Wrap Text
Quarterly report - March 2017
South32 Limited
(Incorporated in Australia under the Corporations Act 2001 (Cth))
(ACN 093 732 597)
ASX, LSE, JSE Share Code: S32 ADR: SOUHY
ISIN: AU000000S320
QUARTERLY REPORT - March 2017
“Despite several operational challenges during the quarter, we increased our net cash balance by US$645M to US$1.5B.
“Having achieved the right balance of strength and flexibility, we announced a US$500M capital management program and
subsequently commenced an on-market share buy-back in April.
“Consistent with our strategy to identify new opportunities through the drill bit, we entered into a strategic alliance
with AusQuest. Under this agreement, we will pursue five early stage base metal opportunities in Australia and Peru.
We have also entered into an option agreement with Trilogy covering the more advanced Upper Kobuk Mineral projects in
Alaska and will initially test the extent of their high grade Bornite copper resource"
Graham Kerr, South32 CEO
- Increased net cash by US$645M to US$1.5B at 31 March 2017.
- Announced a US$500M capital management program in line with our commitment to return excess cash to
shareholders.
- Maintained strong performance at our aluminium smelters and achieved an alumina hydrate production rate
in excess of 4.6Mtpa (100% basis) at Worsley Alumina.
- Increased ore production at South Africa Manganese to an annualised rate of 3.8Mwmt pa (100% basis) in
response to favourable market conditions.
- Delivered first ore from the higher grade La Esmeralda deposit at Cerro Matoso.
- Maintained FY17 production guidance at Illawarra Metallurgical Coal following the completion of an extended
longwall move at Dendrobium.
- Revised FY17 production guidance at Cannington to 16.5Moz of silver, 135kt of lead and 70kt of zinc
following an underground fire, with unit costs of approximately US$155/t now expected.
- Revised FY17 and FY18 production guidance at South Africa Energy Coal following heavy rainfall and an
associated delay in the development of new mining areas at the Wolvekrans-Middelburg Complex (WMC).
- Entered into an option agreement with Trilogy Metals Inc. in respect of their Upper Kobuk Mineral projects in
the Ambler Mining District, Alaska.
Production summary
9M 9M
South32’s share YTD16 YTD17 YoY 3Q16 2Q17 3Q17 QoQ
Alumina production (kt) 4,000 3,901 (2%) 1,334 1,320 1,288 (2%)
Aluminium production (kt) 725 737 2% 240 249 245 (2%)
Energy coal production (kt) 24,967 22,567 (10%) 7,930 7,518 6,858 (9%)
Metallurgical coal production (kt) 4,940 4,260 (14%) 1,642 1,392 1,431 3%
Manganese ore production (kwmt) 3,551 3,718 5% 1,205 1,253 1,285 3%
Manganese alloy production (kt) 179 162 (9%) 48 56 47 (16%)
Payable nickel production (kt) 27.2 26.8 (1%) 9.7 9.0 9.1 1%
Payable silver production (koz) 16,356 12,277 (25%) 4,478 4,035 3,548 (12%)
Payable lead production (kt) 134.4 105.2 (22%) 36.9 35.5 31.3 (12%)
Payable zinc production (kt) 60.3 57.2 (5%) 18.5 24.4 15.1 (38%)
Unless otherwise noted: percentage variance relates to performance during the nine months ended March 2017
compared with the nine months ended March 2016 (YoY) or the March 2017 quarter compared with the December
2016 quarter (QoQ); production and sales volumes are reported on an attributable basis.
CORPORATE UPDATE
- Our net cash[1] balance increased by US$645M to US$1.5B in the quarter as working capital unwound and we received
US$108M (South32 share) in distributions from our equity accounted investments. On 27 March 2017, we announced a
US$500M capital management program and subsequently commenced an on-market share buy-back on 19 April 2017.
- Following an underground fire and subsequent downgrade to FY17 production guidance, Cannington’s Operating unit
cost[2], including Sustaining capital expenditure, is now expected to increase to US$155/t (previously US$141/t).
Unit cost guidance for all other operations in FY17 remains unchanged and will require strong performance in the
June 2017 quarter.
- Capital expenditure of approximately US$420M (previously US$450M) is now expected in FY17, although the rate of
spend is expected to increase in the June 2017 quarter as land is purchased in preparation for the Klipspruit Life
Extension project.
- We invested US$13.0M in exploration in the nine months ended March 2017 (US$2.1M capitalised). This includes US$1.7M
at our equity accounted investments (US$1.0M capitalised). We explored for metallurgical coal, manganese and silver
in Australia and nickel in Colombia.
- Beyond our current portfolio, we are pursuing base metals opportunities in four countries, having entered into new
agreements with AusQuest Limited and Trilogy Metals Inc. in March and April, respectively. Under the terms of the latter
agreement, we will provide US$30M over three years to test the extent of the high-grade copper resource at Trilogy’s
Bornite deposit in the Ambler Mining District, Alaska. This funding will be paid in tranches of US$10M per annum, with the
decision to proceed to year two and three subject to exploration results. Our exploration spend is now expected to be
approximately US$30M in FY17.
Upstream production guidance 9M
(South32's share) FY16 YTD17 FY17e
Worsley Alumina
Alumina production (kt) 3,961 2,904 3,965
Brazil Alumina
Alumina production (kt) 1,335 997 1,320
South Africa Energy Coal[3]
Energy coal production (kt) 31,681 21,500 Revised down 30,000
Domestic coal production (kt) 16,825 12,744 Revised up 17,500
Export coal production (kt) 14,856 8,756 Revised down 12,500
Illawarra Metallurgical Coal
Total coal production (kt) 8,366 5,327 7,900
Metallurgical coal production (kt) 7,059 4,260 6,360
Energy coal production (kt) 1,307 1,067 1,540
Australia Manganese
Manganese ore production (kwmt) 3,071 2,218 3,120
South Africa Manganese
Manganese ore production[4] (kwmt) 1,711 1,500 Subject to demand
Cerro Matoso
Payable nickel production (kt) 36.8 26.8 36.0
Cannington
Payable silver production (koz) 21,393 12,277 Revised down 16,500
Payable lead production (kt) 173 105 Revised down 135
Payable zinc production (kt) 79 57 Revised down 70
WORSLEY ALUMINA
(86% share)
9M 9M 3Q16 2Q17
South32’s share YTD16 YTD17 YoY 3Q16 2Q17 3Q17 vs vs
3Q17 3Q17
Alumina production (kt) 3,001 2,904 (3%) 1,008 973 964 (4%) (1%)
Alumina sales (kt) 2,915 2,927 0% 1,017 949 1,018 0% 7%
Worsley Alumina saleable production decreased by 3% (or 97kt) to 2.9Mt in the nine months ended March 2017. While the alumina
hydrate input circuit achieved an annualised production rate in excess of 4.6Mtpa (100% basis) in the March 2017 quarter,
saleable alumina production was impacted by unplanned calciner maintenance. FY17 saleable alumina production guidance remains
unchanged at approximately 4.0Mt.
SOUTH AFRICA ALUMINIUM
(100%)
9M 9M 3Q16 2Q17
South32’s share YTD16 YTD17 YoY 3Q16 2Q17 3Q17 vs vs
3Q17 3Q17
Aluminium production (kt) 525 534 2% 173 181 178 3% (2%)
Aluminium sales (kt) 525 510 (3%) 162 169 163 1% (4%)
South Africa Aluminium saleable production increased by 2% (or 9kt) to 534kt in the nine months ended March 2017 as benchmark
levels of current efficiency continued to be achieved, the smelter benefitted from fewer load-shedding events and 22 pots were
brought back online in the December 2016 quarter.
MOZAL ALUMINIUM
(47.1% share)
9M 9M 3Q16 2Q17
South32’s share YTD16 YTD17 YoY 3Q16 2Q17 3Q17 vs vs
3Q17 3Q17
Aluminium production (kt) 200 203 2% 67 68 67 0% (1%)
Aluminium sales (kt) 185 200 8% 64 70 66 3% (6%)
Mozal Aluminium saleable production increased by 2% (or 3kt) to 203kt in the nine months ended March 2017 as benchmark levels
of current efficiency continued to be achieved and the smelter benefitted from fewer load-shedding events.
BRAZIL ALUMINA
(36% share)
9M 9M 3Q16 2Q17
South32’s share YTD16 YTD17 YoY 3Q16 2Q17 3Q17 vs vs
3Q17 3Q17
Alumina production (kt) 999 997 (0%) 326 347 324 (1%) (7%)
Alumina sales (kt) 1,021 994 (3%) 360 339 356 (1%) 5%
Brazil Alumina saleable production remained largely unchanged in the nine months ended March 2017. Heavy rainfall in
the March 2017 quarter resulted in a 7% (or 23kt) decrease in production relative to the record December 2016 quarter.
FY17 saleable alumina production guidance remains unchanged at 1.3Mt.
SOUTH AFRICA ENERGY COAL
(100%)
9M 9M 3Q16 2Q17
South32’s share YTD16 YTD17 YoY 3Q16 2Q17 3Q17 vs vs
3Q17 3Q17
Energy coal production (kt) 24,071 21,500 (11%) 7,692 7,081 6,675 (13%) (6%)
Domestic sales (kt) 13,080 12,974 (1%) 4,000 4,472 4,056 1% (9%)
Export sales (kt) 11,596 8,729 (25%) 3,575 2,952 2,873 (20%) (3%)
South Africa Energy Coal saleable production decreased by 11% (or 2.6Mt) to 21.5Mt in the nine months ended March 2017. Export
sales and pit development at the WMC were impacted by heavy rainfall in the March 2017 quarter and FY17 production guidance has
been revised accordingly to 30.0Mt (domestic coal 17.5Mt, export coal 12.5Mt). The depletion of existing pits and the delayed
development of new mining areas at the WMC is expected to result in a further 2.5Mt reduction in production in FY18 to approximately
27.5Mt (domestic coal 16.0Mt, export coal 11.5Mt). While our budgeting process for FY18 is currently underway, we do anticipate
a significant increase in Operating unit cost, including Sustaining capital expenditure, as a result of the temporary reduction
in production and rise in sustaining capital expenditure at the WMC.
ILLAWARRA METALLURGICAL COAL
(100%)
9M 9M 3Q16 2Q17
South32’s share YTD16 YTD17 YoY 3Q16 2Q17 3Q17 vs vs
3Q17 3Q17
Total coal production (kt) 5,836 5,327 (9%) 1,880 1,829 1,614 (14%) (12%)
Total coal sales (kt) 5,700 5,585 (2%) 1,959 1,412 1,980 1% 40%
Metallurgical coal production (kt) 4,940 4,260 (14%) 1,642 1,392 1,431 (13%) 3%
Metallurgical coal sales (kt) 4,727 4,482 (5%) 1,595 1,065 1,694 6% 59%
Energy coal production (kt) 896 1,067 9% 238 437 183 (23%) (58%)
Energy coal sales (kt) 973 1,103 13% 364 347 286 (21%) (18%)
Illawarra Metallurgical Coal total saleable production decreased by 9% (or 509kt) to 5.3Mt in the nine months ended March 2017
as challenging ground conditions were encountered at Appin Area 9 and mining rates were moderated at Appin Area 7 to ensure gas
concentrations were maintained at safe levels. Production in the March 2017 quarter was impacted by a longwall move at Dendrobium
that was extended by four days and was slow to ramp-up as a result of challenging roof conditions. FY17 production guidance
remains unchanged at 7.9Mt and requires a strong finish to the year. A longwall move at Appin Area 9 is scheduled for June.
A drawdown of inventory ensured sales in the nine months ended March 2017 exceeded production by 258kt. Sales in the March 2017
quarter also included a carry-over shipment from the December 2016 half year, as anticipated.
AUSTRALIA MANGANESE
(60% share)
9M 9M 3Q16 2Q17
South32’s share YTD16 YTD17 YoY 3Q16 2Q17 3Q17 vs vs
3Q17 3Q17
Manganese ore production (kwmt) 2,332 2,218 (5%) 743 736 719 (3%) (2%)
Manganese ore sales (kwmt) 2,309 2,249 (3%) 852 743 749 (12%) 1%
Manganese alloy production (kt) 111 106 (5%) 26 40 28 8% (30%)
Manganese alloy sales (kt) 120 119 (1%) 44 28 37 (16%) 32%
Australia Manganese saleable ore production decreased by 5% (or 114kwmt) to 2.2Mwmt in the nine months ended March 2017.Heavy
rainfall and Tropical Cyclone Alfred led to lower production in the primary high grade circuit in the March 2017 quarter,
although this was partially offset by strong performance within the Premium Concentrate ore (PC02) circui which continued to
operate at its annualised capacity of 500kwmt (100% basis). Our low cost PC02 fines product has a manganese content of approximately
40% which leads to both grade and product-type discounts when referenced to the high grade 44% manganese lump ore index. FY17
production guidance of 3.1Mwmt remains unchanged. Saleable manganese alloy production decreased by 5% (or 5kt) to 106kt in the
nine months ended March 2017 as an electrode upgrade was undertaken in January. The impact of the shutdown was offset by a drawdown
of inventory, resulting in an increase of alloy sales in the March 2017 quarter. All four furnaces are expected to ramp-up to full
capacity in the June 2017 quarter.
SOUTH AFRICA MANGANESE
(60% share)
9M 9M 3Q16 2Q17
South32’s share YTD16 YTD17 YoY 3Q16 2Q17 3Q17 vs vs
3Q17 3Q17
Manganese ore production (kwmt) 1,219 1,500 23% 462 517 566 23% 9%
Manganese ore sales (kwmt) 1,345 1,482 10% 466 511 554 19% 8%
Manganese alloy production (kt) 68 56 (18%) 22 16 19 (14%) 19%
Manganese alloy sales (kt) 70 54 (23%) 20 20 14 (30%) (30%)
South Africa Manganese saleable ore production increased by 23% (or 281kwmt) to 1.5Mwmt in the nine months ended March 2017 as
we responded to favourable market conditions by opportunistically increasing ore production. This included an annualised production
rate of 3.8Mwmt pa (100% basis) in the March 2017 quarter as we continued to sell Wessels concentrate and use higher cost trucking
to access export opportunities. We ceased trucking activity at the end of the March 2017 quarter as we responded to a change in
market conditions. The Wessels Central Block project was commissioned in the March 2017 quarter, as planned. The project will enable
mining to relocate closer to critical infrastructure and lower production costs in the underground mine.
Manganese alloy saleable production decreased by 18% (or 12kt) to 56kt in the nine months ended March 2017
despite an improvement in furnace stability in the quarter. Metalloys continues to operate one of its four furnaces.
Alloy sales in the March 2017 quarter were affected by the timing of shipments.
CERRO MATOSO
(99.9% share)
9M 9M 3Q16 2Q17
South32’s share YTD16 YTD17 YoY 3Q16 2Q17 3Q17 vs vs
3Q17 3Q17
Payable nickel production (kt) 27.2 26.8 (1%) 9.7 9.0 9.1 (6%) 1%
Payable nickel sales (kt) 26.8 26.8 0% 9.3 9.4 9.2 (1%) (2%)
Cerro Matoso payable nickel production decreased by 1% to 26.8kt in the nine months ended March 2017. A reduction in
furnace availability in the March 2017 quarter was offset by the availability of previously stockpiled, higher grade fines.
The accelerated development of the higher grade La Esmeralda deposit allowed first ore to be delivered to the plant in the
March 2017 quarter. Payable nickel production guidance remains unchanged at 36kt in FY17 but will rise to approximately
41.6kt in FY18 as La Esmeralda ramps up to full capacity.
CANNINGTON
(100%)
9M 9M 3Q16 2Q17
South32’s share YTD16 YTD17 YoY 3Q16 2Q17 3Q17 vs vs
3Q17 3Q17
Payable silver production (koz) 16,356 12,277 (25%) 4,478 4,035 3,548 (21%) (12%)
Payable silver sales (koz) 16,262 12,404 (24%) 4,364 3,797 3,544 (19%) (7%)
Payable lead production (kt) 134.4 105.2 (22%) 36.9 35.5 31.3 (15%) (12%)
Payable lead sales (kt) 132.5 105.8 (20%) 37.0 33.2 32.5 (12%) (2%)
Payable zinc production (kt) 60.3 57.2 (5%) 18.5 24.4 15.1 (18%) (38%)
Payable zinc sales (kt) 59.8 57.6 (4%) 18.6 22.3 16.8 (10%) (25%)
Cannington silver, lead and zinc saleable production decreased by 25%, 22% and 5%, respectively, in the nine months ended
March 2017 due to lower feed grades, consistent with the mine plan.
Remediation work to repair load-out and shaft haulage infrastructure damaged by an underground fire in April is continuing.FY17
production guidance was previously revised to 16.5Moz of silver, 135kt of lead and 70kt of zinc as mill throughput will remain
constrained while this work is undertaken and the extraction of the higher grade (silver/lead) 60L stope is delayed. An Operating
unit cost, including Sustaining capital expenditure, of US$155/t (previously US$141/t) is now expected in FY17 given the operation’s
high fixed cost base.
The development of the replacement underground crusher remains on schedule for commissioning in the March 2018 quarter. As previously
indicated, the rate of deformation in the existing crusher chamber has increased and it may become inoperable earlier than planned.
As such, the rate of ore extraction and metal production may become temporarily constrained by trucking capacity within the decline.
We continue to monitor the rate of deformation and will provide updated production guidance when we report our FY17 financial results.
Notes:
1. Provisional unaudited net cash balance as at 31 March 2017.
2. FY17 Operating unit cost guidance, including Sustaining capital expenditure, and Sustaining capital expenditure guidance, include royalties
(where appropriate) and the influence of exchange rates, and are predicated on various assumptions for H2 FY17, including: an alumina price of
US$316/t; an average blended coal price of US$146/t for Illawarra Metallurgical Coal; a manganese ore price of US$6.79/dmtu for 44% manganese product;
a nickel price of US$4.65/lb; a thermal coal price of US$84/t (API4) for South Africa Energy Coal; a silver price of US$17.04/troy oz; a lead price of
US$2,267/t; a zinc price of US$2,746/t; an AUD:USD exchange rate of 0.75; a USD:ZAR exchange rate of 14.20; and a USD:COP exchange rate of 2,943;
all of which reflected forward markets as at January 2017 or our internal expectations.
3. 8% of South Africa Energy Coal is owned by a Broad-Based Black Economic Empowerment (B-BBEE) consortium. The interests owned by
the 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. Figures in Italics indicate that an adjustment has been made since the figures were previously reported.
6. 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); million wet metric tonnes (Mwmt); million wet metric tonnes per annum (Mwmt pa); thousand dry metric tonnes (kdmt); Australian
Securities Exchange (ASX); London Stock Exchange (LSE); Johannesburg Stock Exchange (JSE); and American Depositary Receipts (ADR).
OPERATING PERFORMANCE
9M 9M
South32’s share YTD16 YTD17 3Q16 4Q16 1Q17 2Q17 3Q17
Worsley Alumina
(86% share)
Alumina hydrate production (kt) 2,959 2,939 989 946 980 966 993
Alumina production (kt) 3,001 2,904 1,008 960 967 973 964
Alumina sales (kt) 2,915 2,927 1,017 959 960 949 1,018
South Africa Aluminium
(100%)
Aluminium production (kt) 525 534 173 172 175 181 178
Aluminium sales (kt) 525 510 162 184 178 169 163
Mozal Aluminium
(47.1% share)
Aluminium production (kt) 200 203 67 66 68 68 67
Aluminium sales (kt) 185 200 64 69 64 70 66
Brazil Alumina
(alumina 36% share, aluminium 40% share)
Alumina production (kt) 999 997 326 336 326 347 324
Alumina sales (kt) 1,021 994 360 338 299 339 356
South Africa Energy Coal
(100%)
Energy coal production (kt) 24,071 21,500 7,692 7,610 7,744 7,081 6,675
Domestic sales (kt) 13,080 12,974 4,000 4,089 4,446 4,472 4,056
Export sales (kt) 11,596 8,729 3,575 3,561 2,904 2,952 2,873
Illawarra Metallurgical Coal
(100%)
Total coal production (kt) 5,836 5,327 1,880 2,530 1,884 1,829 1,614
Total coal sales (kt) 5,700 5,585 1,959 2,617 2,193 1,412 1,980
Metallurgical coal production (kt) 4,940 4,260 1,642 2,119 1,437 1,392 1,431
Metallurgical coal sales (kt) 4,727 4,482 1,595 2,257 1,723 1,065 1,694
Energy coal production (kt) 896 1,067 238 411 447 437 183
Energy coal sales (kt) 973 1,103 364 360 470 347 286
Australia Manganese
(60% share)
Manganese ore production (kwmt) 2,332 2,218 743 739 763 736 719
Manganese ore sales (kwmt) 2,309 2,249 852 775 757 743 749
Ore grade sold (%, Mn) 47.4 46.3 47.1 47.0 46.7 46.1 46.0
Manganese alloy production (kt) 111 106 26 22 38 40 28
Manganese alloy sales (kt) 120 119 44 30 54 28 37
South Africa Manganese
(60% share)
Manganese ore production (kwmt) 1,219 1,500 462 492 417 517 566
Manganese ore sales (kwmt) 1,345 1,482 466 489 417 511 554
Ore grade sold (%, Mn) 40.2 40.2 40.4 39.2 39.7 40.8 40.1
Manganese alloy production (kt) 68 56 22 23 21 16 19
Manganese alloy sales (kt) 70 54 20 40 20 20 14
9M 9M
South32’s share YTD16 YTD17 3Q16 4Q16 1Q17 2Q17 3Q17
Cerro Matoso
(99.9% share)
Ore mined (kwmt) 4,529 3,391 1,512 1,480 1,238 1,109 1,044
Ore processed (kdmt) 2,016 1,937 704 683 645 644 648
Ore grade processed (%, Ni) 1.53 1.56 1.53 1.55 1.52 1.55 1.60
Payable nickel production (kt) 27.2 26.8 9.7 9.6 8.7 9.0 9.1
Payable nickel sales (kt) 26.8 26.8 9.3 10.0 8.2 9.4 9.2
Cannington
(100%)
Ore mined (kt) 2,470 2,314 727 819 780 859 675
Ore processed (kt) 2,330 2,408 673 819 828 841 739
Silver ore grade processed (g/t, Ag) 264 194 258 230 216 182 183
Lead ore grade processed (%, Pb) 6.9 5.4 6.7 5.9 5.7 5.2 5.3
Zinc ore grade processed (%, Zn) 3.8 3.5 4.1 3.6 3.2 4.2 3.0
Payable silver production (koz) 16,356 12,277 4,478 5,037 4,694 4,035 3,548
Payable silver sales (koz) 16,262 12,404 4,364 4,590 5,063 3,797 3,544
Payable lead production (kt) 134.4 105.2 36.9 38.8 38.4 35.5 31.3
Payable lead sales (kt) 132.5 105.8 37.0 37.2 40.1 33.2 32.5
Payable zinc production (kt) 60.3 57.2 18.5 18.7 17.7 24.4 15.1
Payable zinc sales (kt) 59.8 57.6 18.6 22.8 18.5 22.3 16.8
Forward-looking statements
This release contains forward-looking statements, including statements about currency exchange rates, commodity prices, production forecasts,
plans, development decisions, exploration and capital expenditure. These forward-looking statements reflect expectations at the date of this
release; however, they are not guarantees or predictions of future performance. They involve known and unknown risks, uncertainties and other
factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements
contained in this release. Readers are cautioned not to put undue reliance on forward-looking statements. Except as required by applicable laws
or regulations, South32 Limited does not undertake to publicly update or review any forward looking statements, whether as a result of new
information or future events. Past performance cannot be relied on as a guide to future performance.
FURTHER INFORMATION
INVESTOR RELATIONS
Alex Volante Rob Ward
T +61 8 9324 9029 T +61 8 9324 9340
M +61 403 328 408 M +61 431 596 831
E Alex.Volante@south32.net E Robert.Ward@south32.net
MEDIA RELATIONS
Hayley Cardy James Clothier
T +61 8 9324 9008 T +61 8 9324 9697
M +61 409 448 288 M +61 413 319 031
E Hayley.Cardy@south32.net E James.Clothier@south32.net
28 April 2017
JSE Sponsor: UBS South Africa (Pty) Ltd
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