The group is expected to continue experiencing strong demand for local power station coal. However, coking coal sales are anticipated to be lower at reduced prices. Steam coal sales volumes should increase but at lower international prices.

Increased production volumes at all mineral sands operations and a full 12 months’ with the local and Australian currencies remaining at their present weaker levels, should benefit this business in 2009 if market demand and prices remain at current stable levels.

The base metals business is expected to remain under pressure in 2009 as a result of continued depressed market conditions and zinc prices.

The equity-accounted contribution from SIOC will be impacted by market demand and the level of iron ore price adjustments effective from 1 April 2009.

The group will have a strong focus on capital prioritisation and working capital management together with continual business improvement initiatives and cost control to offset lower demand and price challenges.

Overall, the group’s consolidated results for 2009, will largely bes impact on demand and prices for its commodities, as well as by the trading levels of the local and Australian currencies.

The uncertain market outlook remains a key factor to the group’s results for 2009.