TABLE OF CONTENTS

	CORPORATE INFORMATION
	ACTION REQUIRED BY SHAREHOLDERS
	IMPORTANT DATES AND TIMES
	INTERPRETATION AND DEFINITIONS
	CIRCULAR TO SHAREHOLDERS
	1.	Introduction
	2.	Rationale for the transaction
	3.	Terms of the Black Mountain acquisition
	4.	Terms of the Namakwa Sands acquisition
	5.	Information on Black Mountain
	6.	Information on Namakwa Sands
	7.	Related party
	8.	Financial information
	9.	Other information on Exxaro
	10.	Material contracts
	11.	Experts’ consents
	12.	Directors’ responsibility statement
	13.	Opinions and recommendation
	14.	Documents available for inspection
	ANNEXURE 1
	Independent expert’s opinion regarding the Black Mountain acquisition
	1.	Introduction
	2.	Methodology and assumptions
	3.	Explanation of fair and reasonable
	4.	Independence
	5.	Use of this opinion
	6.	Opinion
	ANNEXURE 2
	Independent expert’s opinion regarding the Namakwa Sands acquisition
	1.	Introduction
	2.	Methodology and assumptions
	3.	Explanation of fair and reasonable
	4.	Independence
	5.	Use of this opinion
	6.	Opinion
	ANNEXURE 3
	Salient terms of the Black Mountain shareholders’ arrangements
	1.	Salient Features
	ANNEXURE 4
	Empowerment transaction agreements and funding agreements
	NOTICE OF GENERAL MEETING
	FORM OF PROXY
	DOWNLOADS