| Thu 24 Jul 2008, 17:01 | | EXX - Exxaro - Trading Statement for the six months ended 30 June 2008 |
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EXX
EXX
EXX - Exxaro - Trading Statement for the six months ended 30 June 2008
Exxaro Resources Limited
(formerly Kumba Resources Limited)
Incorporated in the Republic of South Africa
(Registration Number: 2000/011076/06)
Share Code: EXX
ISIN Number: ZAE000084992
("Exxaro" or "the company")
TRADING STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2008
Shareholders are advised that Exxaro Resources Limited (Exxaro) will release its
reviewed financial results for the six month period ended 30 June 2008 on or
about 14 August 2008.
Exxaro`s coal business is expected to deliver a substantial improvement in net
operating profit for the period under review, compared to the six months ended
30 June 2007. The group`s net operating profit, however, is expected to be
approximately 10% lower than for the corresponding period in 2007 primarily due
to a loss in the mineral sands business. Mineral sands prices generally
remained depressed while lower volumes and a persistent strong Australian dollar
have negatively affected the Australian operation. Production volumes were also
lower at the KZN Sands operation in South Africa following the previously
reported water ingress incident at its Furnace 2 in February 2008. The base
metals business is expected to report a lower net operating profit in line with
declining zinc prices.
Attributable earnings and headline earnings for the period, which include the
group`s 20% shareholding in Sishen Iron Ore Company (Pty) Ltd (SIOC) are
expected to be between R1 150 million and R1 350 million with attributable
(AEPS) and headline earnings per share (HEPS) both being between 330 and 385
cents. For the comparable period ended 30 June 2007, the group reported
attributable earnings and headline earnings of R839 million and R839 million
respectively, with both AEPS and HEPS at 246 cents.
The Namakwa Sands business and a 26% interest in Black Mountain/Gamsberg, which
Exxaro will acquire on conversion and subsequent approval of cession of the
respective mining rights, are not included in the results for the six month
period ended 30 June 2008.
The financial information on which this trading statement is based has not been
reviewed or reported on by Exxaro`s auditors. This statement is issued in
compliance with the Listings Requirements (Section 3.4 (b)) of JSE Limited.
Editor`s note:
Exxaro is one of the largest South African-based diversified resources
companies, with interests in the coal, mineral sands, base metals and iron ore
commodities.
www.exxaro.com
Enquiries:
Trevor Arran
Executive General Manager, Corporate Affairs & Strategy
Tel: +27 12 307 4481
Mobile: +27 83 609 1444
Email: Trevor.Arran@exxaro.com
24 July 2008
Sponsor:
JPMorgan Equities
Date: 24/07/2008 17:01:01 Produced by the JSE SENS Department.
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