BRIEF-Exxaro Resources FY HEPS 2,955 Cents

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BRIEF-Exxaro Resources FY HEPS 2,955 Cents
Credit: © Reuters.

March 18 (Reuters) - Exxaro Resources Ltd EXXJ.J :

* JSE: EXX - EXX04 - EXX - REVIEWED GROUP ANNUAL FINANCIAL STATEMENTS; FINAL DIVIDEND; SPECIAL DIVIDEND AND CHANGES TO THE BOARD

* FINAL DIVIDEND OF 1 243 CENTS PER SHARE, UP 677 CENTS PER SHARE

* FY HEPS OF 2 955 CENTS, DOWN 2%

* FY REVENUE OF R28.9 BILLION, UP 12%

* THE API4 INDEX PRICE REMAINED STABLE DURING THE THIRD QUARTER OF 2020 BEFORE GAINING MOMENTUM DURING THE FOURTH QUARTER

* AS A DIRECT RESULT OF DISAPPOINTING IRON ORE GLOBAL SUPPLY DURING 2020, INVENTORY LEVELS AT BOTH PORTS AND MILLS DID NOT ADEQUATELY INCREASE.

* PRE-FEASIBILITY STUDY ON DETERMINING WAY FORWARD FOR MORANBAH SOUTH HARD COKING COAL PROJECT EXPECTED TO COMMENCE BY THE END OF 1H21.

* WE DO NOT CURRENTLY FORESEE A MAJOR IMPACT OF THE SECOND WAVE OF COVID-19 IN OUR INTERNATIONAL MARKETS

* INCREASING CONCERNS IN CHINA ABOUT IRON ORE AVAILABILITY SUPPORTED THE ROBUST IRON ORE PRICES INTO 2021.

* SOUTH AFRICAN DOMESTIC COAL STOCK LEVELS ARE FAIRLY HIGH AND ESKOM STOCK LEVELS ARE ABOVE AVERAGE

* DEMAND FOR THERMAL COAL IN THE DOMESTIC MARKET WILL REMAIN FAIRLY STABLE IN 2021.

* EXPECT GLOBAL ECONOMIC GROWTH STABILISING DURING 1H21, AND THERMAL COAL DEMAND IN OUR MARKETS TO REMAIN STRONG.

* MR MDM (MXOLISI) MGOJO, CHIEF EXECUTIVE OFFICER, WILL RETIRE AS CEO AND MEMBER OF BOARD WHEN HE REACHES RETIREMENT AGE OF 63, ON 31 MAY 2023

* POLITICAL DYNAMICS BETWEEN AUSTRALIA AND CHINA ARE EXPECTED TO IMPACT SOUTH AFRICA EXPORTS

* DR N (NOMBASA) TSENGWA, HAS BEEN APPOINTED AS CEO-DESIGNATE AND MEMBER OF BOARD OF EXXARO EFFECTIVE FROM 16 MARCH 2021

* SOUTH AFRICAN FOB EXPORT COAL PRICES ARE EXPECTED TO REMAIN FAIRLY STRONG IN 1Q21, BUT SOFTENING IN 2Q21

* N (NOMBASA) TSENGWA, APPOINTED AS CEO-DESIGNATE, HER APPOINTMENT AS CEO WILL BECOME EFFECTIVE ONCE THE CEO RETIRES ON 31 MAY 2023

* J (JEFF) VAN ROOYEN'S TENURE AS CHAIRMAN WILL COME TO AN END AT THE ANNUAL GENERAL MEETING TO BE HELD ON 27 MAY 2021

* INTENDS TO USE A PORTION OF TRONOX PROCEEDS TO LAUNCH A SHARE BUYBACK PROGRAMME OF R1.5 BILLION

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