Commentary: Results

Headline earnings for the six months to 31 December 2015 declined by 25,4% to R738 million, compared to the same period in the previous financial year (the previous period). This was due to substantially lower headline earnings recorded for the period by Assmang Proprietary Limited (Assmang), which decreased by 28,2% to R1,2 billion. The group's principal investment is a 50% interest in Assmang, which it controls jointly with African Rainbow Minerals Limited (ARM), and in accordance with International Financial Reporting Standards (IFRS), is accounted for using the equity method.

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

Company secretaries
African Mining and Trust Company Limited

Transfer office
Computershare Investor Services
Proprietary Limited, 70 Marshall Street,
Johannesburg,
2001

Sponsor
The Standard Bank of South Africa Limited
Directors

Executive
Desmond Sacco (Chairman)
CJ Cory (Chief Executive Officer)
AD Stalker (Marketing)
BH van Aswegen (Technical and Operations)

Non-executive
EM Southey* (Deputy Chairman and
Lead Independent Director), TN Mogoduso*,
S Mhlarhi*, IN Mkhari*, WF Urmson*     
*Independent

Alternate Director
PE Sacco