Wrap Text
Quarterly report March 2018
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 2018
• Strong commodity prices and a partial unwind of working capital “We delivered production records at
delivered a US$477M increase in net cash to US$1.9B after Mozal Aluminium and Australia
allocating a further US$85M to our on-market share buy-back in Manganese and have increased full
the quarter. year guidance for both of our
manganese operations in light of
• Delivered a year to date production record at Mozal Aluminium as strong market demand.
the smelter continued to test its maximum technical capability
and increased payable nickel production at Cerro Matoso by 21% “At the Appin colliery we further prioritised
as the performance of La Esmeralda continued to exceed coal clearance and ground
expectations. rehabilitation activities during the
• Increased payable silver production at Cannington by 28% in the quarter, setting the foundation for a
quarter as mining entered a higher grade sequence of stopes. return to historical rates of
production at Illawarra Metallurgical
• Increased production guidance at Australia Manganese by 6% Coal of more than 8 million tonnes
and South Africa Manganese by 5% on the back of strong market per annum.
demand and record operating performance at Australia
Manganese.
“We also continued to benefit from
• Revised FY18 production guidance at Illawarra Metallurgical Coal elevated prices in our key
to 4.1Mt as we further prioritised coal clearance and ground commodity markets, strengthening
rehabilitation activities during the March 2018 quarter in support our net cash balance by US$477
of the Appin colliery restart plan. million to US$1.9 billion after
allocating a further US$85 million to
• Finalised plans at Illawarra Metallurgical Coal that are expected our on-market share buy-back.”
to deliver more productive longwall and development
performance, underpinning a recovery in production
to more than 6Mt in FY19 and an anticipated return to historical
rates above 8Mtpa from H2 FY20.
Graham Kerr, South32 CEO
• Advanced our plans to manage South Africa Energy Coal as a
stand-alone business from the June 2018 quarter, which will
allow us to simplify our business, lower overhead costs and
fundamentally change the way we work.
Production summary
South32’s share 9M 9M YoY 3Q17 2Q18 3Q18 QoQ
YTD17 YTD18
Alumina production (kt) 3,901 3,773 (3%) 1,288 1,262 1,232 (2%)
Aluminium production (kt) 737 737 0% 245 246 242 (2%)
Energy coal production (kt) 22,567 21,097 (7%) 6,858 6,987 7,096 2%
Metallurgical coal production (kt) 4,260 2,076 (51%) 1,431 788 794 1%
Manganese ore production (kwmt) 3,718 4,199 13% 1,285 1,526 1,369 (10%)
Manganese alloy production (kt) 162 180 11% 47 62 62 0%
Payable nickel production (kt) 26.8 32.5 21% 9.1 10.1 10.7 6%
Payable silver production (koz) 12,277 8,257 (33%) 3,548 2,412 3,082 28%
Payable lead production (kt) 105.2 73.0 (31%) 31.3 23.6 23.6 0%
Payable zinc production (kt) 57.2 28.8 (50%) 15.1 9.2 8.6 (7%)
Unless otherwise noted: percentage variance relates to performance during the nine months ended March 2018 compared with the nine
months ended March 2017 (YoY) or the March 2018 quarter compared with the December 2017 quarter (QoQ); production and sales volumes
are reported on an attributable basis.
1
CORPORATE UPDATE
SOUTH32 QUARTERLY REPORT MARCH 2018 2
• Net cash increased by US$477M to US$1.9B[1] during the March 2018 quarter as commodity prices remained
elevated, the prior build in working capital partially unwound, and we received net distributions totaling US$158M[2]from
our manganese equity accounted investments (EAI)(South32 share)and US$44M (pre-tax) from the sale of a financial asset.
Our strong financial position allowed us to return a further US$85M to shareholders during the period with the continuation
of our on-market share buy-back.
• To 31 March 2018 we had completed US$390M of our approved US$1B capital management program, having
bought back 176M shares at an average price of A$2.89 per share. Subsequent to the end of the quarter we
returned an additional US$154M in the form of a special dividend, bringing total returns under our approved US$1B
capital management program to US$544M. We also paid a fully franked interim dividend of US$221M on 5 April
2018.
• As a result of lower volumes, Operating unit costs at Illawarra Metallurgical Coal are expected to remain elevated in
FY18 at US$150/t (prior guidance US$135/t) before benefitting from stronger production as our ramp up plan gains
momentum. While FY18 Operating unit cost guidance at all other operations remains unchanged, the potential for
a greater proportion of higher margin export tonnes at South Africa Energy Coal may increase Operating unit costs
by approximately 5%. Stronger alumina prices, of which we are a net beneficiary, will also impact the cost base of
our aluminium smelters over the remainder of FY18.
• Capital expenditure (including EAI) guidance of US$525M for FY18 is unchanged with the rate of spend expected to
increase in the June 2018 quarter as long lead time items are purchased for the Klipspruit Life Extension project.
• We remain on track to manage South Africa Energy Coal as a stand-alone business during the June 2018 quarter,
having concluded our structural consultation processes with impacted employees. This will allow us to simplify our
business, lower overhead costs and fundamentally change the way we work.
• We invested US$32.5M in exploration programs during the nine months ended 31 March 2018 (US$1.4M
capitalised). This included US$1.1M for our EAI (US$0.6M capitalised) and US$16.5M of expenditure across 13
projects associated with our portfolio of early stage greenfield exploration opportunities.
• Our Underlying Effective Tax Rate (ETR), which excludes tax associated with our EAI, largely reflects the geographic
distribution of the Group’s profit. The corporate tax rates applicable to the Group include: Australia 30%, South Africa
28%, Colombia 37%[3] , Mozambique[3] 0% and Brazil 34%.
Production guidance FY17 9M FY18e Commentary
(South32’s share) YTD18
Worsley Alumina
Alumina production (kt) 3,892 2,783 3,975 Expect to approach guidance as hydrate conversion
rate improve in the June 2018 quarter with a reduction
in calciner maintenance
South Africa Aluminium
Alumina production (kt) 714 533 720 Expect to approach guidance despite an electric arc
Aluminium production (kt)incident in the December
2017 quarter
Mozal Aluminium
Aluminium production (kt) 271 204 269
Brazil Alumina
Alumina production (kt) 1,329 990 1,345
South Africa Energy Coal[4]
Energy coal production (kt) 28,913 20,164 27,500
Domestic coal production (kt) 16,717 11,059 16,000
Export coal production (kt) 12,196 9,105 11,500
Illawarra Metallurgical Coal
Total coal production (kt) 7,073 3,009 (downward) 4,100 Guidance reduced by 9% as we Further prioritised coal
Metallurgical coal production (kt) 5,697 2,076 (downward) 2,950 clearance and ground rehabilitation activities at the
Appin colliery during the March 2018 quarter
Energy coal production (kt) 1,376 933 1,150
Australia Manganese
Manganese ore production Guidance increased by 6%
(kwmt) 2,994 2,531 (upward) 3,300 (subject to market demand)
South Africa Manganese
Manganese ore production[5] Guidance increased by 5%
(kwmt) 2,038 1,668 (upward) 2,150 (subject to market demand)
Cerro Matoso
Payable nickel production (kt) 36.5 32.5 41.6 Tracking ahead of plan with the potential to
marginallyexceed guidance
Cannington
Payable silver production (koz) 15,603 8,257 12,200
Payable lead production (kt) 132 73 102
Payable zinc production (kt) 70 29 39
WORSLEY ALUMINA
3
(86% share)
3Q17 3Q18
South32's share 9M 9M YoY 3Q17 2Q18 3Q18 vs vs
YTD17 YTD18 3Q17 2Q18
Alumina production (kt) 2,904 2,783 (4%) 964 923 918 (5%) (1%)
Alumina sales (kt) 2,927 2,796 (4%) 1,018 920 910 (11%) (1%)
Worsley Alumina saleable production decreased by 4% (or 121kt) to 2.8Mt in the nine months ended March 2018,
despite the performance of the input circuit remaining largely unchanged at an annualised rate of 4.5Mt (100% basis).
Further calciner maintenance was undertaken in the March 2018 quarter and the refinery has established a substantial
hydrate position. While FY18 production guidance remains unchanged, it is predicated on our ability to convert hydrate to
calcined alumina during the June 2018 quarter.
First ore from the West Marradong sublease was processed during the March 2018 quarter. West Marradong is expected
to reduce average caustic consumption at the refinery from the June 2018 quarter.
SOUTH AFRICA ALUMINIUM
(100%)
3Q18 3Q18
South32's share 9M 9M YoY 3Q17 2Q18 3Q18 vs vs
YTD17 YTD18 3Q17 2Q18
Aluminium production (kt) 534 533 (0%) 178 178 175 (2%) (2%)
Aluminium sales (kt) 510 528 4% 163 182 184 13% 1%
South Africa Aluminium saleable production decreased by 1kt to 533kt in the nine months ended March 2018 as the
smelter progressively returned all pots to service following an electric arc incident in the December 2017 quarter. Despite
this incident, FY18 production is expected to approach annual guidance of 720kt.
MOZAL ALUMINIUM
(47.1% share)
3Q18 3Q18
South32's share 9M 9M YoY 3Q17 2Q18 3Q18 vs vs
YTD17 YTD18 3Q17 2Q18
Aluminium production (kt) 203 204 0% 67 68 67 0% (1%)
Aluminium sales (kt) 200 198 (1%) 66 82 51 (23%) (38%)
Mozal Aluminium saleable production increased by 1kt to a record 204kt in the nine months ended March 2018 as the
smelter continued to test its maximum technical capability. Aluminium sales declined by 38% in the March 2018 quarter
as our inventory position normalised following a drawdown in the prior quarter. FY18 production guidance remains
unchanged at 269kt.
BRAZIL ALUMINA
(36% share)
3Q18 3Q18
South32's share 9M 9M YoY 3Q17 2Q18 3Q18 vs vs
YTD17 YTD18 3Q17 2Q18
Alumina production (kt) 997 990 (1%) 324 339 314 (3%) (7%)
Alumina sales (kt) 994 963 (3%) 356 316 314 (12%) (1%)
Brazil Alumina saleable production decreased by 1% (or 7kt) to 990kt in the nine months ended March 2018 as
unplanned maintenance impacted performance during the March 2018 quarter. FY18 production guidance remains
unchanged at 1.3Mt.
SOUTH AFRICA ENERGY COAL 4
(100%)
3Q18 3Q18
South32's share 9M 9M YoY 3Q17 2Q18 3Q18 vs vs
YTD17 YTD18 3Q17 2Q18
Energy coal production (kt) 21,500 20,164 (6%) 6,675 6,734 6,741 1% 0%
Domestic sales (kt) 12,974 11,169 (14%) 4,056 3,546 3,835 (5%) 8%
Export sales (kt) 8,729 9,337 7% 2,873 3,117 3,472 21% 11%
South Africa Energy Coal saleable production decreased by 6% (or 1.336kt) to 20.2Mt in the nine months ended
March 2018. Export coal production continued to exceed expectations as the Wolvekrans-Middelburg Complex (WMC)
benefitted from ongoing investment that is providing access to higher margin tonnes. In contrast, domestic production
from the WMC was lower as demand from the Duvha power station remained subdued and scheduled maintenance was
undertaken. Export sales increased by 11% in the March 2018 quarter as the prior weather related supply chain
constraint at Richards Bay Coal Terminal was cleared.
Whilst FY18 production guidance remains unchanged at 27.5Mt (11.5Mt export; 16.0Mt domestic) persistent weakness in
domestic demand may result in a reduction of loss making domestic volumes across the remainder of FY18 and FY19.
While any reduction in domestic sales volumes or a reweighting towards export markets would be margin accretive,
average Operating unit costs would be impacted by increased washing and logistics costs, and reduction in volumes.
ILLAWARRA METALLURGICAL COAL
(100%)
3Q18 3Q18
South32's share 9M 9M YoY 3Q17 2Q18 3Q18 vs vs
YTD17 YTD18 3Q17 2Q18
Total coal production (kt) 5,327 3,009 (44%) 1,614 1,041 1,149 (29%) 10%
Total coal sales (kt) 5,585 2,751 (51%) 1,980 882 1,091 (45%) 24%
Metallurgical coal production (kt) 4,260 2,076 (51%) 1,431 788 794 (45%) 1%
Metallurgical coal sales (kt) 4,482 1,817 (59%) 1,694 654 760 (55%) 16%
Energy coal production (kt) 1,067 933 (13%) 183 253 355 94% 40%
Energy coal sales (kt) 1,103 934 (15%) 286 228 331 16% 45%
Illawarra Metallurgical Coal total saleable production decreased by 44% (or 2,318kt) to 3.0Mt in the nine months ended
March 2018 as the Appin colliery continued to ramp-up production following an extended outage. Given a greater focus
on coal clearance and ground rehabilitation activities at the Appin colliery during the quarter, and with two longwall moves
planned before the end of the financial year, we now expect Illawarra Metallurgical Coal to produce 4.1Mt of saleable coal in
FY18 (versus prior guidance of 4.5Mt). As a result, Operating unit costs are expected to remain elevated in FY18 at
US$150/t (prior guidance US$135/t) before benefitting from increased production in FY19 as our ramp up plan gains momentum.
In this context, more productive longwall and development performance is expected to underpin a recovery in production to
more than 6Mt in FY19 and an anticipated return to historical rates of production above 8Mtpa from H2 FY20.
5
AUSTRALIA MANGANESE
(60% share)
3Q18 3Q18
South32's share 9M 9M YoY 3Q17 2Q18 3Q18 vs vs
YTD17 YTD18 3Q17 2Q18
Manganese ore production (kwmt) 2,218 2,531 14% 719 893 830 15% (7%)
Manganese ore sales (kwmt) 2,249 2,415 7% 749 822 803 7% (2%)
Manganese alloy production (kt) 106 123 16% 28 43 41 46% (5%)
Manganese alloy sales (kt) 119 115 (3%) 37 42 37 0% (12%)
Australia Manganese saleable ore production increased by 14% (or 313kwmt) to a record 2.5Mwmt in the nine months
ended March 2018 as the PC02 circuit exceeded its annualised capacity of 500kwmt (100% basis). We have increased
our FY18 production guidance by 6% to 3,300kwmt, despite the impact of the wet season in the March 2018 quarter.
Manganese alloy saleable production increased by 16% (or 17kt) to 123kt in the nine months ended March 2018 as all
four furnaces continued to operate.
SOUTH AFRICA MANGANESE
(60% share)
3Q18 3Q18
South32's share 9M 9M YoY 3Q17 2Q18 3Q18 vs vs
YTD17 YTD18 3Q17 2Q18
Manganese ore production (kwmt) 1,500 1,668 11% 566 633 539 (5%) (15%)
Manganese ore sales (kwmt) 1,482 1,543 4% 554 539 476 (14%) (12%)
Manganese alloy production (kt) 56 57 2% 19 19 21 11% 11%
Manganese alloy sales (kt) 54 49 (9%) 14 14 21 50% 50%
South Africa Manganese saleable ore production increased by 11% (or 168kwmt) to 1.7Mwmt in the nine months ended
March 2018 as we continued to utilise higher cost trucking and sell lower quality fines product to take advantage of
favourable market conditions. We have increased our FY18 production guidance by 5% to 2,150kwmt despite planned
major maintenance at the Wessels underground mine in the June 2018 quarter.
Manganese alloy saleable production increased by 2% (or 1kt) to 57kt in the nine months ended March 2018 as
Metalloys continued to operate one of its four furnaces.
CERRO MATOSO
(99.9% share)
3Q18 3Q18
South32's share 9M 9M YoY 3Q17 2Q18 3Q18 vs vs
YTD17 YTD18 3Q17 2Q18
Payable nickel production (kt) 26.8 32.5 21% 9.1 10.1 10.7 18% 6%
Payable nickel sales (kt) 26.8 32.1 20% 9.2 9.9 10.8 17% 9%
Cerro Matoso payable nickel production increased by 21% (or 5.7kt) to 32.5kt in the nine months ended March 2018,
despite major maintenance of the furnace being completed during the quarter, as planned. The operation is currently
tracking ahead of expectations with the potential to marginally exceed production guidance of 41.6kt in FY18.
Production has not been impacted by the decision handed down by the Constitutional Court of Colombia in relation to
alleged health and environmental impacts at the community surrounding the operation. We are in the process of
appealing the decision.
6
CANNINGTON
(100%)
3Q18 3Q18
South32's share 9M 9M YoY 3Q17 2Q18 3Q18 vs vs
YTD17 YTD18 3Q17 2Q18
Payable silver production (koz) 12,277 8,257 (33%) 3,548 2,412 3,082 (13%) 28%
Payable silver sales (koz) 12,404 8,443 (32%) 3,544 2,503 3,014 (15%) 20%
Payable lead production (kt) 105.2 73.0 (31%) 31.3 23.6 23.6 (25%) 0%
Payable lead sales (kt) 105.8 72.1 (32%) 32.5 22.7 23.5 (28%) 4%
Payable zinc production (kt) 57.2 28.8 (50%) 15.1 9.2 8.6 (43%) (7%)
Payable zinc sales (kt) 57.6 32.0 (44%) 16.8 12.1 6.3 (63%) (48%)
Cannington silver, lead and zinc payable production decreased by 33%, 31% and 50%, respectively, in the nine months
ended March 2018 as the operation transitioned to its replacement underground crusher and the mine plan moved
through a lower grade sequence of stopes. The replacement underground crusher was commissioned during the March
2018 quarter ahead of schedule and payable silver production increased by 28% as the mine plan entered a higher
grade sequence of stopes. FY18 production guidance (silver 12,200koz, lead 102kt, zinc 39kt) remains unchanged with
ore grades expected to increase in the June 2018 quarter, consistent with the mine plan.
Notes:
1. Net cash number is unaudited.
2. Net distributions from equity accounting investments includes net debt movements and dividends, which are unaudited.
3. The Colombian corporate tax rate was 40% until 31 December 2017. The Mozambique operations are subject to a royalty on
revenues instead of income tax.
4. 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%.
5. 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.
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).
7
OPERATING PERFORMANCE
South32’s share 9M 9M 3Q17 4Q17 1Q18 2Q18 3Q18
YTD17 YTD18
Worsley Alumina
(86% share)
Alumina hydrate production (kt) 2,939 2,885 993 959 974 973 938
Alumina production (kt) 2,904 2,783 964 988 942 923 918
Alumina sales (kt) 2,927 2,796 1,018 920 966 920 910
South Africa Aluminium
(100%)
Aluminium production (kt) 534 533 178 180 180 178 175
Aluminium sales (kt) 510 528 163 203 162 182 184
Mozal Aluminium
(47.1% share)
Aluminium production (kt) 203 204 67 68 69 68 67
Aluminium sales (kt) 200 198 66 73 65 82 51
Brazil Alumina
(36% share)
Alumina production (kt) 997 990 324 332 337 339 314
Alumina sales (kt) 994 963 356 322 333 316 314
South Africa Energy Coal
(100%)
Energy coal production (kt) 21,500 20,164 6,675 7,413 6,689 6,734 6,741
Domestic sales (kt) 12,974 11,169 4,056 3,948 3,788 3,546 3,835
Export sales (kt) 8,729 9,337 2,873 3,068 2,748 3,117 3,472
Illawarra Metallurgical Coal
(100%)
Total coal production (kt) 5,327 3,009 1,614 1,746 819 1,041 1,149
Total coal sales (kt) 5,585 2,751 1,980 1,711 778 882 1,091
Metallurgical coal production (kt) 4,260 2,076 1,431 1,437 494 788 794
Metallurgical coal sales (kt) 4,482 1,817 1,694 1,470 403 654 760
Energy coal production (kt) 1,067 933 183 309 325 253 355
Energy coal sales (kt) 1,103 934 286 241 375 228 331
Australia Manganese
(60% share)
Manganese ore production (kwmt) 2,218 2,531 719 776 808 893 830
Manganese ore sales (kwmt) 2,249 2,415 749 838 790 822 803
Ore grade sold (%, Mn) 46.3 45.7 46.0 46.2 46.1 46.0 45.0
Manganese alloy production (kt) 106 123 28 41 39 43 41
Manganese alloy sales (kt) 119 115 37 36 36 42 37
South Africa Manganese
(60% share)
Manganese ore production (kwmt) 1,500 1,668 566 538 496 633 539
Manganese ore sales (kwmt) 1,482 1,543 554 542 528 539 476
Ore grade sold (%, Mn) 40.2 40.2 40.1 39.8 40.7 39.9 40.1
Manganese alloy production (kt) 56 57 19 17 17 19 21
Manganese alloy sales (kt) 54 49 14 20 14 14 21
8
South32’s share 9M 9M 3Q17 4Q17 1Q18 2Q18 3Q18
YTD17 YTD18
Cerro Matoso
(99.9% share)
Ore mined (kwmt) 3,391 2,918 1,044 1,056 1,051 1,036 831
Ore processed (kdmt) 1,937 2,012 648 624 696 644 672
Ore grade processed (%, Ni) 1.56 1.81 1.60 1.69 1.91 1.75 1.76
Payable nickel production (kt) 26.8 32.5 9.1 9.7 11.7 10.1 10.7
Payable nickel sales (kt) 26.8 32.1 9.2 9.8 11.4 9.9 10.8
Cannington
(100%)
Ore mined (kwmt) 2,314 1,780 675 595 647 562 571
Ore processed (kdmt) 2,408 1,712 739 628 593 575 544
Silver ore grade processed (g/t, Ag) 194 178 183 196 175 155 207
Lead ore grade processed (%, Pb) 5.4 5.1 5.3 5.2 5.2 4.9 5.2
Zinc ore grade processed (%, Zn) 3.5 2.5 3.0 3.1 2.8 2.3 2.5
Payable silver production (koz) 12,277 8,257 3,548 3,326 2,763 2,412 3,082
Payable silver sales (koz) 12,404 8,443 3,544 3,866 2,926 2,503 3,014
Payable lead production (kt) 105.2 73.0 31.3 26.9 25.8 23.6 23.6
Payable lead sales (kt) 105.8 72.1 32.5 32.3 25.9 22.7 23.5
Payable zinc production (kt) 57.2 28.8 15.1 13.2 11.0 9.2 8.6
Payable zinc sales (kt) 57.6 32.0 16.8 9.8 13.6 12.1 6.3
Forward-looking statements
This release contains forward-looking statements, including statements about trends in commodity prices and currency exchange rates;
demand for commodities; production forecasts; plans, strategies and objectives of management; capital costs and scheduling; operating
costs; anticipated productive lives of projects, mines and facilities; and provisions and contingent liabilities. 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, the South32 Group 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.
The denotation (e) refers to an estimate or forecast year.
FURTHER INFORMATION
INVESTOR RELATIONS MEDIA RELATIONS
Alex Volante Hayley Cardy James Clothier
T +44 20 7798 1778 T +61 8 9324 9008 T +61 8 9324 9697
M +44 74 6853 3005 M +61 409 448 288 M +61 413 319 031
E Alex.Volante@south32.net E Hayley.Cardy@south32.net E James.Clothier@south32.net
19 April 2018
JSE Sponsor: UBS South Africa (Pty) Ltd
SOUTH32 QUARTERLY REPORT MARCH 2018 9
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