Dear shareholder and stakeholder

I am pleased to report a 9% increase in headline earnings for the 2019 financial year (“F2019”). On an adjusted basis¹, headline earnings were up 35% driven mainly by an excellent performance from the iron ore operations.

We benefitted from the diversity of our portfolio as higher US dollar prices for iron ore, palladium and rhodium more than offset lower US dollar prices realised for manganese ore, manganese alloy, platinum, nickel and thermal coal.

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