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SOUTH32 LIMITED - Quarterly Report December 2015

Release Date: 21/01/2016 08:54
Code(s): S32     PDF:  
Wrap Text
Quarterly Report December 2015

South32 Limited
(Incorporated in Australia under the Corporations Act 2001)
(ACN 093 732 597)
ASX, LSE, JSE Share Code: S32
ISIN: AU000000S320


 -    By optimising the performance of our high quality operations and                               "Following another solid quarter
      balance sheet we have delivered a significant reduction in net debt                            of operating performance we
      during the December 2015 half year, despite the challenging                                    remain on track to meet
      external environment. Our current estimate for net debt at                                     production guidance for the
      31 December 2015 is US$115M.                                                                   majority    of  our    upstream
                                                                                                     operations.
 -    A significant increase in ore grades and recoveries underpinned a
      13% increase in Cannington zinc production to a record 41.8kt.
                                                                                                     “Our relentless focus on safety,
 -    A further improvement in concentrator performance at Australia                                 volume,    costs    and     capital
      Manganese contributed to a 6% increase in ore production to a                                  expenditure has allowed us to
      record 1.6Mt.                                                                                  reduce net debt by almost
 -    Strong and stable hydrate production at Worsley Alumina                                        US$300 million in the December
      supported a 2% increase in saleable alumina production to a record                             2015 half year, despite continuing
      2.0Mt.                                                                                         weakness in commodity markets.
 -    Ore production at South Africa Manganese was impacted by the                                   “In order to protect our strong
      temporary suspension of operations during the period. The                                      financial position in the currently
      strategic review, which is nearing completion, will define the                                 challenging environment we have
      optimal configuration and production profile for the South Africa                              already    cut    or    suspended
      Manganese mines and smelter to ensure cash outflows are                                        production at our South Africa
      mitigated in this difficult pricing environment.                                               Manganese ore mines and
 -    While FY16 production guidance is maintained for the majority of                               Alumar, Metalloys, TEMCO and
      our upstream operations, we have lowered our estimate for Illawarra                            South Africa Aluminium smelters.
      Metallurgical Coal production by 7% to 8.3Mt after difficult                                   Further decisive action will be
      geological conditions were encountered during the period.                                      taken as we seek to maximise
                                                                                                     short-term cash flow while
 -    The Appin Area 9 project is 95% complete, with commissioning
                                                                                                     preserving longer-term value.”
      expected to start in the March 2016 quarter. The project, which
      sustains Illawarra Metallurgical Coal production capacity, is now
      more than 30% below the original budget of US$845M and three                                           Graham Kerr, South32 CEO
      months ahead of schedule.


Production summary
South32’s share                                        1H15         1H16           HoH            2Q15          1Q16          2Q16          QoQ
Alumina production (kt)                               2,633         2,666            1%           1,398         1,364        1,302          (5%)
Aluminium production (kt)                                517          485          (6%)             256           244           241         (1%)
Energy coal production (kt)                          17,405       17,037           (2%)           8,882         8,698        8,339          (4%)
Metallurgical coal production (kt)                    3,858         3,298        (15%)            2,018         2,079        1,219         (41%)
Manganese ore production (kt)                         2,733         2,346        (14%)            1,377         1,437           909        (37%)
Manganese alloy production (kt)                          223          131        (41%)              121             65           66           2%
Payable nickel production (kt)                          21.2          17.5       (17%)              10.5           8.7           8.8          1%
Silver production (koz)                              12,235       11,878           (3%)           5,534         6,278        5,600         (11%)
Lead production (kt)                                    98.6          97.5         (1%)             49.6         49.1          48.4         (1%)
Zinc production (kt)                                    37.0          41.8         13%              17.0         19.6          22.2          13%

Unless otherwise noted: percentage variance relates to the relative performance during the December 2015 half year compared with the December 2014
half year (HoH) or the December 2015 quarter compared with the September 2015 quarter (QoQ); production and sales volumes are reported on an
attributable basis. Variance analysis relates to HoH performance, as defined above.




SOUTH32 QUARTERLY REPORT DECEMBER 2015                                                                                                               1

CORPORATE UPDATE

-    During the December 2015 half year, South32 invested US$7M on exploration, of which US$2M will be capitalised.
     Our exploration activities focused on metallurgical coal and silver in Australia, and nickel in Colombia.
-    A review of corporate functional support completed during the December 2015 half year is expected to deliver an
     annualised saving of approximately US$30M in FY16 Group and Unallocated costs. Corporate functional
     expenditure of approximately US$100M is expected in the 2016 financial year.
-    South32's Underlying effective tax rate (ETR) largely reflects the geographic distribution of the Group’s profit. The
     corporate tax rates applicable to South32 include: Australia 30%; South Africa 28%; Colombia 39%; and Brazil
     34%. It should, however, be recognised that permanent differences have a disproportionate effect on the Group’s
     tax rate when commodity prices and profit margins are compressed. In this context, an Underlying ETR [1] of
     approximately 35% is now expected for the December 2015 half year and this will rise for the full year should
     commodity prices and margins remain compressed.
-    South32 capital expenditure guidance for FY16 of US$700M was predicated on several assumptions, including an
     average AUD:USD exchange rate of 0.78 and average USD:ZAR exchange rate of 12.42. Updated capital
     expenditure guidance will be provided when the Company reports its December 2015 half year financial results to
     reflect the general appreciation of the US dollar against a basket of producer currencies, and the Group’s ongoing
     efforts to optimise its investment activities.
-    The Group’s current estimate for net debt [2] at 31 December 2015 is US$115M (US$196M at 30 September 2015
     and US$402M at 30 June 2015) and includes finance leases totalling US$595M (US$575M at 30 September 2015
     and US$631M at 30 June 2015). Our cash balance also incorporates a US$46M benefit following the resolution of
     legacy tax disputes during the December 2015 half year. The Group’s strong balance sheet remains a key point of
     differentiation and we are firmly committed to an investment grade credit rating.



 Upstream production guidance (South32’s share)                                      FY15                          FY16e
 Worsley Alumina
 Alumina production (kt)                                                             3,819                          3,950
 Brazil Alumina
 Alumina production (kt)                                                             1,328                          1,320
 South Africa Energy   Coal3
 Domestic coal production (kt)                                                     18,123                         16,650
 Export coal production (kt)                                                       16,150                         15,300
 Illawarra Metallurgical Coal
 Metallurgical coal production (kt)                                                  7,455               (Revised) 6,900
 Energy coal production (kt)                                                         1,471               (Revised) 1,350
 Australia Manganese
 Manganese ore production (kt)                                                       2,942                          3,050
 South Africa Manganese
 Manganese ore production4 (kt)                                                      2,273       (Remains under review)
 Cerro Matoso
 Payable nickel production (kt)                                                       40.4                           36.5
 Cannington
 Payable silver production (koz)                                                   22,601                         21,650
 Payable lead production (kt)                                                          183                            175
 Payable zinc production (kt)                                                           72                             80



                                                                                      2
WORSLEY ALUMINA
(86% share)


                                                                                                          2Q15      1Q16
South32's share                            1H15      1H16       HoH        2Q15      1Q16      2Q16         vs        vs
                                                                                                          2Q16      2Q16
Alumina production (kt)                    1,953     1,993       2%        1,060     1,031       962      (9%)       (7%)
Alumina sales (kt)                         1,943     1,898     (2%)        1,068       930       968      (9%)        4%

Worsley Alumina saleable production increased by 2% (or 40kt) to a record 1,993kt in the December 2015 half year as the
operations processed stockpiled alumina hydrate and benefitted from additional operating efficiency gains. The 2% decline
in sales reflected a timing difference as one shipment slipped into the March 2016 quarter.
Planned calciner maintenance in the December 2015 quarter led to a 7% QoQ reduction in saleable alumina production.
The next major calciner outage is now scheduled for the December 2016 quarter. FY16 saleable alumina production
guidance remains unchanged at 3.95Mt.


SOUTH AFRICA ALUMINIUM
(100%)


                                                                                                          2Q15      1Q16
South32's share                            1H15      1H16       HoH        2Q15      1Q16      2Q16         vs        vs
                                                                                                          2Q16      2Q16
Aluminium production (kt)                    356       352     (1%)          176       178       174      (1%)       (2%)
Aluminium sales (kt)                         352       363       3%          178       185       178        0%       (4%)

South Africa Aluminium saleable production of 352kt was largely unchanged in the December 2015 half year, while the
2% reduction in quarterly production volumes reflected our decision to suspend production in 22 pots in September 2015.
This suspension of activity is expected to deliver an incremental improvement in cash flow as planned pot relining activity
is deferred. A loss of 18kt is anticipated should the 22 pots remain offline for the remainder of FY16, with a marginal YoY
reduction in production likely.


MOZAL ALUMINIUM
(47.1% share)


                                                                                                          2Q15      1Q16
South32's share                            1H15      1H16       HoH        2Q15      1Q16      2Q16         vs        vs
                                                                                                          2Q16      2Q16
Aluminium production (kt)                    135       133     (1%)           67        66        67        0%        2%
Aluminium sales (kt)                         137       121    (12%)           73        53        68      (7%)       28%

Mozal Aluminium saleable production of 133kt was largely unchanged in the December 2015 half year. Production
increased marginally in the December 2015 quarter following a modest reduction in the number of load-shedding events
during the period. The 12% decline in sales reflected the scheduling of shipments between periods. Aluminium production
is expected to remain broadly unchanged in FY16.




                                                                                      3
BRAZIL ALUMINA
(Refinery 36% share, Smelter 40% share)


                                                                                                          2Q15      1Q16
South32's share                            1H15      1H16       HoH        2Q15      1Q16      2Q16         vs        vs
                                                                                                          2Q16      2Q16
Alumina production (kt)                      680       673     (1%)          338       333       340        1%        2%
Alumina sales (kt)                           694       661     (5%)          371       320       341      (8%)        7%
Aluminium production (kt)                     26         0   (100%)           13         0          0   (100%)        N/A
Aluminium sales (kt)                          25         0   (100%)           13         0          0   (100%)        N/A

Brazil Alumina saleable alumina production of 673kt was largely unchanged in the December 2015 half year and FY16
alumina production guidance of 1.32Mt remains unchanged. The 5% decline in sales reflected a timing difference as one
shipment slipped into the March 2016 quarter.
Aluminium production was first curtailed at Brazil Alumina in July 2013 and the suspension of all smelting activity was
announced in March 2015. With the economics unlikely to support the recommencement of smelting activity we have sold
forward power for the 2017 calendar year and served termination notice on our contract with Eletronorte for the remaining
years of the contract. As a result of this decision, power sales are not expected to contribute to Underlying EBIT beyond
FY16 as a minor provision will be booked in our June 2016 financial year statements to reflect the anticipated cash outflow
associated with this contract across the 2017 and 2018 financial years. Unhedged power sales, inclusive of this provision,
are now expected to contribute approximately BRL235M to Underlying EBIT in FY16 and will be skewed to the first half.


SOUTH AFRICA ENERGY COAL
(100%)


                                                                                                          2Q15      1Q16
South32's share                            1H15      1H16       HoH        2Q15      1Q16      2Q16         vs        vs
                                                                                                          2Q16      2Q16
Energy coal production (kt)               16,525    16,379     (1%)        8,499     8,292     8,087      (5%)       (2%)
Domestic sales (kt)                        9,137     9,080     (1%)        4,734     4,246     4,834        2%       14%
Export sales (kt)                          7,913     8,021       1%        4,174     4,132     3,889      (7%)       (6%)

South Africa Energy Coal saleable production of 16.4Mt was broadly unchanged in the December 2015 half year as
operational efficiencies at the Khutala underground mine and the Wolvekrans Middelburg Complex mitigated the impact of
the planned closure of the opencast mine at Khutala. FY16 saleable production guidance remains unchanged at 31.95Mt
(16.65Mt domestic, 15.30Mt export).



ILLAWARRA METALLURGICAL COAL
(100%)


                                                                                                          2Q15      1Q16
South32's share                            1H15      1H16       HoH        2Q15      1Q16      2Q16         vs        vs
                                                                                                          2Q16      2Q16
Metallurgical coal production (kt)         3,858     3,298    (15%)        2,018     2,079     1,219     (40%)     (41%)
Metallurgical coal sales (kt)              3,447     3,147     (9%)        1,830     1,999     1,148     (37%)     (43%)
Energy coal production (kt)                  880       658    (25%)          383       406       252     (34%)     (38%)
Energy coal sales (kt)                       799       609    (24%)          426       391       218     (49%)     (44%)

Illawarra Metallurgical Coal saleable production decreased by 17% (or 782kt) to 3.96Mt in the December 2015 half year
as challenging geological conditions were encountered at the Appin and Dendrobium mines, and a planned longwall move
was completed during the December 2015 quarter. Another two longwall moves are expected to be completed in the
March 2016 quarter, consistent with the mine plan. Accordingly, FY16 saleable coal production has been lowered by 7%
to 8.25Mt (metallurgical coal 6.9Mt, energy coal 1.35Mt).
The Appin Area 9 project is 95% complete, with commissioning expected to start in the March 2016 quarter. The project,
which sustains Illawarra Metallurgical Coal production capacity, is now more than 30% below the original budget of
US$845M and three months ahead of schedule.

                                                                                    4
AUSTRALIA MANGANESE
(60% share)


                                                                                                         2Q15      1Q16
South32's share                            1H15      1H16      HoH        2Q15      1Q16       2Q16        vs        vs
                                                                                                         2Q16      2Q16
Manganese ore production (kt)              1,499    1,589       6%          773       857       732       (5%)    (15%)
Manganese ore sales (kt)                   1,459    1,499       3%          725       749       750        3%        0%
Manganese alloy production (kt)               83        85      2%           48         44        41    (15%)       (7%)
Manganese alloy sales (kt)                    77        76     (1%)          44         38        38    (14%)        0%

Australia Manganese saleable ore production increased by 6% (or 90kt) to a record 1,589kt in the December 2015 half
year as the operation continued to optimise concentrator performance. The 15% reduction in saleable ore production in
the December 2015 quarter was anticipated, ensuring FY16 production guidance remains unchanged at 3.05Mt. A higher
strip ratio, planned maintenance and seasonal factors are expected to impact performance in the June 2016 half year.
Saleable manganese alloy production increased by 2% (or 2kt) to 85kt in the December 2015 half year. In response to
market conditions, TEMCO has suspended production at one of its four furnaces for a minimum of three months. While
production will be impacted in the June 2016 half year, customer commitments will continue to be met from inventory.
The Premium Concentrate Ore (PCO2) project is expected to increase GEMCO production capacity by 0.5Mt to 5.3Mtpa
(100% basis). The project is now expected to be delivered under budget with first production anticipated in the June 2016
quarter, as planned.


SOUTH AFRICA MANGANESE
(60% share)


                                                                                                         2Q15      1Q16
South32's share                            1H15      1H16      HoH        2Q15      1Q16       2Q16        vs        vs
                                                                                                         2Q16      2Q16
Manganese ore production (kt)              1,234      757     (39%)         604       580       177     (71%)     (69%)
Manganese ore sales (kt)                   1,189      879     (26%)         590       518       361     (39%)     (30%)
Manganese alloy production (kt)              140        46    (67%)          73         21        25    (66%)       19%
Manganese alloy sales (kt)                   134        50    (63%)          65         25        25    (62%)        0%

South Africa Manganese saleable ore production decreased by 39% (or 477kt) to 757kt in the December 2015 half year
following the suspension of operations at Wessels and Mamatwan in November 2015. South Africa Manganese saleable
alloy production decreased by 67% (or 94kt) to 46kt following the suspension of three of the four high-carbon
ferromanganese furnaces at Metalloys in May 2015. A strategic review, which is nearing completion, will define the optimal
configuration and production profile for the South Africa Manganese mines and smelter to ensure cash outflows are
mitigated in this difficult pricing environment.


CERRO MATOSO
(99.9% share)


                                                                                                         2Q15      1Q16
South32's share                            1H15      1H16      HoH        2Q15      1Q16       2Q16        vs        vs
                                                                                                         2Q16      2Q16
Payable nickel production (kt)              21.2      17.5    (17%)        10.5        8.7       8.8    (16%)        1%
Payable nickel sales (kt)                   20.6      17.5    (15%)        10.1        8.7       8.8    (13%)        1%

Cerro Matoso payable nickel production decreased by 17% (or 3.7kt) to 17.5kt in the December 2015 half year as the
average ore grade declined, consistent with the mine plan. FY16 production guidance of 36.5kt remains unchanged.
The higher grade La Esmeralda deposit has the potential to deliver an uplift in the average ore grade between 2018 and
2022. A new social and environmental licence to allow access to the ore body was granted in December 2015.



                                                                                   5
CANNINGTON
(100%)


                                                                                                                                    2Q15         1Q16
South32's share                                         1H15         1H16          HoH            2Q15    1Q16         2Q16           vs           vs
                                                                                                                                    2Q16         2Q16
Silver production (koz)                               12,235       11,878         (3%)            5,534   6,278        5,600           1%       (11%)
Silver sales (koz)                                    12,715       11,898         (6%)            5,631   6,203        5,695           1%         (8%)
Lead production (kt)                                     98.6         97.5        (1%)             49.6     49.1         48.4        (2%)         (1%)
Lead sales (kt)                                          99.7         95.5        (4%)             48.5     48.7         46.8        (4%)         (4%)
Zinc production (kt)                                     37.0         41.8         13%             17.0     19.6         22.2        31%          13%
Zinc sales (kt)                                          33.5         41.2         23%             18.0     19.0         22.2        23%          17%

Cannington payable silver production decreased by a modest 3% (or 357koz) to 11.9Moz in the December 2015 half year
as the average silver ore grade remained largely unchanged. Conversely, a significant increase in the average zinc ore
grade and recovery underpinned a 13% increase in zinc production to a record 41.8kt. FY16 production guidance remains
unchanged (payable silver 21.65Moz, payable lead 175kt, payable zinc 80kt) as the mine plan will deliver an increase in
the ratio of zinc to lead concentrate over the remainder of the year.
Finalisation adjustments and the provisional pricing of Cannington concentrates will reduce Underlying EBIT by US$19M
in the December 2015 half year (-US$43M in the June 2015 financial year; -US$40M December 2014 half year).
Outstanding concentrate sales (containing 5.2Moz of silver, 45.7kt of lead and 16.0kt of zinc) were revalued at
31 December 2015. The final price of these sales will be determined in the second half of the 2016 financial year.




Notes:

1.   Provisional unaudited Underlying ETR for the December 2015 half year.
2.   Provisional unaudited net debt balance as at 31 December 2015.
3.   10% of South Africa Energy Coal is owned by an Employee Share Ownership Plan (ESOP) and a broad-based black economic empowerment
     (B-BBEE) consortium. The interests owned by the ESOP and B-BBEE consortium were acquired using vendor finance, with the loans repayable to
     South32 via distributions attributable to these parties, pro rata to their share in South Africa Energy Coal. Until these loans are repaid, South32’s
     interest in South Africa Energy Coal is accounted at 100%.
4.   Consistent with the presentation of South32’s segment information, South Africa Manganese ore production and sales have been reported at 60%.
     The Group’s financial statement will continue to reflect a 54.6% interest in South Africa Manganese ore.
5.   Underlying EBIT is earnings before net finance costs, taxation and any earnings adjustments. Underlying EBIT is reported net of South32’s share of
     net finance costs and taxation of equity accounted investments. Underlying EBITDA is Underlying EBIT, before depreciation and amortisation.
6.   Figures in italics indicate that this figure has been adjusted since it was previously reported.
7.   The following abbreviations have been used throughout this report: grams per tonne (g/t); tonnes (t); thousand tonnes (kt); thousand tonnes per annum
     (ktpa); million tonnes (Mt); million tonnes per annum (Mtpa); thousand ounces (koz); million ounces (Moz); thousand wet metric tonnes (kwmt);
     thousand dry metric tonnes (kdmt); megawatt (MW); Australian Securities Exchange (ASX); London Stock Exchange (LSE); and Johannesburg Stock
     Exchange (JSE).



                                                                                                                  6
OPERATING PERFORMANCE

South32’s share                             1H15     1H16    2Q15    3Q15    4Q15    1Q16    2Q16

Worsley Alumina
(86% share)
Alumina hydrate production (kt)             1,956    1,970    976     931     987     990     980
Alumina production (kt)                     1,953    1,993   1,060    937     929    1,031    962
Alumina sales (kt)                          1,943    1,898   1,068    866    1,048    930     968
South Africa Aluminium
(100%)
Aluminium production (kt)                    356      352     176     168     175     178     174
Aluminium sales (kt)                         352      363     178     166     177     185     178
Mozal Aluminium
(47.1% share)
Aluminium production (kt)                    135      133      67      65      65      66      67
Aluminium sales (kt)                         137      121      73      66      70      53      68
Brazil Alumina
(alumina 36% share, aluminium 40% share)
Alumina production (kt)                      680      673     338     311     337     333     340
Alumina sales (kt)                           694      661     371     285     330     320     341
Aluminium production (kt)                     26        0      13      12       2       0       0
Aluminium sales (kt)                          25        0      13      13       3       0       0
South Africa Energy Coal
(100%)
Energy coal production (kt)                16,525   16,379   8,499   9,240   8,508   8,292   8,087
Domestic sales (kt)                         9,137    9,080   4,734   4,921   4,358   4,246   4,834
Export sales (kt)                           7,913    8,021   4,174   4,354   4,123   4,132   3,889
Illawarra Metallurgical Coal
(100%)
Metallurgical coal production (kt)          3,858    3,298   2,018   1,614   1,983   2,079   1,219
Metallurgical coal sales (kt)               3,447    3,147   1,830   1,810   2,067   1,999   1,148
Energy coal production (kt)                  880      658     383     185     406     406     252
Energy coal sales (kt)                       799      609     426     272     307     391     218
Australia Manganese
(60% share)
Manganese ore production (kt)               1,499    1,589    773     682     761     857     732
Manganese ore sales (kt)                    1,459    1,499    725     686     700     749     750
Manganese alloy production (kt)               83       85      48      41      43      44      41
Manganese alloy sales (kt)                    77       76      43      26      36      38      38
South Africa Manganese
(60% share)
Manganese ore production (kt)               1,234     757     604     548     492     580     177
Manganese ore sales (kt)                    1,189     879     590     614     407     518     361
Manganese alloy production (kt)              140       46      73      68      38      21      25
Manganese alloy sales (kt)                   134       50      65      70      47      25      25



                                                               7
South32’s share                                   1H15        1H16    2Q15    3Q15     4Q15      1Q16     2Q16

Cerro Matoso
(99.9% share)
Ore mined (kwmt)                                  3,339       3,017   1,827   1,826    1,156     1,531    1,486
Ore processed (kdmt)                              1,335       1,312    678      698      596      639       673
Ore grade processed (%, Ni)                        1.72        1.53    1.69    1.63     1.59      1.55     1.52
Payable nickel production (kt)                     21.2        17.5    10.5    10.6       8.6      8.7       8.8
Payable nickel sales (kt)                          20.6        17.5    10.1    11.0       9.0      8.7       8.8
Cannington
(100%)
Ore mined (kt)                                    1,748       1,743    925      813      857      910       833
Ore processed (kt)                                1,669       1,657    850      791      829      838       819
Payable silver ore grade processed (g/t, Ag)           272     266     246      247      235      272       260
Payable lead ore grade processed (%, Pb)               7.0      7.0     7.0     6.3       6.4      6.9       7.1
Payable zinc ore grade processed (%, Zn)               3.5      3.7     3.2     3.2       3.5      3.4       4.0
Payable silver production (koz)                  12,235      11,878   5,534   5,130    5,236     6,278    5,600
Payable silver sales (koz)                       12,715      11,898   5,631   4,972    6,144     6,203    5,695
Payable lead production (kt)                       98.6        97.5    49.6    40.1     44.3      49.1     48.4
Payable lead sales (kt)                            99.7        95.5    48.5    40.3     48.8      48.7     46.8
Payable zinc production (kt)                       37.0        41.8    17.0    16.4     18.9      19.6     22.2
Payable zinc sales (kt)                            33.5        41.2    18.0    17.1     16.2      19.0     22.2




FURTHER INFORMATION

INVESTOR RELATIONS                       MEDIA RELATIONS
Leng Lau                                 Jill Thomas
T   +61 8 9324 9008                      T +61 8 9324 9191
M   +61 (0) 408 202 698                  M +61 (0) 423 259 190
E   Leng.Lau@south32.net                 E Jill.Thomas@south32.net


Susie Bath                               Tony Johnson
T +61 8 9324 9647                        T +61 8 9324 9190
M +61 (0) 418 933 792                    M +61 (0) 439 500 799
E Susie.Bath@south32.net                 E Tony.Johnson@south32.net


Paul Formosa
T +61 8 9324 9376
M +61 (0) 431 152 742
E Paul.Formosa@south32.net


21 January 2016
JSE Sponsor: UBS South Africa (Pty) Ltd




                                                                            8

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