Commentary: Results

Headline earnings for the six months to 31 December 2016 (the current period) increased by 244.7% to R2,5 billion, compared to the same period in the previous financial year (the previous period, or 2015). This was brought about by considerately higher headline earnings recorded for the current period by both Assmang Proprietary Limited (Assmang), and Dwarsrivier Chrome Mine Proprietary Limited (Dwarsrivier) (refer "Dwarsrivier" below). The contribution to headline earnings for the six months from Assmang was R1 427 million (2015: R614 million) and Dwarsrivier generated R421 million for the current period, after it became a wholly owned subsidiary of the group from 1 July 2016.

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Registered office
Assore House, 15 Fricker Road, IIlovo
Boulevard, Johannesburg, 2196

Transfer office
Singular Systems Proprietary Limited,
28 Fort Street, Birnam, 2196

Company secretaries
African Mining and Trust Company Limited

Sponsor
The Standard Bank of South Africa Limited
Directors

Executive
Desmond Sacco (Chairman)
CJ Cory (Chief Executive Officer)
PE Sacco (Marketing),
BH van Aswegen (Operations and Growth)

Independent non-executive
EM Southey (Deputy Chairman and
Lead Independent Director), TN Mgoduso,
S Mlarhi, WF Urmson