Exxaro Resources : Reviewed condensed group Interim financial statements and unreviewed production and sales volumes information for the six months ended 30June 2016

August 18, 2016 at 05:10 am EDT

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')

The full report is available on www.exxaro.com

Reviewed condensed group interim financial statements and unreviewed production and sales volumes information
for the six-month period ended 30 June 2016

SALIENT FEATURES

Owner-controlled operations
- Coal sales at 22Mt, up 9%
- Core coal NOP of R2 billion, up 22%

SIOC
- R745 million core post-tax equity-accounted income, up 17%
- No dividends declared for 1H16

Tronox
- R921 billion core post-tax equity losses
- Dividend of R233 million

Mafube
- R450 million dividend received

Group
- Net debt: equity of 6,5%
- Cost savings
- R110 million labour bill savings since VSP*
- R150 million reduction in procurement costs
- Interim dividend of 90cps, up 38%

*Voluntary severance and termination packages
CONDENSED GROUP STATEMENT OF COMPREHENSIVE INCOME
6 months ended 12 months ended
6 months ended 30 June 31 December
30 June 2015 2015
2016 Reviewed Audited
Reviewed (Re-presented) (Re-presented)
Rm Rm Rm
Revenue 9 762 8 324 18 330
Operating expenses (7 557) (6 473) (13 116)
Operating profit (note 7) 2 205 1 851 5 214
Impairment charges of non-current assets (note 8) (1 749)
Net operating profit 2 205 1 851 3 465
Finance income (note 9) 83 33 102
Finance costs (note 9) (417) (359) (770)
Income from financial assets 1 1
Share of (loss)/income from equity- (9) 83 (1 137)
accounted investments (note 10)
Profit before tax 1 862 1 609 1 661
Income tax expense (490) (399) (1 102)
Profit for the period from continuing operations 1 372 1 210 559
Loss for the period from discontinued operations (note 6) (121) (43) (292)
Profit for the period 1 251 1 167 267
Other comprehensive (loss)/income, net of tax (91) 561 2 167
Items that will not be reclassified to 31 16 124
profit or loss:
- Remeasurements of post-employment benefit obligation (17)
- Share of comprehensive income from equity-accounted investments 31 16 141
Items that may be subsequently reclassified to profit or loss: (122) 545 2 043
- Unrealised gains on translation of
foreign operations 25 28 329
- Revaluation of financial assets
available-for-sale (2) 14 (141)
- Share of comprehensive (loss)/income from
equity-accounted investments (145) 503 1 855
Total comprehensive income for the period 1 160 1 728 2 434

Profit/(loss) attributable to:
Owners of the parent 1 285 1 167 296
- Continuing operations 1 406 1 210 588
- Discontinued operations (121) (43) (292)
Non-controlling interests (34) (29)
- Continuing operations (34) (29)

Profit for the period 1 251 1 167 267
Total comprehensive income/(loss) attributable to:
Owners of the parent 1 194 1 728 2 463
- Continuing operations 1 226 1 769 2 768
- Discontinued operations (32) (41) (305)
Non-controlling interests (34) (29)
- Continuing operations (34) (29)

Total comprehensive income for the period 1 160 1 728 2 434

6 months ended 12 months ended
6 months ended 30 June 31 December
30 June 2015 2015
2016 Reviewed Audited
Reviewed (Re-presented) (Re-presented)
cents cents cents
Attributable earnings/(loss) per share
Aggregate
- Basic 362 329 83
- Diluted 360 328 83
Continuing operations
- Basic 396 341 165
- Diluted 394 340 165
Discontinued operations
- Basic (34) (12) (82)
- Diluted (34) (12) (82)
CONDENSED GROUP STATEMENT OF FINANCIAL POSITION
At 30 June At 30 June At 31 December
2016 2015 2015
Reviewed Reviewed Audited
Rm Rm Rm
ASSETS
Non-current assets 46 126 41 638 46 482
Property, plant and equipment 21 073 19 018 20 412
Biological assets 52 84 51
Intangible assets 43 30 56
Investments in associates (note 14) 19 687 18 118 19 690
Investments in joint ventures (note 15) 1 195 1 104 1 662
Financial assets 3 638 2 766 4 067
Deferred tax 438 518 544
Current assets 6 492 9 987 6 016
Financial assets (note 19) 452
Inventories 1 213 995 1 240
Trade and other receivables 2 281 1 906 2 666
Current tax receivable 185 102 55
Cash and cash equivalents 2 361 6 984 2 055
Non-current assets held-for-sale (note 16) 142 314 128
Total assets 52 760 51 939 52 626
EQUITY AND LIABILITIES
Capital and other components of equity
Share capital 2 460 2 435 2 445
Other components of equity 6 901 6 581 6 911
Retained earnings 26 651 26 413 25 670
Equity attributable to owners of the parent 36 012 35 429 35 026
Non-controlling interests (834) (800)
Total equity 35 178 35 429 34 226
Non-current liabilities 11 940 12 638 12 701
Interest-bearing borrowings (note 17) 3 039 5 931 4 185
Non-current provisions 3 297 2 373 3 112
Post-retirement employee obligations 228 167 217
Financial liabilities 73 82 116
Deferred tax 5 303 4 085 5 071
Current liabilities 4 298 3 645 4 655
Trade and other payables 2 515 2 465 3 546
Current shareholder loans 21 21
Interest-bearing borrowings (note 17) 1 584 465 882
Current tax payable 35 14 48
Current provisions 127 168 158
Overdraft (note 17) 16 533
Non-current liabilities held-for-sale (note 16) 1 344 227 1 044
Total equity and liabilities 52 760 51 939 52 626
CONDENSED GROUP STATEMENT OF CASH FLOWS
6 months ended 6 months ended 12 months ended
30 June 30 June 31 December
2016 2015 2015
Reviewed Reviewed Audited
Rm Rm Rm
Cash flows from operating activities 1 380 1 297 3 011
Cash generated by operations 2 183 2 330 4 526
Interest paid (252) (230) (500)
Interest received 45 23 54
Tax paid (292) (74) (85)
Dividends paid (304) (752) (984)
Cash flows from investing activities (607) (178) (5 130)
Property, plant and equipment to maintain operations (note 13) (993) (703) (1 663)
Property, plant and equipment to expand operations (note 13) (179) (298) (727)
Increase in investment in intangible assets (34)
Proceeds from disposal of property, plant and equipment 3 73 198
Increase in investments in other non-current assets (34) (158) (106)
Increase in loans to related parties (400)
Proceeds from disposal of operation 70
Proceeds from disposal of joint venture 200
Increase in investment in joint venture (54) (77) (374)
Increase in investment in associate (233)
Acquisition of subsidiaries (3 436)
Income from investments in associates and joint ventures 683 984 1 341
Dividend income from financial assets 1 1
Cash flows from financing activities (443) 3 350 2 000
Interest-bearing borrowings raised (note 17) 1 066 4 320 4 320
Interest-bearing borrowings repaid (note 17) (1 509) (970) (2 320)

Net increase/(decrease) in cash and cash equivalents 330 4 469 (119)
Cash and cash equivalents at beginning of the period 2 055 1 939 1 939
Translation difference on movement in cash and cash equivalents (40) 43 235
Cash and cash equivalents at end of the period 2 345 6 451 2 055
Cash and cash equivalents 2 361 6 984 2 055
Overdraft (16) (533)

CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY
Other components of equity
Foreign Financial Retirement Available-
Share currency instruments Equity- benefit for-sale
capital translation revaluation settled obligation revaluation
Rm Rm Rm Rm Rm Rm
At 31 December 2014 (Audited) 2 409 4 167 116 1 695 (329) 382
Profit for the period
Other comprehensive income 28 14
Share of comprehensive income/(loss)
from equity-accounted investments 384 (23) 116 16 13
Issue of share capital 26
Share-based payments movement 2
Dividends paid
At 30 June 2015 (Reviewed) 2 435 4 579 93 1 813 (313) 409
Loss for the period
Other comprehensive income/(loss) 301 (17) (155)
Share of comprehensive income from
equity-accounted investments 1 054 148 99 125 51
Issue of share capital 10
Share-based payments movement 96
Reclassification of equity (360)
Dividends paid
Acquisition of subsidiaries
Liquidation of subsidiaries (1 012)
At 31 December 2015 (Audited) 2 445 4 922 241 2 008 (205) (55)
Profit/(loss) for the period
Other comprehensive income/(loss) 25 (2)
Share of comprehensive (loss)/income
from equity-accounted investments (80) (192) 127 31
Issue of share capital1 15
Share-based payments movement 81
Dividends paid
At 30 June 2016 (Reviewed) 2 460 4 867 49 2 216 (174) (57)
1 Vesting of Mpower 2012 treasury shares to good leavers.

CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY (continued)

Attributable Non- Total
Retained to owners of controlling equity
earnings the parent interests Rm
Rm Rm Rm
At 31 December 2014 (Audited) 25 985 34 425 34 425
Profit for the period 1 167 1 167 1 167
Other comprehensive income 42 42
Share of comprehensive income/(loss)
from equity-accounted investments 13 519 519
Issue of share capital 26 26
Share-based payments movement 2 2
Dividends paid (752) (752) (752)
At 30 June 2015 (Reviewed) 26 413 35 429 35 429
Loss for the period (871) (871) (29) (900)
Other comprehensive income/(loss) 129 129
Share of comprehensive income from
equity-accounted investments 1 477 1 477
Issue of share capital 10 10
Share-based payments movement 96 96
Reclassification of equity 360
Dividends paid (232) (232) (232)
Acquisition of subsidiaries (771) (771)
Liquidation of subsidiaries (1 012) (1 012)
At 31 December 2015 (Audited) 25 670 35 026 (800) 34 226
Profit/(loss) for the period 1 285 1 285 (34) 1 251
Other comprehensive income/(loss) 23 23
Share of comprehensive (loss)/income
from equity-accounted investments (114) (114)
Issue of share capital1 15 15
Share-based payments movement 81 81
Dividends paid (304) (304) (304)
At 30 June 2016 (Reviewed) 26 651 36 012 (834) 35 178
1 Vesting of Mpower 2012 treasury shares to good leavers.

Final dividend paid per share (cents) in respect of the 2015 financial year 85
Interim dividend paid per share (cents) in respect of the 2015 interim period 65
Dividend payable per share (cents) in respect of the 2016 interim period 90

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.

Retirement benefit obligation
Comprises remeasurements, net of tax, on the post-retirement obligation.

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

RECONCILIATION OF GROUP HEADLINE EARNINGS
Gross Tax Net
Rm Rm Rm
6 months ended 30 June 2016 (Reviewed)
Profit for the period attributable to owners of the parent 1 285
Adjusted for: (184) (5) (189)
- IAS 16 Net losses on disposal of property, plant and equipment 13 (1) 12
- IAS 28 Gain on disposal of joint venture (203) (203)
- IAS 28 Loss on dilution of investment in associate 29 29
- IAS 28 Excess of fair value over cost of investment in associate (35) (35)
- IAS 28 Share of equity-accounted investments'
separate identifiable remeasurements 12 (4) 8

Headline earnings/(loss) 1 096
- Continuing operations 1 218
- Discontinued operations (122)
6 months ended 30 June 2015 (Reviewed) (Re-presented)
Profit for the period attributable to owners of the parent 1 167
Adjusted for: (90) (90)
- IAS 16 Net gains on disposal of property, plant and equipment (66) (2) (68)
- IAS 16 Compensation from third parties for items of property,
plant and equipment impaired, abandoned or lost (5) 2 (3)
- IAS 21 Gains on translation differences recycled to profit
or loss on the liquidation of a foreign subsidiary (33) (33)
- IAS 28 Loss on dilution of investment in associate 11 11
- IAS 28 Share of equity-accounted investments' separate
identifiable remeasurements 3 3

Headline earnings/(loss) 1 077
- Continuing operations 1 193
- Discontinued operations (116)
12 months ended 31 December 2015 (Audited) (Re-presented)
Profit for the year attributable to owners of the parent 296
Adjusted for: 1 683 (356) 1 327
- IFRS 10 Gain on disposal of an operation (112) 31 (81)
- IAS 16 Net gains on disposal of property, plant and equipment (158) 2 (156)
- IAS 16 Compensation from third parties for items of property,
plant and equipment impaired, abandoned or lost (5) 2 (3)
- IAS 21 Gains on translation differences recycled to profit
or loss on the liquidation of a foreign subsidiary (1 012) (1 012)
- IAS 28 Loss on dilution of investment in associate 10 10
- IAS 28 Share of equity-accounted investments' separate
identifiable remeasurements 1 211 (328) 883
- IAS 36 Impairment of property, plant and equipment 225 (63) 162
- IAS 36 Impairment of goodwill acquired in a business
combination in terms of IFRS 3 1 524 1 524

Headline earnings/(loss) 1 623
- Continuing operations 2 035
- Discontinued operations (412)

6 months ended 12 months ended
6 months ended 30 June 31 December
30 June 2015 2015
2016 Reviewed Audited
Reviewed (Re-presented) (Re-presented)
cents cents cents
Headline earnings/(loss) per share
Aggregate
- Basic 309 303 457
- Diluted 307 303 456
Continuing operations
- Basic 343 336 573
- Diluted 341 336 572
Discontinued operations
- Basic (34) (33) (116)
- Diluted (34) (33) (116)
Refer to note 12 for details regarding the number of shares.
NOTES TO THE REVIEWED CONDENSED GROUP INTERIM FINANCIAL STATEMENTS
for the six-month period ended 30 June 2016

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 and Alkali chemicals (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 2016 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
Statement of compliance
The reviewed condensed group interim financial statements as at and for the six-month period ended 30 June 2016 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 Cements of the Companies Act of South Africa. The reviewed condensed group interim financial statements
as at and for the six-month period ended 30 June 2016 have been prepared under the supervision of
PA Koppeschaar (CA)SA, SAICA registration number: 00038621.

The reviewed condensed group interim financial statements should be read in conjunction with the group annual
financial statements as at and for the year ended 31 December 2015, which have been prepared in accordance with
IFRS as issued by the IASB. The reviewed condensed group interim financial statements have been prepared on
the historical cost basis, excluding financial instruments and biological assets, which are at fair value.

The reviewed condensed group interim financial statements of Exxaro and its subsidiaries as at and for the
six-month period ended 30 June 2016 were authorised for issue by the board of directors on 16 August 2016.

Judgements and estimates
In preparing these reviewed condensed group interim financial statements, management made judgements, estimates and
assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income
and expenses. 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 2015.

3. ACCOUNTING POLICIES
The accounting policies adopted in the preparation of the reviewed condensed group 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 2015. Amendments to IFRS effective for the financial year ending 31 December 2016 are not expected to have
a material impact on the group.

New accounting standards and amendments issued to accounting standards and interpretations which are relevant to the
group, but not yet effective on 30 June 2016, have not been adopted. The group continuously evaluates the impact of
these standards and amendments.

Taxes on income in the interim period are accrued using the tax rate that would be applicable to expected total
annual profit or loss.

4. RE-PRESENTATION OF COMPARATIVE PERIODS
The prior periods of the condensed group statement of comprehensive income have been re-presented as a result of the
ferrous iron ore operating segment being identified as discontinued operations. Refer note 6 on discontinued operations.

5. SEGMENTAL INFORMATION
Operating segments are reported on 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. Operating segments
reported are based on the group's different products and operations.

Total operating segment revenue, which excludes VAT, represents the gross value of goods invoiced, services rendered
and includes operating revenues directly and reasonably allocable to the segments. Export revenue is recorded according
to the relevant sales terms, when the risks and rewards of ownership are transferred.

Segment revenue includes sales made between segments. These sales are made on a commercial basis. Segment operating
expenses, assets and liabilities represent direct or reasonably allocable operating expenses, assets and liabilities.
Segment net operating profit equals segment revenue less operating segment expenses, less impairment charges, plus
impairment reversals.

The group has four reportable operating segments, as described below. These offer different products 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, a 50% joint venture interest in Mafube (a joint venture with Anglo South Africa
Capital Proprietary Limited) as well as a 10,82% (31 December 2015: 9,37%) effective equity interest in RBCT. The coal
operations produce thermal, metallurgical and SSCC.

Ferrous
The ferrous segment comprises the Mayoko iron ore project in the RoC (iron ore operating segment), a 19,98% equity
interest in SIOC (located in South Africa) reported within the other ferrous operating segment as well as the FerroAlloys
operations (referred to as Alloys). Although the SIOC investment is an investment in an iron ore commodity company and
the executive committee classifies the investment as a non-controlled business, it is classified within the other ferrous
segment where investments and other are reviewed by the executive committee. The iron ore operating segment met the
criteria to be classified as held-for-sale and has been disclosed as a discontinued operation for
30 June 2016 (refer note 6 and 16).

TiO2 and Alkali chemicals
Exxaro holds a 43,71% (30 June 2015: 43,84%; 31 December 2015: 43,87%) equity interest in Tronox and a 26% equity
interest in Tronox SA (each of the South African-based operations) as well as a 26% member's interest in Tronox UK.

Other
This operating segment comprises the 50% investment in Cennergi (a South African joint venture with Tata Power company
Limited), 26% equity interest in Black Mountain (located in the Northern Cape province), an effective investment of
11,7% in Chifeng (located in the PRC) as well as the corporate office which renders services to customers.

5. SEGMENTAL INFORMATION continued
The following table presents a summary of the group's segmental information:
TiO2 and
Alkali
Coal Ferrous chemicals Other Total
Tied Commercial Iron Other Base
operations operations ore Alloys ferrous metals Other
Rm Rm Rm Rm Rm Rm Rm Rm Rm
For the six months ended
30 June 2016 (Reviewed)
External revenue (continuing operations) 1 659 8 059 13 31 9 762
Segment net operating profit/(loss) 122 2 110 (46) (7) (20) 2 159

- Net operating profit/(loss) from
continuing operations 122 2 110 (7) (20) 2 205
- Net operating loss from discontinued
operations (46) (46)
External finance income (note 9) 1 14 1 67 83
External finance costs (note 9) (52) (121) (244) (417)
Income tax (expense)/benefit (19) (421) (75) 2 (52) (565)
Depreciation and amortisation (note 7) (6) (511) (4) (43) (564)
Write-off and impairment of trade and
other receivables (note 7) (6) (5) (6) (17)
Cash generated by/(utilised in) operations 167 2 422 (11) (34) (9) (352) 2 183
Share of income/(loss) from equity-accounted
investments (note 10) 109 736 (930) 39 37 (9)
Capital expenditure (note 13) (1 158) (10) (4) (1 172)
At 30 June 2016 (Reviewed)
Segment assets and liabilities
Deferred tax 37 31 124 109 137 438
Investments in associates (note 14) 2 242 5 874 11 111 460 19 687
Investments in joint ventures (note 15) 683 512 1 195
External assets1 1 953 26 109 52 225 28 199 2 732 31 298
Total assets 1 990 29 065 52 349 6 011 11 111 659 3 381 52 618
Non-current assets held-for-sale (note 16) 14 128 142
Total assets as per statement of
financial position 1 990 29 065 66 349 6 011 11 111 659 3 509 52 760
External liabilities 1 735 5 833 33 47 3 252 10 900
Deferred tax2 (28) 5 392 3 (64) 5 303
Current tax payable2 35 35
Total liabilities 1 707 11 260 36 47 3 188 16 238
Non-current liabilities held-for-sale
(note 16) 1 072 272 1 344
Total liabilities as per statement of
financial position 1 707 12 332 272 36 47 3 188 17 582

1 Excluding deferred tax, investments in associates and joint ventures and non-current assets held-for-sale.
2 Off-set per legal entity and tax authority.

TiO2 and
Alkali
Coal Ferrous chemicals Other Total
Tied Commercial Iron Other Base
operations operations ore Alloys ferrous metals Other
Rm Rm Rm Rm Rm Rm Rm Rm Rm
For the six months ended
30 June 2015 (Reviewed)
External revenue (continuing operations) 1 847 6 370 83 24 8 324
Segment net operating profit/(loss)
(Re-presented) 102 1 562 (40) 3 (11) 195 1 811
- Net operating profit/(loss) from
continuing operations 102 1 562 3 (11) 195 1 851
- Net operating loss from
discontinued operations (40) (40)
External finance income (note 9) 2 15 16 33
External finance costs (note 9) (29) (65) (265) (359)
Income tax (expense)/benefit (15) (427) (3) (2) 8 37 (402)
Depreciation and amortisation (note 7) (12) (367) (2) (30) (411)
Write-off and impairment of trade and
other receivables (note 7) (3) (3)
Cash generated by/(utilised in) operations 233 2 078 (65) (16) (15) 115 2 330
Share of income/(loss) from
equity-accounted investments (note 10) 132 633 (659) 9 (32) 83
Capital expenditure (note 13) (956) (10) (35) (1 001)
At 30 June 2015 (Reviewed)
Segment assets and liabilities
Deferred tax 9 33 125 111 240 518
Investments in associates (note 14) 5 498 12 255 365 18 118
Investments in joint ventures (note 15) 935 169 1 104
External assets1 1 742 22 813 106 146 32 305 6 741 31 885
Total assets 1 751 23 781 106 271 5 641 12 255 670 7 150 51 625
Non-current assets held-for-sale (note 16) 314 314
Total assets as per statement of
financial position 1 751 24 095 106 271 5 641 12 255 670 7 150 51 939
External liabilities 1 366 3 564 165 43 75 6 971 12 184
Deferred tax2 (78) 4 143 3 7 10 4 085
Current tax payable2 8 2 4 14
Total liabilities 1 288 7 715 170 50 75 6 985 16 283
Non-current liabilities held-for-sale
(note 16) 227 227
Total liabilities as per statement of
financial position 1 288 7 942 170 50 75 6 985 16 510

1 Excluding deferred tax, investments in associates and joint ventures and non-current assets held-for-sale.
2 Off-set per legal entity and tax authority.

TiO2 and
Alkali
Coal Ferrous chemicals Other Total
Tied Commercial Iron Other Base
operations operations ore Alloys ferrous metals Other
Rm Rm Rm Rm Rm Rm Rm Rm Rm
For the 12 months ended
31 December 2015 (Audited)
External revenue (continuing operations) 3 835 14 258 173 64 18 330
Segment net operating profit/(loss)
(Re-presented) 195 2 379 (292) 10 (24) 905 3 173
- Net operating profit/(loss) from
continuing operations 195 2 379 10 (24) 905 3 465
- Net operating loss from discontinued
operations (292) (292)
External finance income (note 9) 3 38 61 102
External finance costs (note 9) (63) (154) (553) (770)
Income tax (expense)/benefit (17) (1 115) (3) 6 27 (1 102)
Depreciation and amortisation (note 7) (24) (927) (7) (4) (67) (1 029)
Impairment charges - goodwill (note 8) (1 524) (1 524)
Impairment charges - non-current assets
(excluding financial assets and goodwill)
(note 8) (225) (225)
Write-off and impairment of trade and
other receivables (note 7) (4) (3) 11 (81) (77)
Cash generated by/(utilised in) operations 332 4 300 (285) (38) (74) 291 4 526
Share of income/(loss) from
equity-accounted investments (note 10) 251 104 (1 503) 64 (53) (1 137)
Capital expenditure (note 13) (2 313) (28) (49) (2 390)
At 31 December 2015 (Audited)
Segment assets and liabilities
Deferred tax 39 47 124 109 225 544
Investments in associates (note 14) 1 919 5 081 12 270 420 19 690
Investments in joint ventures (note 15) 1 067 595 1 662
External assets1 1 934 25 948 114 189 29 210 2 178 30 602
Total assets 1 973 28 981 114 313 5 219 12 270 630 2 998 52 498
Non-current assets held-for-sale
(note 16) 128 128
Total assets as per statement of
financial position 1 973 28 981 114 313 5 219 12 270 630 3 126 52 626
External liabilities 1 775 5 179 286 37 52 4 908 12 237
Deferred tax2 (30) 5 094 1 5 1 5 071
Current tax payable2 (100) 145 3 48
Total liabilities 1 645 10 418 290 42 52 4 909 17 356
Non-current liabilities held-for-sale
(note 16) 1 044 1 044
Total liabilities as per statement of
financial position 1 645 11 462 290 42 52 4 909 18 400

1 Excluding deferred tax, investments in associates and joint ventures and non-current assets held-for-sale.
2 Off-set per legal entity and tax authority.

6. DISCONTINUED OPERATIONS
Exxaro entered into a sale of shares agreement for the sale of its interest in Exxaro Australia Iron Holdings Proprietary Limited
and Mayoko Investment Company on 22 July 2016 for a purchase consideration of US$2 million. This sales agreement is subject to
the fulfilment of conditions precedent. The disposal group met the relevant recognition criteria to be classified as a non-current
asset held-for-sale on 30 June 2016. The disposal group represents a major geographical area of operation since it represents the
iron ore operating segment within the ferrous reportable segment (which includes the Mayoko iron ore project) as well as a separate
major line of business. The disposal group met the recognition criteria to be classified as a discontinued operation.

Financial information relating to the discontinued operations for the reporting period is set out below:
6 months ended 12 months ended
6 months ended 30 June 31 December
30 June 2015 2015
2016 Reviewed Audited
Reviewed (Re-presented) (Re-presented)
Rm Rm Rm
The financial performance and cash flow information
Operating expenses (46) (40) (292)
Net operating loss (46) (40) (292)
Income tax expense (75) (3)
Loss for the period from discontinued operations (121) (43) (292)
Cash flow attributable to operating activities (16) (85) (326)
Cash flow attributable to investing activities 1 73 119
Cash flow attributable to discontinued operations (15) (12) (207)

7. SIGNIFICANT ITEMS INCLUDED IN OPERATING PROFIT
Depreciation and amortisation (564) (411) (1 029)
Net realised foreign currency exchange (losses)/gains (74) 38 1 336
Net unrealised foreign currency exchange (losses)/gains (47) 312 510
Net gains/(losses) on derivative instruments held-for-trading 19 9 (125)
Write-off and impairment of trade and other receivables (17) (3) (88)
Royalties (53) (53) (126)
Gain on disposal of investment in joint venture (note 11) 203
Net (losses)/gains on disposal of property, plant and equipment (13) (8) 39
Loss on dilution of investment in associate (29) (11) (10)
Gain on disposal of an operation 112
Termination benefits1 (34) (40) (372)
1 Include voluntary severance package and other termination costs incurred and accrued for.

6 months ended 6 months ended 12 months ended
30 June 30 June 31 December
2016 2015 2015
Reviewed Reviewed Audited
Rm Rm Rm
8. IMPAIRMENT CHARGES OF NON-CURRENT ASSETS
ECC
Impairment, net of tax 1 524
- Goodwill 1 524
Reductants
Impairment, net of tax 162
- Property, plant and equipment 225
- Tax effect (63)
Net impairment charges per statement of comprehensive income 1 749
Net tax effect (63)
Net effect on attributable earnings 1 686

ECC
Exxaro acquired TCSA on 20 August 2015 and renamed it ECC. The PPA was completed and goodwill of R1 524 million was recognised
at acquisition. The goodwill was assessed for impairment on 31 December 2015 and was fully impaired on that date.

Reductants
The decline in demand, lower FeCr prices and rising production costs drastically impacted local producers. This, coupled with
continued declining imported semi-coke and cheaper market coke prices resulted in producers increasing market coke usage and
further reducing semi-coke demand. The char plant was fully impaired based on the cessation of production.

6 months ended 6 months ended 12 months ended
30 June 30 June 31 December
2016 2015 2015
Reviewed Reviewed Audited
Rm Rm Rm
9. NET FINANCING COSTS
Total finance income 83 33 102
- Interest income 78 27 91
- Finance lease interest income 5 6 11
Total finance costs (417) (359) (770)
- Interest expense (245) (260) (546)
- Unwinding of discount rate on rehabilitation cost (173) (96) (220)
- Interest on finance leases (2)
- Amortisation of transaction costs (4) (5) (10)
- Borrowing costs capitalised1 7 2 6
Total net financing costs (334) (326) (668)
1 Borrowing costs capitalisation rate. 9,02% 6,93% 6,94%

6 months ended 6 months ended 12 months ended
30 June 30 June 31 December
2016 2015 2015
Reviewed Reviewed Audited
Rm Rm Rm
10. SHARE OF (LOSS)/INCOME FROM EQUITY-ACCOUNTED INVESTMENTS
Associates (130) (17) (1 339)
Listed investments (947) (713) (1 646)
- Tronox (947) (713) (1 646)
Unlisted investments 817 696 307
- SIOC 736 633 104
- Tronox SA (41) 3 40
- Tronox UK 58 51 103
- RBCT1 25 (4)
- Black Mountain 39 9 64
Joint ventures 121 100 202
- Mafube 84 132 253
- SDCT 2
- Cennergi 37 (32) (53)
Share of (loss)/income from equity-accounted investments (9) 83 (1 137)
1 30 June 2016 includes R35 million excess of fair value over the cost of the investment which arose on the increase in
the shareholding in RBCT (refer note 14).

11. GAIN ON DISPOSAL OF INVESTMENT IN JOINT VENTURE
6 months ended
30 June 2016 (Reviewed)
SDCT Total
Rm Rm
Consideration received or receivable
Cash 200 200
Total disposal consideration 200 200
Carrying amount of investment disposal (note 15)
Equity-accounted losses realised on disposal 3 3
Gain on disposal1 203 203
1 After tax of nil.

12. DIVIDEND DISTRIBUTION
Total dividends paid in 2015 amounted to R984 million, made up of a final dividend of R752 million which related to the
year ended 31 December 2014, paid in April 2015, as well as an interim dividend of R232 million, paid in September 2015.
A final dividend relating to the 2015 year of 85 cents per share (amounting to R304 million) was paid to shareholders
in April 2016.

An interim cash dividend number 27, for 2016 of 90 cents per share (2015: 65 cents per share) was approved by the board
of directors on 17 August 2016. The dividend is payable on 12 September 2016 to shareholders who will be on the register
at 9 September 2016. This interim dividend, amounting to approximately R322 million (2015: R232 million), has not been
recognised as a liability in these reviewed condensed group interim financial statements. It will be recognised in
shareholders' equity in the year ending 31 December 2016.

The dividend declared will be subject to a dividend withholding tax of 15% 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 15% amounts to 76,50 cents per share. The dividend withholding tax
amounts to 13,50000 cents per share (30 June 2015: 9,75000 cents per share; 31 December 2015: 12,75000 cents
per share). The number of ordinary shares in issue at the date of this declaration is 358 115 505 (2015: 358 115 505).
Exxaro company's tax reference number is 9218/098/14/4.
At 30 June At 30 June At 31 December
2016 2015 2015
Reviewed Reviewed Audited
Issued shares as at declaration date (number) 358 115 505 358 115 505 358 115 505
Ordinary shares (million)
- weighted average number of shares 355 355 355
- diluted weighted average number of shares 357 356 356

12 months ended
At 30 June At 30 June 31 December
2016 2015 2015
Reviewed Reviewed Audited
Rm Rm Rm
13. CAPITAL EXPENDITURE
Incurred 1 172 1 001 2 390
- To maintain operations 993 703 1 663
- To expand operations 179 298 727
Contracted 1 506 2 715 2 162
- Contracted for the group (owner-controlled) 1 203 1 580 1 721
- Share of capital commitments of
equity-accounted investments 303 1 135 441
Authorised, but not contracted 760 581 1 376

At 30 June At 30 June At 31 December
2016 2015 2015
Reviewed Reviewed Audited
Rm Rm Rm
14. Investments in associates
Listed investments 7 818 9 075 8 997
- Tronox1 7 818 9 075 8 997
Unlisted investments 11 869 9 043 10 693
- SIOC 5 874 5 498 5 081
- Tronox SA 1 795 1 792 1 833
- Tronox UK 1 498 1 388 1 440
- RBCT2 2 242 1 919
- Black Mountain 460 365 420
Total carrying value of investments in associates 19 687 18 118 19 690
1 Fair value based on a listed price (Level 1 within the IFRS 13
Fair Value Measurement fair value hierarchy) (Rm) 3 349 9 183 3 095
Listed share price (US$ per share) 4,41 14,63 3,91

The recoverable amount (value in use) of this investment was determined based on Exxaro's share of the present value
of Tronox's cash flows, and resulted in no impairment charge being recognised on 30 June 2016. Subsequent to 30 June 2016,
the Tronox share price improved to US$8,36 per share on 15 August 2016, an increase of 90%.
2 On 31 March 2016, Exxaro restructured the shareholding in SDCT for a direct interest in RBCT. The restructuring
resulted in a R203 million gain on disposal of SDCT and a R35 million excess of fair value over cost of the investment
in RBCT on the additional 20 000 shares acquired in RBCT. The total purchase consideration of the additional RBCT
investment amounted to R297 million, comprising R233 million cash consideration and R64 million non-cash consideration.

At 30 June At 30 June At 31 December
2016 2015 2015
Reviewed Reviewed Audited
Rm Rm Rm
15. INVESTMENTS IN JOINT VENTURES
- Mafube 683 935 1 067
- SDCT1
- Cennergi 512 169 595
Total carrying value of investments in joint ventures 1 195 1 104 1 662
1 The investment in SDCT was sold on 31 March 2016. Refer note 11.
The carrying value of the investment was below R1 million (R1 333)
for the comparative periods and included in financial
assets, was a loan to SDCT which was settled on the disposal of
the investment: 90 105

16. NON-CURRENT ASSETS AND LIABILITIES HELD-FOR-SALE
Ferrous offshore
The Exxaro board approved a divestment strategy of the ferrous offshore entities (which includes the Mayoko iron
ore project and related legal entities) and a sale of shares agreement with a Congolese consortium for the sale
of its interest in Exxaro Australia Iron Holdings Proprietary Limited and Mayoko Investment Company on 22 July 2016
for a purchase consideration of US$2 million. The disposal group met the relevant recognition criteria to be
classified as a non-current asset held-for-sale on 30 June 2016. Refer note 6.

EMJV
Exxaro concluded the purchase of ECC in 2015, and as part of this acquisition 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 2016.
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.

Corporate centre
The land and buildings situated at corporate centre were classified as a non-current asset held-for-sale on 31 December 2015.
The sale was subject to the fulfilment of suspensive conditions which were not met and the sales agreement subsequently lapsed.
A new agreement was entered into with Growthpoint Properties Limited (Growthpoint) in June 2016. The sale to Growthpoint is
conditional on Exxaro entering into a leaseback agreement with Growthpoint for a minimum of two years. The land and buildings
situated at corporate centre remains classified as a non-current asset held-for-sale on 30 June 2016.

16. NON-CURRENT ASSETS AND LIABILITIES HELD-FOR-SALE continued
The major classes of assets and liabilities classified as non-current assets and liabilities held-for-sale are as follows:
At 30 June At 30 June At 31 December
2016 2015 2015
Reviewed Reviewed Audited
Rm Rm Rm
Assets
Property, plant and equipment 128 149 128
Deferred tax 79
Financial assets 75
Inventories 8
Trade and other receivables 14 3
- Trade receivables 1
- Other receivables 6
- Non-financial instrument receivables 8 2
Total assets 142 314 128
Liabilities
Non-current provisions (1 069) (158) (1 027)
Post-retirement employee obligations (18) (4) (17)
Deferred tax (1)
Trade and other payables (163) (16)
- Trade payables (41) (7)
- Other payables (122) (3)
- Non-financial instrument payables (6)
Current tax payable (73) (9)
Current provisions (20) (40)
Total liabilities (1 344) (227) (1 044)
Net (liabilities)/assets held-for-sale (1 202) 87 (916)
1 Relates to the NCC operation which was sold on 31 July 2015.

17. INTEREST-BEARING BORROWINGS
Loans
Senior loan facility
During April 2012, Exxaro secured a senior loan facility of R8 billion. The senior loan facility comprises a:
- Term loan facility of R5 billion for a duration of 97 months
- Revolving credit facility of R3 billion for a duration of 62 months.
Interest is based on JIBAR plus a margin of 2,75% for the term loan, and JIBAR plus a margin of 2,50% for the revolving
credit facility. The effective interest rate for the transaction costs for the term loan is 0,47%. Interest is paid
on a six-monthly basis for the term loan, and on a monthly basis for the revolving credit facility.
The undrawn portion relating to the term loan amounts to R1,5 billion (30 June 2015: R1 billion;
31 December 2015: R1 billion). The undrawn portion of the revolving credit facility amounts to R3 billion
(30 June 2015: R1,65 billion; 31 December 2015: R3 billion).
Bond issue
In terms of Exxaro's R5 billion DMTN programme, a senior unsecured floating rate note (bond) of R1 billion was raised
during May 2014. The bond comprises a:
- R480 million senior unsecured floating rate note due 19 May 2017
- R520 million senior unsecured floating rate note due 19 May 2019.
Interest on the bond is based on JIBAR plus a margin of 1,70% for the R480 million bond and JIBAR plus a margin of
1,95% for the R520 million bond. The effective interest rate for the transaction costs is 0,13% for the R480 million
bond and 0,08% for the R520 million bond. Interest is paid on a quarterly basis for both bonds.
Finance lease
Included in the 2016 interest-bearing borrowings are obligations relating to a finance lease for mining equipment.

At 30 June At 30 June At 31 December
2016 2015 2015
Reviewed Reviewed Audited
Rm Rm Rm
Summary by financial year of redemption
2016 465 882
20171 1 584 2 622 1 274
2018 1 012 795 795
2019 1 529 1 316 1 317
2020 onwards 498 1 198 799
Total interest-bearing borrowings 4 623 6 396 5 067
- Current2 1 584 465 882
- Non-current3 3 039 5 931 4 185
1 The repayment in the 2017 year
comprises a portion of the term loan, as well as the full repayment of the revolving credit facility that is drawn at
the end of the reporting period, and the R480 million senior unsecured floating rate note.
2 The current portion represents 1 584 465 882
- Capital repayments 1 507 400 800
- Interest capitalised 85 74 90
- Reduced by the amortised transaction costs (8) (9) (8)
3 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: 12 28 15

17. INTEREST-BEARING BORROWINGS continued
At 30 June At 30 June At 31 December
2016 2015 2015
Reviewed Reviewed Audited
Rm Rm Rm
Minimum finance lease payments:
- Not later than one year 31
- Later than one year, but not later than five years 33
Total 64
Less: future finance charges (7)
Present value of finance lease liabilities 57
- Current 27
- Non-current 30
Total present value of finance lease liabilities 57
Overdraft
Bank overdraft 16 533
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.

At 30 June At 30 June At 31 December
2016 2015 2015
Reviewed Reviewed Audited
Rm Rm Rm
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): (2 278) 55 (3 012)
- Cash and cash equivalents 2 361 6 984 2 055
- Non-current interest-bearing borrowings (3 039) (5 931) (4 185)
- Current interest-bearing borrowings (1 584) (465) (882)
- Overdraft (16) (533)
Calculation of movement in net debt:
Cash inflow/(outflow) from operating and
investing activities: 773 1 119 (2 119)
Add:
- Non-cash flow movement for interest accrued not yet paid 5 (31) (47)
- Non-cash flow of amortisation of transaction costs (4) (5) (10)
- Translation differences of movements in cash
and cash equivalents (40) 43 235
Decrease/(increase) in net debt 734 1 126 (1 941)

19. FINANCIAL INSTRUMENTS
(a) Carrying amounts and fair values
The carrying amounts and fair values of financial assets and financial liabilities
in the condensed group statement of financial position, are as follows:
At 30 June 2016
Carrying Fair
amount value
Reviewed Reviewed
Rm Rm
ASSETS
Non-current assets
Financial assets, consisting of: 3 499 3 499
- Environmental rehabilitation funds 1 370 1 370
- KIO 10 10
- Chifeng 199 199
- Indemnification asset 1 072 1 072
- Non-current receivables 848 848
Current assets (1) 4 876 4 876
Financial assets, consisting of:
- Loan to BEE shareholder(2) 452 452
Trade and other receivables 2 054 2 054
Derivative financial assets 9 9
Cash and cash equivalents 2 361 2 361
Non-current assets held-for-sale (note 16) 6 6
Total financial instrument assets 8 381 8 381
LIABILITIES
Non-current liabilities 3 009 3 009
Interest-bearing borrowings 3 009 3 009
Current liabilities (1) 3 512 3 512
Trade and other payables 1 917 1 917
Current shareholder loans 21 21
Derivative financial liabilities 1 1
Interest-bearing borrowings 1 557 1 557
Overdraft 16 16
Non-current liabilities held-for-sale (note 16) 163 163
Total financial instrument liabilities 6 684 6 684
1 Carrying amounts approximate the fair values due to the short-term nature of the
maturities of these financial assets and financial liabilities.
2 The loan has been classified as current for the reporting period ended 30 June 2016.
During 2015 Exxaro provided Main Street 333 with a loan. The loan is repayable by
April 2017 and attracts interest at prime plus 5%.
At 30 June 2015
Carrying Fair
amount value
Reviewed Reviewed
Rm Rm
ASSETS
Non-current assets
Financial assets, consisting of: 2 612 2 612
- Environmental rehabilitation funds 876 876
- Loans to joint ventures 90 90
- KIO 13 13
- Chifeng 305 305
- RBCT 739 739
- Non-current receivables 589 589
Current assets (1) 8 617 8 617
Trade and other receivables 1 630 1 630
Derivative financial assets 3 3
Cash and cash equivalents 6 984 6 984
Non-current assets held-for-sale (note 16) 76 76
Total financial instrument assets 11 305 11 305
LIABILITIES
Non-current liabilities 5 931 5 931
Interest-bearing borrowings 5 931 5 931
Current liabilities (1) 2 868 2 868
Trade and other payables 1 868 1 868
Derivative financial liabilities 2 2
Interest-bearing borrowings 465 465
Overdraft 533 533
Non-current liabilities held-for-sale (note 16) 10 10
Total financial instrument liabilities 8 809 8 809
1 Carrying amounts approximate the fair values due to the short-term nature of the
maturities of these financial assets and financial liabilities.
At 30 December 2015
Carrying Fair
amount value
Audited Audited
Rm Rm
ASSETS
Non-current assets
Financial assets, consisting of: 3 921 3 921
- Environmental rehabilitation funds 1 329 1 329
- Loans to joint ventures 105 105
- KIO 4 4
- Chifeng 210 210
- Indemnification asset 1 044 1 044
- Loan to BEE shareholder 426 426
- Non-current receivables 803 803
Current assets1 4 411 4 411
Trade and other receivables 2 355 2 355
Derivative financial assets 1 1
Cash and cash equivalents 2 055 2 055

Total financial instrument assets 8 332 8 332
LIABILITIES
Non-current liabilities 4 224 4 224
Interest-bearing borrowings 4 185 4 185
Non-current derivative financial liability 39 39
Current liabilities1 3 629 3 629
Trade and other payables 2 685 2 685
Current shareholder loans 21 21
Derivative financial liabilities 41 41
Interest-bearing borrowings 882 882

Total financial instrument liabilities 7 853 7 853
1 Carrying amounts approximate the fair values due to the short-term nature of the
maturities of these financial assets and financial liabilities.

(b) 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 - inputs for the asset or liability that are not based on observable market
data (unobservable inputs)

(b) Fair value hierarchy continued
At 30 June 2016 (Reviewed) Level 1 Level 2 Level 3 Total
Rm Rm Rm Rm
Financial assets held-for-trading at fair
value through profit or loss 9 9
- Current derivative financial assets 9 9
Financial assets designated at fair value
through profit or loss 1 160 1 160
- Environmental rehabilitation funds 1 150 1 150
- KIO 10 10
Available-for-sale financial assets 199 199
- Chifeng 199 199
Financial liabilities held-for-trading at
fair value through profit or loss (1) (1)
- Current derivative financial liabilities (1) (1)
Net financial assets held at fair value 1 160 8 199 1 367

At 30 June 2015 (Reviewed)
Financial assets held-for-trading at fair
value through profit or loss 3 3
- Current derivative financial assets 3 3
Financial assets designated at fair value
through profit or loss 964 964
- Environmental rehabilitation funds 876 876
- Environmental rehabilitation fund
held-for-sale 75 75
- KIO 13 13
Available-for-sale financial assets 1 044 1 044
- Chifeng 305 305
- RBCT 739 739
Financial liabilities held-for-trading at
fair value through profit or loss (2) (2)
- Current derivative financial liabilities (2) (2)

Net financial assets held at fair value 964 1 1 044 2 009

(b) Fair value hierarchy continued
At 31 December 2015 (Audited) Level 1 Level 2 Level 3 Total
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 1 117 1 117
- Environmental rehabilitation funds 1 113 1 113
- KIO 4 4
Available-for-sale financial assets 210 210
- Chifeng 210 210
Financial liabilities held-for-trading at
fair value through profit or loss (41) (41)
- Current derivative financial liabilities (41) (41)
Financial liabilities designated at fair
value through profit or loss (39) (39)
- Non-current derivative financial liability (39) (39)

Net financial assets/(liabilities) held at
fair value 1 117 (40) 171 1 248

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 2016, 30 June 2015 and 31 December 2015, as shown in the
reconciliation below.

During 2015, the RBCT investment was transferred out of Level 3 of the fair value hierarchy and classified
as an investment in associate following the acquisition of an additional interest in RBCT through the ECC
acquisition.

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.

19. FINANCIAL INSTRUMENTS continued
(b) Fair value hierarchy continued
Reconciliation of financial assets and liabilities within level 3 of the hierarchy
Non-
current
derivative
financial
liability Chifeng RBCT Total
Rm Rm Rm Rm
At 1 January 2015 (Audited) 267 973 1 240
Movement during the period
Gain/(loss) recognised for the period in OCI
(pre-tax effect) (1) 29 (18) 11
Reclassification of loan repayments (216) (216)
Exchange gains for the period recognised
in OCI 9 9
At 30 June 2015 (Reviewed) 305 739 1044
Movement during the period
Losses recognised for the period in OCI
(pre-tax effect) (1) (132) (43) (175)
Reclassification of loan repayments (13) (13)
Acquisition of subsidiaries (33) (33)
Exchange gains for the period recognised
in OCI 37 37
Exchange losses for the period recognised in
profit or loss (6) (6)
Transfers out of Level 3 (683) (683)
At 31 December 2015 (Audited) (39) 210 171
Movement during the period
Losses recognised for the period in OCI
(pre-tax effect) (1) (1) (1)
Gains recognised for the period in profit
or loss 38 38
Exchange losses for the period recognised
in OCI (10) (10)
Exchange gains for the period recognised in
profit or loss 1 1
At 30 June 2016 (Reviewed) 199 199
1 Tax on RBCT amounts to nil (30 June 2015: R3 million; 31 December 2015: R23 million).

19. FINANCIAL INSTRUMENTS continued
(c) 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.

RMB/US$ exchange rate RMB6,28 to Strengthening of
RMB6,99/US$1 the RMB to the US$ 196

Zinc LME price (US$ per tonne in real terms) US$1 740 to Increase in price of
US$2 100 zinc concentrate 196

Unobservable inputs
Production volumes (tonnes) 85 000 tonnes Increase in production volumes 25

Operational costs (US$ million per annum in real terms) US$60,39 to Decrease in operations costs
US$74,76 (171)

Discount rate (%) Decrease in
10,17% discount rate (14)

At 30 June 2015 (Reviewed)
Observable inputs
Rand/RMB exchange rate Strengthening of
R1,88/RMB1 the rand to the RMB 30

RMB/US$ exchange rate RMB6,28 to Strengthening of
RMB7,18/US$1 the RMB to the US$ 175

Zinc LME price (US$ per tonne in real terms) US$2 000 to Increase in price
US$2 400 of zinc concentrate 175

Unobservable inputs
Production volumes (tonnes) 85 000 tonnes Increase in production volumes 44

Operational costs (US$ million per annum in real terms) US$64 to US$83 Decrease in operations costs (139)

Discount rate (%) 9,94% Decrease in discount rate (25)
1 Change in observable/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.

At 31 December 2015 (Audited) Sensitivity
analysis of a
10% increase
in the inputs is
Sensitivity of inputs demonstrated
and fair value below (2)
Inputs measurement (1) Rm
Observable inputs
Rand/RMB exchange rate Strengthening of
R2,31/RMB1 the rand to the RMB 21

RMB/US$ exchange rate RMB6,26 Strengthening of
to RMB7,12/US$1 the RMB to the US$ 203

Zinc LME price (US$ per tonne in real terms) US$1 611 to Increase in price
US$2 200 of zinc concentrate 203

Unobservable inputs
Production volumes (tonnes) Increase in
85 000 tonnes production volumes 31

Operational costs (US$ million per annum in real terms) US$56,94 Decrease in
to US$75,22 operations costs (173)

Discount rate (%) Decrease in
9,93% the discount rate (19)
1 Change in observable/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 the periods ended 30 June 2016, 30 June 2015 and 31 December 2015.

Non-current derivative financial liability
The non-current derivative financial liability, arising on the contingent consideration relating to the acquisition of ECC during 2015,
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.

At 30 June 2016 (Reviewed) Sensitivity
analysis of a
10% increase
in the inputs is
Sensitivity of inputs demonstrated
and fair value below (2)
Inputs measurement (1) Rm
Observable inputs
Rand/US$ exchange rate R14,85/US$1 Strengthening of
the rand to the US$
API4 export price (price per tonne) US$50,00 Increase in API4 export
to US$51,62 price per tonne
Unobservable inputs
Discount rate (%) 3,44% Decrease in
the discount rate
At 31 December 2015 (Audited)
Observable inputs
Strengthening of the
Rand/US$ exchange rate R15,48/US$1 rand to the US$ 4

API4 export price (price per tonne) US$51,15 Increase in API4 export
to US$62,50 price per tonne 175
Unobservable inputs
Discount rate (%) 3,44% Decrease in the discount rate (1)
1 Change in observable/unobservable input which will result in an increase in the fair value measurement.
2 A 10% increase or decrease in the respective inputs had no impact on the fair value as at 30 June 2016. 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.

RBCT
For the period ended 30 June 2015, RBCT was classified within Level 3 of the fair value hierarchy as there was no quoted market price or
observable price available for this investment. This unlisted investment was valued as the present value of the estimated future cash
flows, using a discounted cash flow model. It was not anticipated that the RBCT investment would be disposed of in the near future. The
valuation technique was consistent to that used in previous reporting periods.

The significant observable and unobservable inputs used in the fair value measurement of the investment in RBCT are rand/US$ exchange rate,
API4 export price, Transnet Market Demand Strategy, annual utilisation factor and the discount rate.

19. FINANCIAL INSTRUMENTS continued
(c) 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 continued
RBCT continued
At 30 June 2015 (Reviewed) Sensitivity
analysis of a
10% increase
in the inputs is
Sensitivity of inputs demonstrated
and fair value below (2)
Inputs measurement (1) Rm
Observable inputs
Rand/US$ exchange rate R11,81 to Strengthening of
R20,43/US$1 the rand to the US$ 209

API4 export price (US$ steam coal US$60,30 to Increase in API4
A-grade price per tonne in real terms) US$85 export price per tonne 140

Unobservable inputs
Transnet Market Demand Strategy Acceleration of TFR
for the terminal (Mtpa 77Mtpa to performance, ie: reach
81Mtpa full capacity sooner 74

Discount rate (%) 13% to 17% Decrease in the discount rate (125)

Annual utilisation factor Increase in annual
(safety and rail delay factor) (%) 90% utilisation factor 99
1 Change in observable/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 the period ended 30 June 2015.

At 30 June At 30 June At 31 December
2016 2015 2015
Reviewed Reviewed Audited
Rm Rm Rm
20. CONTINGENT LIABILITIES
Total contingent liabilities 8 037 3 678 7 378
- DMC Iron Congo SA 11 18 6
- Pending litigation claims1 1 118 995 1 233
- Operational guarantees2 4 197 1 292 3 559
- Share of contingent liabilities from equity-accounted investments 2 711 1 373 2 580
1 Pending litigation claims consist of legal cases as well as tax disputes where Exxaro is the defendant. The outcome of these claims is
uncertain and the amount of possible legal obligations that may be incurred can only be estimated at date of reporting.
2 Operational guarantees include guarantees to banks and other institutions in the normal course of business from which it is anticipated
that no material liabilities will arise.
3 Exxaro's share of contingent liabilities from equity-accounted investments relates mainly to operational guarantees, municipality rates
and taxes levied but under objection, as well as tax assessments under process of objection.

The timing and occurrence of any possible outflows of the contingent liabilities above are uncertain.

SIOC
SIOC received a tax assessment from SARS in relation to the tax years 2006 to 2010, for the amount of R5,5 billion. This includes interest
and penalties of R3,7 billion. Exxaro's share of the additional tax would be approximately R1,1 billion, which includes R739 million of interest
and penalties. SIOC submitted an objection to the assessment to SARS as well as an application for suspension of payment. Furthermore, a field
audit covering the 2011 to 2013 years of assessment is in progress.

SIOC has considered these matters in consultation with specialist external tax and legal advisers and disagrees with SARS' audit findings.

Mayoko iron ore project
At 30 June 2016 DMC, a subsidiary of Exxaro, is exposed to possible customs import duties as a result of a review by the RoC customs department
on assets imported by DMC into the RoC in 2012 under a temporary arrangement, pending the ratification of the mining convention.

On 31 May 2016 the Mining Convention was submitted to the RoC Parliament for final approval. To date, the Mining Convention has not been ratified,
which increases the potential risk.

Penalties are deemed reasonably possible, but the level of probability for the outflow of economic resources is considered not probable.

To date, no notification has been issued by the RoC customs department. Exxaro believes that these matters have been appropriately treated by
disclosing a contingent liability.

SARS
On 18 January 2016, Exxaro received a letter of intent from SARS following an international income tax audit for the years of assessment 2009 to
2013. According to the letter, SARS proposes that certain international Exxaro companies will be subject to South African Income Tax under Section
9D of the Income Tax Act. Assessments to the amount of R442 million (including R199 million relating to tax payable, R91 million interest and
R152 million penalties) were issued on 30 March 2016 and Exxaro formally objected against these assessments. The group is awaiting SARS' response.

These assessments have been considered in consultation with external tax and legal advisers and senior counsel. Exxaro believes that these matters
have been appropriately treated by disclosing a contingent liability.

At 30 June At 30 June At 31 December
2016 2015 2015
Reviewed Reviewed Audited
Rm Rm Rm
21. CONTINGENT ASSETS
Total contingent assets 145 170 86
- Guarantee on sale of NCC (1) 170
- Share of contingent assets from equity-accounted investments (2) 145 86
1 Exxaro received a guarantee from Universal as part of the sales transaction of NCC. This transaction was concluded in 2015.
2 Bank guarantee issued in favour of SIOC relating to environmental rehabilitation and closure cost.

22. RELATED PARTY TRANSACTIONS
During the period the group, in the ordinary course of business, entered into various sale and purchase transactions with associates and joint
ventures. These transactions were subject to terms that are no less, nor more favourable than those arranged with independent third parties.

Exxaro received a payment of R7 million from Main Street 333, Exxaro's majority BEE shareholder, during May 2016 for interest on the loan
granted in July 2015.

23. GOING CONCERN
Based on the latest results, current board-approved budget for 2016, 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 12.
The following non-adjusting events occurred after the reporting date and are disclosed for information purposes:
Sale of Mayoko iron ore project and all related legal entities
Subsequent to 30 June 2016, a sales agreement was signed with a Congolese consortium for the sale of shares of the legal entities that house
the Exxaro controlled Mayoko iron ore project. Refer note 6 and 16.

Refinancing of Exxaro's debt facility
Subsequent to 30 June 2016, the Exxaro group's debt facilities of R8 billion have been refinanced. The facility comprises three tranches:
- R3,25 billion bullet term loan facility with a term of five years
- R2,75 billion revolving credit facility with a term of five years
- R2 billion amortised term loan facility with a term of seven years.

The interest rate achieved is higher than the previous facility, however the covenant terms are more favourable.

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
The reviewed condensed group interim financial statements for the six-month period ended 30 June 2016, on page 2 to 36, have been reviewed by
the company's external auditors, PricewaterhouseCoopers Inc, who expressed an unmodified conclusion thereon. A copy of the auditors' report on
the condensed group interim financial statements is available for inspection at the company's registered office, together with the financial
statements identified in the auditors' report.

27. CORPORATE GOVERNANCE
Detailed disclosure of the company's application of the principles contained in the King Report on Governance for South Africa 2009 (King III)
was made in the 2015 integrated report and is available on the company's website in accordance with the JSE Listings Requirements. Other than
the appointment of Messrs Mr PCCH (Peet) Snyders and Mr EJ (Ras) Myburgh (with effect from 1 September 2016) as independent directors to the
board and Mr PA (Riaan) Koppeschaar as finance director, no material changes have occurred since the disclosure. Please contact the group
company secretary, Carina Wessels, for any additional information in this regard.

28. MINERAL RESOURCES AND RESERVES
Other than the normal life of mine depletion, there have been no material changes to the mineral resources and reserves as disclosed in the
2015 integrated report.

29. KEY MEASURES (1)
At 30 June At 30 June At 31 December
2016 2015 2015
Net asset value per share (rand/share) 101 99 98
Operating lease commitments (Rm) 82 109 152
Closing share price (rand/share) 67,46 86,92 44,04
Market capitalisation (Rb) 24,16 31,13 15,77
Average rand/US$ exchange rate (for the period ended) 15,39 11,91 12,76
Closing rand/US$ spot exchange rate 14,85 12,27 15,48
1 Non-IFRS numbers.

Exxaro 1H16 performance at a glance
Safe operations - 23 months without any fatalities
- =Lost-time injury frequency rate improved 53% to 0,08

Improving coal operational performance - Export volumes up 78% at 4Mt
- Production and sales volumes up 10%
- Core net operating margin of 21%

Cost and capital expenditure discipline Cost savings:
- R110 million labour bill savings since VSP's
- R150 million reduction in procurement costs

Resilient balance sheet - Net debt to equity at 6,5%

Shareholder returns - HEPS of 309 cents
- Core attributable earnings dividend cover of 3,5 times
- Interim dividend of 90cps

COMMENTARY
for the six-month period ended 30 June
Comments below are primarily based on a comparison between the six-month periods ended 30 June 2016 and 2015 (1H16 and
1H15 respectively).

1. COMPARABILITY OF RESULTS
The results of the two periods are not directly comparable mainly due to key transactions shown below.

Table 1: Key transactions
Reporting 1H16 2H15 1H15
segment Description Rm Description Rm Rm
Coal - Gain on disposal of non-core assets
(South Dunes Coal Terminal SoC Limited (SDCT) - Gain/(loss) on disposal of non-core assets (1),
and other property, plant and equipment) (1) 188 Voluntary severance packages (VSP's) and
insurance claim income (1) 38 (11)

- Impairment of goodwill recognised on the acquisition of
Total Coal South Africa Proprietary Limited (TCSA) and
property, plant and equipment (1) (1 749)

Ferrous - Gain on disposal of property, plant and
equipment1 1 - Partial reversal of previous write-off of financial assets 11

- Gain on disposal of non-core assets1 and VSP's 10 73

Other - Loss on dilution of shareholding in
Tronox Limited (Tronox) (1) (29) - Gain/(loss) on dilution of shareholding in Tronox (1) 1 (11)

- Voluntary severance packages and other (26) - Unrealised foreign exchange gain on US$ held for the
TCSA acquisition 432 315

- Gains on translation differences recycled to profit or loss 979 33

- Gain on disposal of other non-core assets (1) VSP's (308) (30)

Group Total net operating profit impact 134 Total net operating (loss)/profit impact (586) 369

Coal - Tax on disposal of non-core assets (1) 1 - Tax on disposal of non-core assets, insurance claim income
and impairments1 28

- Excess of fair value over cost of
investment in Richards Bay Coal
Terminal Proprietary Limited (RBCT) (1) 35

Ferrous - Post-tax share of Sishen Iron Ore - Post-tax share of SIOC loss on impairment of operation1,
Company Proprietary Limited (SIOC) loss on disposal of other non-core assets and compensation
loss on sale of non-core assets1 (9) from third parties1 (860) (3)

TiO2 and - Post-tax share of Tronox restructuring costs and loss on
chemicals - Post-tax share of Tronox restructuring costs (9) disposal of property, plant and equipment1 (152) (10)

Group Total attributable earnings impact 152 Total attributable (loss)/earnings impact (1 570) 356
1 Excluded from headline earnings.

We have also re-classified production volumes of the Mafube trading division from 'buy-in' to Mafube production
volumes as illustrated in Table 3: Unreviewed coal production and sales volumes. This had no impact on revenue or net
operating profit.
2. SAFETY, HEALTH, ENVIRONMENT AND COMMUNITY
Exxaro operated for 23 consecutive months without any fatalities as at 30 June 2016. We achieved a lost-time injury
frequency rate (LTIFR) of 0,08 in 1H16 (1H15: 0,17), well ahead of our internal target of 0,15 and a very satisfactory
53% improvement to date. There were seven lost-time injuries (LTIs) recorded in 1H16 (1H15: 13). We also continue with
routine assessments of occupational and chronic diseases to further create awareness and response across the group. We
intend to maintain this level of performance, in line with our zero-harm vision.

Climate change remains a risk to the long-term sustainability of our business. We submitted our 2016 plans to the carbon
disclosure project for both greenhouse gases and water treatment. The group's strategy on climate change is being aligned
with the Paris COP-21 agreement and South Africa's position in that respect.

We are addressing the dual water risks of scarcity and pollution by installing water treatment plants at affected
operations. The result will be an increase in the re-use of treated (industrial quality) water, which will lead to
self-sufficiency and thus returning (less demand) of potable water to the municipality. The treatment of water results in
no pollution of surface water from mine water.

The Matla reverse osmosis water treatment plant is operational and returns seven mega litres of clean water per day into
the environment. Civil work started on the North Block Complex (NBC) zero liquid discharge reverse osmosis plant. The plant
is expected to be commissioned by 4Q16 and to return between one and one-and-a-half mega litres of clean water per day.

The Exxaro Chairman's Fund and Exxaro Foundation have spent R20,3 million (1H15: R20,4 million) on local economic
development projects as part of our social and labour plans during 1H16. The bulk of the funds was spent on education
(47%), skills development (17%), and infrastructure (16%) initiatives.

The Department of Environmental Affairs (DEA) has published new regulations under the National Environmental
Management Act (NEMA) No 107 of 1998, relating to managing, rehabilitating and remediating environmental impacts as a result
of mining activities and post mine closure. The DEA has extended the deadline until 20 November 2017 to comply with the new
financial provision regulations. We are assessing the full impact of these developments on our rehabilitation and
decommissioning financial provisions. However, we expect that we will align and implement accordingly.
3. COMMODITY PRICES PERFORMANCE
The coal API4 price for 1H16 averaged US$53 per tonne, compared with US$61 in 1H15. Iron ore fines prices also fell by
over 13%, averaging US$52 (cost and freight (CFR) China) in 1H16 compared to US$60 in 1H15, while titanium dioxide (TiO2)
averaged US$2 201 per tonne (cost, insurance and freight (CIF), US) from January to April 2016.

Table 2: Reviewed group segment results (Rm)
Revenue Net operating profit/(loss)
6 months 6 months 12 months 6 months 6 months 12 months
ended ended ended ended ended ended
30 June 30 June 31 Dec 31 Dec 30 June 30 June 31 Dec 31 Dec
2016 2015 2015 2015 2016 2015 2015 2015
Reviewed Reviewed Reviewed Audited Reviewed Reviewed Reviewed Audited
Coal 9 718 8 217 9 876 18 093 2 232 1 664 910 2 574
- Tied (1) 1 659 1 847 1 988 3 835 122 102 93 195
- Commercial (2) 8 059 6 370 7 888 14 258 2 110 1 562 817 2 379
Ferrous 13 83 90 173 (53) (48) (258) (306)
- Iron ore (46) (40) (252) (292)
- Alloys 13 83 90 173 (7) 3 7 10
- Other (11) (13) (24)
Other 31 24 40 64 (20) 195 710 905
- Other 31 24 40 64 (20) 195 710 905

Total 9 762 8 324 10 006 18 330 2 159 1 811 1 362 3 173
1 Mines managed on behalf of and supplying their entire production to Eskom in terms of contractual agreements.
2 Net operating profit includes pre-tax impairment of the carrying value of goodwill recognised on the acquisition
of TCSA of R1 524 million and the reductants operation property, plant and equipment of R225 million in 2H15.

4. FINANCIAL AND OPERATIONAL EXCELLENCE
4.1. Group financial results
4.1.1. Revenue and net operating profit
Consolidated group revenue increased by 17% to R9 762 million (1H15: R8 324 million), while group net
operating profit increased by 19% to R2 159 million (1H15: R1 811 million) mainly due to higher sales volumes
from the coal operations.

An average spot exchange rate of R15,39 to the US dollar was recorded for 1H16, compared to R11,91 in 1H15.

4.1.2. Earnings attributable to owners of the parent
Earnings, which include Exxaro's equity-accounted investments in associates and joint ventures, were R1 285
million (1H15: R1 167 million) or 362 cents earnings per share (1H15: 329 cents), an increase of 10%.

Headline earnings were 2% higher at R1 096 million (1H15: R1 077 million) or 309 cents per share (1H15: 303
cents per share).

4.1.3. Cash flow and funding
Cash flow generated from operations was R147 million lower at R2 183 million (1H15: R2 330 million). It was used
to pay for capital expenditure of R1 172 million, dividends of R304 million, net financing charges of R207 million
and taxation of R292 million.

At R1 172 million, overall capital expenditure increased 17% in 1H16 compared to 1H15, mainly due to Grootegeluk
backfill and inclusion of Exxaro Coal Central Proprietary Limited (ECC) operation's capital expenditure in 1H16.
A total of R179 million (1H15: R298 million) was invested in new capacity (expansion capital), and R993 million
(1H15: R703 million) was applied to sustaining and environmental capital (stay-in-business capital). Of the funds
spent on stay-in-business capital, R259 million was for GG's replacement of trucks, shovels and stacker reclaimers.
We continue to critically assess our overall project pipeline and the timing of cash flows to prioritise and
preserve capital.

Dividends received of R683 million (1H15: R985 million) were down 31% primarily due to the non-payment of dividends
by SIOC for 1H16, lower dividends declared by Tronox (US$0,045 per share per quarter for 1H16; US$0.25 per share
per quarter for 1H15), offset by a dividend declared by our Mafube joint venture with Anglo South Africa Capital
Proprietary Limited of R450 million (1H15: nil).

4.1.4. Debt exposure
Net debt at 30 June 2016 was R2 278 million compared to the net cash position of R55 million at 30 June 2015,
reflecting a prudent net debt to equity ratio of 6,5% (at 30 June 2015: net cash to equity ratio of 0,2%).

Subsequent to 30 June 2016, we have refinanced the group's R8 billion debt facilities made up of three tranches:
- R3,25 billion bullet term loan facility with a term of five years
- R2,75 billion revolving credit facility with a term of five years
- R2 billion amortised term loan facility with a term of seven years.

The interest rate achieved is higher than the previous facility, however, we are pleased that the covenant terms
are more favourable with the net debt EBITDA cover ratio increasing from 2,5 times to 3,0 times. Included in the
facility is the option for Exxaro to increase the facility to R10 billion, subject to the relevant credit approvals.

Table 3: Unreviewed coal production and sales volumes ('000 tonnes)
Production (Re-presented) Sales (Re-presented)
6 months 6 months 12 months 6 months 6 months 12 months
ended ended ended ended ended ended
30 June 30 June 31 Dec 31 Dec 30 June 30 June 31 Dec 31 Dec
2016 2015 2015 2015 2016 2015 2015 2015
Thermal 20 431 18 579 22 521 41 100 21 161 19 339 22 807 42 146
- Tied 3 966 4 181 5 079 9 260 3 961 4 181 5 089 9 270
- Commercial: domestic (1) 16 465 14 398 17 442 31 840 13 116 12 770 13 924 26 694
- Commercial: export 4 084 2 388 3 794 6 182
Metallurgical 970 923 933 1 856 738 697 644 1 341
- Commercial: domestic 970 923 933 1 856 738 697 644 1 341
Total coal 21 401 19 502 23 454 42 956 21 899 20 036 23 451 43 487
Semi-coke 1 35 13 48 12 35 14 49
Total coal (excluding buy-ins) 21 402 19 537 23 467 43 004 21 911 20 071 23 465 43 536
Thermal buy-ins (1) 577 559 663 1 222
Total coal (including buy-ins) 21 979 20 096 24 130 44 226 21 911 20 071 23 465 43 536
1 Mafube trading division buy-ins of 866kt from Mafube JV are included under Thermal coal production and prior periods have
been re-presented from buy-ins to thermal coal production (1H15: 482kt; 2H15: 665kt).

4.2. Coal business performance
Domestic trading conditions remained challenging in 1H16. The metals and reductants markets remained under pressure due
to lower priced Chinese imports, weak demand and lower international metals prices.

Despite an oversupplied coal export market, we recorded good demand for all our export coal. Export volumes rose 71% from
2,4Mt to 4,1Mt mainly due to additional volumes from ECC which is included for six months in 1H16 and not included in
1H15 as it was acquired in 2H15.

4.2.1. Production and sales volumes
Overall coal production volumes (excluding buy-ins from other suppliers) of 21,4Mt were 1,9Mt (10%) higher than the 19,5Mt
in 1H15 mainly due to the inclusion of ECC production (2,0Mt). This, amongst other factors, contributed to 1,9Mt higher
sales (9%).

4.2.1.1. Metallurgical coal
Grootegeluk (GG) production increased by 47kt (5%) as the Grootegeluk plant 8 (GG8) gantry, which had failed in December
2014 was brought back online. The gantry failure resulted in metallurgical coal to be substituted for power station coal
in 1H15.

Sales increased by 41kt (6%) on the back of higher demand from local customers and marginally higher off-take by
ArcelorMittal.

4.2.1.2. Thermal coal
Tied mines
Power station coal production was 215kt (5%) lower than 1H15, mainly due to no 1H16 production at Arnot (1H15: 746kt) as
a result of Eskom giving us notice of termination of the contract on 31 December 2015, partially offset by 531kt (15%)
higher production at Matla due to good cutting rates at mine 2.

Commercial mines
Power station coal production was 223kt (2%) higher compared to 1H15, mainly due to the higher power station coal production
at GG (123kt), better equipment availability at NBC (44kt) and higher demand at Leeuwpan (56kt).

Domestic power station coal sales were 227kt (2%) lower than in 1H15, mainly due to lower Leeuwpan sales (413kt) due to the
expiry of the Eskom coal supply agreement to Majuba power station on 31 March 2016, partly offset by higher GG (64kt) and
NBC (122kt) sales on the back of stronger Eskom demand.

Steam coal production was 1 844kt (76%) higher due to the inclusion of ECC (2 021kt) in 1H16 partly offset by no production
from Inyanda (1H15: 535kt) as the mine reached its end of life in 4Q15 and lower Leeuwpan plant production (114kt). Domestic
steam coal sales increased by 572kt (44%) mainly due to the inclusion of ECC (189kt), and higher Leeuwpan (187kt) and GG
(145kt) sales.

Steam coal export sales were 1 696kt (71%) higher, also due to the inclusion of ECC in 1H16.

4.2.2. Logistics
Transnet Freight Rail (TFR) export rail performance from Mpumalanga was favourable in 2Q16, however, the export rail flow from
the Waterberg remains a challenge, primarily due to crew unavailability and to a lesser extent network and locomotives issues.
We expect that this rail flow will achieve the required levels during 2H16. This will be achieved through renewed commitment
from TFR.

We have utilised the Exxaro RBCT entitlement in full, with own production and leasing out excess entitlement to a third party.

4.2.3. Markets
In the export market, our product mix has changed from being primarily an RB1 product mix to a lower value product mix of RB3,
mainly due to the inclusion of ECC. This led to our export market shifting from Europe to mainly Asia, dominated by India. This
trend is expected to continue in future.

4.2.4. Revenue and net operating profit or loss
Coal revenue of R9 718 million was 18% higher than in 1H15, mainly due higher sales volumes as a result of the inclusion of ECC,
offset by lower volumes from the closure of Inyanda and Arnot.

Net operating profit of R2 232 million represents an increase of 34%, at an operating margin of 23%, when compared to 1H15,
mainly due to:
- Inclusion of ECC (+R110 million)
- Exchange rate variances due to the weakening of the rand against the US$ (+R166 million)
- Lower cost per tonne and lower distribution costs (+R522m) in line with the operational excellence drive
- Lower price paid for the Mafube JV buy-ins (+R281 million) as a result of a change in the pricing mechanism from a cost-plus
method to one linked to the API4 price performance.

Partly offset by:
- Lower overall sales prices realised (-R249 million)
- Inflation (-R117 million)
- Higher depreciation (-R123 million) due to the higher asset base (GG7&8 and backfill)
- No contribution from Inyanda as it ceased production in 2H15 (-R157 million)
- Higher environmental rehabilitation expense (-R51 million), mainly due to the revision of the water liability estimate.

4.2.5. Equity-accounted investment
Mafube joint venture equity-accounted income decreased by 36% due to a change in the pricing mechanism between the joint venture
partners (Anglo and Exxaro) from a cost plus percentage to a price linked to the API4 price index. The investment in RBCT was
previously accounted for as an available-for-sale financial asset with fair value adjustments accounted for in equity. This
accounting treatment has since changed to an investment in associate. The change in classification is due to the increased
shareholding in RBCT obtained through the acquisition of ECC in 2H15. We also restructured our shareholding in SDCT by exiting SDCT
for a direct interest in RBCT. The restructuring resulted in a R203 million gain on the disposal of SDCT and a R35 million excess
of fair value over cost of the investment in RBCT on the increase in shareholding of RBCT shares.

4.2.6. Portfolio improvement
Project details were included in the finance director's pre-close message published on the Stock Exchange News Service (SENS) on
28 June 2016. The details below include further developments since then.

4.2.6.1. Eskom contracts
All production at Arnot mine has ceased and the mine equipment has been reclaimed from the underground sections. Consultation with
employees, in terms of section 189 of the Labour Relations Act (section 189), is complete. We continue our discussions with Eskom
to ensure full provision for the rehabilitation funds, mine closure costs and post mine closure costs in terms of the NEMA
regulations, as stipulated in the coal supply agreement (CSA).

Large capital projects at Matla await approval from Eskom, with mine 1 on care-and-maintenance. In the meantime, the remaining mine
shafts (mine 2 and mine 3) are expected to produce 4,3Mt for 2H16 (FY16: 8,3Mt) against contractual volumes of 10,1Mt for FY16. We
continue to engage Eskom to provide the required capital funding which will improve performance. Alternatively, we will be considering
available recourse in terms of the CSA.

4.2.6.2. Belfast
The suspension imposed on our water use licence (IWUL) was set aside by the Department of Water and Sanitation (DWS). Any appeal
could result in a delay in the project timelines by about one year. The designated mine area could also still be impacted by objections
and future appeals.

4.2.6.3. Grootegeluk rapid load out station
The detail design-phase is progressing well. The first construction package for early works will be issued to the market later in
August 2016, with construction set to start in November 2016 if no appeals are lodged. Major construction is envisaged to start
in 1Q17.

4.2.6.4. GG10
Project construction was completed on 10 June 2016. The project is currently in commissioning and ramp-up phase. The project was
completed on budget and on time. Previous guidance of up to 1Mtpa now confirmed at 750Ktpa.

4.2.6.5. GG6 Phase 2
The project is progressing well within the detail design phase. A value engineering exercise has been completed on the project and
the project will be presented to the Exxaro board in November 2016 for a final investment decision.

4.2.6.6. Thabametsi Phase 1
The Thabametsi mining right has been granted and executed. Both the IWUL and environmental impact assessment (EIA) have been granted,
but the EIA has been appealed by neighbouring farmers. The only outstanding authorisation is the protected tree permit, which is
expected soon.

The Department of Energy (DME) is expected to announce the successful Coal Independent Power Producer Procurement (CIPPP) programme
window 1 bidders in 3Q16. If successful, Exxaro, in a venture with Marubeni of Japan and Korea Electric Power Corporation (KEPCO), would
enter into a definitive Coal Supply Agreement.

4.3. Ferrous business
4.3.1. Net operating loss
Net operating losses increased by 10% from R48 million in 1H15 to R53 million in 1H16, mainly due to the losses in the FerroAlloys business
as a result of lower off-take at FerroAlloys from Kumba Iron Ore Limited (KIO).

4.3.2. Equity-accounted investments
The improvement in the iron ore price, coupled with cost reductions resulting from the new Sishen mine plan, contributed to the increased
equity-accounted income from the SIOC investment, from R633 million in 1H15 to R736 million in 1H16. No dividends were received from SIOC
in 1H16 (1H15: R673 million).

We continue to assess our options regarding this investment, following the announcement by Anglo American plc of its intention to potentially
divest of its interest in KIO (SIOC's parent company).

4.3.3. Portfolio improvement
Project details were included in the finance director's pre-close message published on the SENS on 28 June 2016. The details below include
further developments since then.

The Mayoko iron ore project which has been under care and maintenance, has been classified as an asset held-for-sale. The Exxaro board
approved the divestment from the project, and in July 2016, an agreement was entered into with a Congolese consortium for the sale of shares
of the legal entities that house the project for a purchase consideration of US$2 million. The sale is subject to conditions precedent, such
as regulatory approvals to the sale of shares.
Table 4: Equity-accounted investments (Rm)
Equity-accounted income/(loss) Exxaro's share of dividends received
6 months 6 months 12 months 6 months 6 months 12 months
ended ended ended ended ended ended
30 June 30 June 31 Dec 31 Dec 30 June 30 June 31 Dec 31 Dec
2016 2015 2015 2015 2016 2015 2015 2015
SIOC 736 633 (529) 104 673 673
Tronox (930) (659) (844) (1 503) 233 311 357 668
Black Mountain 39 9 55 64
Mafube 84 132 121 253 450
Cennergi 37 (32) (21) (53)
RBCT 25 (4) (4)
SDCT 2 2
Total (9) 83 (1 220) (1 137) 683 984 357 1 341

4.4. Titanium dioxide and Alkali chemicals
4.4.1. Equity-accounted investment
Equity-accounted losses from the Tronox investment were R930 million compared to R659 million in 1H15, mainly due to a 31% weakening of the
average rand/US$ rate realised (1H16: R15,56, 1H15: R11,84) and higher tax expense due to deferred tax liabilities being fully amortised at
the end of 2015.

Tronox continued its dividend declaration. Our share of dividends received decreased to R233 million compared to 1H15.

We are assessing our investment in Tronox, taking into consideration the prognosis for the global TiO2 industry as well as the impact of
Tronox's equity-accounted losses on Exxaro's earnings.

4.5. Energy business
4.5.1. Equity-accounted investment
Cennergi, a 50% joint venture with Tata Power Company Limited, has recorded equity-accounted gains of R37 million for 1H16 (1H15: R32 million
loss) mainly due to the projects generating deemed energy income following the successful connection of Tsitsikamma Community Wind Farm (TCWF)
and Amakhala Emoyeni (AE) to the Eskom grid in April and June 2016, respectively. TCWF reached commercial operation status in July 2016 and it
is expected that AE will reach commercial operation during 2H16. The two wind-farm projects will deliver a total of 229MW to the grid by
year-end, on time and within budget.

5. BROAD-BASED BLACK ECONOMIC EMPOWERMENT
Since the pre-close message on SENS on 28 June 2016, progress has been made on unwinding the current BEE structure.

To prepare for the unwinding of the group's current BEE structure in November 2016, a task team is focusing on unwinding the existing structure as well
as a possible replacement transaction. We have constituted a board sub-committee to ensure proper governance and that this takes place in a coordinated
manner to minimise the impact on all shareholders. A replacement BEE transaction as well as a potential buy-back of Exxaro shares could mitigate the
impact of unwinding.

It is likely that a replacement BEE transaction will be less than 50% BEE. We are engaging with our existing BEE shareholders as the ultimate size of a
replacement transaction will depend on the size of their level of reinvestment

Developing a future structure has also been complicated by uncertainties surrounding the new draft mining charter, which for instance, prescribes
empowerment at the mining right level as well as a minimum community and employee participation of 5% each.

6. MINERAL RESOURCES AND RESERVES
There are no material changes to mineral resources and reserves except for production related depletion. The cautionary statements that were presented
in the 2015 consolidated mineral resources and reserves report remain applicable, until conclusion of the 2016 reserve estimation process.

7. MINING AND PROSPECTING RIGHTS
The mining right for Thabametsi was granted and subsequently executed in June 2016.

In December 2015, a sale and purchase agreement was concluded for the Inyanda assets and liabilities (including the mining rights, plant assets and
a private rail siding). The sale is subject to conditions precedent, including the section 11 transfer of mining rights under the Mineral and
Petroleum Resources Development Act (MPRDA). The conditions precedent remain outstanding.

A section 102 of the MPRDA for the inclusion of the Forzando West prospecting right into the Forzando South mining right was granted in May 2016.

8. OUTLOOK
We expect an improvement in the coal business' performance in 2H16, compared to 2H15 mainly due to:
- Stable trading conditions in domestic markets. Our focus remains on both product and market diversification
- The positive impact from the inclusion of ECC in the portfolio for the whole of FY16 and ongoing optimisation of ECC operations
- Improving thermal coal price outlook
- Increase in sales from Grootegeluk and Matla, compensating for the cessation in coal supply from Arnot and Inyanda mines.

We expect that 2H16 domestic thermal volumes will remain at current healthy levels. Volumes in the metals markets will reduce as ArcelorMittal ceased
production at its market coke battery in Newcastle for emergency maintenance. This is expected to persist until 1Q17.

Export markets depend heavily on demand from India for lower-quality coal products, while pricing is expected to remain flat. Further growth is
expected in the African, Pakistani and South East-Asian markets, and the company is well positioned with a strong product mix to supply these
markets.

The performance of the investment portfolio (SIOC and Tronox) will be highly influenced by the iron ore and pigment prices realised in the period, as
well as the success of the ongoing cost optimisation efforts in these businesses.

Weak global economic growth, low commodity prices, constrained household finances, rising inflation and interest rates, and a South African annual
economic growth rate of near zero are likely to hamper economic activity for the remainder of 2016. The sustainability of current price levels in the
international market and the volatility of the rand/US$ exchange rate remain risks to our outlook. Collective efforts by government, business and labour
deferred a sovereign rating downgrade, but the outlook remains negative. Exxaro will focus on what is in its control by ensuring our operations are
efficient and focusing on further planned investment in mining and energy-related projects (including the Thabametsi and Belfast projects).

The BREXIT referendum result has created uncertainties which have direct and indirect trade and GDP impact in emerging economies, including South
Africa. We will continue to monitor any potential impact on Exxaro's business in 2H16.

Overall, we expect 2H16 global growth will be relatively subdued, in spite of support from moderate policy stimulus in China and some degree of fiscal
and monetary easing in advanced economies.

9. INTERIM DIVIDEND
Our dividend policy is based on a cover ratio of between 2,5 and 3,5 times core attributable earnings.

Notice is therefore given that a gross interim cash dividend, number 27, of 90 cents (interim 1H15: 65 cents) per share, for the six-month period ended
30 June 2016 was declared, payable to shareholders of ordinary
shares. For details of the dividend, please refer note 12 of the reviewed condensed group interim financial statements.

Salient dates for payment of the final dividend are:
- Last day to trade cum dividend on the JSE Tuesday, 6 September 2016
- First trading day ex dividend on the JSE Wednesday, 7 September 2016
- Record date Friday, 9 September 2016
- Payment date Monday, 12 September 2016.

No share certificates may be dematerialised or re-materialised between Wednesday, 7 September 2016 and Friday, 9 September 2016, 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 Monday, 12 September 2016.

10. CHANGES TO THE BOARD
Mr RP (Rick) Mohring, an independent non-executive director of Exxaro, passed away on 14 March 2016. The board expressed its sincere condolences to
Rick's family and appreciation for his tireless and dedicated service to Exxaro.

Mr WA (Wim) de Klerk resigned as finance director effective 30 June 2016. He served Exxaro and its predecessors with distinction and the board
expressed its appreciation for his dedication and commitment during his tenure.

On 1 July 2016, Mr PA (Riaan) Koppeschaar was appointed as finance director and Mr PCCH (Peet) Snyders and EJ (Ras) Myburgh (with effect from
1 September 2016) as independent non-executive directors. The board welcomes these new members and looks forward to their contribution in future.

11. GENERAL
Additional information on financial and operational results for the six-month period ended 30 June 2016, and the accompanying presentation can be accessed
on our website on www.exxaro.com.
On behalf of the board

Len Konar Mxolisi Mgojo Riaan Koppeschaar
Chairman Chief executive Officer Finance director

17 August 2016
ANNEXURE: Acronyms

ArcelorMittal ArcelorMittal South Africa Limited
API4 Benchmark price reference for RBI export coal
BEE Black Economic Empowerment
Black Mountain Black Mountain Proprietary Limited
Cennergi Cennergi Proprietary Limited
CFR Cost and Freight
Chifeng Chifeng Kumba Hongye Corporation Limited
CIF Cost, insurance and freight
CIPPP Coal Independent Power Producer Procurement
COP Conference of Parties
Cps cents per share
CSA Coal supply agreement
DCM Dorstfontein Coal Mine
DCME Dorstfontein coal mine east
DCMW Dorstfontein coal mine west
DEA Department of Environmental Affairs
DME Department of Mineral and Energy
DMR Department of Mineral Resources
DMTN Domestic Medium Term Note
DRCM Decommissioning, reclamation, care and maintenance
DWS Department of Water and Sanitation
EBIT Earnings before interest and tax
EBITDA Earnings before interest, tax, depreciation and amortisation
ECC Exxaro Coal Central Proprietary Limited
EIA Environmental impact assessment
EMJV Ermelo joint venture
ESG Environmental, social and governance
FeCr FerroChrome
FOB Free on board
GDP Gross domestic product
Good leaver A participant to a share-based payment scheme whose employment
has been terminated due to retrenchment, retirement, death, serious
disability, serious incapacity or promotion out of the relevant
qualification category as defined internally by the remuneration
and nominations committee
GG Grootegeluk
GMEP Grootegeluk Medupi expansion project
HEPS Headline earnings per share
IAS International Accounting Standards
IASB International Accounting Standards Board
IFRS International Financial Reporting Standards
IPP Independent power producer
JIBAR Johannesburg Interbank Average Rate
JSE JSE Limited
kcal kilocalorie
KEPCO Korea Electric Power Corporation
KIO Kumba Iron Ore Limited
kt kilo tonnes
LED Local Economic Development
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 (RF) controlling shareholder
MPRDA Mineral and Petroleum Resources Development Act
Mpower 2012 Exxaro Employee Empowerment Trust
Mt Million tonnes
Mtpa Million tonnes per annum
MW Megawatt
NBC North Block Complex
NCC New Clydesdale Colliery
NEMA National Environmental Management Act No 107 of 1998
NOP Net operating profit
NPV Net present value
OCI Other comprehensive income
OE Operational excellence
PPA Purchase Price Allocation
ppi Purchase price index
Rb Rand billion
RB1 6000 kcal/kg thermal coal
RB3 5500 kcal/kg thermal coal
RBCT Richards Bay Coal Terminal Proprietary Limited
PRC People's Republic of China
Rm Rand million
RMB Chinese Renminbi
RoC Republic of Congo
SAICA South African Institute of Chartered Accountants
SARS South African Revenue Service
SDCT South Dunes Coal Terminal SOC Limited
SENS Stock Exchange News Service
SIOC Sishen Iron Ore Company Proprietary Limited
SOC State-owned Company
SSCC Semi-soft coking coal
TCSA Total Coal South African Proprietary Limited
TFR Transnet Freight Rail
TiO2 Titanium dioxide
TIPP1 Thabametsi independent power producer 1
Tronox Tronox Limited
Tronox SA Tronox KZN Sands Proprietary Limited and Tronox Mineral Sands Proprietary Limited
Tronox UK Tronox Sands Limited Liability Partnership in the United Kingdom
UHDMS Ultra high dense medium separator
US$ United States dollar
VAT Value Added Tax
WACC Weighted average cost of capital
ZAR South African rand
VSP Voluntary severence packages
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
MW Hlahla**, Dr D Konar*** (chairman), S Mayet**, MDM Mgojo* (chief executive officer),
PA Koppeschaar* (finance director), S Dakile-Hlongwane***, Dr CJ Fauconnier***,
V Nkonyeni***, VZ Mntambo**, Dr MF Randera**,
J van Rooyen***, PCCH Snyders***, D Zihlangu ***

*Executive
**Non-executive
***Independent non-executive

Prepared under supervision of:
PA Koppeschaar CA(SA)
SAICA registration number: 00038621

Group company secretary
CH Wessels (+27 12 307 4384)

Transfer secretaries
Computershare Investor
Services Proprietary Limited
Ground Floor
70 Marshall Street
Johannesburg, 2001
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
The operational and financial information on which any outlook or forecast statements are based has not been reviewed
nor reported on by the external auditors. These forward-looking statements are based on management's current beliefs
and expectations and are subject to uncertainty and changes in circumstances. The forward-looking statements involve
risks that may affect the group's operational and financial information. Exxaro undertakes no obligation to update or
reverse any forward-looking statements, whether as a result of new information or future developments.

Where relevant, comments exclude transactions which make the results not comparable. These exclusions are the
responsibility of the group's board of directors and have been presented to illustrate the impact of these transactions
on the core operations' performance and hence may not fairly present the group's financial position, changes in equity,
results of operations or cash flows. These exclusions have not been reviewed nor reported on by the group's external
auditors.

Exxaro Resources Ltd. published this content on 18 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 18 August 2016 09:10:03 UTC.

Original documenthttp://www.exxaro.com/index.php/exxaro-reviewed-condensed-group-interim-financial-statements-and-unreviewed-production-and-sales-volumes-information-for-the-six-months-ended-30june-2016/

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End-of-day quote Johannesburg S.E. Other stock markets 06:00:00 2024-04-18 pm EDT			5-day change	1st Jan Change
186.9 ^ZAR	-0.62%		+0.95%	-8.61%

Mar. 19	Indices: Is the gold craze contagious?
Mar. 14	Exxaro Resources Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Indices: Is the gold craze contagious?	Mar. 19
Exxaro Resources Limited Reports Earnings Results for the Full Year Ended December 31, 2023	Mar. 14	CI
Transcript : Exxaro Resources Limited, 2023 Earnings Call, Mar 14, 2024	Mar. 14
S.Africa's Exxaro declares special dividend despite profit drop	Mar. 14	RE
Exxaro Resources Limited Approves Final Dividend for the Year Ended 31 December 2023, Payable on 13 May 2024	Mar. 13	CI
Exxaro Resources Limited Resolves to Pay Special Dividend for the Year Ended 31 December 2023, Payable on 13 May 2024	Mar. 13	CI
S.Africa's Exxaro sees fall in annual profit on lower coal prices	Mar. 07	RE
Indonesia, South Africa aim to regain lost share in Indian coal market	Feb. 28	RE
In election year, South African mines bleed cash, jobs	Feb. 21	RE
Sibanye CEO pushes on with copper hunt after failed Zambian bid	Feb. 05	RE
Exxaro Resources Limited Announces Executive Changes, Effective 1 May 2024	Jan. 23	CI
S.Africa's Transnet partially restores service on coal export line	Jan. 19	RE
Transnet plans to partially reopen coal line after derailment	Jan. 17	RE
S.Africa's Transnet works to clear coal export line after train crash	Jan. 16	RE
Exxaro Resources Limited Announces Appointment of Nosipho Molope as an Independent Non- Executive Director to the Company and as Member of Group's Audit Committee, Effective 3 January 2024	Dec. 04	CI
South Africa's Transnet adds trains to shift more coal to port	Nov. 30	RE
Exxaro widens critical metals search to greenfield assets	Nov. 29	RE
Exxaro Resources Limited Provides Sales Guidance for Financial Year 2023	Nov. 29	CI
Transcript : Exxaro Resources Limited, 2023 Guidance/Update Call, Nov 29, 2023	Nov. 29
Coal miner Exxaro hunts for copper assets in Congo, Zambia and Botswana	23-10-04	RE
Thungela says coal terminal workers' strike not impacting exports	23-10-02	RE
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South Africa's Impala Platinum, Sibanye Stillwater Among Bidders for Botswana Copper Mine	23-09-05	MT
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	1st Jan change	Capi.
EXXARO RESOURCES LIMITED	-8.61%	2.37B
CHINA SHENHUA ENERGY COMPANY LIMITED	+22.80%	108B
PT BAYAN RESOURCES TBK.	-4.02%	39.25B
SHAANXI COAL INDUSTRY COMPANY LIMITED	+30.35%	36.12B
COAL INDIA LIMITED	+15.77%	32.35B
YANKUANG ENERGY GROUP COMPANY LIMITED	+23.45%	22.43B
CHINA COAL ENERGY COMPANY LIMITED	+18.45%	20.13B
SHANXI LU'AN ENVIRONMENTAL ENERGY DEVELOPMENT CO., LTD.	+8.72%	9.91B
SHANXI COKING COAL ENERGY GROUP CO., LTD.	+14.47%	8.88B
HUAIBEI MINING HOLDINGS CO.,LTD.	+20.38%	7.47B

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