                                     
Share-based payments movement                                                                   81                                            
Dividends paid                                                                                                                                 
At 30 June 2016 (Reviewed)                          2 460         4 867             49       2 216           (174)           (57)             
Profit for the period                                                                                                                         
Other comprehensive loss                                            (70)                                                      (3)              
Share of associates? reclassification                                                                                                       
of equity                                                                                     (557)                                           
Share of other comprehensive                                                                                                                
(loss)/income of equity-accounted                                                                                                           
investments                                                        (386)           (26)        115            (88)                             
Issue of share capital                                 49                                                                                     
Share-based payments movement                                                                  124                                            
Dividends paid                                                                                                                                 
Share repurchase                                                                                                                   (3 524)     
Disposal of foreign subsidiaries                                   (401)                                                                       
At 31 December 2016 (Audited)                       2 509         4 010             23       1 898           (262)           (60)  (3 524)    
Profit for the period                                                                                                                         
Other comprehensive (loss)/income                                   (39)                                      (29)             5               
Share of other comprehensive (loss)/income                                                                                                  
of equity-accounted investments                                    (174)           (58)         89             25                              
Issue of share capital1                               463                                                                                     
Share-based payments movement2                                                                (422)                                            
Dividends paid                                                                                                                                 
Share repurchase3                                  (1 312)                                                                          3 524      
Reclassification within equity4                                                                                                         1      
At 30 June 2017 (Reviewed)                          1 660         3 797            (35)      1 565           (266)           (55)       1   

CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY (continued)
                                                                  Attributable                 
                                                                     to owners          Non-    
                                                       Retained         of the   controlling      Total  
                                                       earnings         parent     interests     equity
                                                             Rm             Rm            Rm         Rm    
At 31 December 2015 (Audited)                            25 670         35 026          (800)    34 226    
Profit/(loss) for the period                              1 285          1 285           (34)     1 251    
Other comprehensive income/(loss)                                           23                       23    
Share of other comprehensive                                                                  
(loss)/income of equity-accounted                                                             
investments                                                               (114)                    (114)    
Issue of share capital                                                      15                       15    
Share-based payments movement                                               81                       81    
Dividends paid                                             (304)          (304)                    (304)    
At 30 June 2016 (Reviewed)                               26 651         36 012          (834)    35 178    
Profit for the period                                     4 394          4 394            46      4 440    
Other comprehensive loss                                                   (73)                     (73)    
Share of associates? reclassification                                                         
of equity                                                   557                                            
Share of other comprehensive                                                                  
(loss)/income of equity-accounted                                                             
investments                                                               (385)                    (385)    
Issue of share capital                                                      49                       49    
Share-based payments movement                                              124                      124    
Dividends paid                                             (321)          (321)                    (321)    
Share repurchase                                                        (3 524)                  (3 524)    
Disposal of foreign subsidiaries                                          (401)                    (401)    
At 31 December 2016 (Audited)                            31 281         35 875          (788)    35 087    
Profit for the period                                     2 692          2 692            31      2 723    
Other comprehensive (loss)/income                                          (63)                     (63)    
Share of other comprehensive (loss)/income                                                    
of equity-accounted investments                                           (118)                    (118)    
Issue of share capital1                                                    463                      463    
Share-based payments movement2                                            (422)                    (422)    
Dividends paid                                           (1 284)        (1 284)                  (1 284)    
Share repurchase3                                        (2 212)                                            
Reclassification within equity4                              (1)                                            
At 30 June 2017 (Reviewed)                               30 476         37 143          (757)    36 386  
                                                      
1 Vesting of Mpower 2012 treasury shares to good leavers and beneficiaries upon final vesting of the 
  share-based payment scheme on 31 May 2017.              
2 Includes the final vesting of Mpower 2012 shares. 
3 Exxaro repurchased 43 943 744 ordinary shares from Main Street 333 for a purchase consideration of R3 524 million.            
4 Relates to a foreign entity which is required to reallocate distributable reserves to a non-distributable reserve.            

Dividend distribution                                                                                  
Final dividend paid per share (cents) in respect of the 2016 financial year                   410      
Dividend paid per share (cents) in respect of the 2016 interim period                          90      
Dividend payable per share (cents) in respect of the 2017 interim period                      300      

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
                                                                               6 months       6 months        12 months     
                                                                                  ended          ended            ended     
                                                                                30 June        30 June      31 December    
                                                                                   2017           2016             2016    
                                                                               Reviewed       Reviewed          Audited    
                                                                                     Rm             Rm               Rm    
Cash flows from operating activities                                              1 528          1 380            3 918    
Cash generated by operations                                                      3 660          2 183            5 549    
Interest paid                                                                      (328)          (252)            (595)    
Interest received                                                                    55             45              136    
Tax paid                                                                           (575)          (292)            (547)    
Dividends paid                                                                   (1 284)          (304)            (625)    
Cash flows from investing activities                                               (907)          (607)          (2 198)    
Property, plant and equipment acquired to maintain operations (note 10)          (1 105)          (993)          (2 413)    
Property, plant and equipment acquired to expand operations (note 10)              (209)          (179)            (367)    
Proceeds from disposal of property, plant and equipment                               2              3               35    
Settlement of contingent consideration (note 18.2)                                  (74)                                    
Increase in investments in other non-current assets                                 (64)           (34)            (160)    
Decrease in loans to related parties                                                400                                    
Interest received on loans to related parties                                        84                                    
Proceeds from disposal of operation                                                                                  47    
Proceeds from disposal of joint venture                                                            200              200    
Increase in investment in joint venture                                                            (54)             (55)    
Increase in investment in associate                                                               (233)            (233)    
Income from investments in associates and joint ventures                             59            683              748    
Cash flows from financing activities                                             (4 620)          (443)           1 483    
Interest-bearing borrowings raised                                                               1 066            7 565    
Interest-bearing borrowings repaid                                                 (999)        (1 509)          (6 066)    
Shares acquired in the market to settle share-based payments                        (97)                            (16)    
Repurchase of share capital                                                      (3 524)                                    
Net (decrease)/increase in cash and cash equivalents                             (3 999)           330            3 203    
Cash and cash equivalents at beginning of the period                              5 183          2 055            2 055    
Translation difference on movement in cash and cash equivalents                     (24)           (40)             (75)    
Cash and cash equivalents at end of the period                                    1 160          2 345            5 183    
- Cash and cash equivalents                                                       2 073          2 361            5 195    
- Cash and cash equivalents classified as held-for-sale                               4                                    
- Overdraft                                                                        (917)           (16)             (12)    
             
RECONCILIATION OF GROUP HEADLINE EARNINGS 
                                                               Gross            Tax              Net    
                                                                  Rm             Rm               Rm    
6 months ended 30 June 2017 (Reviewed)                                                                  
Profit for the period attributable to owners             
of the parent                                                                                  2 692    
Adjusted for:                                                    103             (8)              95    
- IAS 16 Net losses on disposal of property,             
  plant and equipment                                             22             (6)              16    
- IAS 28 Loss on dilution of investment in associate              75                              75    
- IAS 28 Share of equity-accounted investments?          
  separate identifiable remeasurements                             6             (2)               4    
                                                         
Headline earnings                                                                              2 787    
6 months ended 30 June 2016 (Reviewed)                                                                  
Profit for the period attributable to owners             
of the parent                                                                                  1 285    
Adjusted for:                                                   (184)            (5)            (189)    
- IAS 16 Net losses on disposal of property,             
  plant and equipment                                             13             (1)              12    
- IAS 28 Gain on disposal of joint venture                      (203)                           (203)    
- IAS 28 Loss on dilution of investment in associate              29                              29    
- IAS 28 Excess of fair value over cost of               
  investment in associate                                        (35)                            (35)    
- IAS 28 Share of equity-accounted investments'          
  separate identifiable remeasurements                            12             (4)               8    
                                                                                                        
Headline earnings/(loss)                                                                       1 096    
- Continuing operations                                                                        1 218    
- Discontinued operations                                                                       (122)    
12 months ended 31 December 2016 (Audited)                                                              
Profit for the year 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)    
   
                                                            6 months       6 months        12 months     
                                                               ended          ended            ended     
                                                             30 June        30 June      31 December    
                                                                2017           2016             2016    
                                                            Reviewed       Reviewed          Audited    
                                                               Cents          Cents            Cents    
Headline earnings/(loss) per share                                                                       
Aggregate                                                                                                
- Basic                                                           882           309            1 302    
- Diluted                                                         882           307            1 294    
Continuing operations                                                                                   
- Basic                                                           882           343            1 342    
- Diluted                                                         882           341            1 334    
Discontinued operations                                                                                 
- Basic                                                                         (34)             (40)    
- Diluted                                                                       (34)             (40)    
Refer to note 9 for details regarding the number of shares.                                              

NOTES TO THE REVIEWED CONDENSED GROUP INTERIM FINANCIAL STATEMENTS

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 interim financial statements as at and for the 
     six-month period ended 30 June 2017 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 interim financial statements as at and for the six-month period ended 30 June 2017 have 
     been prepared in accordance with IFRS, IAS 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as 
     issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards 
     Council and the requirements of the Companies Act of South Africa.          

     The reviewed condensed group interim financial statements as at and for the six-month period ended 30 June 2017 have 
     been prepared under the supervision of PA Koppeschaar CA(SA), SAICA registration number: 00038621.          

     The reviewed condensed group interim financial statements should be read in conjunction with the group annual 
     financial statements as at and for the year ended 31 December 2016, which have been prepared in accordance with IFRS 
     as issued by the IASB. The reviewed condensed group interim financial statements have been prepared on the historical 
     cost basis, excluding financial instruments and biological assets, which are at fair value.          
 
     The reviewed condensed group interim financial statements of Exxaro and its subsidiaries as at and for the six-month 
     period ended 30 June 2017 were authorised for issue by the board of directors on 15 August 2017.          

2.2  Judgements and estimates          
     In preparing these reviewed condensed group interim financial statements, management made judgements, estimates and 
     assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income 
     and 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 2016.          

3.   ACCOUNTING POLICIES          
     The accounting policies adopted in the preparation of the reviewed condensed group interim financial statements are 
     consistent with those followed in the preparation of the group annual financial statements as at and for the year 
     ended 31 December 2016. A number of new or amended standards became effective for the current reporting period. 
     However, the group did not have to change its accounting policies or make retrospective adjustments as a result of 
     adopting these standards. Additional disclosures required under the amended IAS 7 Statement of Cash Flows have not 
     been provided by the group as it is not required for condensed group interim financial statements. The group will 
     disclose the additional information in the group annual financial statements for the year ended 31 December 2017.          
 
     Taxes on income in the interim period are accrued using the tax rate that would be applicable to expected total 
     annual profit or loss.
  
     New accounting standards and amendments issued to accounting standards and interpretations which are relevant to
     the group, but not yet effective on 30 June 2017, have not been adopted. The group continuously evaluates the impact 
     of these standards and amendments. In summary the following are the current expectations in relation to IFRS 9 
     Financial Instruments, IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases.          
               
     IFRS 9          
     The group has decided not to adopt IFRS 9 until it becomes mandatory on 1 January 2018.          
     The actual impact of adopting IFRS 9 on the group's financial statements in 2018 is not known and cannot be reliably 
     estimated because it is dependent on the financial instruments that the group holds and economic conditions at that 
     time as well as accounting elections and judgements which the group will make in the future. The new standard will 
     require the group to revise its accounting processes and internal controls related to reporting financial instruments 
     and these changes are not yet complete.            

     However, the group has performed a preliminary assessment of the potential impact of the adoption of IFRS 9 based 
     on its position at 30 June 2017.            

     Based on its preliminary assessment, the group does not believe that the new classification requirements, if they had 
     been applied at 30 June 2017, would have had a material impact on its accounting for trade receivables, loans and 
     investments in equity securities that are managed on a fair value basis. At 30 June 2017, the group had equity investments 
     classified as available-for-sale with a fair value of R177 million. If these investments continue to be held for the same 
     purpose at initial application of IFRS 9, then the group may elect to classify them as at fair value through other 
     comprehensive income or fair value through profit or loss. The group has not yet made a decision in this regard. In the 
     former case, all fair value gains and losses would be reported in other comprehensive income, no impairment losses 
     would be recognised in profit or loss and no gains or losses would be reclassified to profit or loss on disposal. 
     In the latter case, all fair value gains and losses would be recognised in profit or loss as they arise, increasing 
     volatility in the group's profits.            

     The group has embarked on the process of determining the impact that the new impairment model, on the basis of expected 
     credit losses, will have on the impairment provisions. As part of this process the group will finalise the impairment 
     methodologies that it will apply under IFRS 9.            

     Disclosure requirements and changes in presentation are expected to change the nature and extent of the group's 
     disclosures about its financial instruments particularly in the year of the adoption of the new standard. The group 
     is in the process of identifying changes to systems and controls which will be necessary to capture the required data.            

     IFRS 15          
     The standard is effective for annual periods beginning on or after 1 January 2018. Exxaro assessed significant contracts 
     with customers in line with the IFRS 15 five-step model. While the group is still considering the impact, no material 
     impact is expected on the measurement and timing of revenue recognition.          

     The group must still take a decision on the transition method to be applied as well as the practical expedients to be 
     used, if elected.          
     
     IFRS 16          
     The standard is effective for annual periods beginning on or after 1 January 2019. Early adoption is permitted provided 
     that IFRS 15 is adopted at or before the date of initial application of IFRS 16. The group made progress on the initial 
     assessment of the potential impact of this standard on the group's financial statements but has not yet reached a 
     conclusion if this standard will be early adopted with the implementation of IFRS 15. This initial assessment included 
     the identification of material lease transactions within the group. The group must still make a decision on the 
     transition method to be applied as well as the practical expedients to be used, if elected.          
                   
4.   SEGMENTAL INFORMATION          
     Operating segments are reported on in a manner consistent with the internal reporting provided to the chief operating 
     decision-maker, who is responsible for allocating resources and assessing performance of the reportable operating 
     segments. The chief operating decision-maker has been identified as the group executive committee. Segments reported 
     are based on the group's different products and operations.          

     The corporate transactions during 2016 necessitated a change in the segmental reporting structures and the manner in 
     which operating results are reported to the chief operating decision-maker. Changes to segmental reporting which 
     resulted in the re-presentation of comparative periods' segmental information, included:          
     - the iron ore operating segment is now included within the other operating segment which forms part of the 
       other reportable segment;       
     - an energy segment was added as an additional reportable segment.          

     The re-presentation resulted in five reportable operating segments compared to the four reportable operating 
     segments in prior periods.          

     Total operating segment revenue, which excludes VAT, represents the gross value of goods invoiced, services rendered 
     and includes operating revenues directly and reasonably allocatable to the segments. Segment net operating profit or 
     loss equals segment revenue less segment expenses, impairment charges, plus impairment reversals. Segment operating 
     expenses, assets and liabilities represent direct or reasonably allocatable operating expenses, assets and liabilities.          

     The reportable operating segments, as described below, 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. Coal commercial operations include a 50% (30 June 2016: 50%; 31 December 2016: 50%) 
     investment in Mafube (a joint venture with Anglo), as well as a 10,82% (30 June 2016: 10,82%; 31 December 2016: 10,82%) 
     effective equity interest in RBCT. The coal operations produce thermal coal, metallurgical coal and SSCC.          

     Ferrous          
     The ferrous segment comprises a 20,62% (30 June 2016: 19,98%; 31 December 2016: 20,62%) equity interest in SIOC 
     (located in the Northern Cape province) reported within the other ferrous operating segment as well as the FerroAlloys 
     operations (referred to as Alloys).          

     TiO2 and Alkali chemicals          
     Exxaro holds a 42,97% (30 June 2016: 43,71%; 31 December 2016: 43,66%) equity interest in Tronox Limited and a 26% 
     (30 June 2016: 26%; 31 December 2016: 26%) equity interest in Tronox SA (both South African-based operations), as well 
     as a 26% (30 June 2016: 26%; 31 December 2016: 26%) member's interest in Tronox UK.          

     Energy          
     The energy segment comprises a 50% (30 June 2016: 50%; 31 December 2016: 50%) investment in Cennergi (a South African 
     joint venture with Tata Power Company Limited) which operates two windfarms.        

     Other          
     This reportable segment comprises the 26% (30 June 2016: 26%; 31 December 2016: 26%) equity interest in Black 
     Mountain (located in the Northern Cape province), an effective investment of 11,7% (30 June 2016: 11,7%; 
     31 December 2016: 11,7%) in Chifeng (located in the PRC), the Mayoko iron ore project (and related subsidiaries) 
     which was classified as a discontinued operation in 2016 and sold on 23 September 2016, as well as the corporate 
     office which renders services to operations and other customers.          

     The following table presents a summary of the group's segmental information:                 
                                                                                         TiO2 and           
                                                                                           Alkali                 
                                                         Coal             Ferrous       chemicals   Energy             Other        Total                  
                                                 Tied   Commercial              Other                             Base                        
                                           operations   operations   Alloys   ferrous                           metals    Other                
                                                   Rm           Rm       Rm        Rm          Rm       Rm          Rm       Rm        Rm            
     For the 6 months ended                                                                                             
     30 June 2017 (Reviewed)                                                                                                    
     External revenue                           1 591        9 079       56                                                  10    10 736          
     Segment net operating profit/(loss)          149        2 865                                                         (104)    2 910          
     External finance income (note 7)                           21                                                           50        71          
     External finance costs (note 7)              (83)        (121)                                                        (318)     (522)          
     Income tax (expense)/benefit                 (26)        (777)       8                                                 (66)     (861)          
     Depreciation and amortisation                                                                                                 
     (note 6)                                      (6)        (623)                                                         (46)     (675)          
     Cash generated by/(utilised                                                                                                   
     in) operations                               120        3 523       24                                                  (7)    3 660          
     Share of income/(loss) of                                                                                                     
     equity-accounted investments                                                                                                  
     (note 8)                                                  104              1 228        (295)     (11)         99              1 125          
     Capital expenditure (note 10)                          (1 305)      (2)                                                 (7)   (1 314)          
     At 30 June 2017 (Reviewed)                                                                                                                     
     Segment assets and liabilities                                                                                                                 
     Deferred tax                                  67           17       28                                                 317       429          
     Investments in associates (note 11)                     2 203              8 771      10 740                  619             22 333          
     Investments in joint ventures                                                                                      
     (note 12)                                                 961                                     368                          1 329          
     External assets1                           2 907       27 911      163        25                  126         177    2 075    33 384          
     Assets                                     2 974       31 092      191     8 796      10 740      494         796    2 392    57 475          
     Non-current assets held-for-sale                                                                                   
     (note 14)                                                  46                                                          129       175          
     Total assets as per statement of                                                                                   
     financial position                         2 974       31 138      191     8 796      10 740      494         796    2 521    57 650          
     External liabilities                       2 650        4 464       23         4                                     7 056    14 197          
     Deferred tax2                                  4        5 842                                                          (59)    5 787          
     Current tax payable2                          (4)         150                                                                    146          
     Liabilities                                2 650       10 456       23         4                                     6 997    20 130          
     Non-current liabilities                                                                                            
     held-for-sale (note 14)                                 1 134                                                                  1 134          
     Total liabilities as per statement of                                                                              
     financial position                         2 650       11 590       23         4                                     6 997    21 264          
                                                                                                                      
     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.                                                                                                                                                               
                                                                                         TiO2 and           
                                                                                           Alkali                 
                                                         Coal             Ferrous       chemicals   Energy             Other        Total                  
                                                 Tied   Commercial              Other                             Base                        
                                           operations   operations   Alloys   ferrous                           metals    Other                
                                                   Rm           Rm       Rm        Rm          Rm       Rm          Rm       Rm        Rm         
     For the 6 months ended 
     30 June 2016 (Reviewed)
     (Re-presented)           
     External revenue 
    (continuing operations)                     1 659        8 059       13                                                  31     9 762          
     Segment net operating 
     profit/(loss)                                122        2 110       (7)                                                (66)    2 159          
     - Net operating profit/                                                                                                     
       (loss) from continuing operations          122        2 110       (7)                                                (20)    2 205          
     - Net operating loss from                                                                                                   
       discontinued operations                                                                                              (46)      (46)          
     External finance income (note 7)               1           14        1                                                  67        83          
     External finance costs (note 7)              (52)        (121)                                                        (244)     (417)          
     Income tax (expense)/benefit                 (19)        (421)       2                                                (127)     (565)          
     Depreciation and amortisation (note 6)        (6)        (511)      (4)                                                (43)     (564)          
     Cash generated by/(utilised in) operations   167        2 422      (34)       (9)                                     (363)    2 183          
     Share of income/(loss) of 
     equity-accounted investments 
     (note 8)                                                  109                736        (930)      37          39                 (9)          
     Capital expenditure (note 10)                          (1 158)     (10)                                                 (4)   (1 172)          
     At 30 June 2016 (Reviewed)
     (Re-presented)                                                                                                                                                                   
     Segment assets and liabilities                                                                                                                                                                             
     Deferred tax                                  37           31      124       109                                       137       438          
     Investments in associates (note 11)                     2 242              5 874      11 111                  460             19 687          
     Investments in joint ventures 
     (note 12)                                                 683                                     512                          1 195          
     External assets1                           1 953       26 109      225        28                              199    2 784    31 298          
     Assets                                     1 990       29 065      349     6 011      11 111      512         659    2 921    52 618          
     Non-current assets held-for-sale 
     (note 14)                                                                                                              142       142          
     Total assets as per statement of 
     financial position                         1 990       29 065      349     6 011      11 111      512         659    3 063    52 760          
     External liabilities                       1 735        5 833       33        47                                     3 252    10 900          
     Deferred tax2                                (28)       5 392        3                                                 (64)    5 303          
     Current tax payable2                                       35                                                                     35          
     Liabilities                                1 707       11 260       36        47                                     3 188    16 238          
     Non-current liabilities held-for-sale 
     (note 14)                                               1 072                                                          272     1 344          
     Total liabilities as per statement 
     of financial position                      1 707       12 332       36        47                                     3 460    17 582          
 
     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.                                                                         
                                                                                         TiO2 and           
                                                                                           Alkali                 
                                                         Coal             Ferrous       chemicals   Energy             Other        Total                  
                                                 Tied   Commercial              Other                             Base                        
                                           operations   operations   Alloys   ferrous                           metals    Other                
                                                   Rm           Rm       Rm        Rm          Rm       Rm          Rm       Rm        Rm         
     For the 12 months ended                           
     31 December 2016 (Audited)                        
     (Re-presented)                                                                                                  
     External revenue                                                         
     (continuing operations)                    3 483       17 190      170                                                  54    20 897          
     Segment net operating profit/(loss)          226        4 940      (75)       28                                        81     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 7)               2           61        1                                                 165       229          
     External finance costs (note 7)            (105)         (245)                                                        (507)     (857)          
     Income tax benefit/(expense)                  13       (1 110)      21         2                                      (180)   (1 254)          
     Depreciation and amortisation                                            
     (note 6)                                     (12)      (1 072)      (7)                                               (107)   (1 198)          
     Impairment charges - non-current                                         
     assets (excluding financial assets                                       
     and goodwill)                                                     (100)                                                         (100)          
     Gain on disposal of operation                             100                                                                    100          
     Cash generated by/(utilised in)                                          
     operations                                   260        5 426      (53)      (22)                                      (62)    5 549          
     Share of income/(loss) of                                                
     equity-accounted investments                                             
     (note 8)                                                  238              2 416        (384)       3         100              2 373          
     Capital expenditure (note 10)                          (2 747)     (14)                                                (19)   (2 780)          
     At 31 December 2016 (Audited)                                            
     (Re-presented)                                                                                                                    
     Segment assets and liabilities                                                                                                                                 
     Deferred tax                                               49       22         1                                       343       415          
     Investments in associates (note 11)                     2 217              7 549      11 232                  520             21 518          
     Investments in joint ventures                                            
     (note 12)                                                 839                                     419                          1 258          
     External assets1                           2 952       27 481      201        25                  126         178    5 647    36 610          
     Assets                                     2 952       30 586      223     7 575      11 232      545         698    5 990    59 801          
     Non-current assets held-for-sale                                         
     (note 14)                                                   1                                                          129       130          
     Total assets as per statement                                            
     of financial position                      2 952       30 587      223     7 575      11 232      545         698    6 119    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 14)                                               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.                                                                  


5.   DISCONTINUED OPERATIONS                                                                                      
     During 2016 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 represented a major geographical area of operation and was disclosed as part of the iron ore operating segment 
     which has now been re-presented to form part of the other operating segment within the other reportable segment. 
     Financial information relating to discontinued operations for the period to the date of disposal is set out below:                                                    
                                                                      6 months       6 months        12 months     
                                                                         ended          ended            ended     
                                                                       30 June        30 June      31 December    
                                                                          2017           2016             2016    
                                                                      Reviewed       Reviewed          Audited    
                                                                            Rm             Rm               Rm    
     The financial performance and cash flow information                                                          
     Operating expenses                                                                   (46)             (57)    
     Operating loss                                                                       (46)             (57)    
     Gain on disposal of subsidiaries                                                                      670    
     Net operating (loss)/profit                                                          (46)             613    
     Income tax expense                                                                   (75)             (75)    
     (Loss)/profit for the period from discontinued operations                           (121)             538    
     Cash flow attributable to operating activities                                       (16)             (29)    
     Cash flow attributable to investing activities                                         1                9    
     Cash flow attributable to discontinued operations                                    (15)             (20)    

6.   SIGNIFICANT ITEMS INCLUDED IN OPERATING PROFIT                                                              
     Raw materials and consumables                                      (1 412)        (1 124)          (2 443)    
     Staff costs                                                        (2 011)        (2 084)          (4 365)    
     Royalties                                                             (70)           (53)             (82)    
     Gain on disposal of operation1                                                                        100    
     Depreciation and amortisation                                        (675)          (564)          (1 198)    
     Fair value adjustments on contingent consideration2                   (37)            38             (445)    
     Net realised foreign currency exchange losses                         (78)           (74)            (116)    
     Fair value adjustments on financial assets designated                                            
     at fair value through profit or loss                                   43             35               48    
     Provisions income/(expense)                                           192            (70)            (896)    
     Net losses on disposal or scrapping of property,                                                 
     plant and equipment                                                   (22)           (13)             (44)    
     Loss on dilution of investment in associate                           (75)           (29)             (36)    

     1 Sale of the Inyanda operation in 2016.                                                                
     2 Relating to the ECC acquisition.                                                                       

                                                                      6 months       6 months        12 months     
                                                                         ended          ended            ended     
                                                                       30 June        30 June      31 December    
                                                                          2017           2016             2016    
                                                                      Reviewed       Reviewed          Audited    
                                                                            Rm             Rm               Rm          
7.   NET FINANCING COSTS                             
     Total finance income                                                   71             83              229          
     - Interest income                                                      66             78              218          
     - Finance lease interest income                                         5              5               11          
     Total finance costs                                                  (522)          (417)            (857)          
     - Interest expense                                                   (325)          (245)            (496)          
     - Unwinding of discount rate on rehabilitation cost                  (202)          (173)            (347)          
     - Finance lease interest expense                                       (2)            (2)              (5)          
     - Amortisation of transaction costs                                    (3)            (4)             (25)          
     - Borrowing costs capitalised1                                         10              7               16          
     Total net financing costs                                            (451)          (334)            (628)          
     1 Borrowing costs capitalisation rate:                              9,05%          9,02%            9,55%          

8.   SHARE OF INCOME/(LOSS) OF EQUITY-ACCOUNTED INVESTMENTS                                                                
     Associates                                                          1 018           (130)           2 132          
     Listed investments                                                   (363)          (947)            (391)          
     - Tronox Limited                                                     (363)          (947)            (391)          
     Unlisted investments                                                1 381            817            2 523          
     - SIOC1                                                             1 228            736            2 416          
     - Tronox SA                                                             9            (41)            (111)          
     - Tronox UK                                                            59             58              118          
     - RBCT2                                                               (14)            25                          
     - Black Mountain                                                       99             39              100          
                                                                                                                        
     Joint ventures                                                        107            121              241          
     - Mafube                                                              118             84              238          
     - Cennergi                                                            (11)            37                3          
     Share of income/(loss) of equity-accounted investments              1 125             (9)           2 373          

     1 December 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 
       RBCT shareholding.                                                                          
                                                                                       
9.   DIVIDEND DISTRIBUTION                                              
     Total dividends paid in 2016 amounted to R625 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 relating to the 2016 year of 410 cents per share (amounting to R1 284 million) was paid to shareholders 
     in April 2017.                                                                          

     An interim cash dividend, number 29, for 2017 of 300 cents per share (2016: 90 cents per share) was approved by the board 
     of directors on 15 August 2017. The dividend is payable on 18 September 2017 to shareholders who will be on the register at 
     15 September 2017. This interim dividend, amounting to approximately R943 million (2016: R321 million), has not been 
     recognised as a liability in these reviewed condensed group interim financial statements. It will be recognised in 
     shareholders' equity in the year ending 31 December 2017.                                                                          

     The 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 240 cents per share. The dividend withholding tax amounts to 
     60,00000 cents per share (30 June 2016: 13,50000 cents per share; 31 December 2016: 82,00000 cents per share). The number 
     of ordinary shares in issue at the date of this declaration is 314 171 761 (2016: 358 115 505). Exxaro company's tax 
     reference number is 9218/098/14/4.                                                                          
                                                                              At 30 June         At 30 June      At 31 December          
                                                                                    2017               2016                2016          
                                                                                Reviewed           Reviewed             Audited          
     Issued share capital (number)1                                          314 171 761        358 115 505         358 115 505          
     Ordinary shares (million)                                                                                                           
     - Weighted average number of shares                                             316                355                 355          
     - Diluted weighted average number of shares                                     316                357                 357          
     1 43 943 744 shares were repurchased and cancelled on 20 January 2017.                                                                

                                                                              At 30 June         At 30 June      At 31 December          
                                                                                    2017               2016                2016          
                                                                                Reviewed           Reviewed             Audited          
                                                                                      Rm                 Rm                  Rm          
10.  CAPITAL EXPENDITURE                                                                                                                 
     Incurred                                                                      1 314              1 172               2 780          
     - To maintain operations                                                      1 105                993               2 413          
     - To expand operations                                                          209                179                 367          
     Contracted                                                                    3 881              1 506               2 333          
     - Contracted for the group (owner-controlled)                                 2 581              1 203               1 382          
     - Share of capital commitments of equity-accounted investments                1 300                303                 951          
     Authorised, but not contracted                                                1 148                760               3 500          

11.  INVESTMENTS IN ASSOCIATES                                                                                                           
     Listed investments                                                            7 383              7 818               7 946          
     - Tronox Limited1                                                             7 383              7 818               7 946          
     Unlisted investments                                                         14 950             11 869              13 572          
     - SIOC                                                                        8 771              5 874               7 549          
     - Tronox SA                                                                   1 740              1 795               1 728          
     - Tronox UK                                                                   1 617              1 498               1 558          
     - RBCT                                                                        2 203              2 242               2 217          
     - Black Mountain                                                                619                460                 520          
     Total carrying value of investments in associates                            22 333             19 687              21 518          
     1 Fair value based on a listed price (Level 1 within the 
       IFRS 13 Fair Value Measurement fair value hierarchy) (Rm):                 10 060              3 349               7 186          

       Listed share price (US$ per share):                                         15,12               4,41               10,31          

       Subsequent to 30 June 2017, the Tronox Limited share price improved to US$19,91 per share on 15 August 2017, an increase 
       of 32%. An impairment charge was not recognised for 2016 as the recoverable amount (value in use) of the Tronox Limited 
       investment was determined to be in excess of the carrying value.               
                                                                                                  
                                                                              At 30 June         At 30 June      At 31 December          
                                                                                    2017               2016                2016          
                                                                                Reviewed           Reviewed             Audited          
                                                                                      Rm                 Rm                  Rm          
12.  INVESTMENTS IN JOINT VENTURES                                                                                                  
     Unlisted investments                                                          1 329              1 195               1 258          
     - Mafube                                                                        961                683                 839          
     - Cennergi1                                                                     368                512                 419          
     Total carrying value of investments in joint ventures                         1 329              1 195               1 258          
     1  Included in financial assets is a loan to Cennergi (refer note 13):          126                                    126          

13.  FINANCIAL ASSETS                                                                                                                    
     Non-current financial assets                                                                                                        
     Environmental rehabilitation funds                                            1 510              1 370               1 401          
     Loan to joint venture1                                                          126                                    126          
     Non-current receivables                                                       1 744                848               1 768          
     Indemnification asset2                                                        1 130              1 072               1 100          
     Investments                                                                     192                209                 193          
     - Available-for-sale                                                            177                199                 178          
     - Fair value through profit or loss                                              15                 10                  15          
     Lease receivables                                                               125                139                 132          
     Total non-current financial assets                                            4 827              3 638               4 720          
     Current financial assets                                                                                                            
     Loan to BEE shareholder3                                                                           452                 480          
     Total current financial assets                                                                     452                 480          
     Total financial assets                                                        4 827              4 090               5 200          
     1 The loan granted to Cennergi in 2016 is interest free, unsecured and repayable on termination date in 2026, unless 
       otherwise agreed by the parties.                                                                          
     2 The indemnification asset arose on the ECC business combination transaction.                       
     3 During January 2017 Main Street 333 settled its interest-bearing loan with Exxaro.                       

14.  NON-CURRENT ASSETS AND LIABILITIES HELD-FOR-SALE   
     Moranbah coal project                              
     Exxaro holds a 50% interest in the Moranbah coal project joint operation with Anglo American Metallurgical Coal Proprietary 
     Limited reported within the coal commercial operating segment which forms part of the coal reportable segment. The project 
     is based in Queensland, Australia.                                                                          

     As part of Exxaro's strategic decision to focus on its current pipeline of South African coal projects and due to the size 
     of the project, the group's executive committee approved a divestment plan for this asset. The sale will be managed through 
     a controlled market tender process, envisaged to be concluded towards the end of 2017.                                

     The Moranbah coal project 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.                                                
                                             
     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 30 June 2017 as the required approvals are still pending.                               

     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.                                                                          

     Corporate centre building                                                                                                                       
     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. These agreements have been amended and finalised 
     during May 2017. All conditions precedent to this sale agreement have not yet been met. The land and buildings situated at 
     corporate centre remains classified as a non-current asset held-for-sale on 30 June 2017.                                                                          

     The major classes of assets and liabilities classified as non-current assets and liabilities held-for-sale are as follows:                                                                          
                                                                              At 30 June         At 30 June      At 31 December          
                                                                                    2017               2016                2016          
                                                                                Reviewed           Reviewed             Audited          
                                                                                      Rm                 Rm                  Rm          
     Assets                                                                                                                              
     Property, plant and equipment                                                   166                128                 129          
     Deferred tax                                                                      1                                      1          
     Trade and other receivables                                                       4                 14                              
     - Other receivables                                                               4                  6                              
     - Non-financial instrument receivables                                                               8                              
     Cash and cash equivalents                                                         4                                                 
     Non-current assets held-for-sale                                                175                142                 130          
     Liabilities                                                                                                                         
     Non-current provisions                                                       (1 113)            (1 069)             (1 083)          
     Post-retirement employee obligations                                            (18)               (18)                (18)          
     Deferred tax                                                                                        (1)                              
     Trade and other payables                                                         (3)              (163)                              
     - Trade payables                                                                 (3)               (41)                              
     - Other payables                                                                                  (122)                              
     Current tax payable                                                                                (73)                              
     Current provisions                                                                                 (20)                              
     Non-current liabilities held-for-sale                                        (1 134)            (1 344)             (1 101)          
     Net non-current liabilities held-for-sale                                      (959)            (1 202)               (971)          
                                                                                                                     
15.  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 facility (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 (R2 750 million). The effective interest rate for the transaction costs on the term loans is 0,24%. 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 
     credit facility amounts to R1 250 million.                                                                          

     Bond issue                                                             
     In terms of Exxaro's R5 000 million DMTN programme, a senior unsecured floating rate note (bond) of R1 000 million was 
     raised during May 2014. The bond comprises a:                                                                 
     - R480 million senior unsecured floating rate note, repaid on 19 May 2017                                       
     - R520 million senior unsecured floating rate note due 19 May 2019.                                    

     Interest on the R480 million bond was based on JIBAR plus a margin of 1,70% while interest on the R520 million bond is 
     based on JIBAR plus a margin of 1,95%. The effective interest rate for the transaction costs was 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.                       

     Finance leases               
     Included in the interest-bearing borrowings are obligations relating to finance leases for mining equipment.     
                                                                                                                    
                                                                           At 30 June       At 30 June      At 31 December    
                                                                                  2017            2016                2016    
                                                                             Reviewed         Reviewed             Audited    
                                                                                    Rm              Rm                  Rm    
15.  INTEREST-BEARING BORROWINGS (continued)                                                                                  
     Summary of loans and finance leases by period of redemption1                                                             
     Less than six months                                                            6             549                 496    
     Six to 12 months                                                                5           1 035                   7    
     Between one and two years                                                     521           1 012                   5    
     Between two and three years                                                   (9)           1 529                 514    
     Between three and four years                                                  (9)             498                 (9)    
     Between four and five years                                                 4 809                               5 244    
     Over five years                                                               186                                 248    
     Total interest-bearing borrowings                                           5 509           4 623               6 505    
     - Current2                                                                     11           1 584                 503    
     - Non-current3                                                              5 498           3 039               6 002    
     1 In July 2016 the R8 000 million loan facility, as 
       disclosed on 30 June 2016, was refinanced which 
       resulted in a new redemption profile.                   
     2 The current portion represents                                               11           1 584                 503    
     2 - Capital repayments of loans                                                             1 480                 480    
     2 - Interest capitalised                                                                       85                     
     2 - Capital repayments of finance leases                                       21              27                  32    
     2 - Reduced by the amortised transaction costs                                (10)             (8)                 (9)   
     3 The non-current portion includes the following 
       amounts in respect of transaction costs that will 
       be amortised using the effective interest rate method, 
       over the term of the facilities.                                             30              12                  35    
     Minimum finance lease payments:                                                                                          
     - Not later than one year                                                      21              31                  35    
     - Later than one year but not later than five years                            11              33                  18    
     Total                                                                          32              64                  53    
     Less: future finance charges                                                   (2)             (7)                 (4)    
     Present value of finance lease liabilities                                     30              57                  49    
     - Current                                                                      21              27                  32    
     - Non-current                                                                   9              30                  17    
     Overdraft                                                                                                                
     Bank overdraft                                                                917              16                  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 the reporting periods.                                                                                                                                             
                                                                            At 30 June      At 30 June      At 31 December    
                                                                                  2017            2016                2016    
                                                                              Reviewed        Reviewed             Audited    
                                                                                    Rm              Rm                  Rm    
16.  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):                                  (4 353)         (2 278)             (1 322)    
     - Cash and cash equivalents                                                 2 073           2 361               5 195    
     - Non-current interest-bearing borrowings                                  (5 498)         (3 039)             (6 002)    
     - Current interest-bearing borrowings                                         (11)         (1 584)               (503)    
     - Overdraft                                                                  (917)            (16)                (12)    
     Calculation of movement in net debt:                                                                                     
     Cash inflow from operating and investing activities:                          621             773               1 720    
     Add:                                                                                                                     
     - Shares acquired in market to settle share-based payments                    (97)                                (16)    
     - Movement in external shareholder loans                                                                           (3)    
     - Movement for interest capitalised/interest accrued                                            5                  89    
     - Amortisation of transaction costs                                            (3)             (4)                (25)    
     - Translation differences of movements in cash and 
       cash equivalents                                                            (24)            (40)                (75)    
     - Shares repurchased                                                       (3 524)                                        
     - Movement in cash and cash equivalents held-for-sale                          (4)                                        
     (Increase)/decrease in net debt                                            (3 031)            734               1 690    
     1 Non-IFRS measure.                                                                                                       
                                                                     
17.  FINANCIAL LIABILITIES                                                                                                      
     Non-current financial liabilities                                                                                          
     Finance lease                                                                  61              72                  66    
     Contingent consideration1                                                     191                                 408    
     Other                                                                           1               1                   5    
     Total non-current financial liabilities                                       253              73                 479    
     Current financial liabilities                                                                                            
     Contingent consideration1                                                     236                                  75    
     Share repurchase2                                                                                               3 524    
     Total current financial liabilities                                           236                               3 599    
     Total financial liabilities                                                   489              73               4 078    
     1 Relating to the ECC acquisition.                                                                                      
     2 During January 2017 Exxaro repurchased 43 943 744 ordinary shares from Main Street 333 for a purchase consideration 
       of R3 524 million.                  

18.  FINANCIAL INSTRUMENTS                                                                   
18.1 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.                                                        

18.2 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 30 June 2017 (Reviewed)                                                                                              
     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                   1 263                       1 263    
     - Environmental rehabilitation funds                                               1 248                       1 248    
     - KIO                                                                                 15                          15    
     Available-for-sale financial assets                                                                      177     177    
     - Chifeng                                                                                                177     177    
     Financial liabilities designated at fair value through profit or loss                                   (427)   (427)    
     - Non-current contingent consideration                                                                  (191)   (191)    
     - Current contingent consideration                                                                      (236)   (236)    
     Net financial assets/(liabilities) held at fair value                              1 263         1      (250)  1 014    
     At 30 June 2016 (Reviewed)                                                                                              
     Financial assets held-for-trading at fair value through profit or loss                           9                 9    
     - Current derivative financial assets                                                            9                 9    
     Financial assets designated at fair value through profit or loss                   1 160                       1 160    
     - Environmental rehabilitation funds                                               1 150                       1 150    
     - KIO                                                                                 10                          10    
     Available-for-sale financial assets                                                                      199     199    
     - Chifeng                                                                                                199     199    
     Financial liabilities held-for-trading at fair value through profit or loss                     (1)               (1)    
     - Current derivative financial liabilities                                                      (1)               (1)    
     Net financial assets held at fair value                                            1 160         8       199   1 367    
                                                                                                   
                                                                                      Level 1   Level 2   Level 3   Total    
                                                                                           Rm        Rm        Rm      Rm    
     At 31 December 2016 (Audited)                                                                                           
     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    


     Reconciliation of financial assets and financial liabilities within Level 3 of the hierarchy                                                        
                                                                     Contingent              
                                                                  consideration       Chifeng        Total
                                                                             Rm            Rm           Rm                 
     At 31 December 2015 (Audited)                                          (39)          210          171    
     Movement during the period                                                                              
     Losses recognised for the period in other comprehensive        
     income (pre-tax effect)                                                               (1)          (1)    
     Gains recognised for the period in profit or loss                       38                         38    
     Exchange losses for the period recognised in                   
     other comprehensive income                                                           (10)         (10)    
     Exchange gains for the period recognised in profit or loss               1                          1    
     At 30 June 2016 (Reviewed)                                                           199          199    
     Movement during the period                                                                              
     Losses recognised for the period in other                      
     comprehensive income (pre-tax effect)                                                 (4)          (4)    
     Losses recognised for the period in profit or loss                    (483)                      (483)    
     Exchange losses for the period recognised in other             
     comprehensive income                                                                 (17)         (17)    
     At 31 December 2016 (Audited)                                         (483)          178         (305)    
     Movement during the period                                                                              
     Gains recognised for the period in other comprehensive         
     income (pre-tax effect)                                                                5            5    
     Losses recognised for the period in profit or loss                     (37)                       (37)    
     Settlements                                                             74                         74    
     Exchange losses for the period recognised in other             
     comprehensive income                                                                  (6)          (6)    
     Exchange gains for the period recognised in profit or loss              19                         19    
     At 30 June 2017 (Reviewed)                                            (427)          177         (250)    
                                                               
     Transfers                                                                      
     The group recognises transfers between levels of the fair value hierarchy as at the end of the reporting period during 
     which the transfer has occurred. There were no transfers between Level 1 and Level 2 nor between Level 2 and Level 3 
     of the fair value hierarchy during the periods ended 30 June 2017, 30 June 2016 and 31 December 2016, as shown in 
     the reconciliation above.                                                        

     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.                                                        

18.3 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    
                                                               Inputs                   measurement1                      Rm    
     At 30 June 2017 (Reviewed)                                                                                                 
     Observable inputs                                                                                                          
                                                                               Strengthening of the
     Rand/RMB exchange rate                                R1,92/RMB1               rand to the RMB                       18    
                                                           RMB6,52 to           Strengthening of the                          
     RMB/US$ exchange rate                               RMB7,42/US$1                 RMB to the US$                      96    
                                                          US$2 100 to           Increase in price of                          
     Zinc LME price (US$ per tonne in real terms)            US$2 719               zinc concentrate                      96

     Unobservable inputs                                                                                                        
                                                                                         Increase in                         
                                                                                          production                             
     Production volumes (tonnes)                        85 000 tonnes                        volumes                      29      
     Operational costs (US$ million per annum             US$59,14 to                    Decrease in                         
     in real terms)                                          US$71,31               operations costs                     (70)            
                                                                                     Decrease in the                         
     Discount rate (%)                                         11,23%                  discount rate                     (12)       

     1 Change in observable or 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    
                                                               Inputs                   measurement1                      Rm    
     At 30 June 2016 (Reviewed)                                                                                                
     Observable inputs                                                                                                         
                                                                                    Strengthening of                          
     Rand/RMB exchange rate                                R2,23/RMB1            the rand to the RMB                      20     
                                                           RMB6,28 to               Strengthening of                         
     RMB/US$ exchange rate                               RMB6,99/US$1             the RMB to the US$                     196      
     Zinc LME price (US$ per tonne                        US$1 740 to              Increase in price                         
     in real terms)                                          US$2 100            of zinc concentrate                     196      

     Unobservable inputs                                                                                                       
                                                                                         Increase in                         
                                                                                          production                            
     Production volumes (tonnes)                        85 000 tonnes                        volumes                      25     
                                                
     Operational costs (US$ million                       US$60,39 to                    Decrease in                      
     per annum in real terms)                                US$74,76               operations costs                    (171)         
                                                                                     Decrease in the                       
     Discount rate (%)                                         10,17%                  discount rate                     (14)       
                                                                                                                               
     At 31 December 2016 (Audited)                                                                                             
     Observable inputs                                                                                                         
                                                                                    Strengthening of                          
     Rand/RMB exchange rate                                R1,96/RMB1            the rand to the RMB                      18     
                                                           RMB6,52 to               Strengthening of                         
     RMB/US$ exchange rate                               RMB7,13/US$1             the RMB to the US$                     158      
     Zinc LME price (US$ per tonne                        US$2 026 to              Increase in price                         
     in real terms)                                          US$2 113            of zinc concentrate                     158      

     Unobservable inputs                                                                                                       
                                                                                         Increase in                          
                                                                                          production                            
     Production volumes (tonnes)                        85 000 tonnes                        volumes                      33     
     Operational costs (US$ million                       US$58,97 to                    Decrease in                       
     per annum in real terms)                                US$74,38               operations costs                    (129)        
                                                                                     Decrease in the                       
     Discount rate (%)                                         11,23%                  discount rate                     (15)       

     1 Change in observable or 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 all 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 30 June 2017, there was an increase of US$2,9 million (R37 million) (30 June 2016: decrease of US$2,55 million 
     (R38 million), 31 December 2016: increase of US$35,45 million (R483 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. amounting to R74 million was required for the 2016 reference year as the API4 
     price was within the agreed range. No additional payment to Total S.A. was required for the 2015 reference year as 
     the API4 price was below the range.                                                                           

     The contingent consideration 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    
                                                               Inputs                   measurement1                      Rm    
     At 30 June 2017 (Reviewed)                                                                                                  
     Observable inputs                                                                                                           
                                                                                Strengthening of the                           
     Rand/US$ exchange rate                               R13,01/US$1                rand to the US$                      43     
                                                          US$68,52 to               Increase in API4                          
     API4 export price (price per tonne)                     US$75,00         export price per tonne                     241      
     Unobservable inputs                                                                                                         
                                                                                     Decrease in the                        
     Discount rate (%)                                          3,44%                  discount rate                     (23)        

     1 Change in observable or 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    
                                                               Inputs                   measurement1                      Rm    
     At 30 June 2016 (Reviewed)                                                                                                 
     Observable inputs                                                                                                          
                                                                                    Strengthening of                             
     Rand/US$ exchange rate                               R14,85/US$1            the rand to the US$                            
                                                                                    Increase in API4                             
                                                             US$50,00                   export price                             
     API4 export price (price per tonne)                  to US$51,62                      per tonne                            
     Unobservable inputs                                                                                                        
                                                                                     Decrease in the                             
     Discount rate (%)                                          3,44%                  discount rate                            
     At 31 December 2016 (Audited)                                                                                              
     Observable inputs                                                                                                          
                                                                                    Strengthening of                          
     Rand/US$ exchange rate                               R13,63/US$1            the rand to the US$                      48      
                                                                                    Increase in API4                         
     API4 export price (price per tonne)                  US$57,19 to                   export price                             
                                                             US$75,00                      per tonne                     248      
     Unobservable inputs                                                                                                        
                                                                                     Decrease in the                        
     Discount rate (%)                                          3,44%                  discount rate                     (21)        
                                                                              
     1 Change in observable or 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. A 10% increase or decrease in the respective inputs had no impact on the fair value as at 
       30 June 2016.          

     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 all reporting periods.                                           
                                                                                                                           
                                                                           At 30 June       At 30 June      At 31 December    
                                                                                 2017             2016                2016    
                                                                             Reviewed         Reviewed             Audited    
                                                                                   Rm               Rm                  Rm    
19.  CONTINGENT LIABILITIES                                                                                                   
     Total contingent liabilities                                               5 686            8 037               6 907    
     - Operational guarantees1                                                  3 549            4 197               4 331    
     - Pending litigation and other claims2                                       948            1 129               1 136    
     -  Share of contingent liabilities of equity-accounted investments3        1 189            2 711               1 440    
                                                                              
     1 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.                                                           
     2 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.                                                           
     3 Mainly operational guarantees issued by financial institutions relating to environmental rehabilitation and closure cost.        

     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 
     2009 to 2013 years of assessment. According to the letter, SARS proposed that certain international Exxaro companies would 
     be subject to South African Income Tax under Section 9D of the Income Tax Act. Assessments to the amount of R442 million 
     were issued on 30 March 2016 and Exxaro formally objected against these assessments. SARS partially allowed Exxaro's 
     objection but R234 million remained due. Exxaro appealed against the portion not allowed and an alternative dispute 
     resolution hearing with SARS is scheduled for 22 August 2017.               

     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.                      

     Financial provision for prospecting, exploration, mining and production operations                                   
     On 20 November 2015 the FPR were promulgated by the Minister of Environmental Affairs for South Africa as replacement 
     of financial provisioning and rehabilitation legislation contained in the MPRDA and the NEMA. The FPR will change the 
     requirements for making financial provision for the management, rehabilitation and remediation of environmental  
     impacts arising from mining operations. The FPR are currently valid and in force after interaction between the DEA, 
     stakeholders and industry on 26 October 2016. The submission of the first financial provision reporting to the DMR 
     according to the FPR has been extended to February 2019.                                                           

     Following promulgation of the FPR, the DEA met with various stakeholders who sought clarification on a number of issues. 
     A final stakeholder meeting was held on 10 February 2017 after which an amended version of the regulations would have been 
     gazetted for public comment. This amended version was expected in March 2017 but has not yet been issued at reporting date.    

     Although the FPR are currently valid and in force, Exxaro is not yet able to determine a reliable estimate of the impact 
     that the new regulations will have on Exxaro's environmental rehabilitation liability until the clarification awaited 
     from the DEA is issued. Therefore the environmental rehabilitation liability, operational guarantees and the rehabilitation 
     trust fund have been accounted for in accordance with the requirements of the MPRDA and the NEMA.                          
                                                                                                                     
                                                           At 30 June       At 30 June      At 31 December    
                                                                 2017             2016                2016    
                                                             Reviewed         Reviewed             Audited    
                                                                   Rm               Rm                  Rm    
20.  CONTINGENT ASSETS                                                                                        
     Total contingent assets                                      150              145                 150    
     -  =Share of contingent assets of equity-accounted 
       investments1                                               150              145                 150    
                                                                                                                             
     1 Bank guarantee issued in favour of SIOC relating to environmental rehabilitation and closure cost.                   

21.  RELATED PARTY TRANSACTIONS                                           
     The group entered into various sale and purchase transactions with associates and joint ventures during the ordinary 
     course of business. These transactions were subject to terms that are no less, nor more favourable than those arranged 
     with independent third parties.                                                         
     Exxaro's majority BEE shareholder, Main Street 333, settled its loan with Exxaro and accrued interest thereon in 
     January 2017.                                                           

22.  GOING CONCERN                                                                                                                 
     Based on the latest results for the six-month period ended 30 June 2017, the latest board approved budget for 2017, 
     as well as the available bank facilities and cash generating capability, Exxaro satisfies the criteria of a going concern.               

23.  JSE LISTINGS REQUIREMENTS                                                                                                     
     The reviewed condensed group interim financial statements have been prepared in accordance with the Listings 
     Requirements of the JSE.                                                           

24.  EVENTS AFTER THE REPORTING PERIOD                         
     Details of the interim dividend are provided in note 9.           

     Exxaro is still exploring alternatives for the monetisation of its shareholding in Tronox through an efficient 
     staged sales approach.                                                           

     On 2 August 2017, Tronox Limited announced the signing of a definitive agreement with Genesis Energy L.P. for the sale 
     of its Alkali chemicals business for US$1,325 billion in cash. When the sale is concluded, Tronox is expected to realise 
     a loss of approximately US$200 million during 2H17. Based on the shareholding and exchange rate as at 30 June 2017, 
     Exxaro's share of the expected loss is approximately R1,118 billion.                                                             

     The directors are not aware of any other significant matter or circumstance arising after the reporting period up to the 
     date of this report, not otherwise dealt with in this report.                                                           

25.  REVIEW CONCLUSION                                                                                                             
     These reviewed condensed group interim financial statements for the six-month period ended 30 June 2017, on pages 2 to 30, 
     have been reviewed by the company's external auditors, PricewaterhouseCoopers Inc., who expressed an unmodified review 
     conclusion. A copy of the auditor's review report on the condensed group interim financial statements is available for 
     inspection at the company's registered office together, with the financial statements identified in the auditor's report.           
                                 
26.  CORPORATE GOVERNANCE             
     Detailed disclosure of the company's application of the principles contained in the King Report on Governance for 
     South Africa 2009 (King III) were made in the 2016 integrated report and is, in accordance with the JSE Listings Requirements, 
     available on the company's website. The company has completed a gap analysis against the principles, detailed practices and 
     general philosophies contained in the King Report on Corporate Governance for South Africa 2016 (King IV) and more detailed 
     information on the status and action plans will be published in the 2017 integrated report or earlier on the company's 
     website. As previously communicated, Mrs Carina Wessels, group company secretary and legal since June 2011 will be leaving 
     the company's employment at the end of September 2017. Please contact the corporate secretariat and legal office for any  
     additional information in this regard.                                                           

27.  MINERAL RESOURCES AND MINERAL RESERVES                                                                                        
     Other than the normal life of mine depletion, there have been no material changes to the mineral resources and mineral 
     reserves as disclosed in the 2016 integrated report.                                                           

28.  KEY MEASURES1                                                                                                                 
                                                             At 30 June       At 30 June       At 31 December    
                                                                    2017             2016                2016    
     Closing share price (rand/share)                              93,00            67,46               89,50    
     Market capitalisation (Rbn)                                    29,22            24,16               32,05    
     Average rand/US$ exchange rate (for the period ended)         13,20            15,39               14,69    
     Closing rand/US$ spot exchange rate                           13,01            14,85               13,63    
     1 Non-IFRS numbers.                                                                                         

EXXARO 1H17 PERFORMANCE AT A GLANCE                                              
Sustainable operations                               - LTIFR of 0,16             

Strong profit margins and resilient balance sheet    - Net operating profit margin of 27%, up 5%              
                                                     - Income from equity-accounted investments
                                                       increased R1,1 billion from 1H16           
                                                     - R3,0 billion coal net operating profit, up 35%           
                                                     - Exports volume at 3,4Mt, down 17%            

Returning cash to shareholders                       - Interim dividend of 300 cps at a 1H17 core attributable 
                                                       earnings cover of 3 times

Mpower 2012                                          - Vesting of employee share scheme in May 2017   
                                           
COMMENTARY 
for the six-month period ended 30 June 2017

Comments below are based on a comparison between the six-month periods ended 30 June 2017 and 2016 (1H17 and 1H16), respectively. 
      
1.       SAFETY                                                                            
         During the first half of 2017 Exxaro recorded an LTIFR of 0,16 (1H16: 0,08) against a target of 0,11.  
         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 continuously improves all aspects of safety for all employees. Exxaro remains committed to the 
         Zero Harm Vision. Efforts to reduce incidents through the safety improvement plans are under way.
                                                       
2.       ROBUST FINANCIAL PERFORMANCE                           
         Exxaro delivered a strong performance for 1H17, achieving a net operating profit of R2 910 million, up 35% from 
         R2 159 million recorded in 1H16. This was mainly driven by increased revenue coupled with only a 1% increase in operating 
         expenses. The income from equity-accounted investments increased to R1 125 million (1H16: R9 million equity-accounted loss), 
         primarily due to R492 million improvement from SIOC as a result of a recovery in iron ore export selling prices, as well 
         as a decrease of R635 million in losses recorded from our investments in Tronox.                  
                                                                                 
3.       COMPARABILITY OF RESULTS                
         The corporate transactions during 2016 necessitated a change in the segmental reporting structures and the manner in 
         which operating results are reported. Changes to segmental reporting, which resulted in the re-presentation of comparative 
         periods' segmental information. Refer note 4 to the reviewed condensed group interim financial statements.                                                           
                                                                                                   
         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 periods.                                              

         Table 1: Key transactions impacting on comparability                             
                                                                                          
                                                                                             1H17             1H16           2H16         
                                                                                                               Re-            Re-          
                                                                                                         presented      presented    
         Reporting segment   Description                                                       Rm               Rm             Rm           
         Coal                - Termination and voluntary severance packages                                                   (10)         
                             - Gain on disposal of Inyanda operation1                                                         100          
                             - Gain on disposal of SDCT1                                                       203                         
                             - Loss on disposal of property, plant and equipment1             (22)             (15)           (30)         
         Ferrous             - Impairment of property, plant and equipment (FerroAlloys)1                                    (100)        
         Other               - Termination and voluntary severance packages and other                          (26)           (62)         
                             - Gain on disposal of property, plant and equipment1                                1              9            
                             - Gain on disposal of the Mayoko iron ore project1            
                               and related receivable written off                             (27)                            670          
                             - Loss on dilution of shareholding in Tronox Limited1            (75)             (29)            (7)          
                             - Fair value adjustment on contingent consideration          
                               relating to the acquisition of ECC                             (37)              38           (483)        
         Group               Total net operating profit impact                               (161)             172             87           
                                                                                                                                     
                                                                                             1H17             1H16           2H16         
                                                                                                               Re-            Re-          
                                                                                                         presented      presented    
         Reporting segment   Description                                                       Rm               Rm             Rm    
         Coal                - Tax on disposal of property, plant and equipment1                6                1             12           
                             - Excess of fair value over cost of investment in RBCT1                            35                          
                             - Post-tax share of Mafube impairment of property, plant     
                               and equipment1                                                                                 (16)         
                             - Post-tax share of Mafube gain on disposal of property,     
                               plant and equipment1                                                                             1            
         Ferrous             - Tax on impairment of property, plant and equipment1                                             27           
                             - Excess of fair value over cost of investment in SIOC1                                          221          
                             - Post-tax share of SIOC loss on disposal of property,       
                               plant and equipment1                                            (4)              (9)           (19)         
                             - Post-tax share of SIOC impairment of property,             
                               plant and equipment1                                                                            (1)          
         TiO2 and alkali     - Post-tax share of Tronox restructuring costs                                     (9)                         
         chemicals           - Post-tax share of Tronox gain on disposal of               
                               property, plant and equipment1                                                                   4            
         Group               Total attributable earnings impact                              (159)             190            316          

         1 Excluded from headline earnings.                              

4.       COMMODITY PRICE PERFORMANCE AND GROUP SEGMENT RESULTS                                                         
         The movement in the main commodity prices impacting on Exxaro's performance are summarised in table 2 below:                    
         Table 2: Change in commodity prices                                                           
                                                                                             Average US$ per tonne         Change       
         Commodity price                                                                     1H17             1H16              %            
         API4 coal                                                                             79               53             49           
         Iron ore fines 62% Fe (cost and freight (CFR) China)                                  74               52             42           
         TiO2 pigment (cost, insurance and freight (CIF), US)1                              2 376            2 201              8            
         1 Includes forecast for June 2017.                     
                                                                                   
         Table 3: Group segment results (Rm)               
                                        Revenue                           Net operating profit/(loss)                                
                              1H17          1H16          2H16          1H17              1H16          2H16     
                          Reviewed      Reviewed                    Reviewed      Re-presented  Re-presented
         Coal               10 670         9 718        10 955         3 014             2 232         2 934    
         - Tied1             1 591         1 659         1 824           149               122           104    
         - Commercial        9 079         8 059         9 131         2 865             2 110         2 830    
         Ferrous                56            13           157                              (7)          (40)   
         - Alloys               56            13           157                              (7)          (68)   
         - Other                                                                                          28    
         Other                  10            31            23          (104)              (66)          147    
         Total              10 736         9 762        11 135         2 910             2 159         3 041    
           1  Mines managed on behalf of and supplying their entire production to Eskom in terms of contractual agreements               
       
5.       FINANCIAL AND OPERATIONAL RESULTS
5.1.     Group financial results
5.1.1.   Revenue and net operating profit
         Group revenue increased by 10% to R10 736 million (1H16: R9 762 million), while group net operating profit increased 
         by 35% to R2 910 million (1H16: R2 159 million), mainly due to a higher contribution from the coal operations driven 
         by improved coal sales prices as well as higher Eskom commercial volumes at Grootegeluk (GG) based on demand from the 
         Medupi Power Station. The average price per tonne achieved on exports was US$65 (1H16: US$42). This was offset by a 
         stronger average spot exchange rate of R13,20 to the US dollar recorded for the period ended 30 June 2017 (1H16: R15,39) 
         and lower export and domestic volumes. 

         Group operating expenses of R7 826 million for 1H17 remained almost flat compared to 1H16 as a result of the ongoing
         Exxaro improvement project (EIP) to reduce costs and improve efficiencies.

         However, the 1H17 group's net operating profit was negatively impacted by:
         - R37 million loss on the fair value adjustment (1H16: R38 million gain) relating to the contingent consideration
           which arose on the acquisition of ECC
         - R75 million loss (1H16: R29 million loss) on dilution of our shareholding in Tronox Limited
         - R27 million write-off of the receivables associated with the Mayoko iron ore project.

5.1.2.   Earnings
         Earnings, which include Exxaro's equity-accounted investments in associates and joint ventures, were R2 692 million
         (1H16: R1 285 million) or 852 cents per share (1H16: 362 cents per share).

         Headline earnings were 154% higher at R2 787 million (1H16: R1 096 million) or 882 cents per share (1H16: 309 cents
         per share).
         
         Table 4: Equity-accounted investments (Rm)                                      
                                    Equity-accounted income/(loss)                  Dividends received                                
                                   1H17          1H16          2H16          1H17          1H16          2H16     
                               Reviewed      Reviewed                    Reviewed      Reviewed          
         SIOC1                    1 228           736         1 680                                              
         Tronox                    (295)         (930)          546            59           233            65    
         Mafube                     118            84           154                         450                  
         Black Mountain              99            39            61                                              
         Cennergi                   (11)           37           (34)                                             
         RBCT2                      (14)           25           (25)                                             
         Total                    1 125            (9)        2 382            59           683            65    
         1 2H16 includes R221 million excess of fair value over the cost of the investment which arose on the 0,64% increase in 
           Exxaro's shareholding in SIOC.                                                                                        
         2 1H16 includes R35 million excess of fair value over the cost of the investment which arose on the increase in 
           Exxaro's shareholding in RBCT.                                                                                        

5.1.3.   Cash flow and funding
         Cash flow generated by operations increased by R1 477 million to R3 660 million (1H16: R2 183 million) and was
         sufficient to cover capital expenditure of R1 314 million, dividends paid of R1 284 million, net financing charges of 
         R273 million and tax of R575 million.

         In January 2017, Exxaro repurchased 43 943 744 ordinary shares from Main Street 333 for a consideration of 
         R3 524 million. Main Street 333 used a portion of the proceeds to settle a loan and accrued interest of 
         R484 million with Exxaro, which was advanced to Main Street 333 in July 2015.

         Total capital expenditure for 1H17 increased by 12% or R142 million when compared to the corresponding period last
         year, consisting of a R112 million increase in expenditure on sustaining and environmental capital (stay-in-business
         capital) and R30 million on new capacity (expansion capital).

         Dividends of R59 million were received from our investment in Tronox Limited (1H16: R233 million). SIOC has declared a
         dividend to its shareholders in July 2017, Exxaro's share amounting to R1 390 million. The dividend will be accounted 
         for in 2H17.
 
5.1.4.   Debt exposure
         Net debt at 30 June 2017 was R4 349 million compared to R2 278 million at 30 June 2016. This equates to a net debt
         to equity ratio of 12% (1H16: 6,5%), well below Exxaro's internal target of 40%. 

         In January 2017, the specific repurchase by Exxaro of Exxaro ordinary shares to the value of R3 524 million from
         Main Street 333, was effected using cash generated from Exxaro's own operations. The repurchase consideration was 
         funded with available contributed tax capital and the remaining portion from reserves.

         Exxaro's balance sheet structure remains strong despite the increase in the net debt.

5.2.     Coal business performance
         Table 5: Coal production and sales volumes ('000 tonnes) (Unreviewed)      
                                                         Production                             Sales                             
                                                 1H17        1H16        2H16        1H17        1H16        2H16    
         Thermal                               20 823      20 431      20 380      20 911      21 161      21 328    
         - Tied                                 3 542       3 966       3 934       3 542       3 961       3 932    
         - Commercial: domestic                17 281      16 465      16 446      13 973      13 116      13 622    
         - Commercial: export                                                         3 396       4 084       3 774    
         Metallurgical                          1 069         970       1 015         566         738         560    
         - Commercial: domestic                 1 069         970       1 015         566         738         560    
                                                                                                                     
         Total coal                            21 892      21 401      21 395      21 477      21 899      21 888    
         Semi-coke                                 46           1          53          47          12          53    
         Total coal (excluding buy-ins)        21 938      21 402      21 448      21 524      21 911      21 941    
         Thermal coal buy-ins                     105         577          29                                        
         Total coal (including buy-ins)        22 043      21 979      21 477      21 524      21 911      21 941    
        
         Domestic trading conditions were favourable in 1H17 as producers experienced strong demand for higher quality
         product. The metals and reductants markets also recovered well, amidst increasing international commodity prices, 
         specifically ferrochrome. 

         Despite an oversupplied coal export market, Exxaro experienced consistent demand. Export volumes in 1H17 dropped 
         by 17% to 3,4Mt compared to 1H16 mainly due to congestion at RBCT, which experienced adverse weather conditions.

         The average API4 price for 1H17 was US$79, up from the US$53 for the corresponding period in 2016.

5.2.1.   Production and sales volumes
         Overall coal production volumes (excluding buy-ins and semi-coke) increased by 2% or 491kt compared to 1H16. 
         This increase can be attributed mainly to the higher production volumes at GG in line with Addendum 9 to the 
         Medupi Coal Supply Agreement. Sales were 2% lower (422kt) as a result of lower exports.

5.2.1.1. Metallurgical coal
         GG's metallurgical coal production was 99kt (10%) higher mainly due to the ramp-up of GG plant 10 (GG10) in 1H17.
         Sales decreased by 172kt (23%), mainly due to reduced offtake by ArcelorMittal as certain coke batteries are 
         not yet operational.

5.2.1.2. Thermal coal
         Tied mines
         Power station coal production from the tied mines was 424kt (11%) lower compared to 1H16, due to the shortwall stop
         at Matla Mine 3 from December 2016 to May 2017 and unfavourable geological conditions.

         Commercial mines
         The commercial mines' power station coal production increased by 932kt (8%) compared to 1H16 mainly due to:
         - Increased production at the GG plants (GG7 and GG8) of 1 068kt (11%)
         - Increased production at Leeuwpan of 76kt (6%) as a result of higher production in the crush and screen plant.
         This increase was offset by:
         - Lower production at NBC's Blesbok pit of 212kt (15%) due to lower coal exposure, longer hauling distances and high
           rainfall. 

         Domestic power station coal sales for the commercial mines were 176kt (2%) higher mainly as a result of:
         - An increase of 909kt (10%) in line with Addendum 9 to the Medupi Coal Supply Agreement. 
         This increase was partly offset by:
         - Lower sales at Leeuwpan of 416kt (100%) where the Eskom supply was terminated at the end of March 2016 and is now
           sold in the local and export markets
         - Lower NBC sales of 317kt (21%) due to lower production. The extension of the NBC Eskom Coal Supply Agreement was
           completed mid-June 2017.

         Steam coal production decreased by 116kt (3%) mainly as a result of:
         - Lower production at ECC 165kt (8%) at Dorstfontein East due to community unrest and excessive rainfall and
           Forzando South due to lower yields and geological conditions
         - Lower production at Leeuwpan of 44kt as a result of lower production through the Dense Medium Separation (DMS)
           plant.
         The lower production was partly offset by:
         - Higher production at NBC's Eerstelingsfontein pit of 54kt (68%) due to good coal and equipment availability
         - Slightly higher buy-ins from Mafube JV of 20kt (2%) due to the inclusion of product previously sold to Eskom and
           briquettes 
         - Higher production at GG of 19kt (2%) as a result of production through the new GG10 beneficiation plant. 

         Domestic steam sales increased by 682kt (37%) mainly as a result of:
         - Higher sales at Leeuwpan of 627kt (83%) due to higher demand and stock availability arising from Eskom product
           placed in the local market after the termination of the contract
         - Higher sales at ECC of 158kt (84%)
         - Higher sales at NBC of 61kt (94%).
         The increase in sales was partly offset by:
         - Lower sales at GG of 152kt (18%) due to lower stock available from the GG4 and GG5 plants
         - Lower steam coal export sales of 421kt (13%) mainly due to congestion experienced at RBCT as a result of adverse
           weather conditions.

         The semi-coke production increased by 45kt mainly due to the plant shutdown in 1H16 as a result of depressed market
         conditions in the ferrochrome industry. Sales were 35kt higher due to higher demand and more stable market conditions.

5.2.2.   Revenue and net operating profit
         Coal revenue of R10 670 million was 10% higher than 1H16 (R9 718 million). Higher revenue from the commercial mines
         was attributable to the higher selling prices as well as an increase in Eskom volumes. This was partially offset by
         exports and domestic sales. 

         Increased net operating profit of R3 014 million compared to R2 232 million in 1H16, mainly due to:
         - Higher sales prices (+R1 543 million)
         - Scope changes of environmental provisions (+R171 million)
         - Volume variances (+R162 million)
         - Capitalisation of project related costs (+R102 million).
         Partly offset by: 
         - Exchange rate variance due to stronger local currency against the US dollar (-R293 million)
         - Inflation (-R277 million)
         - Disposal of SDCT shareholding in 1H16 (-R203 million)
         - Higher depreciation (-R112 million)
         - Mafube coal buy-ins from Mafube JV (-R111 million).

5.3.     Titanium dioxide and Alkali chemicals
         Equity-accounted investment
         Equity-accounted losses from the Tronox investments decreased from R930 million in 1H16 to R295 million for 1H17,
         mainly due to increased pigment selling volumes and prices, as well as a more favourable product mix.

         As previously communicated to the market, Exxaro is exploring alternatives for the monetisation of its shareholding
         in Tronox Limited through an efficient and staged sales process. This process is likely to commence in 2H17.

5.4.     Energy business
         Equity-accounted investment
         Cennergi, a 50% joint venture with Tata Power, recorded an equity-accounted loss of R11 million for 1H17 (1H16:
         profit of R37 million). The variance of R48 million is mainly due to the cessation of the capitalisation of interest  
         in 2H16 and the inclusion of deemed revenue of R32 million in 1H16, which was reversed in 2H16 as a result of delays 
         with the grid connection. The two windfarm projects were brought into commercial operation during the 3Q16.

6.       PERFORMANCE AGAINST NEW BBBEE CODES AND MINING CHARTER
         Exxaro has been audited against the amended codes. The primary focus area to raise the BBBEE level is Enterprise and
         Supplier Development (ESD). Exxaro has constituted an ESD forum to specifically lift the company's performance in this
         area. We anticipate significant positive socio-economic impacts from the impending ESD initiatives.

         Exxaro, through the Chamber of Mines, participated with the mining industry to provide inputs to the DMR to revise
         the mining charter elements and targets. Exxaro supports the strategic intention of transforming the mining industry. 
         The Mining Charter III was gazetted on 15 June 2017 and subsequently suspended by the DMR Minister pending an urgent 
         court interdict submitted by the Chamber of Mines. 

         Exxaro is analysing the impact of the Mining Charter III on the organisation and will continue to engage through the
         Chamber of Mines and through other appropriate channels with the DMR to address its concerns and submit new 
         transformation targets and content proposals for the Mining Charter III.

7.       BROAD BASED BLACK ECONOMIC EMPOWERMENT
         On 17 January 2017, Exxaro concluded the repurchase of shares transaction pursuant to the unwinding of the existing
         BEE transaction (refer paragraph 5.1.4). On 25 June 2017 Exxaro, Main Street 333, and the Industrial Development 
         Corporation (IDC) agreed on the formation of a special purpose vehicle, incorporated for the purpose of holding  
         ordinary shares in Exxaro pursuant to the replacement BEE transaction, entered into the following agreements:
         - A framework agreement setting out the framework within which the Main Street 333 unwind and the consequential
           implementation of the replacement BEE transaction will take place
         - A relationship agreement detailing the terms and restrictions of the replacement BEE transaction over the
           transaction term.
             
         The implementation of the replacement BEE transaction remains subject to various conditions precedent, which include
         the finalisation and agreement of the remaining suite of agreements required to implement the replacement BEE
         transaction and the Main Street 333 unwind. 

         It is expected that Exxaro will seek shareholder approval in 2H17 for the replacement BEE transaction.

8.       MPOWER 2012
         Exxaro implemented Mpower 2012, an employee share ownership plan, in July 2012 which held a shareholding of 0,8% in
         Exxaro. The shares held by Mpower 2012 vested on 31 May 2017 and were sold, upon the instructions of the participants, 
         during June 2017 and paid to employees in July 2017. The distribution to participants varied depending on their years 
         of service. Employees that participated for the full term received a pre-tax benefit of R43 384, consisting of 
         R8 399 of dividends over the five-year period and R34 985 of proceeds when the shares were sold.

9.       MINERAL RESOURCES AND mineral RESERVES
         Other than the normal life of mine depletion, there have been no material changes to the mineral resources and
         reserves as disclosed in the 2016 integrated report.

10.      MINING AND PROSPECTING RIGHTS
         The Waterberg area remains an exciting mining prospect for Exxaro as the Thabametsi project has now started early
         works, and the Thabametsi Coal IPP, operated by Marubeni Middle-East & Africa Power Limited, has embarked on its licensing
         processes with financial close envisaged in 2Q18. Exxaro also holds a 100% ownership in the Waterberg North and South
         prospecting rights areas. The project areas consist of four prospecting rights for which applications for renewals were
         submitted and the first two were granted last year and executed in March 2017. For the last two rights, granting is still
         pending. Exxaro has a reasonable expectation that the remaining renewals will be granted in 2017.

         The Leeuwpan mining right consolidation (to include Leeuwpan extension) and mining right registration were finalised
         in March 2017. The mining right registrations of Matla, Arnot, Forzando South and Glisa (at the NBC operation) are
         pending. Exxaro has a reasonable expectation that registrations will be concluded during 2017. 

11.      OUTLOOK
         Exxaro expects that 2H17 domestic thermal volumes will remain at current levels. Volumes in the metals markets will
         reduce based on expected lower offtake from ArcelorMittal. This is expected to persist until 2Q18.

         Export markets are still reliant on demand from India for lower quality coal. However, Exxaro is actively
         diversifying its markets for lower quality coal in order not be overly dependent on the Indian market. 
         Pricing is expected to remain relatively flat. Growth is expected from the South-East Asian markets
         for RB1 and RB3 material.

         Exxaro has a positive outlook for the coal business in 2H17 based on:
         - Stable trading conditions in domestic markets
         - Stable international coal prices
         - Our operational excellence process delivering further results
         - Technology and innovation improvements.

         The rand exchange rate against the US dollar is expected to remain volatile during 2H17 due to the combination of
         significant event risks and volatility in the US dollar.

         The performance of the investment portfolio (SIOC and Tronox) is expected to be positively influenced by the current
         favourable market conditions, anticipated to continue into 2H17.

12.      INTERIM DIVIDEND
         Exxaro's dividend policy is based on a cover ratio of between 2,5 and 3,5 times core attributable earnings. 

         Notice is hereby given that a gross interim cash dividend, number 29 of 300 cents (1H16: 90 cents) per share, for
         the six-month period ended 30 June 2017 was declared, payable to shareholders of ordinary shares. For details of the
         dividend, please refer note 9 of the reviewed condensed group interim financial statements.

         Salient dates for payment of the interim dividend are:
         - Last day to trade cum dividend on the JSE          Tuesday, 12 September 2017
         - First trading day ex dividend on the JSE         Wednesday, 13 September 2017
         - Record date                                         Friday, 15 September 2017
         - Payment date                                        Monday, 18 September 2017

         No share certificates may be dematerialised or re-materialised between Wednesday, 13 September 2017 and 
         Friday, 15 September 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, 18 September 2017.

13.      GENERAL
         Additional information on financial and operational results for the six-month period ended 30 June 2017, 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        

17 August 2017


ACRONYMS                                                                                                  
                                                                                                          
Anglo                Anglo South Africa Capital Proprietary Limited                                       
API4                 All publications index 4 (for Richards Bay 6 000kcal/kg)                             
ArcelorMittal        ArcelorMittal South Africa Limited                                                   
BBBEE                Broad-based black economic empowerment                                               
BEE                  Black Economic Empowerment                                                           
Black Mountain       Black Mountain Proprietary Limited                                                   
BUs                  Business units                                                                       
Cennergi             Cennergi Proprietary Limited                                                         
CFR                  Cost and freight                                                                     
CIF                  Cost, insurance and freight                                                          
Chifeng              Chifeng Kumba Hongye Corporation Limited                                             
Cps                  cents per share                                                                      
DEA                  Department of Environmental Affairs                                                  
DMR                  Department of Mineral Resources                                                      
DMTN                 Domestic Medium Term Note                                                            
EBITDA               Earnings before interest, tax, depreciation, impairment charges and 
                     net loss/gain on disposal of investments and assets      
ECC                  Exxaro Coal Central Proprietary Limited                                              
EIP                  Exxaro improvement project                                                           
EMJV                 Ermelo joint venture                                                                 
FPR                  Financial Provisioning Regulations                                                   
GDP                  Gross domestic product                                                               
GG                   Grootegeluk                                                                          
HEPS                 Headline earnings per share                                                          
IAS                  International Accounting Standard                                                    
IASB                 International Accounting Standards Board                                             
IFRS                 International Financial Reporting Standard                                           
IOT                  Internet of things                                                                   
IPP                  Independent power producer                                                           
JIBAR                Johannesburg Interbank Average Rate                                                  
JSE                  JSE Limited                                                                          
kcal                 kilocalorie                                                                          
KIO                  Kumba Iron Ore Limited                                                               
kt                   kilo tonnes                                                                          
LME                  London Metal Exchange                                                                
LP                   Leeuwpan                                                                            
LTIFR                Lost-time injury frequency rate
M&A                  Mergers and Acquisitions                                                      
Mafube               Mafube Coal Proprietary Limited                                                      
Main Street 333      Main Street 333 Proprietary Limited                                                  
Mpower 2012          Exxaro Employee Empowerment Trust                                                    
MPRDA                Mineral and Petroleum Resources Development Act, 2002                                
Mt                   Million tonnes                                                                       
Mtpa                 Million tonnes per annum                                                             
NBC                  North Block Complex                                                                  
NCC                  New Clydesdale Colliery                                                              
NEMA                 National Environmental Management Act, 1998                                          
NOP                  Net operating profit                                                                 
OE                   Operational excellence                                                               
OHIFR                Occupational health injury frequency rate - YTD  
PPI                  Producer Price Index                                    
Rbn                  Rand billion                                                                         
RB1                  Richards Bay export product 1                                                        
RB3                  Richards Bay export product 3                                                        
RBCT                 Richards Bay Coal Terminal Proprietary Limited                                       
PRC                  People's Republic of China                                                           
Rm                   Rand million                                                                         
RMB                  Chinese Renminbi                                                                     
RSA                  Republic of South Africa                                                             
SAICA                South African Institute of Chartered Accountants                                     
SARS                 South African Revenue Service                                                             
SDCT                 South Dunes Coal Terminal SOC Limited                                                     
SIOC                 Sishen Iron Ore Company Proprietary Limited                                               
SLP                  Social and labour plan                                                                    
SOC                  State-owned company                                                                       
SSCC                 Semi-soft coking coal                                                                     
Tata Power           Tata Power Company Limited                                                                
TFR                  Transnet Freight Rail                                                                     
TiO2                 Titanium dioxide                                                                          
Tronox               Exxaro's investment in Tronox entities                                                    
Tronox SA            Tronox KZN Sands Proprietary Limited and Tronox Mineral 
                     Sands Proprietary Limited         
Tronox UK            Tronox Sands Limited Liability Partnership in the United Kingdom                          
US$                  United States dollar                                                                      
VAT                  Value added tax                                                                           
VSP                  Voluntary serverance packages                                                             
WACC                 Weighted average cost of capital                                                          

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

This report is available at:
www.exxaro.com

Directors
MW Hlahla**, Dr D Konar*** (chairman), 
S Mayet***, MDM Mgojo* (chief executive officer), 
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)

Group company secretary 
CH Wessels

Transfer secretaries
Computershare Investor 
Services Proprietary Limited
Rosebank Towers, 15 Biermann Avenue 
Rosebank, 2196, South Africa
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.



Date: 17/08/2017 01:01:59 Supplied by www.sharenet.co.za                     
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