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EXX - Exxaro - Medupi Coal Supply And Off-Take Agreement Update 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") NEWS RELEASE - MEDUPI COAL SUPPLY AND OFF-TAKE AGREEMENT UPDATE Exxaro Coal (Pty) Limited, a wholly owned subsidiary of diversified South African-based resources group Exxaro Resources Limited (Exxaro), and Eskom Holdings Limited (Eskom), signed the Medupi Coal Supply and Off-Take Agreement (CSA) on 19 September 2008. In terms of the CSA, Exxaro would supply an average of 14,6 million tonnes per annum of power station grade coal to Eskom`s new Medupi base-load power station, under construction near Lephalale, Limpopo province, from a brownfields expansion project at Exxaro`s Grootegeluk mine (Grootegeluk Medupi Expansion Project). At the time, Exxaro`s capital expenditure for the Grootegeluk Medupi Expansion Project was estimated at R9 billion and delivery of first coal was planned to commence in the fourth quarter of 2011 with a ramp-up to full production by 2014. On 8 December 2009 Exxaro advised its stakeholders that Eskom had formally requested Exxaro to review certain of the commercial terms of the CSA and Exxaro further noted that this had resulted in it temporarily suspending its Grootegeluk Medupi Expansion Project funding programme as well as the placement of additional contracts associated with the Grootegeluk Medupi Expansion Project. Exxaro is pleased to announce that the review of the Medupi CSA has been finalised and that Exxaro and Eskom signed a definitive agreement on 26 March 2010. In terms of the revised agreement, the delivery of first coal is planned for the second quarter of 2012 with a ramp-up to full production by 2015. This ramp-up is now in line with the commissioning and commercial operation date of the first unit of the power station. Exxaro will now resume its funding programme as well as the placement of additional contracts for the Grootegeluk Medupi Expansion Project. Exxaro will supply an average of 14,6 million tonnes per annum of power station grade coal to Eskom`s new Medupi base-load power station for a period of 40 years. The agreement is subject to the fulfilment of certain suspensive conditions, including the respective companies` board approvals and Exxaro securing its funding. Ends Editor`s Note: Exxaro is one of the largest South African-based diversified resources groups, with interests in the coal, mineral sands, base metals, industrial minerals and iron ore commodities. www.exxaro.com Enquiries: Ernst Venter Executive General Manager: Business Growth Tel: + 27 (0) 12 307 4322 Mobile: +27 (0) 83 609 1313 Email: ernst.venter@exxaro.com Pretoria 31 March 2010 Sponsor Deutsche Securities (SA) (Proprietary) Limited Date: 31/03/2010 10:56:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
