CEO REPORT

CHIEF
EXECUTIVE
OFFICER’S
REPORT

Mike Schmidt
Chief executive officer

The benefit of initiatives to address loss-making operations in recent years is reflected in most of our operations delivering positive headline earnings. Only Nkomati Mine and Sakura Ferroalloy reported a headline earnings loss. As discussed in the Executive chairman’s report, a decision has been made to scale down Nkomati Mine while Sakura Ferroalloy has been impacted by high manganese ore and reductant prices.

Our diverse portfolio has proven its worth in a protracted period of commodity volatility.

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