Name of the Project
Mayoko iron-ore project.

Location
The Mayoko project is located in the Niari Prefecture about 300 km north-east of Pointe-Noire, in Republic of Congo (RoC).

Client
SAPRO SA.

Project Description
The project represents a near-term development opportunity in an emerging iron-ore province, with an existing underused, heavy-haulage mineral railway passing within 2 km of the main prospect that terminates at the Port of Pointe-Noire.

The project currently has a Joint Ore Reserves Committee-compliant mineral resource of 121-million tons of iron-ore, consisting of a hematite cap of direct shipping ore (DSO) at 55% iron and beneficiable DSO at 41% iron.

The intention is to develop the project in phases.

Jobs to be Created
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Value
Not stated.

Duration
Not stated.

Latest Developments
Exxaro Resources announced the conclusion of the sale of its Mayoko project to SAPRO SA on September 30.

Exxaro acquired the project in 2012. In June 2014, Exxaro announced the impairment of the project, as a result of the collapse of iron-ore prices, which is expected to continue for the foreseeable future.

Following a commodity portfolio review and a number of in-house and external commodity studies, the Exxaro board approved a decision in 2015 to divest from the project, for which a number of expressions of interest were received.

Negotiations with SAPRO SA ensued, which culminated in the successful sale and transfer of the project on September 23.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Too early to state.

Contact Details for Project Information
Exxaro Resources, tel +27 12 307 5000 and fax +27 12 323 3400.