Cash retained from operations was R3 574 million. This was primarily used to fund taxation payments of R487 million, dividend payments of R984 million and capital expenditure of R1 617 million of which R470 million was invested in new capacity and R1 147 million applied to sustaining and environmental capital. After the payments of R2 662 and R221 million respectively for the acquisition of Namakwa Sands and a 26% interest in Black Mountain, the group had a net cash outfl ow of R1 846 million for the financial year. The final dividend for payment in March 2009 will amount to a further cash outfl ow of R710 million offset by the dividend infl ow from SIOC of R1 123 million.

Net debt of R483 million at 31 December 2007 accordingly increased to R2 381 million at a net debt to equity ratio of 18% at 31 December 2008.