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Exxaro Base Metals and Industrial Minerals growth

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Turkey iron ore and base metal opportunity

Exploration activities in Turkey are still in their early stages with further participation being critically reviewed in the current depressed economic environment. The area includes zinc, lead copper and iron ore prospects. A total of R110 million was expensed for the year on acquisition and exploration costs.

More than 11 000 metres of mainly iron ore-focused exploration drilling was completed between April and October 2008. Exploration activities have been suspended for the winter and will resume again in the second quarter of 2009.

Technical evaluation on a bulk ore sample is also in progress at the Exxaro research and development test facilities. Results are expected towards the end of 2009.

Chifeng refinery

The feasibility study to expand Chifeng refinery by a further 100ktpa was completed in the first half of 2008. After reviewing the prospect, Exxaro concluded that the planned expansion does not meet its investment criteria, and decided not to participate. The expansion plans have since been indefinitely delayed as a result of the substantial decline in demand for zinc metal.

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