EXXARO RESOURCES LIMITED - EXX - Reviewed condensed group interim financial statements and unreviewed production and sales volumes

Release Date: 16/08/2018 07:05
Code(s): EXX
 
Wrap Text
EXX - Reviewed condensed group interim financial statements and unreviewed production and 
sales volumes

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 financial statements and unreviewed production and 
sales volumes information for the six-month period ended 30 June 2018


SALIENT FEATURES
Group
- Revenue R12.3 billion, up 14%
- Net operating profit R3.1 billion, up 7%
- Interim dividend of 530 cents per share, up 230 cents per share
- HEPS* of 1 222 cents up 39%  
- AEPS** of 1 268 cents, up 49%
- Cash generated by operations at R3.9 billion

SIOC
- R0.8 billion post-tax equity-accounted income
- R1.3 billion, Exxaro's share of dividend declared for 1H18

Tronox
- R224 million post-tax equity-accounted income
- Dividend of R31 million received in 1H18

*  Headline earnings per share 
** Attributable earnings per share


CONDENSED GROUP STATEMENT OF COMPREHENSIVE INCOME
                                                                         (Re-presented)
                                                           6 months            6 months        12 months  
                                                              ended               ended            ended  
                                                            30 June             30 June      31 December  
                                                               2018                2017             2017  
                                                           Reviewed            Reviewed          Audited  
                                                                 Rm                  Rm               Rm  
Revenue (note 7)                                             12 260              10 736           22 813  
Operating expenses                                           (9 134)             (7 751)         (17 593) 
Operating profit (note 8)                                     3 126               2 985            5 220  
BEE credentials                                                                                   (4 245) 
Net operating profit                                          3 126               2 985              975  
Finance income (note 9)                                         168                  71              217  
Finance costs (note 9)                                         (345)               (522)            (828) 
Income from financial assets                                      1                                    2  
Share of income of equity-accounted 
investments (note 10)                                         1 046               1 488            3 952  
Profit before tax                                             3 996               4 022            4 318  
Income tax expense                                             (809)               (861)          (1 542) 
Profit for the period from continuing 
operations                                                    3 187               3 161            2 776  
Profit/(loss) for the period from 
discontinued operations (note 6)                                 31                (438)           3 256  
Profit for the period                                         3 218               2 723            6 032  
Other comprehensive income/(loss), net 
of tax                                                          223                (181)          (1 352) 
Items that will not be reclassified to 
profit or loss:                                                  59                  (4)              13  
- Remeasurement of post-retirement       
  employee obligations                                                              (29)             (29) 
- Changes in fair value of equity        
  investments at fair value through      
  other comprehensive income                                     57                                       
- Share of other comprehensive income    
  of equity-accounted investments                                 2                  25               42  
Items that may subsequently be reclassified 
to profit or loss:                                              150                (177)             (92) 
- Unrealised gains/(losses) on translation 
  of foreign operations                                          41                 (39)             (62) 
- Revaluation of financial assets 
  available-for-sale                                                                  5              (14) 
- Share of other comprehensive income/(loss) 
  of equity-accounted investments                               109                (143)             (16) 
Items that have subsequently been reclassified 
to profit or loss:                                               14                               (1 273) 
- Recycling of exchange differences on 
  translation of foreign operations                              14                                   58  
- Share of recycling of other comprehensive income
  of equity-accounted investments                                                                 (1 331) 
Total comprehensive income for the period                     3 441               2 542            4 680  

                                                                         (Re-presented)
                                                           6 months            6 months        12 months  
                                                              ended               ended            ended  
                                                            30 June             30 June      31 December  
                                                               2018                2017             2017  
                                                           Reviewed            Reviewed          Audited  
                                                                 Rm                  Rm               Rm  
Profit/(loss) attributable to:                                                                            
Owners of the parent                                          3 182               2 692            5 982  
- Continuing operations                                       3 151               3 130            2 726  
- Discontinued operations                                        31                (438)           3 256  
Non-controlling interests                                        36                  31               50  
- Continuing operations                                          36                  31               50  
Profit for the period                                         3 218               2 723            6 032  
Total comprehensive income/(loss) attributable to:                                                        
Owners of the parent                                          3 405               2 511            4 630  
- Continuing operations                                       3 374               3 016            2 545  
- Discontinued operations                                        31                (505)           2 085  
Non-controlling interests                                        36                  31               50  
- Continuing operations                                          36                  31               50  
Total comprehensive income for the period                     3 441               2 542            4 680 

                                                                         (Re-presented) 
                                                           6 months            6 months        12 months  
                                                              ended               ended            ended  
                                                            30 June             30 June      31 December  
                                                               2018                2017             2017  
                                                           Reviewed            Reviewed          Audited  
                                                              cents               cents            cents  
Attributable earnings/(loss) per share
Aggregate
- Basic                                                       1 268                 852            1 923 
- Diluted                                                       988                 852            1 724 
Continuing operations                                                                                    
- Basic                                                       1 256                 991              876 
- Diluted                                                       978                 991              786 
Discontinued operations                                                                                  
- Basic                                                          12                (139)           1 047 
- Diluted                                                        10                (139)             938 


CONDENSED GROUP STATEMENT OF FINANCIAL POSITION
                                                         At 30 June          At 30 June   At 31 December   
                                                               2018                2017             2017   
                                                           Reviewed            Reviewed          Audited   
                                                                 Rm                  Rm               Rm   
ASSETS                                                                                                     
Non-current assets                                            49 691             51 556           47 706   
Property, plant and equipment                                 25 613             22 568           24 362   
Biological assets                                                 34                 47               34   
Intangible assets                                                 15                 23               17   
Investments in associates (note 13)                           16 336             22 333           15 810   
Investments in joint ventures (note 14)                        1 482              1 329            1 479   
Financial assets                                               2 601              4 827            5 433   
- Financial assets at fair value through  
  other comprehensive income (note 20)                           221                                      
- Financial assets at fair value through  
  profit or loss (note 20)                                     1 426                                    
- Loans to associates and joint ventures                                                                
  (note 20)                                                      258                                    
- Other financial assets at amortised cost (note 20)             696                                    
Lease receivables                                                 60                                    
Deferred tax                                                     566                429              571
Other non-current assets (note 15)                             2 984                                    
Current assets                                                 7 333              5 919           10 936
Inventories                                                    1 485              1 287            1 055
Financial assets                                                  82                                  48
- Loans to associates and joint ventures (note 20)                 1                                    
- Other financial assets at amortised cost (note 20)              81                                    
Trade and other receivables                                    2 687              2 440            3 199
Lease receivables                                                 14                                    
Current tax receivable                                            29                119               28
Cash and cash equivalents                                      2 596              2 073            6 606
Other current assets (note 15)                                   440                                    
Non-current assets held-for-sale (note 16)                     3 740                175            3 910
Total assets                                                  60 764             57 650           62 552

                                                          At 30 June         At 30 June   At 31 December          
                                                                2018               2017             2017          
                                                            Reviewed           Reviewed          Audited          
                                                                  Rm                 Rm               Rm          
EQUITY AND LIABILITIES                                                                                            
Capital and other components of equity                                                                            
Share capital                                                  1 021              1 660            1 021          
Other components of equity                                     8 063              5 007            8 120          
Retained earnings                                             30 294             30 476           30 962          
Equity attributable to owners of the parent                   39 378             37 143           40 103          
Non-controlling interests                                       (702)              (757)            (738)          
Total equity                                                  38 676             36 386           39 365          
Non-current liabilities                                       15 770             15 909           17 409          
Interest-bearing borrowings (note 17)                          4 480              5 498            6 480          
Non-current other payables                                        92                                              
Provisions                                                     3 817              4 149            3 864          
Post-retirement employee obligations                             235                222              227          
Financial liabilities                                            496                253              850          
- Financial liabilities at fair value                                      
  through profit or loss (note 20)                               337                                              
- Financial liabilities at amortised cost (note 20)              159                                              
Deferred tax                                                   6 641              5 787            5 988          
Other non-current liabilities (note 19)                            9                                              
Current liabilities                                            4 633              4 221            4 127          
Interest-bearing borrowings (note 17)                            581                 11                2          
Trade and other payables                                       2 555              2 753            3 237          
Shareholder loans                                                                    18                           
Provisions                                                       114                140               95          
Financial liabilities                                            636                236              371          
- Financial liabilities at fair value                                       
  through profit or loss (note 20)                               310                                              
- Financial liabilities at amortised cost (note 20)              285                                              
- Derivative financial instruments (note 20)                      41                                              
Current tax payable                                               68                146              368          
Overdraft (note 17)                                               49                917               54          
Other current liabilities (note 19)                              630                                              
Non-current liabilities held-for-sale (note 16)                1 685              1 134            1 651          
Total liabilities                                             22 088             21 264           23 187          
Total equity and liabilities                                  60 764             57 650           62 552          


CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY
                                                                               Other components of equity
                                                                                                       Post-          
                                                              Foreign     Financial               retirement     Available-    
                                                  Share      currency   instruments    Equity-      employee       for-sale    
                                                capital   translation   revaluation    settled   obligations    revaluation    
                                                     Rm            Rm            Rm         Rm            Rm             Rm
At 31 December 2016 (Audited)                     2 509         4 010            23      1 898          (262)           (60)    
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)                                                                          
Reclassification within equity                                                                                                  
At 30 June 2017 (Reviewed)                        1 660         3 797           (35)     1 565          (266)           (55)    
Profit for the period                                                                                                           
Other comprehensive loss                                          (23)                                                  (19)    
Share of other comprehensive income/(loss)                                                         
of equity-accounted investments                                    20            (7)       114            17                   
Issue of share capital1                          10 242                                                                          
Share-based payments movement2                                                           4 479                                  
Dividends paid                                                                                                                  
Share repurchase3                                  (639)                                                                          
Treasury shares4                                (10 242)                                                                          
Partial disposal of an associate5                              (1 332)            1       (286)           91                   
Liquidation of subsidiaries6                                       58                                                           
At 31 December 2017 (Audited)                     1 021         2 520           (41)     5 872          (158)           (74)    
Adjustment on initial application of                                                                                            
IFRS 15 (net of tax)7                                                                                                           
Adjustment on initial application of                                                                                        
IFRS 9 (net of tax)7                                                                                                     74        
Adjusted balance at 1 January 2018                1 021         2 520           (41)     5 872          (158)                   
Profit for the year                                                                                                              
Other comprehensive income                                         41                                                           
Share of other comprehensive income                                                   
of equity-accounted investments                                    88            21                        2
Share-based payments movement2                                                            (280)
Dividends paid
Liquidation of subsidiaries6                                       14
At 30 June 2018 (Reviewed)                        1 021         2 663           (20)     5 592          (156)

                                          Other components of equity
                                              Financial                          Attributable                       
                                                  asset                             to owners          Non-        
                                                  FVOCI               Retained         of the   controlling      Total
                                            revaluation     Other     earnings         parent     interests     equity
                                                     Rm        Rm           Rm             Rm            Rm         Rm
At 31 December 2016 (Audited)                              (3 524)      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                                           3 524       (2 212)                                            
Reclassification within equity                                  1           (1)                                           
At 30 June 2017 (Reviewed)                                      1       30 476         37 143          (757)    36 386    
Profit for the period                                                    3 290          3 290            19      3 309     
Other comprehensive loss                                                                  (42)                     (42)   
Share of other comprehensive income/       
(loss) of equity-accounted investments                                                    144                      144    
Issue of share capital1                                                                10 242                   10 242     
Share-based payments movement2                                                          4 479                    4 479    
Dividends paid                                                            (943)          (943)                    (943)    
Share repurchase3                                                       (2 056)        (2 695)                  (2 695)    
Treasury shares4                                                                      (10 242)                 (10 242)  
Partial disposal of an associate5                                          195         (1 331)                  (1 331)  
Liquidation of subsidiaries6                                                               58                       58   
At 31 December 2017 (Audited)                                   1       30 962         40 103          (738)    39 365
Adjustment on initial application of                                                                     
IFRS 15 (net of tax)7                                                      314            314                      314
Adjustment on initial application of                                 
IFRS 9 (net of tax)7                                (74)                   (11)           (11)                     (11)  
Adjusted balance at 1 January 2018                  (74)        1       31 265         40 406          (738)    39 668   
Profit for the year                                                      3 182          3 182            36      3 218   
Other comprehensive income                           57                                    98                       98   
Share of other comprehensive income                                                        
of equity-accounted investments                                                           111                      111 
Share-based payments movement2                                                           (280)                    (280)   
Dividends paid                                                          (4 153)        (4 153)                  (4 153)
Liquidation of subsidiaries6                                                               14                       14 
At 30 June 2018 (Reviewed)                          (17)        1       30 294         39 378          (702)    38 676 

1 For 2017, the issue of share capital comprises the vesting of Mpower 2012 treasury shares to good leavers and beneficiaries upon 
  final vesting of the share-based payment scheme on 31 May 2017 amounting to R463 million and an issue of 67 221 565 ordinary shares 
  to NewBEECo at a discounted share price of R73.92 per share which had a market share price of R152.35 on 11 December 2017.
2 For 2018, the share-based payment movements include an amount of R147 million paid to the BEE Parties as a dividend. For 2017, 
  comprises the final vesting of Mpower 2012 shares as well as the potential benefit to be obtained by the BEE Parties amounting 
  to R4 245 million.
3 Exxaro executed two repurchases during 2017. Exxaro repurchased 43 943 744 ordinary shares from Main Street 333 for a purchase 
  consideration of R3 524 million during January 2017 and 22 686 572 ordinary shares from Main Street 333 for a purchase consideration 
  of R2 695 million during December 2017.
4 For 2017, 107 612 026 ordinary shares held by NewBEECo in Exxaro were accounted for as treasury shares on consolidation of NewBEECo.
5 During October 2017, Exxaro disposed of 22 425 000 Class A Tronox Limited ordinary shares which resulted in a gain on translation 
  differences being recycled to profit or loss, the release of a loss from the financial instruments revaluation reserve to profit 
  or loss, a net reclassification within equity from retirement benefit obligation reserve and equity-settled reserve to retained 
  earnings.
6 For 2018, recognised a gain on translation difference recycled to profit or loss on the liquidation of a foreign subsidiary 
  (Exxaro Coal Botswana Holding Company Proprietary Limited). For 2017, recognised a gain on translation difference recycled to 
  profit or loss on the liquidation of a foreign subsidiary (Exxaro Mineral Sands BV).
7 Refer note 4 for details of the adjustments on initial application of IFRS 9 Financial Instruments (IFRS 9) and IFRS 15 Revenue 
  from Contracts with Customers (IFRS 15). 
 
Dividend distribution                                                                                cents    
Final dividend per share paid in respect of the 2017 financial year                                    400    
Dividend per share paid in respect of the 2017 interim period                                          300    
Dividend per share payable in respect of the 2018 interim period                                       530    

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 as well as the fair value of the potential benefit to be obtained by the BEE 
Parties in relation to the Replacement BEE Transaction.

Post-retirement employee obligations
Comprises remeasurements, net of tax, on the post-retirement employee obligations.

Available-for-sale revaluation
Comprises the fair value adjustments, net of tax, on the available-for-sale financial assets.

Financial asset FVOCI revaluation
Comprises the fair value adjustments, net of tax, on the financial assets classified at FVOCI.


CONDENSED GROUP STATEMENT OF CASH FLOWS
                                                                      6 months       6 months        12 months  
                                                                         ended          ended            ended  
                                                                       30 June        30 June      31 December  
                                                                          2018           2017             2017  
                                                                      Reviewed       Reviewed          Audited  
                                                                            Rm             Rm               Rm  
Cash flows from operating activities                                      (926)         1 528            3 400  
Cash generated by operations                                             3 941          3 660            6 826  
Interest paid                                                             (269)          (328)            (597) 
Interest received                                                          143             55              188  
Tax paid                                                                  (588)          (575)            (790) 
Dividends paid                                                          (4 153)        (1 284)          (2 227) 
Cash flows from investing activities                                    (1 109)          (907)           4 377  
Property, plant and equipment acquired to maintain                   
operations (note 12)                                                    (1 177)        (1 105)          (2 977) 
Property, plant and equipment acquired to expand                     
operations (note 12)                                                      (860)          (209)            (944) 
Intangible assets acquired                                                  (1)                             (1) 
Proceeds from disposal of property, plant and equipment                    232              2               11  
Settlement of contingent consideration (note 20.2)                        (299)           (74)             (74) 
Decrease in loans to related parties                                                      400              400  
Interest received on loans to related parties                                              84               84  
Decrease in other financial assets at amortised cost                        41                                  
Decrease in loan to joint venture                                           18                                  
Increase in loan to joint venture                                         (150)                                 
Decrease in lease receivable                                                 7                                  
Increase in loan to associate                                                                               (1) 
Acquisition of associate (note 13)                                        (191)                            (26) 
Income from investments in associates and joint ventures                 1 306             59            1 499  
Proceeds from disposal of equity-accounted investments                                                   6 525  
Decrease in non-current financial assets                                                    6               14  
Increase in non-current financial assets                                                   (4)              (4) 
Increase in environmental rehabilitation funds                             (67)           (66)            (130) 
Dividend income from financial assets and non-current                
assets classified as held-for-sale                                          32                               1  
Cash flows from financing activities                                    (2 065)        (4 620)          (6 361) 
Interest-bearing borrowings raised                                                                       2 491  
Interest-bearing borrowings repaid                                      (1 496)          (999)          (2 534) 
Shares acquired in the market to settle share-based payments              (422)           (97)             (99) 
Dividends paid to BEE Parties                                             (147)                                 
Repurchase of share capital                                                            (3 524)          (6 219) 
Net (decrease)/increase in cash and cash equivalents                    (4 100)        (3 999)           1 416  
Cash and cash equivalents at beginning of the period                     6 566          5 183            5 183  
Reclassifications of cash and cash equivalents                              51                                  
Translation difference on movement in cash and cash equivalents             40            (24)             (33) 
Cash and cash equivalents at end of the period                           2 557          1 160            6 566  
Cash and cash equivalents                                                2 596          2 073            6 606  
Cash and cash equivalents classified as held-for-sale                       10              4               14  
Overdraft                                                                  (49)          (917)             (54) 


RECONCILIATION OF GROUP HEADLINE EARNINGS
                                                                         Gross            Tax              Net 
                                                                            Rm             Rm               Rm 
6 months ended 30 June 2018 (Reviewed)                                                                         
Profit for the period attributable to owners of the parent                                               3 182 
Adjusted for:                                                             (118)             3             (115)
- IAS 16 Net gains on disposal of property, plant and equipment           (118)            (1)            (119)
- IAS 21 Loss on translation differences recycled to profit or  
  loss on the liquidation of a foreign subsidiary                           14                              14    
- IAS 28 Share of equity-accounted investments' separate        
  identifiable remeasurements                                              (14)             4              (10)
Headline earnings                                                                                        3 067 
Continuing operations                                                                                    3 036 
Discontinued operations                                                                                     31 
6 months ended 30 June 2017 (Reviewed) (Re-presented)                                                          
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 associate                                      75                              75 
- IAS 28 Share of equity-accounted investments' separate                                                 
  identifiable remeasurements                                                6             (2)               4 
Headline earnings/(loss)                                                                                 2 787 
Continuing operations                                                                                    3 150 
Discontinued operations                                                                                   (363)
12 months ended 31 December 2017 (Audited)                                                                      
Profit for the year attributable to owners of the parent                                                 5 982  
Adjusted for:                                                           (4 674)            252          (4 422) 
- IAS 16 Net losses on disposal of property, plant and equipment            61             (18)             43 
- IAS 16 Compensation from third parties for items of property, 
  plant and equipment impaired, abandoned or lost                           (3)              1              (2)
- IAS 21 Net gains on translation differences recycled to profit 
  or loss on the liquidation of a foreign subsidiary and partial 
  disposal of investment in foreign associate                           (1 274)                         (1 274)
- IAS 28 Loss on dilution of associate                                     106                             106 
- IAS 28 Share of equity-accounted investments' impairment 
  reversal of property, plant and equipment                               (987)            271            (716)
- IAS 28 Share of equity-accounted investments' separate 
  identifiable remeasurements                                               12              (2)             10
- IAS 28 Share of equity-accounted investments' loss on 
  disposal of a subsidiary                                               1 271                           1 271
- IAS 28 Gain on partial disposal of associate                          (3 860)                         (3 860)
Headline earnings/(loss)                                                                                 1 560  
Continuing operations                                                                                    2 120  
Discontinued operations                                                                                   (560)  

                                                                                (Re-presented)
                                                                      6 months        6 months       12 months 
                                                                         ended           ended           ended 
                                                                       30 June         30 June     31 December 
                                                                          2018            2017            2017 
                                                                      Reviewed        Reviewed         Audited 
                                                                         cents           cents           cents 
Headline earnings/(loss) per share                                                                            
Aggregate                                                                                                     
- Basic                                                                  1 222             882             502
- Diluted                                                                  953             882             450
Continuing operations                                                                                         
- Basic                                                                  1 210             997             682
- Diluted                                                                  943             997             611
Discontinued operations                                                                                       
- Basic                                                                     12            (115)           (180) 
- Diluted                                                                   10            (115)           (161) 
Refer to note 11 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 (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 2018 (interim financial statements) 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 interim financial statements 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 interim financial statements have been prepared under the supervision of Mr PA Koppeschaar CA(SA), 
    SAICA registration number: 00038621.

    The interim financial statements should be read in conjunction with the group annual financial statements 
    as at and for the year ended 31 December 2017, which have been prepared in accordance with IFRS as issued 
    by the IASB. The interim financial statements have been prepared on the historical cost basis, excluding 
    financial instruments and biological assets, which are measured at fair value. This is the first set of 
    interim financial statements where IFRS 9 and IFRS 15 have been applied. Changes to significant accounting 
    policies are described in note 4.

    The interim financial statements of the Exxaro group were authorised for issue by the board of directors 
    on 14 August 2018.

2.2 Judgements and estimates
    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 2017, except for new significant judgements related 
    to the adoption of IFRS 9, which are described in note 4.2.4.

2.3 Re-presentation of comparative information
    The reviewed condensed group statement of comprehensive income for the six-month period ended 30 June 2017 
    has been re-presented as a result of the investment in Tronox Limited being identified as a discontinued 
    operation (refer note 6).

3. ACCOUNTING POLICIES
   The accounting policies adopted in the preparation of the 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 2017, except for the estimation of income tax and the adoption of new or amended standards as 
   set out below.

3.1 Income tax
    Income tax expense is recognised based on management's estimate of the weighted average effective annual 
    tax rate expected for the full financial year. As such, the effective tax rate used in the interim financial 
    statements may differ from management's estimate of the effective tax rate for the group annual financial 
    statements. The estimated weighted average effective annual tax rate used for the six-month period ended 
    30 June 2018 is 20.1%, compared to 24% for the six-month period ended 30 June 2017. The decrease in the 
    effective tax rate is mainly due to the following:
    - Share of income or (loss) of equity-accounted investments and dividend income (-7%)
    - Prior year adjustments (-1%)
    
    Partly offset by:
    - Non-deductible expenditure (+0.5%).

3.2 New or amended standards adopted by the group
    A number of new or amended standards became effective for the current reporting period.

    The group has adopted the following new standards, which are relevant to the group, for the first time 
    for the six-month period commencing on 1 January 2018:
    - IFRS 9 Financial Instruments (IFRS 9)
    - IFRS 15 Revenue from Contracts with Customers (IFRS 15).

    The adoption of these standards has resulted in the group changing its accounting policies. The impact of 
    the adoption and the new accounting policies are disclosed in note 4.

3.3 Impact of new, amended or revised standards issued but not yet adopted by the group
    Certain new accounting standards and interpretations have been published but are not yet effective on 
    30 June 2018, and have not been early adopted. Of these standards, only IFRS 16 Leases (IFRS 16) is 
    anticipated to have an impact on the group as summarised below.

    IFRS 16
    The standard is effective for annual periods beginning on or after 1 January 2019. The group made progress 
    on the initial assessment of the potential impact of this standard on the group's financial statements. 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. CHANGES IN ACCOUNTING POLICIES
   This note explains the impact of the adoption of IFRS 9 and IFRS 15 on the interim financial statements and 
   also discloses the new accounting policies that have been applied from 1 January 2018, where they are different 
   to those applied in prior periods.

4.1 Impact on the financial statements
    Prior year financial statements did not have to be restated as a result of the changes in the group's 
    accounting policies due to the adoption of IFRS 9 and IFRS 15. As explained in note 4.2 below, IFRS 9 
    was adopted without restating comparative information. The reclassifications and the adjustments arising 
    from the new impairment rules are therefore not reflected in a restated statement of financial position 
    as at 31 December 2017, but are recognised in the opening statement of financial position on 1 January 2018. 
    As explained in note 4.3 below, IFRS 15 was also adopted without restating comparative information.
    
    The following table shows the reclassifications and adjustments recognised for each individual line item 
    as per the statement of financial position. The reclassifications and adjustments are explained in more 
    detail by standard below.

                                                                        31 December           
                                                                               2017                                1 January 
    Statement of financial position (extract)                            Previously                                     2018 
                                                                          presented        IFRS 9       IFRS 15     Restated 
                                                                                 Rm            Rm            Rm           Rm
    ASSETS                                                                                                                   
    Non-current assets                                                       47 706           (56)                    47 650 
    Property, plant and equipment                                            24 362                                   24 362 
    Biological assets                                                            34                                       34 
    Intangible assets                                                            17                                       17 
    Investments in associates                                                15 810                                   15 810 
    Investments in joint ventures                                             1 479                                    1 479 
    Financial assets                                                          5 433        (5 433)                           
    - Financial assets at fair value through other comprehensive income                       152                        152 
    - Financial assets at fair value through profit or loss                                 1 391                      1 391 
    - Loans to associates and joint ventures                                                  128                        128 
    - Other financial assets at amortised cost                                                678                        678 
    Lease receivables1                                                                         62                         62 
    Deferred tax                                                                571             2                        573 
    Other non-current assets                                                                2 964                      2 964 
    Current assets                                                           10 936           (11)                    10 925 
    Inventories                                                               1 055                                    1 055 
    Financial assets                                                             48           (48)                           
    - Other current financial assets at amortised cost                                         48                         48 
    - Derivative financial instruments                                                          4                          4 
    Trade and other receivables                                               3 199          (601)                     2 598 
    Lease receivables                                                                          14                         14 
    Current tax receivable                                                       28                                       28 
    Cash and cash equivalents2                                                6 606            51                      6 657 
    Other current assets                                                                      521                        521 
    Non-current assets held-for-sale                                          3 910                                    3 910 
    Total assets                                                             62 552           (67)                    62 485 
    1 Unearned finance income of R56 million was reclassified from financial liabilities - finance leases to lease 
      receivables as the finance lease was previously presented on a gross basis instead of a net basis.
    2 An amount of R51 million was reclassified from other receivables to cash and cash equivalents as the balances 
      meet the definition of cash and cash equivalents.

                                                                        31 December               
                                                                               2017                                1 January 
                                                                         Previously                                     2018 
    Statement of financial position (extract)                             presented        IFRS 9       IFRS 15     Restated 
                                                                                 Rm            Rm            Rm           Rm
    EQUITY AND LIABILITIES                                                                                                
    Capital and other components of equity                                                                                
    Share capital                                                             1 021                                    1 021    
    Other components of equity                                                8 120                                    8 120    
    Retained earnings                                                        30 962           (11)          314       31 265    
    Equity attributable to owners of the parent                              40 103           (11)          314       40 406    
    Non-controlling interests                                                  (738)                                    (738)    
    Total equity                                                             39 365           (11)          314       39 668    
    Non-current liabilities                                                  17 409            31          (252)      17 188    
    Interest-bearing borrowings                                               6 480                                    6 480    
    Non-current other payables1                                                                89                         89    
    Provisions                                                                3 864                                    3 864    
    Post-retirement employee obligations                                        227                                      227    
    Financial liabilities                                                       850          (850)                               
    - Financial liabilities at fair value through profit or loss                              414                        414    
    Deferred tax                                                              5 988            (2)          122        6 108    
    Other non-current liabilities                                                             380          (374)           6    
    Current liabilities                                                       4 127           (87)          (62)       3 978    
    Interest-bearing borrowings                                                   2            66                         68    
    Trade and other payables                                                  3 237          (825)                     2 412    
    Provisions                                                                   95                                       95    
    Financial liabilities                                                       371          (371)                               
    - Financial liabilities at fair value through profit or loss                              309                        309    
    - Derivative financial instruments                                                          6                          6    
    Current tax payable                                                         368                                      368    
    Overdraft                                                                    54                                       54    
    Other current liabilities                                                                 728           (62)         666    
    Non-current liabilities held-for-sale                                     1 651                                    1 651    
    Total liabilities                                                        23 187           (56)         (314)      22 817    
    Total equity and liabilities                                             62 552           (67)                    62 485    
    1 An amount of R89 million was reclassified from current other payables to non-current other payables as 
      the balance should have been presented as non-current due to it being payable after 12 months.

4.2 Impact of adopting IFRS 9
    IFRS 9 replaces IAS 39 Financial Instruments: Recognition and Measurement (IAS 39) for annual periods 
    beginning on or after 1 January 2018. IFRS 9 brings together all aspects of accounting for financial 
    instruments that relate to the recognition, classification and measurement, derecognition, impairment 
    and hedge accounting.

    The adoption of IFRS 9 from 1 January 2018 resulted in changes in accounting policies and adjustments to 
    the amounts recognised in the financial statements. The new accounting policies are set out in note 4.2.3 
    below. Comparative information has not been restated in accordance with the transitional requirements of 
    IFRS 9 which requires comparative information not to be restated (with an exception where it is possible 
    to restate without the use of hindsight) but for disclosures to be made concerning the reclassifications 
    and measurements as set out below.

    The total impact on the group's retained earnings as at 1 January 2018 is as follows:
                                                                                        Note            Rm    
    Closing balance at 31 December 2017 (IAS 39/IAS 18 Revenue (IAS 18))                            30 962    
    Adjustments from the adoption of IFRS 9                                                            (11)    
    Increase in impairment allowances for trade receivables                            4.2.2            (7)    
    Increase in impairment allowances for financial assets at amortised cost           4.2.2            (8)    
    Increase in deferred tax assets relating to impairment allowances                  4.2.2             2    
    Decrease in deferred tax liabilities relating to impairment allowances             4.2.2             2    
    Opening balance at 1 January 2018 (after IFRS 9 before IFRS 15 restatement)                     30 951    

4.2.1 Classification and measurement
      IFRS 9 largely retains the existing requirements in IAS 39 for the classification and measurement of 
      financial liabilities. However, IFRS 9 eliminates the previous IAS 39 categories of held-to-maturity, 
      loans and receivables and available-for-sale financial assets.

      The accounting for the group's financial liabilities remains largely the same as it was under IAS 39. 
      Similar to the requirements of IAS 39, IFRS 9 requires contingent consideration liabilities to be 
      treated as financial instruments measured at fair value, with changes in fair value recognised in profit 
      or loss.
      Under IFRS 9, on initial recognition, a financial asset is classified as measured at:
      - Amortised cost;
      - Fair value through other comprehensive income (FVOCI) debt investment;
      - FVOCI equity investment; or
      - Fair value through profit or loss (FVPL).

      The classification of financial assets under IFRS 9 is generally based on the business model in which 
      a financial asset is managed and its contractual cash flow characteristics. Derivatives embedded in 
      contracts where the host is a financial asset in the scope of the standard are never separated. Instead, 
      the hybrid financial instrument as a whole is assessed for classification.

      On 1 January 2018 (the date of initial application of IFRS 9), the group's management assessed which 
      business model applied to the financial assets held by the group and classified its financial instruments 
      into the appropriate IFRS 9 categories. In addition, the group's management assessed whether contractual 
      cash flows on debt instruments solely comprised principal and interest based on the facts and circumstances 
      at the initial recognition of the assets. The main effects resulting from this reclassification are as 
      follows:

                                                             IAS 39 categories
                                                       At fair value through profit or loss
                                                                                          Loans and    Available- 
                                                                                        receivables      for-sale 
                                                                                                 at     financial 
                                                                Held-for-                 amortised     assets at 
                                                                  trading   Designated         cost    fair value
      Financial assets1                                  Note          Rm           Rm           Rm            Rm
      Closing balance at 31 December 2017 (IAS 39)                      4        1 391       13 129           152 
      Reclassify non-trading equities from                                                                        
      available-for-sale to FVOCI                           a                                                (152)
      Reclassify held-for-trading FVPL financial                                                                  
      assets to FVPL                                        b          (4)                                        
      Reclassify designated FVPL financial assets                                                                 
      to FVPL                                               b                   (1 391)                           
      Reclassify loans and receivables financial                                                                  
      assets to amortised cost                              c                               (10 169)              
      Reclassify indemnification asset to non-financial                                                           
      instruments                                           d                                (1 268)              
      Reclassify reimbursive non-current receivable asset                                                         
      to non-financial instruments                          e                                (1 692)              
      Reclassify loans and receivables at amortised cost                                                          
      to a financial asset measured at FVPL                 f                                                     
      Opening balance at 1 January 2018 (IFRS 9)

                                                                                  IFRS 9 categories

                                                                                         FVOCI           Non-  
                                                                       Amortised        equity      financial  
                                                                FVPL        cost    instrument    instruments  
      Financial assets1                                           Rm          Rm            Rm             Rm  
      Closing balance at 31 December 2017 (IAS 39)                                                             
      Reclassify non-trading equities from                                         
      available-for-sale to FVOCI                                                          152                 
      Reclassify held-for-trading FVPL financial                                   
      assets to FVPL                                               4                                          
      Reclassify designated FVPL financial assets                                  
      to FVPL                                                  1 391                                          
      Reclassify loans and receivables financial                                   
      assets to amortised cost                                            10 169                               
      Reclassify indemnification asset to non-financial                            
      instruments                                                                                       1 268  
      Reclassify reimbursive non-current receivable asset                                           
      to non-financial instruments                                                                      1 692  
      Reclassify loans and receivables at amortised cost                           
      to a financial asset measured at FVPL                                                                   
      Opening balance at 1 January 2018 (IFRS 9)               1 395      10 169           152          2 960  
      1 The closing balances as at 31 December 2017 are prior to any adjustments made in terms of IFRS 9 and IFRS 15. 
        The opening balances as at 1 January 2018 differ from the amounts disclosed in note 4.1 as this table illustrates 
        the reclassification adjustments only and not the impairment adjustments.

                                                                             IAS 39 categories                    IFRS 9 categories
                                                                             At fair value through
                                                                                 profit or loss
                                                                                                       Financial              
                                                                                                     liabilities             
                                                                                                              at             
                                                                            Held-for-                  amortised           Amortised
                                                                              trading   Designated          cost     FVPL       cost
      Financial liabilities1                                           Note        Rm           Rm            Rm       Rm         Rm
      Closing balance at 31 December 2017 (IAS 39)                                  6          723         9 080                       
      Reclassify held-for-trading FVPL financial liabilities to FVPL      g        (6)                                  6               
      Reclassify designated FVPL financial liabilities to FVPL            g                   (723)                   723               
      Reclassify financial liabilities to amortised cost                  h                               (9 080)              9 080    
      Opening balance at 1 January 2018 (IFRS 9)                                                                      729      9 080    
      1 The closing balances as at 31 December 2017 are prior to any adjustments made in terms of IFRS 9 and IFRS 15.

      The impact of the changes on the group's equity is as follows:
                                                                                                   IFRS 9  
                                                                                    IAS 39      Financial  
                                                                                Available-          asset  
                                                                                  for-sale          FVOCI  
                                                                               revaluation    revaluation  
                                                                                   reserve        reserve  
      Other components of equity1                                       Note            Rm             Rm  
      Closing balance at 31 December 2017 (IAS 39)                                     (74)                 
      Reclassify non-trading equities from available-for-sale to FVOCI     a            74            (74) 
      Opening balance at 1 January 2018 (IFRS 9)                                                      (74) 
      1 Reserves which were impacted by IFRS 9.

      (a) Reclassify non-trading equities from available-for-sale to FVOCI
      
      The group elected to present in OCI changes in the fair value of the Chifeng equity investment 
      previously classified as available-for-sale, because the investment is not expected to be sold in 
      the short- to medium-term. As a result, an asset with a fair value of R152 million was reclassified 
      from available-for-sale financial assets to financial assets at FVOCI and fair value losses of 
      R74 million were reclassified from the available-for-sale revaluation reserve to the financial asset 
      FVOCI revaluation reserve on 1 January 2018.
  
      (b) Reclassify held-for-trading and designated FVPL financial assets to FVPL
      These reclassifications have no impact on the measurement categories.
        
      (c) Reclassify loans and receivables financial assets to amortised cost
      These reclassifications have no impact on the measurement categories.
      
      (d) Reclassify indemnification asset to non-financial instruments
      This asset previously formed part of the financial instruments. However, with the adoption of IFRS 9 
      it was concluded that this asset is not within the scope of IFRS 9. This asset arose on the acquisition 
      of ECC which is within the scope of IFRS 3 Business Combinations.

      (e) Reclassify reimbursive non-current receivable asset to non-financial instruments
      This asset previously formed part of the financial instruments. However, with the adoption of IFRS 9 
      it was concluded that this is not within the scope of IFRS 9. This asset relates to the reimbursement 
      of the environmental rehabilitation provisions and the post-retirement medical obligations which is 
      within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets.

      (f) Reclassify loans and receivables at amortised cost to a financial asset measured at FVPL
      An other receivable with a gross amount of R70 million was reclassified to a financial asset at FVPL 
      as a result of the contractual cash flows not meeting the solely payments of principal and interest 
      (SPPI) criteria. In addition, the impairment allowance of R70 million was also reclassified. The fair 
      value of the financial asset was determined to be nil.
      
      (g) Reclassify held-for-trading and designated FVPL financial liabilities to FVPL
      These reclassifications have no impact on the measurement categories.
      
      (h) Reclassify financial liabilities to amortised cost
      These reclassifications have no impact on the measurement categories.

4.2.2 Impairment of financial assets
      IFRS 9 replaces the "incurred loss" model in IAS 39 with an "expected credit loss" (ECL) model. The new 
      impairment model applies to financial assets measured at amortised cost, contract assets and debt 
      investments at FVOCI, but not to investments in equity instruments. Under IFRS 9, credit losses 
      (impairments) are recognised earlier than under IAS 39.

      Under IFRS 9, expected credit loss allowances are measured on either of the following basis:
      - 12-month ECLs: these are ECLs that result from possible default events within the 12 months after 
        the reporting date; and
      - lifetime ECLs: these are ECLs that result from all possible default events over the expected life 
        of a financial instrument.
      
      The group has four types of financial assets that are subject to IFRS 9's new ECL model, namely:
      - Trade receivables for sale of commodities and from the rendering of services;
      - Other receivables;
      - Loans to joint ventures and associates; and
      - Financial assets carried at amortised cost.

      The group was required to revise its impairment methodology under IFRS 9 for each of these classes of 
      assets. The impact of the change in impairment methodology on the group's retained earnings and equity 
      is disclosed in the first table of note 4.2 above.

      While loans to joint ventures and associates as well as cash and cash equivalents are subject to the 
      impairment requirements of IFRS 9, the identified impairment loss was immaterial.

      (a) Trade receivables
      
      The group applies the IFRS 9 simplified approach to measuring ECLs which uses a lifetime expected credit 
      loss allowance for all trade receivables. To measure the ECLs, trade receivables have been grouped based 
      on shared credit risk characteristics (corporate entities, small medium enterprises and public sector 
      entities) and the days past due. 
  
      The impairment allowances as at 1 January 2018 for trade receivables are as follows:
                                                 More than       More than       More than            
                                                   30 days         60 days         90 days            
                                   Current        past due        past due        past due        Total           
                                        Rm              Rm              Rm              Rm           Rm           
      Gross carrying amount          2 458              69               5              35        2 567    
      Impairment allowance               6              22               5              35           68    
     
      The impairment allowances for trade receivables as at 31 December 2017 reconcile to the opening expected 
      credit loss allowances for trade receivables on 1 January 2018 as follows:
      
      Impairment allowances                                                                          Rm    
      Closing balance at 31 December 2017 (IAS 39)                                                   61    
      Amounts restated through opening retained earnings                                              7    
      Opening balance at 1 January 2018 (IFRS 9)                                                     68    
      
      The expected credit loss allowances increased by a further R8 million to R76 million for trade receivables 
      during the six-month period ended 30 June 2018. The increase would have been R7 million lower under the 
      incurred loss model of IAS 39.
     
      Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that 
      there is no reasonable expectation of recovery include, among others, the failure of a debtor to engage 
      in a repayment plan with the group, and a failure to make contractual payments for a period of greater 
      than 120 days past due.

      (b) Other receivables and other financial assets at amortised cost
            
      The group's other receivables and other financial assets at amortised cost are considered to have low 
      credit risk, and the expected credit loss allowance recognised during the period was therefore limited 
      to 12 months expected losses. These instruments are considered to be low credit risk when they have a 
      low risk of default and the issuer has a strong capacity to meet its contractual cash flow obligations 
      in the near term. Applying the expected credit risk model resulted in the recognition of an expected 
      credit loss allowance of R8 million on 1 January 2018 (previous impairment allowance was R70 million 
      which was reclassified on 1 January 2018) with no further increase in the allowance during the six-month 
      period ended 30 June 2018.
            
      Impairment allowances                                                 Rm    
      Closing balance at 31 December 2017 (IAS 39)                          70    
      Amount reclassified on a financial asset classified as FVPL          (70)    
      Amounts restated through opening retained earnings                     8    
      Opening balance as at 1 January 2018 (IFRS 9)                          8
  
4.2.3 Accounting policies applied from 1 January 2018
      (a) Financial assets  
      (i) Classification    
      From 1 January 2018, the group classifies its financial assets in the following measurement categories:
      - those measured subsequently at fair value (either through OCI, or through profit or loss); and
      - those measured at amortised cost.
      
      The classification depends on the group's business model for managing the financial assets and the 
      contractual terms of the cash flows.
      
      For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. 
      For investments in equity instruments that are not held-for-trading, this will depend on whether the 
      group has made an irrevocable election at the time of initial recognition to account for the equity 
      investment at FVOCI.   
 
      The group reclassifies debt instruments when, and only when, its business model for managing those assets 
      changes.
  
     (ii) Measurement                                                          
      At initial recognition, the group measures a financial asset at its fair value plus, in the case of a 
      financial asset not at FVPL, transaction costs that are directly attributable to the acquisition of the 
      financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss.

      Financial assets with embedded derivatives are considered in their entirety when determining whether their 
      cash flows are SPPI.

      Debt instruments                                                          
      Subsequent measurement of debt instruments depends on the group's business model for managing the asset 
      and the cash flow characteristics of the asset. Currently there are two measurement categories into which 
      the group classifies its debt instruments, as the group does not hold any debt instruments classified as 
      FVOCI, as summarised in the table below.

                                          Business model            Movements 
                      Financial           and cash flow             in carrying
      Category        instruments         characteristics           amount                  Derecognition        Impairment
      Amortised cost  - Trade and         Financial assets that     Interest income         Any gain or loss     Impairment losses  
                        other             are held for collection   from these              arising on           are presented as   
                        receivables       of contractual cash       financial assets        derecognition is     a separate line    
                      - Loans to joint    flows where those cash    is included in          recognised directly  item in the notes  
                        ventures and      flows represent SPPI.     finance income          in profit or loss    to the statement   
                        associates                                  using the               and presented in     of comprehensive    
                      - Other financial                             effective               operating expenses.  income. The         
                        assets                                      interest rate                                impairment losses   
                                                                    method.                                      are considered to   
                                                                                                                 be immaterial and   
                                                                    Foreign exchange                             therefore it has    
                                                                    gains and losses                             not been presented  
                                                                    are recognised                               as a separate line  
                                                                    in profit or loss.                           on the face of the  
                                                                                                                 statement of        
                                                                                                                 comprehensive       
                                                                                                                 income.               
                                                                                                                                       
      FVPL            - Debt securities   Financial assets that     Gains and losses on     Any gain or loss     Debt instruments  
                      - Derivative        do not meet the criteria  a debt investment       arising on           measured at FVPL are  
                        financial assets  for amortised cost or     that is subsequently    derecognition is     not subject to the    
                                          FVOCI.                    measured at FVPL is     recognised           impairment model in   
                                                                    recognised in profit    directly in profit   terms of IFRS 9.      
                                                                    or loss and presented   or loss and                                   
                                                                    net within operating    presented in                                  
                                                                    expenses in the period  operating expenses.                           
                                                                    in which it arises.                                                   

                                                                    Interest income is                                                     
                                                                    recognised in profit                                                   
                                                                    or loss.                                                               

      Equity instruments
      Equity investments are subsequently measured at fair value. Where the group's management has elected to 
      present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification 
      of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends 
      from such investments continue to be recognised in profit or loss as income from financial assets when the 
      group's right to receive payments is established.

      Changes in the fair value of financial assets at FVPL are recognised in operating expenses in the statement 
      of comprehensive income as applicable. Impairment losses (and reversal of impairment losses) on equity 
      investments measured at FVOCI are not reported separately from other changes in fair value.

      (iii) Impairment
      From 1 January 2018, the group assesses on a forward-looking basis the ECLs associated with its debt 
      instruments carried at amortised cost. The impairment methodology applied depends on whether there has been 
      a significant increase in credit risk.

      ECLs are a probability weighted estimate of credit losses. Credit losses are measured as the present value of 
      all cash shortfalls (i.e. the difference between the cash flows due to the group in accordance with the contract 
      and the cash flows that the group expects to receive). ECLs are discounted at the effective interest rate of 
      the financial asset.
      
      For trade receivables, the group applies the simplified approach permitted by IFRS 9, which requires lifetime 
      ECLs to be recognised from initial recognition of the receivables. Trade receivables are written off when 
      there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery 
      include, among others, the failure of a debtor to engage in a repayment plan with the group, and a failure to 
      make contractual payments for a period of greater than 120 days past due.

      For other financial assets measured at amortised cost, the ECL is based on the 12-month expected credit loss 
      allowance. The 12-month expected credit loss allowance is the portion of lifetime expected credit loss 
      allowances that result from default events on a financial instrument that are possible within 12 months after 
      the reporting date. However, when there has been a significant increase in credit risk since origination, the 
      ECL will be based on the lifetime expected credit loss allowances.

      The group assumes that the credit risk on a financial asset has increased significantly if it is more than 
      30 days past due.
      
     The group considers a financial asset in default when contractual payments are 90 days past due. However, 
     in certain cases, the group may also consider a financial asset to be in default when internal or external 
     information indicates that the group is unlikely to receive the outstanding contractual amounts in full 
     before taking into account any credit enhancements held by the group.

     (b) Loan commitments issued by the group
     Undrawn loan commitments are commitments under which, over the duration of the commitment, the group is 
     required to provide a loan with pre-specified terms to the counterparty. These contracts are in the scope 
     of the ECL requirements of IFRS 9.

     When estimating 12-month or lifetime ECLs for undrawn loan commitments, the group estimates the expected 
     portion of the loan commitment that will be drawn down over 12 months or its expected life respectively. The 
     ECL is then based on the present value of the expected shortfalls in cash flows if the loan is drawn down, 
     based on a probability weighting. The cash shortfalls include the realisation of any collateral. The expected 
     cash shortfalls are discounted at an approximation to the expected effective interest rate on the loan.

4.2.4 Significant estimates and judgements
      Impairment of financial assets
      
      The expected credit loss allowances for financial assets are based on assumptions about risk of default 
      and expected loss rates. The group uses judgement in making these assumptions and selecting the inputs 
      to the impairment calculation, based on the group's past history, existing market conditions as well as 
      forward-looking estimates at the end of each reporting period. Details of the key assumptions and inputs 
      used are disclosed in note 4.2.2.

4.2.5 Transition
      Changes in accounting policies resulting from the adoption of IFRS 9 have been applied retrospectively, 
      except as described below.
      - The group has taken an exemption not to restate comparative information for prior periods with respect 
        to classification and measurement (including impairment) requirements. Therefore, comparative periods 
        have not been restated. Differences in the carrying amounts of financial assets and financial liabilities 
        resulting from the adoption of IFRS 9 are recognised in retained earnings and reserves as at 
        1 January 2018. Accordingly, the information presented for 2017 does not reflect the requirements of 
        IFRS 9 but rather those of IAS 39.
      - The following assessments have been made on the basis of the facts and circumstances that existed at the 
        date of initial application:
        - The determination of the business model within which a financial asset is held
        - The designation and revocation of previous designations of certain financial assets and financial 
          liabilities as measured at FVPL
        - The designation of certain investments in equity instruments not held-for-trading as at FVOCI
      - If an investment in a debt security had low credit risk at the date of initial application of IFRS 9, 
        then the group has assumed that the credit risk on the asset had not increased significantly since its 
        initial recognition.

4.3 Impact of adopting IFRS 15
    The revenue accounting policy has changed with effect from 1 January 2018 as a result of the group adopting 
    IFRS 15.

    IFRS 15 supersedes IAS 18, IAS 11 Construction Contracts and related interpretations for annual periods 
    beginning on or after 1 January 2018. IFRS 15 applies to all revenue arising from contracts with customers, 
    unless those contracts are in the scope of other standards. IFRS 15 establishes a comprehensive framework 
    for determining whether, how much and when revenue is recognised, providing additional guidance in many 
    areas not covered in detail under the previous revenue standards and interpretations. The standard requires 
    entities to exercise judgement, taking into consideration all of the relevant facts and circumstances when 
    applying the framework to the contracts with customers. The standard also specifies the accounting treatment 
    for the incremental costs of obtaining a contract and the costs directly related to fulfilling a contract. 
    IFRS 15 further includes extensive new disclosure requirements.

    Refer note 4.3.3 for the group's revised revenue accounting policy and note 7 for the disaggregated revenue 
    disclosure required by IFRS 15.

    In accordance with the transition provisions of IFRS 15, the group has adopted the standard applying the 
    cumulative effect method. In terms of this method the group:

    (a) applied the new rules retrospectively, only to contracts with customers that were not completed by 
        1 January 2018 (the date of initial application); and
    (b) has adjusted the opening balance of retained earnings as at 1 January 2018, with the cumulative effect 
        of the retrospective application (per (a) above).
    
    Accordingly, the comparative information presented for 2017 has not been restated, but presented as 
    previously reported applying the previous revenue standards and interpretations.

    The cumulative effect of the retrospective application on the group's retained earnings as at 
    1 January 2018 is as follows:
                                                                                       Note            Rm    
    Opening balance at 1 January 2018 (after IFRS 9 before                                         30 951    
    IFRS 15 restatement) (refer note 4.2)                                                                    
    Adjustment from the adoption of IFRS 15                                                           314    
    Decrease in deferred revenue liability due to earlier recognition 
    of revenue from pricing adjustment                                             4.3.2 (a)          436    
    Increase in deferred tax liability relating to earlier recognition 
    of revenue from pricing adjustment                                             4.3.2 (a)         (122)    
    Opening balance at 1 January 2018 (after IFRS 9 and IFRS 15 restatements)                      31 265    

4.3.1 Financial results for the six-month period ended 30 June 2018 had IAS 18 been applied
      The following tables present a comparison of the financial results as reported in terms of IFRS 15 
      to what the financial results would have been in terms of IAS 18.

      Impact on the reviewed condensed group statement of comprehensive income
                                                                           As     Adjust-             
                                                                     reported      ments1         IAS 182          
                                                                     6 months    6 months        6 months     
                                                                        ended       ended           ended     
                                                                      30 June     30 June         30 June    
                                                                         2018        2018            2018    
                                                             Note          Rm          Rm              Rm    
      Revenue                                               4.3.2      12 260         (70)         12 190    
      Operating (expenses)/income                           4.3.2      (9 134)        101          (9 033)    
      Net operating profit                                              3 126          31           3 157    
      Finance income                                                      168                         168    
      Finance costs                                                     (345)                        (345)    
      Income from financial assets                                          1                           1    
      Share of income of equity-accounted investments                   1 046                       1 047    
      Profit before tax                                                 3 996          31           4 027    
      Income tax expense                                                 (809)         (9)           (818)    
      Profit for the period from continuing operations                  3 187          22           3 209    
      Profit for the period from discontinued operations                   31                          31    
      Profit for the period                                             3 218          22           3 240    
      Other comprehensive income, net of tax                              223                         223    
      Total comprehensive income for the period                         3 441          22           3 463    
      Profit attributable to:                                                                              
      Owners of the parent                                              3 182          22           3 204    
      Non-controlling interests                                            36                          36    
      Profit for the period                                             3 218          22           3 240    
      Total comprehensive income attributable to:                                                            
      Owners of the parent                                              3 405          22           3 427    
      Non-controlling interests                                            36                          36    
      Total comprehensive income for the period                         3 441          22           3 463    
      1 Adjustments (refer note 4.3.2) comprise of:
      - contract modification consideration that would be recognised as revenue over seven years under the 
        previous revenue standards and interpretations (R31 million and tax of R9 million); and
      - reclassification of stock yard management service fee that would be recognised as a cost recovery 
        in operating expenses under the previous revenue standards and interpretations (R101 million).
      2 Amounts without the adoption of IFRS 15.

4.3.1 Financial results for the six-month period ended 30 June 2018 had IAS 18 been applied (continued)
                                                                  As          Adjust-          IAS 18    
                                                            reported           ments                    
                                                            6 months        6 months        6 months     
                                                               ended           ended           ended     
                                                             30 June         30 June         30 June    
                                                                2018            2018            2018    
                                                               cents           cents           cents    
      Attributable earnings per share                                                                 
      Aggregate                                                                                         
      - Basic                                                  1 268               9           1 277    
      - Diluted                                                  988               7             995    

      Impact on the reviewed condensed group statement of financial position
                                                                           As         Adjust-         IAS 182    
                                                                     reported          ments1                    
                                                                   At 30 June      At 30 June      At 30 June    
                                                                         2018            2018            2018    
                                                          Note             Rm              Rm              Rm    
      ASSETS                                                                                                     
      Non-current assets                                               49 691                          49 691    
      Current assets                                                    7 333                           7 333    
      Non-current assets held-for-sale                                  3 740                           3 740    
      Total assets                                                     60 764                          60 764    
      EQUITY AND LIABILITIES                                                                                     
      Capital and other components                                                                               
      of equity                                                                                                  
      Share capital                                                     1 021                           1 021    
      Other components of equity                                        8 063                           8 063    
      Retained earnings                               4.3.2 (a)        30 294            (292)         30 002    
      Equity attributable to owners of the parent                      39 378            (292)         39 086    
      Non-controlling interests                                          (702)                           (702)    
      Total equity                                                     38 676            (292)         38 384    
      Non-current liabilities                                          15 770             230          16 000    
      Interest-bearing borrowings                                       4 480                           4 480    
      Non-current other payables                                           92                              92    
      Provisions                                                        3 817                           3 817    
      Post-retirement employee obligations                                235                             235    
      Financial liabilities                                               496                             496    
      Deferred tax                                    4.3.2 (a)         6 641            (113)          6 528    
      Other non-current liabilities                   4.3.2 (a)             9             343             352    
      Current liabilities                                               4 633              62           4 695    
      Interest-bearing borrowings                                         581                             581    
      Trade and other payables                                          2 555                           2 555    
      Provisions                                                          114                             114    
      Financial liabilities                                               636                             636    
      Current tax payable                                                  68                              68    
      Overdraft                                                            49                              49    
      Other current liabilities                       4.3.2 (a)           630              62             692    
      Non-current liabilities held-for-sale                             1 685                           1 685    
      Total liabilities                                                22 088             292          22 380    
      Total equity and liabilities                                     60 764                          60 764    
      1 Relates to the reversal of the IFRS 15 initial application adjustment amounting to R314 million, net 
        of tax, (refer note 4.3) and the impact for the six-month period ended 30 June 2018 arising from the 
        contract modification consideration assessment of R22 million, net of tax (refer note 4.3.2 (a)).
      2 Amounts without the adoption of IFRS 15.

4.3.2 Impact assessment of customer contract terms and conditions
      The standard terms and conditions in the group's contracts with customers result in the same revenue 
      recognition under IFRS 15, as compared to IAS 18, except for the following specific contractual 
      arrangements that had an impact on initial application:

      (a) Contract modification consideration
      A contract with a customer for the sale of goods has two distinct phases of delivery of the underlying 
      goods. The contract was modified to include additional consideration over a period of seven years 
      (referred to as the contract modification consideration).

      Under IAS 18, the contract modification consideration was determined as a standalone revenue arrangement 
      and would have been recognised as revenue over the seven year period. Under IFRS 15, the contract 
      modification consideration is assessed as a pricing adjustment that relates only to the goods delivered 
      under the first phase of the contract, which was concluded at the end of the 2017 financial year, and is 
      therefore required to be allocated to the goods delivered under this phase. Accordingly, the revenue 
      recognition of the contract modification consideration is recognised earlier under IFRS 15 than IAS 18. 
      This adjustment has been made on the cumulative effect basis, with the adoption of IFRS 15, to opening 
      retained earnings as at 1 January 2018.
   
      (b) Stock yard management services
      On certain contracts, the group was compensated in the form of a cost recovery for the rendering of stock 
      yard management services. 
  
      Under IAS 18, up to 31 December 2017, these cost recoveries were accounted for in operating expenses as a 
      cost recovery, as it was not seen as the main operation or revenue stream of the group. Under IFRS 15, 
      however, the rendering of these services is seen as a separate performance obligation and forms part of the 
      revenue of the group. Accordingly, the income from the rendering of stock yard management services is 
      presented as revenue separately from the corresponding cost. There is no impact on the profit or loss of 
      the group as the accounting is similar to a reclassification.

4.3.3 Accounting policies applied from 1 January 2018
      The group derives revenue from contracts with customers for the supply of goods (namely coal, ferrosilicon 
      and certain biological goods) and rendering of services (namely corporate management services, stock yard 
      management services and other mine management services).

      Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts 
      collected where the group acts as an agent. If the group is an agent, then revenue is recognised on a net 
      basis - corresponding to any fee or commission to which the group expects to be entitled.

      The group recognises revenue when it transfers control of the goods or services to a customer. The group 
      has applied the practical expedient in IFRS 15.63 (which states that an entity is not required to reflect 
      the time value of money in its estimate of the transaction price if it expects, at contract inception, 
      that the period between customer payment and the transfer of goods or services will not exceed 12 months). 
      Generally for contracts in the group, the period of time between delivery of goods or services and receipt 
      of payment ranges between two weeks and 60 days which is less than 12 months. Accordingly, the group does 
      not adjust the promised amount of consideration for the effects of a significant financing component. For 
      the group, the total consideration in the service contracts will be allocated to all services per the 
      contract based on their standalone selling prices. The standalone selling prices will be determined based 
      on the listed prices at which the group sells the services in separate transactions.

      Nature of goods and services
      Below is a summary of the different types of revenue derived by the group depicting the standard terms and 
      performance obligations for each type:
                                              
                                                    Timing of when          Allocation of
                                                    performance             transaction price
      Revenue            Performance                obligation              to performance
      type               obligation                 is satisfied            obligations                Payment terms              
      Coal (domestic     Delivery of coal           On delivery             Agreed standalone          Range: 15 to 60 days       
      supply)            at a contractually         (point in time)         price                                                 
                         agreed upon                                                                                              
                         delivery point                                                                                           
                                                                                                                                  
      Coal (export       Delivery of coal           On delivery             Agreed standalone          Range: 15 to 60 days       
      supply)            at a contractually         (point in time)         price                                                 
                         agreed upon delivery                                                                                     
                         point (FOB)                                                                                              
                                                                                                                                  
      Ferrosilicon       Delivery of                On delivery             Agreed standalone          Range: 15 to 60 days       
                         ferrosilicon at            (point in time)         price                                                 
                         a contractually                                                                                          
                         agreed upon                                                                                              
                         delivery point                                                                                           
                                                                                                                                  
      Biological         Delivery of biological     On delivery             Agreed standalone          Range: 15 to 60 days       
      goods              goods at a                 (point in time)         price                                                 
                         contractually agreed                                                                                     
                         upon delivery point                                                                                      
                                                                                                                                  
      Corporate          Rendering of corporate     As services are         Based on costs             Within 30 days             
      management         services over time         performed (over         incurred                                              
      services                                      time)                                                                         
                                                                                                                                  
      Stock yard         Rendering of stock         As services are         Based on costs             Within 30 days             
      management         yard management            performed (over         incurred                                              
      services           services over time         time)                                                                         
                                                                                                                                  
      Other mine         Rendering of other         As services are         Based on costs             Within 30 days          
      management         mine management            performed (over         incurred                                              
      services           services over time         time)

5. SEGMENTAL INFORMATION
   Operating segments are reported 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 commodities and operations.  
   
   Total operating segment revenue, which excludes VAT, represents revenue from contracts with customers for 
   the supply of goods and rendering of services and includes operating revenues directly and reasonably 
   allocable 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 allocable operating expenses, assets and liabilities. 
   
   There were no differences in the way segment profit or loss is measured between the reportable segments' 
   profit or loss and the group's profit or loss. 
   
   The reportable operating segments, as described below, offer different goods 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 2017: 50%; 
   31 December 2017: 50%) investment in Mafube (a joint venture with Anglo), as well as a 10.82% 
   (30 June 2017: 10.82%; 31 December 2017: 10.82%) effective equity interest in RBCT. The coal operations 
   produce thermal coal, metallurgical coal and SSCC. 
   
   Ferrous                                                                                                                                  
   The ferrous segment mainly comprises the 20.62% (30 June 2017: 20.62%; 31 December 2017: 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                                                                                                                                     
   This segment has been renamed TiO2 as the Alkali chemicals business was disposed of in 2017. Exxaro holds 
   a 23.36% (30 June 2017: 43.66%; 31 December 2017: 23.66%) equity interest in Tronox Limited subsequent to 
   the sale of 22 425 000 Class A Tronox Limited ordinary shares on 10 October 2017. The investment in 
   Tronox Limited was classified as a non-current asset held-for-sale on 30 September 2017 (refer note 16). 
   Exxaro holds a 26% (30 June 2017: 26%; 31 December 2017: 26%) equity interest in Tronox SA (both 
   South African-based operations), as well as a 26% (30 June 2017: 26%; 31 December 2017: 26%) member's 
   interest in Tronox UK.   
   
   Energy                                                                                                                                   
   The energy segment comprises a 50% (30 June 2017: 50%; 31 December 2017: 50%) investment in Cennergi 
   (a South African joint venture with Tata Power) which operates two windfarms.   
   
   Other                                                                                                                                    
   This reportable segment comprises the 26% (30 June 2017: 26%; 31 December 2017: 26%) equity interest in 
   Black Mountain (located in the Northern Cape province), an effective investment of 11.7% (30 June 2017: 11.7%; 
   31 December 2017: 11.7%) in Chifeng (located in the PRC), the recently acquired equity interests in Curapipe 
   and AgriProtein as well as the corporate office which renders services to operations and other customers. 
   The Ferroland agricultural operation is also included in this segment.     
   The following table presents a summary of the group's segmental information:
                                              Coal                 Ferrous                                    Other             Total 
                                                       Com-                                                                           
                                         Tied       mercial                                                                           
                                       opera-        opera-                Other                           Base                       
   6 months ended 30 June 2017          tions         tions     Alloys   ferrous      TiO2    Energy     metals     Other             
   (Reviewed)                              Rm            Rm         Rm        Rm        Rm        Rm         Rm        Rm          Rm       
   External revenue                     1 827        10 413         12                                                  8      12 260       
   Segment net operating                                                                                                     
   profit/(loss)                          192         3 195          8        (1)                                    (268)      3 126       
   - Continuing operations                192         3 195          8        (1)                                    (268)      3 126       
   External finance income (note 9)                      44                                                           124         168       
   External finance costs (note 9)         (4)         (121)                                                         (220)       (345)      
   Income tax expense                     (36)         (703)        (2)                                               (68)       (809)      
   Depreciation and amortisation                                                                                             
   (note 8)                                (6)         (704)                                                          (34)       (744)      
   Cash generated by/(utilised in)                                                                                           
   operations                             122         3 844        122        (1)                                    (146)      3 941       
   Share of (loss)/income of                                                                                                 
   equity-accounted investments                                                                                              
   (note 10)                                            (48)                 793       224        20         57                 1 046       
   - Continuing operations                              (48)                 793       224        20         57                 1 046       
   Capital expenditure (note 12)                     (1 982)                                                          (55)     (2 037)      
   At 30 June 2018 (Reviewed)                                                                                                               
   Segment assets and liabilities                                                                                                           
   Deferred tax1                          (18)          184         12                                                388         566       
   Investments in associates                                                                                                 
   (note 13)                                          2 176                8 952     3 701                  806       701      16 336       
   Investments in joint ventures                                                                                             
   (note 14)                                          1 066                                      416                            1 482       
   Loans to joint ventures                              151                                      108                              259       
   External assets2                     2 985        32 354        188        25                                    2 829      38 381       
   Assets                               2 967        35 931        200     8 977     3 701       524        806     3 918      57 024       
   Non-current assets held-for-sale                                                                                          
   (note 16)                                            344                          3 396                                      3 740       
   Total assets as per statement of                                                                                         
   financial position                   2 967        36 275        200     8 977     7 097       524        806     3 918      60 764       
   External liabilities                 2 642         4 677         27         5                                    6 343      13 694       
   Deferred tax1                            5         6 672                    1                                      (37)      6 641       
   Current tax payable1                     1            64                                                             3          68       
   Liabilities                          2 648        11 413         27         6                                    6 309      20 403       
   Non-current liabilities                                                                                                   
   held-for-sale (note 16)                            1 685                                                                     1 685       
   Total liabilities as per statement                                                                                        
   of financial position                2 648        13 098         27         6                                    6 309      22 088       
   1 Offset per legal entity and tax authority.                                                                                             
   2  Excluding deferred tax, investments in associates, investments in and loans to joint ventures and non-current assets held-for-sale.   

                                              Coal                 Ferrous                                    Other             Total          
                                                       Com-                                                                                       
                                         Tied       mercial                                                                                        
                                       opera-        opera-                Other                           Base                               
   6 months ended 30 June 2017          tions         tions     Alloys   ferrous      TiO2    Energy     metals     Other                  
   (Reviewed) (Re-presented)               Rm            Rm         Rm        Rm        Rm        Rm         Rm        Rm          Rm           
   External revenue                     1 591         9 079         56                                                 10      10 736          
   Segment net operating                  149         2 865                            (75)                           (29)      2 910          
   profit/(loss)                                                                                                                               
   - Continuing operations                149         2 865                                                           (29)      2 985          
   - Discontinued operations                                                           (75)                                       (75)          
   External finance income (note 9)                      21                                                            50          71          
   External finance costs (note 9)        (83)         (121)                                                         (318)       (522)          
   Income tax (expense)/benefit           (26)         (777)         8                                                (66)       (861)          
   Depreciation and amortisation     
   (note 8)                                (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 10)                                104                1 228      (295)      (11)        99                 1 125          
   - Continuing operations                              104                1 228        68       (11)        99                 1 488          
   - Discontinued operations                                                          (363)                                      (363)          
   Capital expenditure (note 12)                     (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 13)                                          2 203                8 771    10 740                  619                22 333          
   Investments in joint ventures     
   (note 14)                                            961                                      368                            1 329          
   Loan to joint venture                                                                         126                              126          
   External assets1                     2 907        27 911        163        25                            177     2 075      33 258          
   Assets                               2 974        31 092        191     8 796    10 740       494        796     2 392      57 475          
   Non-current assets held-for-sale  
   (note 16)                                             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 16)                            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, investments in and loans to joint ventures and non-current 
     assets held-for-sale.
   2 Offset per legal entity and tax authority.
                                                                                                                                                 
                                              Coal                 Ferrous                                    Other             Total          
                                                       Com-                                                                                       
                                         Tied       mercial                                                                                        
                                       opera-        opera-                Other                           Base                               
   12 months ended 31 December 2017     tions         tions     Alloys   ferrous      TiO2    Energy     metals     Other                  
   (Audited)                               Rm            Rm         Rm        Rm        Rm        Rm         Rm        Rm          Rm    
   External revenue                     3 256        19 297        243                                                 17      22 813          
   Segment net operating                  133         5 876         54        (1)    5 085                         (5 087)      6 060          
   profit/(loss)                                                                                                                               
   - Continuing operations                133         5 876         54        (1)                                  (5 087)        975          
   - Discontinued operations                                                         5 085                                      5 085          
   External finance income                                                                                                  
   (note 9)                                 1            45          1                                                170         217          
   External finance costs                                                                                                   
   (note 9)                                            (254)                                                         (574)       (828)          
   Income tax expense                     (24)       (1 326)       (13)                                              (179)     (1 542)          
   Depreciation and amortisation                                                                                            
   (note 8)                               (12)       (1 296)                                                          (85)     (1 393)          
   Gain on partial disposal                                                                                                 
   of associate                                                                      3 860                                      3 860          
   Cash generated by/(utilised                                                                                              
   in) operations                         151         6 754        (54)       (2)                                     (23)      6 826          
   Share of income/(loss) of                                                                                                
   equity-accounted investments                                                                                             
   (note 10)                                            235                3 303    (1 643)        2        226                 2 123          
   - Continuing operations                              235                3 303       186         2        226                 3 952          
   - Discontinued operations                                                        (1 829)                                    (1 829)          
   Capital expenditure (note 12)                     (3 804)        (6)                                              (111)     (3 921)          
   At 31 December 2017 (Audited)                                                                                                               
   Segment assets and liabilities                                                                                                              
   Deferred tax                            32           104         11         1                                      423         571          
   Investments in associates                                                                                    
   (note 13)                                          2 193                9 367     3 477                  747        26      15 810          
   Investments in joint ventures                                                                                
   (note 14)                                          1 105                                      374                            1 479          
   Loan to joint venture                                                                         126                              126          
   External assets1                     3 012        30 648        309        25                                    6 662      40 656          
   Assets                               3 044        34 050        320     9 393     3 477       500        747     7 111      58 642          
   Non-current assets                                                                                                      
   held-for-sale (note 16)                              385                          3 396                            129       3 910          
   Total assets as per statement                                                                                           
   of financial position                3 044        34 435        320     9 393     6 873       500        747     7 240      62 552          
   External liabilities                 2 677         4 726         27         4                                    7 746      15 180          
   Deferred tax2                            1         6 030                                                           (43)      5 988          
   Current tax payable2                                 292                                                            76         368          
   Liabilities                          2 678        11 048         27         4                                    7 779      21 536          
   Non-current liabilities                                                                                                 
   held-for-sale (note 16)                            1 651                                                                     1 651          
   Total liabilities as per                                                                                                
   statement of financial position      2 678        12 699         27         4                                    7 779      23 187          
   1 Excluding deferred tax, investments in associates, investments in and loans to joint ventures and non-current 
     assets held-for-sale.
   2 Offset per legal entity and tax authority.

6. DISCONTINUED OPERATIONS
   On 30 September 2017, Exxaro classified the Tronox Limited investment as a non-current asset held-for-sale (refer note 16). 
   It was concluded that the related performance and cash flow information be presented as a discontinued operation as the 
   Tronox Limited investment represents a major geographical area of operation as well as the majority of the TiO2 reportable 
   operating segment.                                                      
   
   Financial information relating to the discontinued operation for the period to the date of disposal is set out below:
                                                                                        (Re-presented)                                    
                                                                               6 months       6 months        12 months    
                                                                                  ended          ended            ended    
                                                                                30 June        30 June      31 December    
                                                                                   2018           2017             2017    
                                                                               Reviewed       Reviewed          Audited    
                                                                                     Rm             Rm               Rm    
   Financial performance                                                                                                 
   Losses on financial instruments revaluations                     
   recycled to profit or loss                                                                                        (1)    
   Gains on translation differences recycled to profit or           
   loss on partial disposal of investment in foreign associate                                                    1 332    
   Other operating expenses1                                                                       (75)            (106)    
   Operating (loss)/profit                                                                         (75)           1 225    
   Gain on partial disposal of associate                                                                          3 860    
   Net operating (loss)/profit                                                                     (75)           5 085    
   Dividend income                                                                   31                                    
   Share of loss of equity-accounted investment                                                   (363)          (1 829)    
   Profit/(loss) for the period from discontinued operations                         31           (438)           3 256    
   Cash flow information                                                                                                   
   Cash flow attributable to investing activities                                    31             59            6 634    
   Cash flow attributable to discontinued operations                                 31             59            6 634    
   1 Relates to loss on dilution of investment in associate of nil (30 June 2017: R75 million;
     31 December 2017: R106 million).
   
7. REVENUE
   Revenue is derived from contracts with customers. Revenue has been disaggregated based on timing of revenue 
   recognition, major type of goods and services, major geographic area and major customer industries.
   
                                                                 Coal                 Ferrous        Other        Total    
                                                            Tied      Commercial                         
                                                      operations      operations       Alloys        Other                  
   6 months ended 30 June 2018 (Reviewed)                     Rm              Rm           Rm           Rm           Rm    
   By timing and major type of goods and services                                                                        
   Sale of goods recognised at a point in time             1 539          10 413           12            7       11 971    
   Coal                                                    1 539          10 413                                 11 952    
   Ferrosilicon                                                                            12                        12    
   Biological goods                                                                                      7            7    
   Rendering of services recognised over time                288                                         1          289    
   Stock yard management services                            101                                                    101    
   Other mine management services                            187                                                    187    
   Accommodation                                                                                         1            1    
   Total revenue from contracts with customers             1 827          10 413           12            8       12 260    
   By major geographic area1                                                                                               
   Domestic                                                1 827           6 587           12            8        8 434    
   Export                                                                  3 826                                  3 826    
   Europe                                                                  2 384                                  2 384    
   Asia                                                                    1 043                                  1 043    
   Other                                                                     399                                    399    
   Total revenue from contracts with customers             1 827          10 413           12            8       12 260    
   By major customer industries                                                                                            
   Public utilities                                        1 804           4 964                                  6 768    
   Merchants                                                               2 889                                  2 889    
   Steel                                                      23             800                                    823    
   Mining                                                                    600           12                       612    
   Manufacturing                                                             310                                    310    
   Cement                                                                    171                                    171    
   Other                                                                     679                         8          687    
   Total revenue from contracts with customers             1 827          10 413           12            8       12 260    
   1 Geographic area is determined based on the customer supplied by Exxaro.
   
                                                                 Coal                 Ferrous        Other        Total
                                                            Tied      Commercial                   
   6 months ended 30 June 2017                        operations      operations       Alloys        Other                
   (Reviewed) (Re-presented)                                  Rm              Rm           Rm           Rm           Rm
   By timing and major type of goods and services                                                                                   
   Sale of goods recognised at a point in time             1 383           9 079           56            4       10 522    
   Coal                                                    1 383           9 079                                 10 462    
   Ferrosilicon                                                                            56                        56    
   Biological goods                                                                                      4            4    
   Rendering of services recognised over time                208                                         6          214    
   Corporate management services                                                                         5            5    
   Other mine management services1                           208                                                    208    
   Accommodation1                                                                                        1            1    
   Total revenue from contracts with customers             1 591           9 079           56           10       10 736    
   By major geographic area2                                                                                               
   Domestic                                                1 591           6 157           56           10        7 814    
   Export                                                                  2 922                                  2 922    
   Europe                                                                  1 609                                  1 609    
   Asia                                                                    1 201                                  1 201    
   Other                                                                     112                                    112    
   Total revenue from contracts with customers             1 591           9 079           56           10       10 736    
   By major customer industries                                                                                            
   Public utilities                                        1 563           4 670                                  6 233    
   Merchants                                                               2 838                                  2 838    
   Steel                                                      28             623                                    651    
   Mining                                                                    306           56                       362    
   Manufacturing                                                             309                                    309    
   Cement                                                                    161                                    161    
   Other                                                                     172                        10          182    
   Total revenue from contracts with customers             1 591           9 079           56           10       10 736    
   1 Reclassification of service revenue previously included as part of revenue from goods sold.
   2 Geographic area is determined based on the customer supplied by Exxaro.
   
                                                                 Coal                 Ferrous        Other         Total 
                                                            Tied      Commercial                
   12 months ended 31 December 2017                   operations      operations       Alloys        Other                 
   (Audited) (Re-presented)                                   Rm              Rm           Rm           Rm           Rm    
   By timing and major type of goods and services
   Sale of goods recognised at a point in time             2 838          19 297          243           10       22 388    
   Coal                                                    2 838          19 297                                 22 135    
   Ferrosilicon                                                                           243                       243    
   Biological goods                                                                                     10           10    
   Rendering of services recognised over time                418                                         7          425    
   Corporate management services                                                                         6            6    
   Other mine management services1                           418                                                    418    
   Accommodation1                                                                                        1            1    
   Total revenue from contracts with customers             3 256          19 297          243           17       22 813    
   By major geographic area2                                                                                               
   Domestic                                                3 256          12 279          243           17       15 795    
   Export                                                                  7 018                                  7 018    
   Europe                                                                  3 670                                  3 670    
   Asia                                                                    2 629                                  2 629    
   Other                                                                     719                                    719    
   Total revenue from contracts with customers             3 256          19 297          243           17       22 813    
   By major customer industries                                                                                            
   Public utilities                                        3 212           9 870                                 13 082    
   Merchants                                                               5 637                                  5 637    
   Steel                                                      44           1 278                                  1 322    
   Mining                                                                    853          243                     1 096    
   Manufacturing                                                             468                                    468    
   Cement                                                                    340                                    340    
   Other                                                                     851                        17          868    
   Total revenue from contracts with customers             3 256          19 297          243           17       22 813    
   1 Reclassification of service revenue previously included as part of revenue from goods sold.
   2 Geographic area is determined based on the customer supplied by Exxaro.

8. SIGNIFICANT ITEMS INCLUDED IN OPERATING PROFIT
                                                                                         (Re-presented)                      
                                                                              6 months         6 months        12 months       
                                                                                 ended            ended            ended       
                                                                               30 June          30 June      31 December        
                                                                                  2018             2017             2017        
                                                                              Reviewed         Reviewed          Audited       
                                                                                    Rm               Rm               Rm       
   Raw materials and consumables                                                (1 340)          (1 412)          (3 058)    
   Staff costs                                                                  (2 308)          (2 011)          (4 060)    
   Royalties                                                                      (172)             (70)            (143)    
   Depreciation and amortisation                                                  (744)            (675)          (1 393)    
   Fair value adjustments on contingent consideration1                            (188)             (37)            (354)    
   Net realised foreign currency exchange gains/(losses)                            57              (78)            (147)    
   Consultancy fees                                                               (231)            (134)            (424)    
   Net gains/(losses) on disposal or scrapping of                                             
   property, plant and equipment                                                   118              (22)             (55)    
   1 Relates to the ECC acquisition.                                                                                      
   
9. NET FINANCING COSTS
   Finance income                                                                  168               71              217    
   Interest income                                                                 161               66              207    
   Finance lease interest income                                                     5                5               10    
   Commitment fee income                                                             1                                      
   Interest income from loan to joint venture                                        1                                      
   Finance costs                                                                  (345)            (522)            (828)    
   Interest expense                                                               (272)            (325)            (600)    
   Unwinding of discount rate on rehabilitation cost                              (198)            (202)            (410)    
   Recovery of unwinding of discount rate on                                                  
   rehabilitation cost (tied mines)                                                 72                               163    
   Finance lease interest expense                                                                    (2)              (3)    
   Amortisation of transaction costs                                                (4)              (3)              (9)    
   Borrowing costs capitalised1                                                     57               10               31    
   Total net financing costs                                                      (177)            (451)            (611)    
   1 Borrowing costs capitalisation rate:                                       10.08%            9.05%            8.98%    
     
10. SHARE OF INCOME/(LOSS) OF EQUITY-ACCOUNTED INVESTMENTS
                                                                                          (Re-presented)                     
                                                                               6 months         6 months        12 months    
                                                                                  ended            ended            ended    
                                                                                30 June          30 June      31 December    
                                                                                   2018             2017             2017    
                                                                               Reviewed         Reviewed          Audited    
                                                                                     Rm               Rm               Rm    
    Associates                                                                                                                         
    Unlisted investments                                                          1 056            1 381            3 691    
    SIOC                                                                            793            1 228            3 303    
    Tronox SA                                                                       166                9               67    
    Tronox UK                                                                        58               59              119    
    RBCT                                                                            (18)             (14)             (24)    
    Black Mountain                                                                   57               99              226    
    Joint ventures                                                                                                           
    Unlisted investments                                                            (10)             107              261    
    Mafube                                                                          (30)             118              259    
    Cennergi                                                                         20              (11)               2    
                                                                                                                             
    Share of income of equity-accounted investments                               1 046            1 488            3 952    
    Included in discontinued operations:                                                                                     
    Associates                                                                                                               
    Listed investments                                                                                                       
    Tronox Limited1                                                                                 (363)          (1 829)    
    Total share of income of equity-accounted investments                         1 046            1 125            2 123    
    1 Application of the equity method ceased when the investment was classified as a non-current asset held-for-sale on 
      30 September 2017 (refer notes 6 and 16).

11. DIVIDEND DISTRIBUTION
    Total dividends paid in 2017 amounted to R2 227 million, made up of a final dividend of R1 284 million which related 
    to the year ended 31 December 2016, paid in April 2017, as well as an interim dividend of R943 million, paid in 
    September 2017. A special dividend of 1 255 cents per share (R3 149 million to external shareholders) was paid in 
    March 2018, following the partial disposal of the shareholding in Tronox Limited. A final dividend relating to the 
    2017 financial year of 400 cents per share (R1 004 million to external shareholders) was paid in April 2018.    
                                                               
    An interim cash dividend, number 31, for 2018 of 530 cents per share, was approved by the board of directors on 
    14 August 2018, to be paid out of income reserves. The dividend is payable on 25 September 2018 to shareholders 
    who will be on the register on 21 September 2018. This interim dividend, amounting to approximately R1 330 million 
    (to external shareholders), has not been recognised as a liability in these interim financial statements. It will 
    be recognised in shareholders' equity in the year ended 31 December 2018.
                                                                   
    The interim 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 424.00000 cents per share. 
    The number of ordinary shares in issue at the date of this declaration is 358 706 754. Exxaro company's tax 
    reference number is 9218/098/14/4.                                                               
                                                                           At                 At                 At    
                                                                      30 June            30 June        31 December    
                                                                         2018               2017               2017    
                                                                     Reviewed           Reviewed            Audited    
    Issued share capital (number of shares)                       358 706 754        314 171 761        358 706 754    
    Ordinary shares (million)                                                                                          
    - Weighted average number of shares                                   251                316                311    
    - Diluted weighted average number of shares                           322                316                347    
                                                                                                              
12. CAPITAL EXPENDITURE
                                                                           At                 At                 At    
                                                                      30 June            30 June        31 December    
                                                                         2018               2017               2017    
                                                                     Reviewed           Reviewed            Audited    
    Incurred                                                            2 037              1 314              3 921    
    To maintain operations                                              1 177              1 105              2 977    
    To expand operations                                                  860                209                944    
    Contracted                                                          5 211              3 881              5 409    
    Contracted for the group (owner-controlled)                         3 760              2 581              4 313    
    Share of capital commitments of equity-accounted                                                  
    investments                                                         1 451              1 300              1 096    
    Authorised, but not contracted                                      3 387              1 148              2 838    
    
13. INVESTMENTS IN ASSOCIATES
    Listed investments
    Tronox Limited1                                                                        7 383                       
    Unlisted investments                                               16 336             14 950             15 810    
    SIOC                                                                8 952              8 771              9 367    
    Tronox SA                                                           1 966              1 740              1 800    
    Tronox UK                                                           1 735              1 617              1 677    
    RBCT                                                                2 176              2 203              2 193    
    Black Mountain                                                        806                619                747    
    AgriProtein2                                                          674                                          
    Curapipe                                                               27                                    26    
    Total carrying value of investments in associates                  16 336             22 333             15 810    
    1 The investment in Tronox Limited was classified as a non-current asset held-for-sale on 30 September 2017 
      (refer note 16).                                                  
    2 On 31 May 2018, Exxaro entered into a share purchase agreement to obtain an equity interest in the shareholding 
      of AgriProtein, which is incorporated in the UK. The purchase price amounted to US$52.5 million, comprising an 
      initial cash consideration of US$14.5 million (R184.2 million) paid on 1 June 2018 and deferred consideration 
      amounting to US$38 million (R482.8 million) which will be paid over the next two years. The timing of the 
      deferred consideration is dependent on AgriProtein's capital expenditure requirements. Transaction costs paid 
      of R6.6 million were capitalised to the cost of the investment. AgriProtein is in the business of developing 
      operating municipal organic waste conversion plants in order to generate high-quality, natural protein which 
      is sold for use in animal, aquaculture and pet feed. Exxaro is currently in process of conducting a notional 
      purchase price allocation on the acquisition of the investment in AgriProtein.
     
14. INVESTMENTS IN JOINT VENTURES
                                                                           At                 At                 At    
                                                                      30 June            30 June        31 December    
                                                                         2018               2017               2017    
                                                                     Reviewed           Reviewed            Audited    
    Unlisted investments                                                1 482              1 329              1 479    
    Mafube1                                                             1 066                961              1 105    
    Cennergi2                                                             416                368                374    
    Total carrying value of investments in joint ventures               1 482              1 329              1 479    
    1 Included in financial assets is a loan to Mafube 
      (refer note 20):                                                    151
    2 Included in financial assets is a loan to Cennergi 
      (refer note 20):                                                    108           126                     126    
    
15. OTHER ASSETS
    Non-current                                                                      
    Reimbursements1                                                     1 669          
    Indemnification asset2                                              1 302          
    Other non-current assets                                               13          
    Total non-current other assets                                      2 984          
    Current                                                                          
    VAT                                                                   337          
    Royalties                                                              39          
    Prepayments                                                            33          
    Other current assets                                                   31          
    Total current other assets                                            440          
    Total other assets                                                  3 424          
    1 Amounts which are recoverable from Eskom in respect of the rehabilitation, environmental expenditure and 
      post-retirement medical obligation of the Matla and Arnot mines at the end of life of these mines.
    2 Arose on the ECC acquisition.
    
16. NON-CURRENT ASSETS AND LIABILITIES HELD-FOR-SALE
    Tronox Limited
    In September 2017, the directors of Exxaro formally decided to dispose of the investment in Tronox Limited. 
    As part of this decision, Tronox Limited was required to publish an automatic shelf registration statement 
    of securities of well-known seasoned issuers which allowed for the conversion of Exxaro's Class B Tronox 
    Limited ordinary shares to Class A Tronox Limited ordinary shares. From this point, it was concluded that 
    the Tronox Limited investment should be classified as a non-current asset held-for-sale as all the 
    requirements in terms of IFRS 5 Non-Current Assets Held-for-Sale and Discontinued Operations (IFRS 5) 
    were met. As of 30 September 2017, the Tronox Limited investment, totalling 42.66% of Tronox Limited's 
    total outstanding voting shares, was classified as a non-current asset held-for-sale and the application 
    of the equity method ceased. 
    
    Subsequent to the classification as a non-current asset held-for-sale, Exxaro completed an initial offering 
    of 22 425 000 Class A Tronox Limited ordinary shares during October 2017. On 24 May 2018, Exxaro obtained 
    shareholder approval to sell the remainder of its shares in Tronox Limited. Exxaro will continue to assess 
    market conditions for further possible sell downs of the remaining 28 729 280 Class A Tronox Limited 
    ordinary shares.
    
    The Tronox Limited investment is presented within the total assets of the TiO2 reportable operating segment 
    and presented as a discontinued operation (refer note 6). 
    
    Manyeka                                                                                                                                                                                                                                     
    Exxaro concluded a sale of share agreement with Universal, for the 100% shareholding in Manyeka, which 
    includes a 51% interest in Eloff. Manyeka was classified as a non-current asset held-for-sale on 
    30 September 2017. On 30 June 2018, conditions precedent to the sale of share agreement with Universal 
    had not been met. Manyeka did not meet the criteria to be classified as a discontinued operation since it 
    did not represent a separate major line of business, nor did it represent a major geographical area of 
    operation and is reported as part of the coal commercial operating segment. Subsequent to 30 June 2018, 
    the sale became effective (refer note 25).
    
    NBC                                                                                                                                                                                                                                         
    During 2017, Exxaro took the decision to divest from the NBC operation and the divestment process 
    commenced during August 2017. On 31 December 2017, the NBC operation met the criteria to be classified as 
    a non-current asset held-for-sale in terms of IFRS 5. The NBC operation did not meet the criteria to be 
    classified as a discontinued operation since it did not represent a separate major line of business, nor 
    did it represent a major geographical area of operation and is reported as part of the coal commercial 
    operating segment. 
    
    On 2 March 2018, Exxaro concluded a sale of asset agreement for the disposal of the NBC operation. 
    On 30 June 2018, conditions precedent to the sale of asset agreement had not been met. Subsequent to 
    30 June 2018, the sale became effective (refer note 25).  
    
    EMJV                                                                                                                                                                                                                                        
    As part of the ECC acquisition in 2015, 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 2018, 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.                                                   
                                                                                                                                                                                                                                                                                                                                                                                                                                
    The major classes of assets and liabilities classified as non-current assets and liabilities 
    held-for-sale are as follows:                                                                                                                    
                                                                         At            At               At    
                                                                    30 June       30 June      31 December    
                                                                       2018          2017             2017    
                                                                   Reviewed      Reviewed          Audited    
                                                                         Rm            Rm               Rm    
    Assets                                                                                                  
    Property, plant and equipment1                                      153           166              282    
    Investments in associate                                          3 396                          3 396    
    Deferred tax                                                         11             1                9    
    Inventories                                                         105                            133    
    Trade and other receivables                                          30             4               49    
    - Trade receivables                                                  30                             39    
    - Other receivables                                                                 4                     
    - Non-financial instrument receivables                                                              10    
    Current tax receivable                                               28                             27    
    Cash and cash equivalents                                            10             4               14    
    Other current assets                                                  7                                   
    Non-current assets held-for-sale                                  3 740           175            3 910    
    Liabilities                                                                                             
    Non-current provisions                                           (1 558)       (1 113)          (1 494)    
    Post-retirement employee obligations                                (22)          (18)             (22)    
    Trade and other payables                                            (69)           (3)             (99)    
    - Trade payables                                                    (68)           (3)             (54)    
    - Other payables                                                     (1)                            (8)    
    - Non-financial instrument payables                                                                (37)    
    Shareholder loans                                                   (18)                           (18)    
    Current provisions                                                                                 (18)    
    Other current liabilities                                           (18)                                   
    Non-current liabilities held-for-sale                            (1 685)       (1 134)          (1 651)    
    Net non-current assets/(liabilities) held-for-sale                2 055          (959)           2 259    
    1 The land and buildings situated at the corporate centre were sold during 2018.

17. INTEREST-BEARING BORROWINGS
                                                                         At            At               At    
                                                                    30 June       30 June      31 December    
                                                                       2018          2017             2017    
                                                                   Reviewed      Reviewed          Audited    
                                                                         Rm            Rm               Rm    
    Non-current1                                                      4 480         5 498            6 480    
    Loan facility                                                     3 478         4 969            3 474    
    Bonds issue                                                                       520              520    
    Preference share liability2                                       1 001                          2 483    
    Finance leases                                                        1             9                3    
    Current3                                                            581            11                2    
    Loan facility                                                        51           (10)              (9)    
    Bonds issue                                                         525                                   
    Preference share liability                                           (5)                            (5)    
    Finance leases                                                       10            21               16
    Total interest-bearing borrowings                                 5 061         5 509            6 482    
    Summary of loans and finance leases                  
    by period of redemption:                                              
    - Less than six months                                               68             6                1    
    - Six to 12 months                                                  513             5                1    
    - Between one and two years                                         (12)          521              509    
    - Between two and three years                                       (13)           (9)             (13)    
    - Between three and four years                                    3 305            (9)           3 239    
    - Between four and five years                                     1 139         4 809            2 620    
    - Over five years                                                    61           186              125    
      Total interest-bearing borrowings                               5 061         5 509            6 482    
      1 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:                                               38            30               44    
      2 An amount of R1 489 million was 
        redeemed during the six-month period 
        ended 30 June 2018.
      3 The current portion represents:                                 581            11                2    
        - Capital repayments:                                           530            21               16    
        - Interest capitalised:                                          65                                   
        - Reduced by the amortisation of transaction costs:             (14)          (10)             (14)
    Overdraft                                                                                               
    Bank overdraft                                                       49           917               54    

    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.

    Loan facility
    The 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) and
    - 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% (30 June 2017: 3.25%; 31 December 2017: 3.25%) for the 
    bullet term loan facility (R3 250 million), JIBAR plus a margin of 3.60% (30 June 2017: 3.60%; 
    31 December 2017: 3.60%) for the amortised term loan facility (R2 000 million) and JIBAR plus a margin of 
    3.25% (30 June 2017: 3.25%; 31 December 2017: 3.25%) for the revolving credit facility (R2 750 million). 
    The effective interest rate for the transaction costs on the term loans is 0.17% and 1.17% respectively 
    (30 June 2017: 0.17% and 1.17%; 31 December 2017: 0.17% and 1.17%). 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 (30 June 2017: 
    R1 750 million; 31 December 2017: R1 750 million). The undrawn portion of the revolving credit facility 
    amounts to R2 750 million (30 June 2017: R1 250 million; 31 December 2017: R2 750 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 issued in May 2014. The outstanding bond comprises a R520 million senior unsecured 
    floating rate note due 19 May 2019.      
    
    Interest on the R520 million bond is based on JIBAR plus a margin of 1.95% (30 June 2017: 1.95%; 
    31 December 2017: 1.95%) and paid on a quarterly basis. The effective interest rate for the transaction 
    costs for the R520 million bond was 0.08% (30 June 2017: 0.08%; 31 December 2017: 0.08%). 
    
    Preference share liability
    The preference share liability relates to the consolidation of NewBEECo. The preference share liability 
    represents 249 069 Class A variable rate cumulative redeemable preference shares issued on 11 December 2017 
    by NewBEECo at an issue price of R10 000 per share. The preference shares are redeemable five years after 
    the subscription date or earlier as agreed between the parties at R10 000 per share plus the cumulative 
    preference dividends. The preference shareholders are entitled to receive a dividend equal to the issue 
    price multiplied by the dividend rate of 80% of Prime Rate calculated on a daily basis based on a 
    365-day year compounded per period and capitalised per period. 
    
    Subscription undertakings for the full value of the preference shares were secured at a total cost of 
    R23.8 million. The preference share liability is measured at amortised cost and the transaction costs 
    have therefore been included on initial measurement. The amount is amortised over the five-year period.
     
    Finance leases
    Included in the interest-bearing borrowings are obligations relating to finance leases for mining 
    equipment.

18. NET (DEBT)/CASH
    Net (debt)/cash is presented by the following items on the statement of financial position (excluding 
    assets and liabilities classified as held-for-sale):
                                                                        At            At               At  
                                                                   30 June       30 June      31 December  
                                                                      2018          2017             2017  
                                                                  Reviewed      Reviewed          Audited  
                                                                        Rm            Rm               Rm  
                                                                                                           
    Total net (debt)/cash                                           (2 514)       (4 353)              70  
    Non-current interest-bearing borrowings                         (4 480)       (5 498)          (6 480) 
    Current interest-bearing borrowings                               (581)          (11)              (2) 
    Net cash                                                         2 547         1 156            6 552  
    - Cash and cash equivalents                                      2 596         2 073            6 606  
    - Overdraft                                                        (49)         (917)             (54) 

    Analysis of movement in net (debt)/cash
                                                                         Liabilities from 
                                                                       financing activities
                                                                       Non-
                                                    Cash and        current         Current                
                                                        cash      interest-       interest-                
                                                equivalents/        bearing         bearing                
                                                   overdraft     borrowings      borrowings         Total   
                                                          Rm             Rm              Rm            Rm    
    Net debt at 31 December 2016                       5 183         (6 002)           (503)       (1 322)  
    Cash flows                                        (3 999)           500             499        (3 000)  
    Operating activities                               1 528                                        1 528  
    Investing activities                                (907)                                        (907)  
    Financing activities                              (4 620)           500             499        (3 621)  
    - Interest-bearing borrowings repaid                (999)           500             499                
    - Shares acquired in the market to                          
      settle share-based payments                        (97)                                         (97)  
    - Repurchase of share capital                     (3 524)                                      (3 524)  
    Non-cash movements                                   (28)             4              (7)          (31)  
    Amortisation of transaction costs                                                    (3)           (3)  
    Transfers between non-current and          
    current liabilities                                                   4              (4)                
    Reclassification to non-current assets     
    held-for-sale                                         (4)                                          (4)
    Translation difference on movement in      
    cash and cash equivalents                            (24)                                         (24) 
    Net debt at 30 June 2017                           1 156         (5 498)            (11)       (4 353) 
    Cash flows                                         5 415           (972)             16         4 459  
    Operating activities                               1 872                                        1 872  
    Investing activities                               5 284                                        5 284  
    Financing activities                              (1 741)          (972)             16        (2 697) 
    - Interest-bearing borrowings raised               2 491         (2 491)                               
    - Interest-bearing borrowings repaid              (1 535)         1 519              16                
    - Shares acquired in the market to settle  
      share-based payments                                (2)                                          (2) 
    - Repurchase of share capital                     (2 695)                                      (2 695) 
    Non-cash movements                                   (19)           (10)             (7)          (36) 
    Amortisation of transaction costs                                                    (6)           (6) 
    Preference dividend accrued                                         (11)                          (11) 
    Reclassification to non-current assets     
    held-for-sale                                        (10)                                         (10) 
    Transfers between non-current and          
    current liabilities                                                   1              (1)               
    Translation difference on movement in cash 
    and cash equivalents                                  (9)                                          (9) 

                                                                        Liabilities from 
                                                                      financing activities
                                                                       Non-
                                                    Cash and        current         Current    
                                                        cash      interest-       interest-    
                                                equivalents/        bearing         bearing    
                                                   overdraft     borrowings      borrowings         Total  
                                                          Rm             Rm              Rm            Rm  
    Net cash at 31 December 2017                       6 552         (6 480)             (2)           70  
    Cash flows                                        (4 100)         1 496                        (2 604) 
    Operating activities                                (926)                                        (926) 
    Investing activities                              (1 109)                                      (1 109) 
    Financing activities                              (2 065)         1 496                          (569) 
    - Interest-bearing borrowings repaid              (1 496)         1 496                                
    - Shares acquired in the market to 
      settle share-based payments                       (422)                                        (422) 
    - Dividend paid to BEE Parties                      (147)                                        (147) 
    Non-cash movements                                    95            511            (586)           20  
    Amortisation of transaction costs                                    (7)                           (7) 
    Interest accrued                                                                    (64)          (64) 
    Reclassification of cash and 
    cash equivalents                                      51                                           51  
    Preference dividend accrued                                          (4)                           (4) 
    Reclassification to non-current 
    assets held-for-sale                                   4                                            4  
    Transfers between non-current and 
    current liabilities                                                 522            (522)               
    Translation difference on movement 
    in cash and cash equivalents                          40                                           40  
    Net debt at 30 June 2018                           2 547         (4 473)           (588)       (2 514) 

19. OTHER LIABILITIES
                                                                                                       At  
                                                                                                  30 June  
                                                                                                     2018  
                                                                                                 Reviewed  
                                                                                                       Rm  
    Non-current                                                                                            
    Income received in advance                                                                          9  
    Total non-current other liabilities                                                                 9  
    Current                                                                                                
    Leave pay                                                                                         168  
    VAT                                                                                               118  
    Royalties                                                                                          29  
    Bonuses                                                                                           201  
    Other current liabilities                                                                         114  
    Total current other liabilities                                                                   630  
    Total other liabilities                                                                           639  

20. FINANCIAL INSTRUMENTS
    The group holds the following financial instruments:
                                                                                               At 30 June  
                                                                                                     2018  
                                                                                                 Reviewed  
                                                                                                       Rm  
    Non-current                                                                                            
    Financial assets                                                                                2 601  
    Financial assets at fair value through other comprehensive income                                 221  
    Equity: unlisted                                                                                  221  
    - Chifeng                                                                                         221  
    Financial assets at fair value through profit or loss                                           1 426  
    Equity: listed                                                                                     26  
    - KIO                                                                                              26  
    Debt: unlisted                                                                                  1 400  
    - Environmental rehabilitation funds                                                            1 400  
    Loans to associates and joint ventures                                                            258  
    Joint ventures                                                                                    258  
    - Cennergi1                                                                                       108  
    - Mafube2                                                                                         150  
    Other financial assets at amortised cost                                                          696  
    Environmental rehabilitation funds                                                                320  
    Deferred pricing receivable3                                                                      363  
    Deferred consideration receivable4                                                                 15  
    Impairment allowances of other financial assets at amortised cost                                  (2) 
    Interest-bearing borrowings (excluding finance leases)                                         (4 479) 
    Non-current other payables                                                                        (92) 
    Financial liabilities                                                                            (496) 
    Financial liabilities at fair value through profit or loss                                       (337) 
    Contingent consideration5                                                                        (337) 
    Financial liabilities at amortised cost                                                          (159) 
    Deferred consideration payable6                                                                  (159) 

                                                                                               At 30 June  
                                                                                                     2018  
                                                                                                 Reviewed  
                                                                                                       Rm  
    Current                                                                                                
    Financial assets                                                                                   82  
    Other current financial assets at amortised cost                                                   81  
    Deferred pricing receivable3                                                                       51  
    Deferred consideration receivable4                                                                 29  
    Commitment fee receivable                                                                           1  
    Employee receivables                                                                                6  
    Impairment allowances of other current financial assets at amortised cost                         (6)  
    Loans to associates and joint ventures                                                              1  
    Joint ventures                                                                                      1  
    - Mafube2                                                                                           1  
    Trade and other receivables                                                                     2 687  
    Trade receivables                                                                               2 405  
    - Trade receivables: gross                                                                      2 481  
    -  Impairment allowances of trade receivables                                                     (76) 
    Other receivables                                                                                 282  
    Cash and cash equivalents                                                                       2 596  
    Interest-bearing borrowings (excluding finance leases)                                           (571) 
    Trade and other payables                                                                       (2 555) 
    Trade payables                                                                                 (1 226) 
    Other payables                                                                                 (1 329) 
    Financial liabilities                                                                            (636) 
    Derivative financial liabilities                                                                  (41) 
    Financial liabilities at fair value through profit or loss                                       (310) 
    Contingent consideration5                                                                        (310) 
    Financial liabilities at amortised cost                                                          (285) 
    Deferred consideration payable6                                                                  (285) 
    Overdraft                                                                                         (49) 
    1 Loan granted to Cennergi in 2016. The loan is interest free, unsecured and repayable on termination 
      date in 2026, unless otherwise agreed by the parties.                                               
    2 Loan granted to Mafube in 2018. The loan bears interest at JIBAR plus a margin of 4%, is unsecured 
      and repayable within five years, unless otherwise agreed by the parties.
    3 An amount receivable in relation to a deferred pricing adjustment which arose during 2017. The amount
      receivable will be settled over seven years and bears interest at Prime Rate less 2%.
    4 Relates to deferred consideration receivable which arose on the disposal of a mining right.
    5 Relates to the ECC acquisition.
    6 Deferred consideration payable in relation to the acquisition of the investment in AgriProtein.

    The group holds the following loan commitments:
                                                                                               At 30 June 
                                                                                                     2018 
                                                                                                 Reviewed 
                                                                                                       Rm 
    Total loan commitments                                                                          1 186 
    Mafube1                                                                                           500 
    AgriProtein2                                                                                      686 
    Undrawn loan commitments                                                                        1 036 
    Mafube                                                                                            350 
    AgriProtein                                                                                       686 
    1 Revolving credit facility available for five years, ending 2023.
    2 A US$50 million term loan facility available from 2020 to 2025.

20.1 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.
   
                                                             Fair value     Level 1     Level 2     Level 3  
     At 30 June 2018 (Reviewed)                                      Rm          Rm          Rm          Rm  
     Financial assets at fair value through                                                      
     other comprehensive income                                     221                                 221  
     Equity: unlisted                                               221                                 221  
     - Chifeng                                                      221                                 221  
     Financial assets at fair value through profit or loss        1 426          26       1 400              
     Equity: listed                                                  26          26                          
     - KIO                                                           26          26                          
     Debt: unlisted                                               1 400                   1 400              
     - Environmental rehabilitation funds                         1 400                   1 400              
     Financial liabilities at fair value                                                         
     through profit or loss                                        (647)                               (647) 
     Non-current contingent consideration                          (337)                               (337) 
     Current contingent consideration                              (310)                               (310) 
     Derivative financial liabilities                               (41)                    (41)             
     Net financial assets/(liabilities) held at fair value          959          26       1 359        (426) 

                                                             Fair value     Level 1     Level 2     Level 3  
     At 30 June 2017 (Reviewed)                                      Rm          Rm          Rm          Rm  
     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        1 014       1 263           1        (250)
                                                                                                            
                                                             Fair value     Level 1     Level 2     Level 3 
     At 31 December 2017 (Audited)                                   Rm          Rm          Rm          Rm 
     Financial assets held-for-trading at                                                        
     fair value through profit or loss                                4                       4             
     - Current derivative financial assets                            4                       4             
     Financial assets designated at fair                                                         
     value through profit or loss                                 1 391       1 391                         
     - Environmental rehabilitation funds                         1 357       1 357                         
     - KIO                                                           34          34                         
     Available-for-sale financial assets                            152                                 152 
     - Chifeng                                                      152                                 152 
     Financial liabilities held-for-trading at                                                   
     fair value through profit or loss                               (6)                     (6)            
     - Current derivative financial liabilities                      (6)                     (6)            
     Financial liabilities designated at                                                         
     fair value through profit or loss                             (723)                               (723)
     - Non-current contingent consideration                        (414)                               (414)
     - Current contingent consideration                            (309)                               (309)
     Net financial assets/(liabilities) held at fair value          818       1 391          (2)       (571)


     Reconciliation of financial assets and financial liabilities within Level 3 of the hierarchy
                                                                          Contin-         
                                                                             gent          
                                                                       considera-                              
                                                                             tion       Chifeng1      Total       
                                                                               Rm             Rm         Rm     
     At 31 December 2016 (Audited)                                           (483)           178       (305)    
     Movement during the period                                                                                
     Gains recognised for the period in other                        
     comprehensive income (pre-tax effect)2                                                    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)    
     Movement during the period                                                                                
     Losses recognised for the period in other                       
     comprehensive income (pre-tax effect)2                                                  (31)       (31)    
     Losses recognised for the period in profit or loss                      (317)                     (317)    
     Exchange gains for the period recognised in                     
     other comprehensive income                                                                6          6    
     Exchange gains for the period recognised                        
     in profit or loss                                                         21                        21    
     At 31 December 2017 (Audited)                                           (723)           152       (571)    
     Movement during the period                                                                                
     Gains recognised for the period in other                        
     comprehensive income (pre-tax effect)2                                                   69         69    
     Losses recognised for the period in profit or loss                      (188)                     (188)    
     Settlements                                                              299                       299    
     Exchange losses for the period recognised in profit or loss              (35)                      (35)    
     At 30 June 2018 (Reviewed)                                              (647)           221       (426)    
     1 Before 1 January 2018, the Chifeng equity investment was classified as available-for-sale in accordance 
       with IAS 39. From 1 January 2018, the Chifeng equity investment is classified at FVOCI in accordance 
       with IFRS 9.
     2 Tax on Chifeng amounts to R12 million (30 June 2017: nil; 31 December 2017: R12 million).

     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 2018, 30 June 2017 
     and 31 December 2017, except for the environmental rehabilitation funds which were transferred from Level 1 
     to Level 2 as a result of not applying the look-through principle.

     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.

     Environmental rehabilitation funds
     Level 2 fair values for debt instruments held in the environmental rehabilitation funds are based on 
     quotes provided by the financial institutions at which the funds are invested at measurement date.
 
20.2 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 in 
                                                                     Sensitivity          the inputs is 
                                                                   of inputs and           demonstrated 
                                                                      fair value                  below2
                                                   Inputs            measurement1                    Rm 
     At 30 June 2018 (Reviewed)                                                                         
     Observable inputs                                                                                  
     Rand/RMB exchange rate                    R2.07/RMB1          Strengthening                     22 
                                                                  of the rand to                        
                                                                         the RMB                        
     RMB/US$ exchange rate                     RMB6.37 to          Strengthening                    119 
                                             RMB6.97/US$1          of the RMB to                        
                                                                         the US$                        
     Zinc LME price (US$ per tonne            US$2 200 to            Increase in                    119 
     in real terms)                              US$2 860                  price                        
                                                                         of zinc                        
                                                                     concentrate                        
     Unobservable inputs                                                                                
     Production volumes                     85 000 tonnes            Increase in                     39 
                                                                      production                        
                                                                         volumes                        
     Operational costs (US$ million           US$62.71 to            Decrease in                   (86) 
     per annum in real terms)                    US$71.36            operational                        
                                                                           costs                        
     Discount rate                                 11.07%            Decrease in                   (17) 
                                                                    the discount                        
                                                                            rate                        
     At 30 June 2017 (Reviewed)                                                                         
     Observable inputs                                                                                  
     Rand/RMB exchange rate                    R1.92/RMB1          Strengthening                     18 
                                                                  of the rand to                        
                                                                         the RMB                        
     RMB/US$ exchange rate                     RMB6.52 to          Strengthening                     96 
                                             RMB7.42/US$1          of the RMB to                        
                                                                         the US$                        
     Zinc LME price (US$ per tonne            US$2 100 to      Increase in price                     96 
     in real terms)                              US$2 719                of zinc                        
                                                                     concentrate                        
     Unobservable inputs                                                                                
     Production volumes                     85 000 tonnes            Increase in                     29 
                                                                      production                        
                                                                         volumes                        
     Operational costs (US$ million           US$59.14 to            Decrease in                   (70) 
     per annum in real terms)                    US$71.31            operational                        
                                                                           costs                        
     Discount rate                                 11.23%            Decrease in                   (12) 
                                                                    the discount                        
                                                                            rate                        
     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 in 
                                                                     Sensitivity         the inputs is 
                                                                   of inputs and          demonstrated 
                                                                      fair value                 below2
                                                   Inputs            measurement1                   Rm
     At 31 December (Audited)                                                                          
     Observable inputs                                                                                 
     Rand/RMB exchange rate                    R1.90/RMB1          Strengthening                    15 
                                                                  of the rand to                       
                                                                         the RMB                       
     RMB/US$ exchange rate                     RMB6.52 to          Strengthening                   100 
                                             RMB7.28/US$1          of the RMB to                       
                                                                         the US$                       
     Zinc LME price (US$ per tonne            US$2 100 to      Increase in price                   100 
     in real terms)                              US$3 000                of zinc                       
                                                                     concentrate                       
     Unobservable inputs                                                                               
     Production volumes                     85 000 tonnes            Increase in                    29 
                                                                      production                       
                                                                         volumes                       
     Operational costs (US$ million per       US$58.46 to            Decrease in                   (75)
     annum in real terms)                        US$70.20            operational                       
                                                                           costs                       
     Discount rate                                 11.05%            Decrease in                   (12)
                                                                    the discount                       
                                                                            rate
     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 2018, there was an increase of US$13.7 million (R188.09 million) (30 June 2017: US$2.9 million 
     (R37 million); 31 December 2017: US$28.5 million (R354 million)) recognised in profit or loss for the 
     contingent consideration arrangement.
 
                                                     API4 coal price range                      Future
                                                           (US$/tonne)                         payment
     Reference year                               Minimum                Maximum           US$ 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 to the 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; and
     -  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 SA amounting to R299 million was required for the 2017 reference year 
     and R74 million was required for the 2016 reference year as the API4 price was within the agreed range. 
     No additional payment to Total SA 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 in  
                                                                    Sensitivity          the inputs is  
                                                                  of inputs and           demonstrated  
                                                                     fair value                  below2 
                                                  Inputs            measurement1                    Rm   
     At 30 June 2018 (Reviewed)                                                                         
     Observable inputs                                                                                  
     Rand/US$ exchange rate                  R13.72/US$1          Strengthening                     65    
                                                                 of the rand to                           
                                                                        the US$                          
     API4 export price (price per tonne)        US$82.50            Increase in                    134    
                                             to US$88.06            API4 export                           
                                                                price per tonne                          
     Unobservable inputs                                                                                
     Discount rate                                 3.44%        Decrease in the                    (31)    
                                                                  discount rate                          
     At 30 June 2017 (Reviewed)                                                                         
     Observable inputs                                                                                  
     Rand/US$ exchange rate                  R13.01/US$1          Strengthening                     43    
                                                                 of the rand to                           
                                                                        the US$                          
     API4 export price (price per tonne)        US$68.52            Increase in                    241    
                                             to US$75.00            API4 export                           
                                                                price per tonne                          
     Unobservable inputs                                                                                
     Discount rate                                 3.44%        Decrease in the                    (23)    
                                                                  discount rate                          
     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, except for 
       the API4 export price which would result in a decrease of R221 million (30 June 2017: R280 million; 
       31 December 2017: R245 million), on the basis that all other variables remain constant.   
      
                                                                                           Sensitivity 
                                                                                         analysis of a 
                                                                                       10% increase in  
                                                                    Sensitivity          the inputs is  
                                                                  of inputs and           demonstrated  
                                                                     fair value                  below2 
                                                  Inputs            measurement1                    Rm
     At 31 December 2017 (Audited)                                                                      
     Observable inputs                                                                                  
     Rand/US$ exchange rate                  R12.37/US$1          Strengthening                     72    
                                                                 of the rand to                           
                                                                        the US$                          
     API4 export price (price per tonne)        US$74.41            Increase in                    180    
                                             to US$84.35      API4 export price                           
                                                                      per tonne                          
     Unobservable inputs                                                                                
     Discount rate                                 3.44%            Decrease in                    (19)    
                                                                   the discount                           
                                                                           rate
     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, except for 
       the API4 export price which would result in a decrease of R221 million (30 June 2017: R280 million; 
       31 December 2017: R245 million), 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.

21.  CONTINGENT LIABILITIES
                                                                At                At                 At    
                                                          30 June            30 June        31 December    
                                                              2018              2017               2017    
                                                          Reviewed          Reviewed            Audited    
                                                                Rm                Rm                 Rm    
     Pending litigation and other claims1                    1 030               948                876    
     Operational guarantees2                                 3 168             3 683              3 480    
     - Guarantees ceded to the DMR                           2 918             2 905              3 052    
     - Other operational guarantees                            250               778                428    
     Share of contingent liabilities of equity-                909             1 189              1 084    
     accounted investments3                                                                                
     Total contingent liabilities                            5 107             5 820              5 440    
     1 Consists of legal cases as well as tax disputes where Exxaro is the defendant.
     2 Includes guarantees to banks and other institutions in the normal course of business from which it is 
       anticipated that no material liabilities will arise.
     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 audit findings from SARS following an international 
     income tax audit for the years of assessment 2009 to 2013.
     
     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 (R199 million tax payable, R91 million interest and R152 million 
     penalties) were issued on 30 March 2016 and Exxaro formally objected against these assessments. These 
     assessments were subsequently reduced by SARS to R246 million (including interest and penalties). A resolution 
     hearing with SARS was held on 18 July 2017 but the parties could not settle the matter. Notice was given to 
     refer the matter to the Tax Court and a court date of 4 March 2019 was allocated to Exxaro.      
     
     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 for 
     the amount under dispute.

22.  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.

23.  GOING CONCERN
     Based on the latest results for the six-month period ended 30 June 2018, the latest board approved budget 
     for 2018, as well as the available bank facilities and cash generating capability, Exxaro satisfies the 
     criteria of a going concern.

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

25.  EVENTS AFTER THE REPORTING PERIOD
     Details of the interim dividend are provided in note 11.  
     
     Subsequent to 30 June 2018, all conditions precedent to the sale of share agreement with Universal were 
     met and the sale of Manyeka became effective. 
     
     Subsequent to 30 June 2018, all conditions precedent to the sale of the NBC operation became effective. 
     
     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.

26.  REVIEW CONCLUSION
     These reviewed condensed group interim financial statements for the six-month period ended 30 June 2018, 
     as set out above, have been reviewed by the group'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 Exxaro's registered office together, with the 
     financial statements identified in the external auditor's report.

27.  CORPORATE GOVERNANCE
     Corporate governance forms one of the foundational layers of the Exxaro strategy as we understand that 
     transparency, integrity and accountability need to permeate everything that we do. The board of directors 
     endorse the principles contained in King IVTM. A thorough gap analysis was conducted in 2017, to understand 
     where additional effort is required to implement the recommended practices that support the King IVTM principles. 
     Exxaro will disclose actions taken toward compliance in the integrated report for the year ending 31 December 2018. 
     We have also mandated EY to conduct an independent review of our application of King IVTM to ensure that we are 
     able to thoroughly apply and explain our application of the principles in the next integrated report. Exxaro's 
     application of these principles are set out in the supplementary information, as well as in the 2017 
     integrated report and has been, in accordance with the JSE Listings Requirements, available on the company's 
     website since April 2018. Please contact Mrs SE van Loggerenberg, group company secretary and legal, for any 
     additional information.

28.  MINERAL RESOURCES AND MINERAL RESERVES
     Other than the normal LoM depletion, there have been no material changes to the Mineral Resources and 
     Mineral Reserves estimates as disclosed in the 2017 integrated report.

29.  KEY MEASURES1
                                                                         At             At               At    
                                                                    30 June        30 June      31 December    
                                                                       2018           2017             2017    
     Closing share price (rand per share)                            125.70          93.00           162.50    
     Market capitalisation (Rbn)                                      45.09          29.22            58.29    
     Average rand/US$ exchange rate (for the period ended)            12.30          13.20            13.30    
     Closing rand/US$ spot exchange rate                              13.72          13.01            12.37    
     1 Non-IFRS numbers. 

COMMENTARY
for the six-month period ended 30 June 2018  
Comments below are based on a comparison between the six-month periods ended 30 June 2018 and 2017 
(1H18 and 1H17) respectively. 

1. SAFETY
   Exxaro recorded a year-to-date LTIFR of 0.10, an improvement compared to the 0.12 reported in FY17 and 
   reported zero fatalities during 1H18. Exxaro remains committed to the Zero Harm Vision and relentless 
   efforts to reduce incidents through the Safety Improvement Plans continue.
   
2. ROBUST FINANCIAL PERFORMANCE
   The group's net operating profit for 1H18 increased by 7% to R3 126 million compared to 1H17. This was 
   mainly driven by a 12% increase in the net operating profit of the coal segment to R3 387 million 
   (1H17: R3 014 million), partly offset by a higher net operating loss of R268 million (1H17: R29 million) 
   of the other segment, which includes a R188 million fair value adjustment on the contingent consideration 
   relating to the acquisition of ECC. The income from equity-accounted investments decreased to R1 046 million 
   (1H17: R1 125 million), primarily due to lower equity-accounted income from SIOC due to rail challenges 
   experienced coupled with a stronger rand and lower iron ore export prices. However, this was offset by a 
   positive impact of ceasing equity accounting of the Tronox Limited investment due to the investment being 
   classified as a non-current asset held-for-sale on 30 September 2017 (1H17 included an equity-accounted 
   loss of R363 million).    
   
3. COMPARABILITY OF RESULTS
   The key transactions shown in table 1 should be considered to gain a better understanding of the 
   comparability of the results for the two periods.  

   Table 1: Key transactions impacting comparability
                                                                              1H18       1H17         2H17
   Reporting segment   Description                                              Rm         Rm           Rm
   Coal                - Insurance claim received by Leeuwpan 
                         from external parties1                                                          3 
                       - Gain/(loss) on disposal of property,
                         plant and equipment1                                  117        (22)         (40)
   TiO2                - Loss on dilution of shareholding in                              (75)         (31)
                         Tronox Limited1                                                                   
                       - Gain on partial disposal of investment 
                         in Tronox Limited including the recycling 
                         of the foreign currency translation reserve, 
                         offset by a loss on the recycling of the 
                         financial instruments revaluation reserve 
                         to profit and loss1;2                                                       5 191 
   Other               - Gain/(loss) on disposal of property, plant 
                         and equipment1                                          1                      (2)
                       - Receivable relating to the Mayoko iron ore 
                         project written off                                              (27)             
                       - Recycling of foreign currency translation 
                         reserve on liquidation of foreign entities 
                         to profit or loss1                                    (14)                    (58)
                       - BEE credentials expense and transaction costs                              (4 339)
                       - Fair value adjustment on contingent 
                         consideration relating to the acquisition 
                         of ECC                                               (188)       (37)        (317)
   Group               Total net operating profit impact                       (84)      (161)         407 
   Coal                - Tax on disposal of property, plant and 
                         equipment1                                              1          6           12 
                       - Tax on insurance claim received by Leeuwpan                                    (1)
                       - Post-tax share of Mafube gain on disposal 
                         of property, plant and equipment1                       1                         
   Ferrous             - Post-tax share of SIOC gain/(loss) on disposal 
                         of property, plant and equipment1                       9         (4)          (7)
                       - Post-tax share of SIOC reversal of impairment 
                         of property, plant and equipment1                                             716 
   TiO2                - Post-tax share of Tronox Limited loss on 
                         disposal of Alkali chemical business1                                      (1 271)
                       - Post-tax share of Tronox gain on disposal 
                         of property, plant and equipment1                                               1 
   Net financing cost  - NewBEECo preference dividend accrued 
                         (consolidation impact)                                (67)                    (11)
   Group               - Total attributable earnings impact                   (140)      (159)        (154)
   1 Excluded from headline earnings.
   2 Tronox Limited was classified as a non-current asset held-for-sale on 30 September 2017.

4. COMMODITY PRICE PERFORMANCE AND GROUP SEGMENT RESULTS
   The movement in the main commodity prices impacting Exxaro's performance is summarised in table 2 below.
   
   Table 2: Change in commodity prices                                                     
                                                         Average US$ per tonne    Change    
   Commodity price                                           1H18      1H17            %    
   API4 coal                                                   97        79          +23    
   Iron ore fines 62% Fe ((CFR) China)                         70        74           -5    
   
   The group revenue and net operating profit is summarised in table 3 below.
   Table 3: Group segment results (Rm)
                             Revenue                               Net operating profit/(loss)             
                     Reviewed      Reviewed                        Reviewed      Reviewed                
                         1H18          1H17        2H17                1H18          1H17         2H17   
   Coal                12 240        10 670      11 883               3 387         3 014        2 995   
   - Tied1              1 827         1 591       1 665                 192           149          (16)  
   - Commercial        10 413         9 079      10 218               3 195         2 865        3 011   
   Ferrous                 12            56         187                   7                         53   
   TiO2                                                                               (75)       5 160   
   Other                    8            10           7                (268)          (29)      (5 058)  
   Total               12 260        10 736      12 077               3 126         2 910        3 150   
   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
       Consolidated group revenue increased by 14% to R12 260 million (1H17: R10 736 million), mainly due 
       to a higher contribution from the coal operations driven by improved coal sales prices and higher 
       Eskom commercial volumes at Grootegeluk based on demand from the Medupi Power Station. The average 
       price per tonne achieved on exports was US$79 (1H17: US$65) which was offset by a stronger average 
       spot exchange rate of R12.30 to the US dollar recorded for the period ended 30 June 2018 
       (1H17: R13.20).
       
       Consolidated group net operating profit increased by 7% to R3 126 million (1H17: R2 910 million), 
       which is discussed further under the relevant segments.     

5.1.2. Earnings
       Earnings, which include Exxaro's share of income or loss of equity-accounted investments in 
       associates and joint ventures, were R3 182 million (1H17: R2 692 million) or 1 268 cents per share 
       (1H17: 852 cents per share).
       
       Headline earnings were 10% higher at R3 067 million (1H17: R2 787 million) or 1 222 cents per share 
       (1H17: 882 cents per share).     

       Table 4: Income/(loss) from investments in associates and joint ventures (Rm)
                                       Equity-accounted income/(loss)         Dividends received         
                                      Reviewed      Reviewed            Reviewed    Reviewed              
                                          1H18          1H17      2H17      1H18        1H17      2H17    
       SIOC                                793         1 228     2 075     1 306                 1 390    
       Tronox SA and UK operations1        224            68       118                                    
       Tronox Limited2                                  (363)   (1 466)       31          59        50    
       Mafube                              (30)          118       141                                    
       Black Mountain                       57            99       127                                    
       Cennergi                             20           (11)       13                                    
       RBCT                                (18)          (14)      (10)                                   
       Total                             1 046         1 125       998     1 337          59     1 440    
       1 Exxaro has a 26% interest in Tronox SA and Tronox UK.
       2 Application of the equity method ceased when the investment was classified as a non-current 
         asset held-for-sale on 30 September 2017.  

5.1.3. Cash flow and funding
       Cash flow generated by operations increased by R281 million to R3 941 million (1H17: R3 660 million) 
       and was sufficient to cover operating activities and capital expenditure, as shown in table 5 below. 
         
       Table 5: Utilisation of cash generated by operations (Rm)
                                                              Reviewed      Reviewed                 
                                                                  1H18          1H17         2H17    
       Cash generated by operations                              3 941         3 660        3 166    
       Net finance costs                                          (126)         (273)        (136)   
       Capital expenditure                                      (2 037)       (1 314)      (2 607)   
       Tax paid                                                   (588)         (575)        (215)   
       Final/interim ordinary dividend paid                     (1 004)       (1 284)        (943)   
       Net surplus/(deficit) after operating activities            186           214         (735)   
       and capital expenditure                                                                       

       Total capital expenditure for 1H18 increased by R723 million when compared to the corresponding period 
       last year, consisting of a R72 million increase in expenditure on sustaining and environmental capital 
       (stay-in-business capital) and R651 million on new capacity (expansion capital).    
       
       A gross special dividend of R4 502 million (R3 149 million paid to external shareholders) was paid to 
       shareholders on 5 March 2018 following the partial disposal of Exxaro's shareholding in Tronox Limited 
       during October 2017.                                      
       
       A dividend of R1 306 million was received from our investment in SIOC (1H17: nil). SIOC has declared a 
       dividend to its shareholders in July 2018, amounting to R1 263 million for Exxaro's 20.62% shareholding. 
       The dividend will be accounted for in 2H18.            

5.1.4. Debt exposure
       Net debt at 30 June 2018 was R2 514 million compared to net debt of R4 353 million at 30 June 2017. 
       This equates to a net debt to equity ratio of 6.5% (1H17: 12.0%), well below our internal limit of 40%.

5.2. Coal business performance
     Table 5: Unreviewed coal production and sales volumes ('000 tonnes)
                                                    Production                             Sales
                                           1H18        1H17        2H17        1H18        1H17        2H17    
     Thermal                             22 218      20 823      22 020      22 125      20 911      22 347    
     Tied                                 3 538       3 542       3 858       3 538       3 542       3 861    
      Commercial: domestic               18 680      17 281      18 162      14 666      13 973      14 270    
     Commercial: export                                                       3 921       3 396       4 216    
     Metallurgical                        1 179       1 069       1 063         584         566         624    
     Commercial: domestic                 1 179       1 069       1 063         584         566         624    
                                                                                                               
     Total coal                          23 397      21 892      23 083      22 709      21 477      22 971    
     Semi-coke                               23          46          40          33          47          41    
     Total coal (excluding buy-ins)      23 420      21 938      23 123      22 742      21 524      23 012    
     Thermal coal buy-ins                   868         105         399                                        
     Total coal (including buy-ins)      24 288      22 043      23 522      22 742      21 524      23 012    

     Domestic trading conditions were favourable in 1H18 as producers experienced strong demand for 
     higher-quality product. The metals and reductants markets remained stable amid stable international 
     commodity prices.
     
     The first half of 2018 saw relatively subdued export demand as a result of high international prices. 
     The API4 index remained above US$100 per tonne. This resulted in India, our natural market, sourcing 
     its coal from Russia, United States and Australia.                    

5.2.1. Production and sales volumes
       Overall coal production volumes (excluding buy-ins and semi-coke) increased by 7% or 1 505kt. This 
       increase can essentially be attributed to the higher production volumes at Grootegeluk (GG) due to 
       continued ramp up at GG7 and GG8 plants to supply the Medupi Power Station. Sales were also 
       6% higher (1 232kt).

5.2.1.1. Metallurgical coal
         Grootegeluk's metallurgical coal production was 110kt (10%) higher, mainly due to better yields at 
         GG1 as a result of better geological conditions compared to 2017. Sales increased by 18kt (3%) 
         mainly due to higher demand. 
         
5.2.1.2. Thermal coal
         Tied mines
         Power station coal production from Matla mine was in line with 1H17, despite equipment breakdowns 
         and unfavourable geological conditions.
         
         Commercial mines
         Power station coal production from the commercial mines was 2 122kt higher mainly due to:
         - Increased production at the Grootegeluk plants (GG7 and GG8) of 2 329kt
         - Increased production at Leeuwpan of 155kt as a result of higher plant availability.
         
         This increase was partly offset by:
         - Lower production at NBC of 362kt due to community actions as well as discontinuing production 
           at Eerstelingsfontein due to the pending divestment to Universal.

         Domestic power station coal sales from the commercial mines were 913kt higher than 1H17 mainly 
         as a result of an increase of 1 508kt at Grootegeluk due to higher demand from Medupi Power 
         Station. This was partly offset by lower NBC sales of 595kt due to community actions preventing 
         Eskom from collecting coal.
         
         Steam coal production decreased by 723kt mainly as a result of:
         - Lower buy-ins from Mafube JV of 616kt due to the ramping down of Springboklaagte and the 
           ramping up of Nooitgedacht reserve.               
         
         Domestic steam sales decreased by 225kt mainly as a result of:
         - Lower sales at Leeuwpan of 407kt due to coal being diverted to the export market
         - Lower sales at Grootegeluk of 67kt due to lower product availability
         - Lower sales at ECC of 44kt.

         The negative variance was partly offset by:
         - Higher sales at NBC 293kt due to alternative markets found for the lower Eskom off-take.
         
         The Semi-Coke production was 23kt (50%) lower due to a fire incident in March 2018 at 
         Grootegeluk's reductant plant. Sales were 14kt (30%) lower and in line with the lower 
         production and stock availability.

5.2.2. Revenue and net operating profit
       Coal revenue of R12 240 million was 15% higher than 1H17 (R10 670 million). Higher revenue 
       from the commercial mines was mainly attributable to the higher selling prices as well as 
       an increase in Eskom volumes.
       
       Net operating profit of R3 387 million (1H17: R3 014 million) at an operating margin of 28% 
       represents an increase of 12%, mainly due to:    
       - Higher sales prices (+R1 195 million)
       - Volume variances (+R605 million)
       - Lower distribution cost (+R257 million).
       
       Partly offset by:
       - Higher cost of buy-ins (-R396 million)
       - Inflation (-R392 million)
       - Exchange rate variance on sales due to a stronger rand against the US dollar (-R311 million)
       - Net scope changes of environmental rehabilitation provisions (-R134 million)
       - Royalties (-R71 million).

5.2.3. Equity-accounted investment
       Exxaro recorded an equity-accounted loss of R30 million for 1H18 (1H17: profit of R118 million) 
       from Mafube, a 50% joint venture with Anglo, mainly due to the ramping down of Springboklaagte  
       reserve and ramping up of the Nooitgedacht reserve.

5.3. Ferrous business
     Equity-accounted investment
     The decrease in equity-accounted income from SIOC of R435 million to R793 million in 1H18 is 
     primarily due to rail challenges experienced coupled with a stronger rand exchange rate and lower 
     iron ore export prices.

5.4. Titanium dioxide
     Equity-accounted investment
     Equity-accounted income from Tronox SA and Tronox UK increased by R156 million to R224 million 
     compared to 1H17. This is mainly due to an improved operating performance as well as foreign currency 
     exchange gains.
     
     The Tronox Limited investment was classified as a non-current asset held-for-sale on 30 September 2017, 
     upon which date equity accounting ceased. An equity-accounted loss of R363 million was included in 1H17 
     for Tronox Limited.
     
     Exxaro obtained shareholder approval to sell the remainder of its shares in Tronox Limited and is 
     exploring alternatives for the monetisation thereof, through an efficient and staged sales process. 
     We are continuing to monitor developments with Tronox Limited, such as the proposed acquisition of 
     Cristal, and its approval by the US and European authorities.    

5.5. Energy business
     Equity-accounted investment
     Exarro recorded an equity-accounted income of R20 million for 1H18 (1H17: loss of R11 million) 
     from Cennergi, a 50% joint venture with Tata Power. The two windfarm projects are running at slightly 
     lower than planned capacity due to lower than expected wind speeds, which was offset by 
     better than contracted equipment availability.
     
     The results were also positively influenced by a change in the useful life (from 20 years to 30 years) 
     of the property, plant and equipment at the two windfarms which reduced the depreciation charge.

6. PERFORMANCE AGAINST NEW B-BBEE CODES AND MINING CHARTER
   We are pleased with the improvement in our recognition level, from Level Six to Level Five, in terms 
   of the scorecard of the Department of Trade and Industry (DTI) Codes of Good Practice. This improvement 
   is attributable to our initial efforts during 2017 in the Enterprise and Supplier Development 
   category; however, much work remains to achieve our goal of reaching Level Three by 2019. We are 
   confident that, with the plans we have in place, together with our intent to diversify our supply chain, 
   enhance local economic development in the various communities of our operations and innovatively grow 
   our business of tomorrow, we will achieve this goal.
   
   We further note the publication by the DMR of a draft Mining Charter and the invitation for comment 
   by stakeholders. Exxaro has commented on the draft document and is also participating, through the 
   Minerals Council South Africa, regarding key issues that need to be considered to achieve 
   competitiveness, growth and transformation.

7. THE YOUTH EMPLOYMENT SERVICES (YES) INITIATIVE
   The YES initiative was pronounced by President Cyril Ramaphosa on 27 March 2018. YES is a partnership 
   between government, business, labour and civil society and aims to see more than one million young 
   South Africans, between the ages of 18 and 35, being offered paid work experience over the next 
   three years. We are committed to this initiative and currently awaiting further clarification and 
   guidelines for participation from the DTI. We will be partnering with service providers to implement 
   and enable the programme of both skills and work experience for the youth.

8. BROAD-BASED BLACK ECONOMIC EMPOWERMENT
   As referred to in the announcement released on the SENS of the JSE Limited on 20 November 2017 
   relating to the results of the extraordinary general meeting of shareholders with respect to the 
   implementation of the Replacement BEE Transaction, Exxaro provided certain undertakings:   

8.1. Implementation of Employee and Community Empowerment Schemes
     In order to ensure that the profile of NewBEECo is enhanced to be more broad-based, and include 
     new empowerment beneficiaries, Exxaro undertook to finalise appropriate employee and community 
     empowerment structures by transferring no less than 10% of its equity holding in NewBEECo by 
     30 June 2018.
     
     Exxaro has made meaningful progress with respect to the conceptualisation of relevant employee 
     and community empowerment structures in line with the abovementioned undertaking. In light of the 
     recent developments regarding the revised Mining Charter, the board of directors of Exxaro has 
     resolved that the implementation of the relevant employee and community empowerment structures be 
     delayed to ensure regulatory compliance is achieved and that sustainable ownership structures are 
     optimised in this regard.
     
     Exxaro remains fully committed in meeting the undertaking given in a manner which meets the 
     objectives of all stakeholders.

8.2. Other undertakings
     Exxaro is in discussions with stakeholders in respect of the undertakings relating to the 
     restructuring of the BEE shareholding and the potential listing of NewBEECo on a BEE exchange.

9. MINERAL RESOURCES AND mineral RESERVES
   Other than the normal LOM depletion, there have been no material changes to the Mineral Resources 
   and Mineral Reserves as disclosed in the 2017 integrated report.

10. MINING AND PROSPECTING RIGHTS
    Exxaro has continued with the successful submissions of amendments to existing rights to protect 
    Exxaro's interests and ensure greater LOM.  
    
    In addition to the above, Exxaro has made slow progress with the mining right registrations of 
    Matla, Arnot and Glisa (at the NBC operation). While there are still challenges pertaining to 
    these registrations, Exxaro still expects the registrations to be concluded during 3Q18.      

11. CHANGES TO THE BOARD OF DIRECTORS AND BOARD COMMITTEES
    The following non-executive directors have been appointed on 23 May 2018:
    - Ms GJ Fraser-Moleketi
    - Mr MJ Moffett
    - Mr LI Mophatlane.
    
    Mr J van Rooyen, who joined the board of directors in August 2008, was appointed as lead independent 
    director on 26 March 2018. Mr van Rooyen resigned as lead independent director and as chairman of the 
    audit committee when he was appointed as chairman of the board of directors on 15 June 2018.  
    
    Ms GJ Fraser-Moleketi was appointed as lead independent director on 15 June 2018.
    
    The following independent non-executive directors have been appointed as chairmen of Exxaro's 
    board committees on 15 June 2018:              
    - Mr V Nkonyeni, has been appointed to chair the audit committee
    - Mr LI Mophatlane, has been appointed to chair the investment committee (a newly constituted 
      committee of the board)                          
    - Mr EJ Myburgh, has been appointed to chair the remuneration committee
    - Ms A Sing, has been appointed to chair the social and ethics committee
    - Mr PCCH Snyders, has been appointed to chair the sustainability, risk and compliance committee
    - Mr J van Rooyen, has been appointed to chair the nomination committee.

12. OUTLOOK
    We expect that the domestic market demand for sized product will remain strong as supply remains 
    tight. We are confident that all products will be placed successfully into the market during 2H18.
    
    Export markets are still reliant on demand from India for lower-quality coal. However, Exxaro is 
    actively diversifying its markets for lower quality coal to minimise dependency on the Indian 
    market. Growth is expected from the South-East Asian markets.
    
    Exxaro expects a stable outlook for the coal business in 2H18 based on:
    - Favourable trading conditions in domestic markets
    - Strong international coal prices
    - Our business optimisation strategy driving operational and innovation excellence throughout 
      the business with a strong focus on eliminating systemic waste.
    - Good progress being made on building key technology enabling infrastructure and the 
      visualisation of business constraints, aimed at accelerating our innovation and technology 
      implementation strategy.
    
    During 2H18, the performance of our SIOC investment will be supported by a relatively stable 
    iron ore fines price and lump premium, and continued strong demand for higher-grade products.
    
    Relatively stable commodity prices and global economic growth are anticipated. Over the next 
    six months the US-China trade tension and high oil price are expected to slow global economic 
    growth momentum somewhat. The rand to the US dollar exchange rate is expected to remain 
    volatile and subject to ongoing event risk such as US Federal interest rate normalisation, 
    geopolitical risks and emerging market sentiment.

13. REVISED DIVIDEND POLICY AND INTERIM DIVIDEND
    In determining the level of dividend payout Exxaro takes cognisance of the current state of 
    the industry, Exxaro's capital expenditure and other relevant commitments as well as its 
    ability to generate sustainable cash flows.
    
    Exxaro's declared dividend policy was based on a cover ratio of between 2.5 and 3.5 times 
    core attributable group earnings.
    
    Given Exxaro's strong balance sheet, underpinned by strong cash flow generation, the board of 
    directors has approved a revised dividend policy. The revised dividend policy comprises two 
    components; firstly, a pass through of the SIOC dividend received and secondly, a dividend based 
    on a targeted cover ratio of 2.5 to 3.5 core attributable coal earnings.
    
    Additionally, Exxaro is targeting a gearing ratio below 1.5 times net debt to EBITDA.
    
    The board of directors has therefore declared a cash dividend comprising:
    - 3.3 times core attributable coal earnings
    - Pass through of SIOC dividend of R1 263 million.
    
    Notice is hereby given that a gross interim cash dividend, number 31 of 530 cents per share, 
    for the six-month period ended 30 June 2018 was declared, and is payable to shareholders of 
    ordinary shares. For details of the dividend, please refer to note 11 of the reviewed condensed 
    group interim financial statements for the six-month period ended 30 June 2018.
    
    Salient dates for payment of the interim dividend are:
    - Last day to trade cum dividend on the JSE Tuesday                          18 September 2018  
    - First trading day ex dividend on the JSE Wednesday                         19 September 2018  
    - Record date Friday                                                         21 September 2018  
    - Payment date Tuesday                                                       25 September 2018  
    
    No share certificates may be dematerialised or re-materialised between Wednesday, 19 September 2018 
    and Friday, 21 September 2018, 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 Tuesday, 25 September 2018. 

14. GENERAL
    Additional information on financial and operational results for the six-month period ended 
    30 June 2018, and the accompanying presentation can be accessed on our website on www.exxaro.com.

On behalf of the board of directors

Jeffrey van Rooyen          Mxolisi Mgojo                     Riaan Koppeschaar    
Chairman                    Chief executive officer           Finance director     
16 August 2018


ACRONYMS

AgriProtein                      AgriProtein Holdings UK Limited
Anglo                            Anglo South Africa Capital Proprietary Limited
API4                             All publications index 4 (FOB Richards Bay 6000kcal/kg)
B-BBEE                           Broad-based black economic empowerment
BEE                              Black economic empowerment
BEE Parties                      External shareholders of NewBEECo
Black Mountain                   Black Mountain Proprietary Limited
Cennergi                         Cennergi Proprietary Limited
CFR                              Cost and freight
Chifeng                          Chifeng Kumba Hongye Corporation Limited 
Cps                              Cents per share
Curapipe                         Curapipe Systems Limited
DCM                              Dorstfontein
DEA                              Department of Environmental Affairs
DMR                              Department of Mineral Resources
DMTN                             Domestic medium-term note
ECC                              Exxaro Coal Central Proprietary Limited  
ECL(s)                           Expected credit loss(es)
Eloff                            Eloff Mining Company Proprietary Limited 
EMJV                             Ermelo joint venture
Ferroland                        Ferroland Grondtrust Proprietary Limited 
FOB                              Free on board
FVOCI                            Fair value through other comprehensive income
FVPL                             Fair value through profit or loss
HDSA                             The meaning given to it, or any equivalent or 
                                 replacement term, in the broad-based socio-economic 
                                 empowerment charter for the South African Mining 
                                 Industry, developed under section 100 of the MPRDA, 
                                 as amended or replaced from time to time    
HEPS                             Headline earnings per share
IAS                              International Accounting Standard
IASB                             International Accounting Standards Board
IFRS                             International Financial Reporting Standards
JIBAR                            Johannesburg Interbank Agreed Rate
JSE                              JSE Limited
kcal                             Kilocalorie
KIO                              Kumba Iron Ore Limited
Kt                               Kilo tonnes
LME                              London Metal Exchange
LOM                              Life of mine
LTIFR                            Lost-time injury frequency rate
Mafube                           Mafube Coal Proprietary Limited
Main Street 333                  Main Street 333 Proprietary Limited
Manyeka                          Manyeka Coal Mines 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
NEMA                             National Environmental Management Act, 1998
NewBEECo                         Eyesizwe (RF) Proprietary Limited, special purpose 
                                 private company which holds the BEE shares
OCI                              Other comprehensive income
PRC                              Peoples Republic of China
Prime Rate                       South African prime bank rate
Rb                               Rand billion
RB1                              Richards Bay export product 1
RBCT                             Richards Bay Coal Terminal Proprietary Limited
Replacement BEE Transaction      BEE transaction which was implement in 2017 and 
                                 resulted in Exxaro being held 30% by HDSAs
Rm                               Rand million
RMB                              Chinese Renminbi
SAICA                            South African Institute of Chartered Accountants
SARS                             South African Revenue Service
SIOC                             Sishen Iron Ore Company Proprietary Limited
SPPI                             Solely payments of principal and interest
SSCC                             Semi-soft coking coal
Tata Power                       Tata Power Company Limited
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
UK                               United Kingdom
Universal                        Universal Coal Development IV Proprietary Limited
US$                              United States Dollar
VAT                              Value Added Tax


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
J van Rooyen*** (chairman), MDM Mgojo* (chief executive officer), PA Koppeschaar* (finance director), 
GJ Fraser-Moleketi (lead independent director)***, MW Hlahla**, D Mashile-Nkosi**, L Mbatha**, 
VZ Mntambo**, MJ Moffett***, LI Mophatlane***, EJ Myburgh***, V Nkonyeni***, A Sing***, PCCH Snyders***
*Executive
**Non-executive
***Independent non-executive

PREPARED UNDER SUPERVISION OF:
PA Koppeschaar CA(SA)
SAICA registration number: 00038621

GROUP COMPANY SECRETARY
SE van Loggerenberg

TRANSFER SECRETARIES
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Rosebank, 2196
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 


DISCLAIMER
Opinions expressed herein are by nature subjective to known and unknown risks and uncertainties. 
Changing information or circumstances may cause the actual results, plans and objectives of 
Exxaro Resources Limited (the company) to differ materially from those expressed or implied in the 
forward looking statements. Financial forecasts and data given herein are estimates based on the 
reports prepared by experts who in turn relied on management estimates. Undue reliance should
not be placed on such opinions, forecasts or data. No representation is made as to the completeness 
or correctness of the opinions, forecasts or data contained herein. Neither the company, nor any of 
its affiliates, advisers or representatives accepts any responsibility for any loss arising from the 
use of any opinion expressed or forecast or data herein. Forward looking statements apply only as of 
the date on which they are made and the company does not undertake any obligation to publicly update 
or revise any of its opinions or forward looking statements whether to reflect new data or future 
events or circumstances.

www.exxaro.com
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