COMMENTARY

GROUP PERFORMANCE

In line with the information provided in the voluntary performance update issued on 16 August 2018, the Group's SA and AME operations (with the exception of Coega Concentrate) delivered good growth and a solid improvement in operating profit for the six months ended 31 August 2018. As forecast, the GBK operation continued to underperform the Board and management's expectations, recording a larger operating loss than the prior comparable period.

Remedial measures regarding the two underperforming entities, Coega Concentrate and GBK, are discussed in the "Subsequent events" commentary in this document.

COMPLETE OVERVIEW