Unaudited Preliminary Results

28 February 2013

Beacon Hill Resources Plc / AIM: BHR / ASX: BHU / Sector: Mining

Beacon Hill Resources Plc ('Beacon Hill' or 'the Company')

Unaudited Preliminary Results for the year ended 31 December 2012

Beacon Hill Resources Plc, the AIM and ASX listed coal producer, announces its unaudited preliminary results for the year ended 31 December 2012 and gives an update of progress since the financial year end.

Highlights:

·; Successful development of an economically attractive end-to-end logistics solution to transport coking coal produced at the Minas Moatize mine to export markets via the port of Beira:

o 0.5Mtpa capacity allocation on the Sena Line received commencing in April 2013

o Lease agreement with Thelo Rolling Stock Leasing Proprietary Limited ('Thelo') for the provision of rolling stock on the Sena Line in Mozambique

o Completed second trial export shipment of thermal coal through the Port of Beira;

·; Significant enhancement of the Minas Moatize project's NPV through delivery of a dramatic reduction in the proposed capital expenditure associated with expanding the wash plant capacity to 1.8 Mtpa ROM in Q1 2013 and to 2.8Mtpa in Q4 2013

·; Upgrade of the wash plant to enable the production of high value coking coal at a consistent and economic yield nearing completion

·; 31% increase in JORC Resource at Minas Moatize - upgraded to 86.8 Mt (Measured and Indicated of 76.3 Mt) from 66.4 Mt Measured and Indicated

·; Restructuring of board and management team and material reduction in labour costs across the Company to maximise cost efficiencies

Outlook:

·; Completion of the Phase 2A wash plant upgrade to significantly increase high value coking coal yields

·; First production and export shipment of coking coal expected in H1 2013

·; Updated Minas Moatize reserve estimate and mine plan to further enhance the economics of the project and extend the life of mine

·; Phases 2B and 2C wash plant expansion to enable full ramp up to 2.8Mtpa ROM production

Justin Farr-Jones, Chairman of Beacon Hill, commented: "This has been a period of positive change and advancement for Beacon Hill during which our new Board has successfully implemented a new operational strategy for Minas Moatize focused on transforming Minas Moatize into a profitable and cash generative coking coal operation. We have successfully secured a 0.5Mtpa rail allocation on the Sena Line, as well as the rolling stock for coking coal transportation, which was a significant milestone in optimising the economics of our logistics solution. In tandem, our plant upgrade has been reassessed to ensure that our production fits with our rail capacity which will dramatically reduce our capital expenditure and increase our life of mine. These are important steps for the Company aimed at enhancing the commercial and attributable value of the Minas Moatize mine and in turn, Beacon Hill, the only independent junior company with rail access in the globally significant emerging coking coal region of Mozambique."

CHAIRMAN'S STATEMENT

This has been a highly active and progressive time for the Company during which we restructured the board and appointed new directors to drive forward the development of the Minas Moatize Project. The restructured team, which is based in Africa, has utilised its extensive operational and corporate experience to formulate and commence a new strategy during Q4 2012. This is focused towards delivering on the Company's 2013 coking coal production targets whilst optimising Beacon Hill's capital expenditure and growth prospects for 2013 and beyond following disappointing interim and full year preliminary results in 2012.

To this end, I am pleased to report that our new Board and management team has rapidly achieved a number of critical milestones that have transformed the Company's prospects for 2013. Post period end the Company received a definitive 7.7% rail allocation on the Sena Rail Line ('Sena Line'), which equates to an initial allocation of 0.5Mtpa. In addition, we signed a lease for new rolling stock to transport our coking coal from the mine to the Port of Beira. With the Company's new logistics chain now in place, we can confidently look forward to accessing profitable export markets for our high value coking coal.

The transformation plan adopted for the Company and the Minas Moatize operation in 2012 will continue throughout 2013. Whilst a lot more remains to be done, I am optimistic that Beacon Hill has made significant progress with its new management team in a very short space of time and that we will achieve the desired operational outcomes to increase shareholder value.

Operations

We are focussed on developing the Minas Moatize Coking Coal mine into a profitable and cash generative operation in the near term.

To achieve this objective, we have formulated a disciplined capital strategy to optimise the Minas Moatize Project's NPV. This will be achieved through the delivery of a significant reduction in the proposed capital expenditure associated with expanding the wash plant capacity to 1.8 Mtpa ROM in Q1 2013 and to 2.8Mtpa in Q4 2013. The upgrade is progressing and our new plans for the wash plant will also enable the production of coking coal at a consistent and economic yield, in line with export capacity received on the Sena Rail Line.

The receipt of our allocation on the Sena Line, which originates approximately three kilometres from the Minas Moatize mine and proceeds over a distance of 580 kilometres to the port of Beira, is a transformational development for Beacon Hill, providing us with an economically attractive solution to transport our product to the highly valuable export markets. A US$60 million upgrade programme, aimed at increasing capacity to 6.5Mtpa, is currently being completed on the Sena Line with capacity anticipated to be shared by Rio Tinto, Vale and Beacon Hill, the third coal exporter in the Tete area.

In anticipation of the receipt of rail allocation on the Sena Line, Beacon Hill signed a lease agreement with Thelo Rolling Stock Leasing Proprietary Limited ('Thelo') ahead of the expected commencement of rail operations in Q3 2013. Thelo has agreed to lease five Grindrod RL30SCC-3 'as new' locomotives and 90 new Gondola-type coal wagons, fitted with the patented Sheffield bogey system, both for a term of 10 years. Further to the agreement, we have appointed RRL Grindrod Locomotives Proprietary Limited ('RRL Grindrod') as its rail services operator, and accordingly, RRL Grindrod will assume day-to-day responsibility for our train operations on the Sena Line.

Ahead of the commencement of our rail logistics solution, the Company will utilise our existing trucking transport solution to transport coking coal produced from the upgraded wash plant to the Port of Beira for export. The upgrade is progressing well and commissioning is due to commence in the upcoming weeks.

Also on an operational front, post period end in January 2013, Beacon Hill announced a upgrade to the Minas Moatize JORC Resource to 86.8Mt (Measured and Indicated of 76.3Mt) compared to the previous Resource statement of 66.4Mt all of which was Measured and Indicated. This upgrade, which represents an increase of 31% on the previous JORC resource statement, followed the completion of an infill drilling programme undertaken in 2012.

Outlook

We have a number of upcoming critical milestones in the first half of 2013 including the completion of the Phase 2A wash plant upgrade and the Company's first production and export shipment of coking coal.

The next value trigger for Beacon Hill will be the construction and commission of the Phase 2A washplant to commence maiden coking coal production in Q1 2013. The Phase 2A plant, which is designed to reduce the coal size further and use circuits capable of separating based on the finer liberation size of the coking properties, will have capacity of 1.8Mtpa ROM coal and enable production of coking coal at a consistent and economic yield.

The next phase of development, being the Phase 2B upgrade, is scheduled to commence in Q2 2013 and is expected to result in an increase in coking coal yields by up to 4 percentage points, lifting the coking coal output. This precedes the final Phase 2C upgrade, scheduled to commence in Q4 2013, which is expected to result in an increase in plant capacity to 2.8Mtpa.

During the months ahead, we will also be developing our logistics chain in order to establish an economically attractive infrastructure solution to link the Minas Moatize mine to the port of Beira. As coking coal production commences in Q1 2013, we will continue to truck our coking coal product for export as an interim measure until rolling stock is delivered in Q3 2013. Once we take delivery of the rolling stock, we intend to commence rail exports of coking coal towards Beira ahead on shipments in H2 2013. The final steps to establishing a linked up infrastructure chain will be loading at the Carbonmoc facility in Moatize and unloading at the Dondo siding for a final 30km haul to the Beira port in Q4 2013, as the plant expands to 2.8Mtpa by the end of 2013, following Phase 2B & C plant expansions.

I look forward to updating shareholders in due course as we achieve these milestones, which I believe will fundamentally improve our production volumes, profitability and in turn shareholder value.

Justin Farr-Jones

Chairman

27 February 2013

CHIEF EXECUTIVE OFFICER'S REVIEW OF OPERATIONS

The last few months were of significant importance to Beacon Hill as it strategically transformed the Company. A new lean and mean growth strategy was introduced with specific focus on delivering key milestones to make the Minas Moatize Mine a successful operational mine in the Tete Province of Mozambique.

Minas Moatize Coal Mine

Beacon Hill, through its wholly owned subsidiary MML, 100% owns and operates the Minas Moatize Coal Mine in the Tete Province of Mozambique.

Resources and Reserves

Resource Upgrade

In January 2013, Beacon Hill announced that the results of the infill drilling programme undertaken in 2012 resulted in Minas Moatize's JORC Resource being upgraded to 86.8Mt (Measured and Indicated of 76.3Mt) compared to the previous Resource statement of 66.4Mt all of which was Measured and Indicated. This represents an increase of 31% on the previous JORC resource statement, thus substantially enhancing the future economics of the mine.

Mineable Reserve

Previous to this, in February 2012 the Company reported its maiden JORC compliant Coal Reserve for Minas Moatize. A total Mineable Reserve of 42.65Mt was reported with the potential upside of a further 7.9Mt. The Mineable Reserve represents the in situ portion of the Geological Resource that is economically mineable. The Mineable Reserve is currently being updated following the completion of the Resource Upgrade and the Company will provided an update to the market once the Reserve Statement is completed.

Production

Open pit thermal coal mining continued throughout 2012 with 194,343 tonnes of run of mine ('ROM') coal being mined. The coal mined was processed at the Company's Phase 1 Wash Plant where 54,432 tonnes of saleable coal was produced. Mining and processing operations were minimal throughout the fourth quarter to accommodate the access and preparation required to commence the Phase 2A 1.8Mt ROM wash plant upgrade.

Wash Plant

Midway through 2012, the Company became aware that its existing Phase 1 Wash Plant was not able to produce coking coal at an economic and consistent yield. As a result, it became necessary to upgrade the wash plant to enable efficient coking coal production.

In Q3 2012, the wash plant upgrade commenced. The upgraded wash plant was designed to further liberate the coking coal fraction and to enhance the recovery of the high quality coal fines. The initial upgrade will cost the Company approximately US$6 million and is due to be completed in Q1 2013. Further details can be found below.

Minas Moatize Expansion

Definitive Feasibility Study

In February 2012, the Company published the Definitive Feasibility Study ('DFS') for Minas Moatize. The DFS was based on a 4Mtpa ROM operation producing on average 2.2Mtpa of saleable coking and thermal coal during its mine life. The DFS demonstrated a pre-tax NPV13 of US$662 million and had a projected estimated capital cost of US$166 million associated with the expansion.

Updated Expansion Strategy

Following my appointment to the Board in November 2012, the Company revised its expansion strategy in accordance with the strategic review undertaken to optimise the project's NPV by timing the expansion with export capacity received on the Sena Rail Line.

The staged development further broke down the prior Phase 2 expansions into three parts, by adding Phase 2B and 2C as summarised in the table below:

The Board has made the decision not to proceed with the Phase 3 expansion to develop a plant capable of processing 4Mtpa for approximately US$150 million as originally envisaged in the DFS. This is due to the materially lower capital cost of US$16 million required for Phases 2B & 2C plant upgrade, which has the potential to achieve 70% of the targeted ROM output of the Phase 3 expansion at 2.8Mtpa of coking coal. This new optimised scenario has further benefits, increasing the life of mine ('LOM') from 10.5 to 15 years with additional potential upside to extend the LOM further.

Logistics

Rail

Following the year end in February 2013, Minas Moatize entered into an Interim Rail Access Agreement with CFM in which MML has received a capacity allocation of 0.5Mtpa on the Sena Line commencing in April 2013. The key terms of the arrangement include:

·; MML is granted line access by CFM for a capacity of 0.5Mtpa and MML

·; In conjunction with the line access MML will pay CFM a monthly line access fee

·; The Interim Rail Access Agreement will automatically renew itself each year until MML and CFM enter into a long term take or pay agreement

·; MML shall initially operate two train sets each consisting of two locomotives with 42 wagons (each wagon of up to 63 tonnes load capacity)

Rolling Stock

In conjunction with the rail allocation, MML signed a lease agreement with Thelo in January 2013, for the provision of rolling stock on the Sena Line in Mozambique. The key terms of the agreement included:

·; Thelo would lease to MML five Grindrod RL30SCC-3 'as new' locomotives for a term of 10 years;

·; Thelo would also lease to MML ninety new Gondola-type coal wagons fitted with the patented Sheffield bogey system for a term of 10 years;

·; MML has appointed RRL Grindrod Locomotives Proprietary Limited ('RRL Grindrod') as its rail services operator. RRL Grindrod will assume day-to-day responsibility for MML's train operations on the Sena Line. RRL Grindrod will shortly commence its implementation plan, including the mobilisation of rail operating staff.

The Company will continue to make use of trucks to transport coal to the Port of Beira as an interim solution until the expected commencement of rail operations in Q3 2013.

Shipment

The Company's second test shipment of 18,576 tonnes of thermal coal departed the Port of Beira on 24 December 2012.

Marketing Partnership

In March 2012, Beacon Hill entered into a strategic marketing partnership with the Vitol Group, one of the world's largest energy trading groups. As part of the partnership the parties entered into a Coal Marketing Agreement whereby Vitol will act as agent to market export coal produced by the Minas Moatize Mine. As part of the agreement, Beacon Hill retained the right to continue to market and sell coal produced by the Minas Moatize directly to the African domestic (non-seaborne) market and to market and sell up to 600,000tpa of coking coal to Global Minerals & Metals Limited, a subsidiary of Global Coke Limited, for the life of the mine.

In conjunction with the agreement, Vitol made available a secured debt facility of up to US$20 million in two tranches of US$10 million, which could be utilised for capital expenditure, general corporate and working capital purposes. Note that the second tranche is conditional upon minimum exports amongst other things.

Sustainable Development

Beacon Hill is committed to sustainability and ethical behaviour. In order to be successful as a mining operation, we are focussed on health and safety, sustainability, being environmentally responsible and supporting the local communities close to our operations. Our commitment to the local community was illustrated in 2012 as the operational team took responsibility for upgrading a local school within close proximity to the mine.

Beacon Hill is committed to being an organisation without fatalities, serious work related injuries or occupational illness. I am proud to announce that our coal operation in Mozambique, Minas Moatize, had zero fatalities, no lost time injuries and one dressing station case. We can only be successful if our workers return home safe and healthy each day and we remain resolute on achieving this objective.

The overarching goal in environmental management is to minimise, and where possible eliminate, the impact on the environment. Unfortunately for the first three months of 2012 the open pit was flooded after significant rainfall occurred. In order to prevent this reoccurring, the Company has since constructed a diversion canal, which has performed effectively throughout this current wet season.

Changara Coal Project

In December 2011, Beacon Hill acquired majority ownership in a joint venture to explore and develop the Changara Coal Project in the Tete Province of Mozambique. The Changara project covers a licence area of 184km2, which is 70 times the size of Minas Moatize. It is located in the heart of the highly prospective coal basin of the Songo Area of the Tete Province. The Changara project was a further step in Beacon Hill's wider expansion strategy in the Tete Province of Mozambique.

Initial Exploration

The first phase drilling programme commenced at Changara in 2012. An initial five exploratory drill holes were completed using an air flush percussion method to a shallow depth of up to 200m across the 184km2 licence area. All drill holes identified sandstone, believed to be the Matinde formation, which is known to typically sit above the coal zones within the Moatize Formation of the Lower Karoo, the geological formation seen within the coal bearing region of Tete Province. These initial shallow holes, whilst very widely spaced across a large area give early guidance as to the geological structure present in the area and provide the basis for further drilling below the sandstone if deemed appropriate by the Board.

Further Exploration

Beacon Hill will only look to explore further at Changara once the Minas Moatize operation is profitable and cash flow positive.

Carrying Value

The Board is obliged periodically to review the Company's projects to determine if there has been any impairment in their values. Following such a review, it is the Board's opinion that the prevailing value of coal exploration licences has been adversely impacted by the decline in coal prices throughout the past 12 months. The Board has accordingly evaluated the degree to which the value of this project has been impaired and made appropriate provisions in the financial statements.

Arthur River Magnesite Project

In May 2012, Beacon Hill announced the results of the Preliminary Scoping Study for the Arthur River Magnesite Project. The Scoping Study confirmed that the project has robust financial potential with an NPV of A$42 million based on a 292,000dtpa ROM operation producing on average 100,000dtpa of calcined magnesia with an average grade of 95% MgO. The Scoping Study results provided the Company with a platform to identify potential off-take and JV partners for the project.

Throughout the second half of 2012, the Company reduced expenditure on the project, particularly in light of the current political uncertainties of operating in the North West of Tasmania. In the meantime Beacon Hill will continue to assess all project options which may include sourcing a partner to fund the project or an outright sale.

Carrying Value

As previously mentioned, the Board is obliged periodically to review the Company's projects to determine if there has been any impairment in their values. It is the Board's opinion that the global decline in the price of magnesia has adversely affected the value of the Tasmania Magnesite Project. The Board has accordingly evaluated the degree to which the value of this projects has been impaired and made an appropriate provision in the financial statements.

Financial Results

For the 2012 financial year, Beacon Hill is reporting a loss before tax of £28.1 million on a turnover of £0.7m (2011: loss of £7.4m on turnover of £1.0m).

The loss includes exceptional write downs of £12.6m in respect of the carrying values of the Tasmania Magnesite Project (£8.87m) and the Changara Coal Project (£3.73m). The Board is obliged periodically to review the Company's projects to determine if there has been any impairment in their values. Following such a review, the Board has concluded that the global decline in the price of magnesia has adversely affected the value of the Tasmania Magnesite Project. In respect of the Changara Coal Project, it is the Board's opinion that the prevailing value of coal exploration licences has been adversely impacted by the decline in coal prices throughout the past 12 months. The Board has accordingly evaluated the degree to which the values of these projects have been impaired and made appropriate provisions in the financial statements.

Revenue represents proceeds from the sale of coal to African markets. As has previously been announced, towards the end of the financial year, the Company made its second trial export shipment of coal. At the time of preparation of the financial statements, the final contractual obligations of the sales contract had not been completed and, accordingly, in accordance with the Company's accounting policies, the shipment has not been recorded as a sale in 2012.

Direct costs include mining and processing costs associated with the open pit mining operation, including wages, haulage and handling costs, fuel and depreciation of plant. The gross loss of £8.9m reflects the low volume of sales for the year relative to the productive capacity.

During the year, the Company made significant investment in the development of the Minas Moatize Coal Mine, including the upgrade of the existing wash plant. Total capital expenditure at the mine amounted to £5.9 million. Equity and loan capital raised amounted to £14.9 million. At 31 December 2012, the Company had cash of £1.2 million and net assets of £35.5 million.

Corporate

Australian Securities Exchange ('ASX') Listing

On 5 April 2012, Beacon Hill commenced official quotation on the ASX under the code BHU. The rationale behind the dual listing at the time of listing was to provide Beacon Hill with access to a broader capital market base of Australian and Asian investors.

Share Capital and Cash Position

The Company has a total of 1,114,470,517 ordinary shares in issue, 20,275,000 warrants and 69,185,499 options. The Company had £1.2m in cash at 31 December 2012.

Way Forward

The Minas Moatize plant expansion has been restructured to optimise the project's net present value by timing the expansion with export capacity received on the Sena Rail Line. The plant expansion and the associated capital expenditure will be phased in order to minimise the impact on the Company's cash flow. Given the current infrastructure challenges in Mozambique the strategic adopted is a low risk approach.

The Company's focus over the upcoming months will be the operational ramp up of the Phase II wash plant and producing coking coal yields as predicted by the planning model. The challenge will also be to make sure that both the Carbomoc and Dondo Siding projects are delivered in time when the new Rolling Stock arrives later this year.

In 2013, the Company will also focus its attention on the Arthur River Magnesite Project, and specifically taking this project up the value chain. Further exploration drilling and metallurgical testing will be undertaken to provide the Company and potential partners with further information about the metallurgical and chemical composition of the ore.

Rowan Karstel

Chief Executive Officer

27 February 2013

APPENDIX 4E - PRELIMINARY FINAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2012

BEACON HILL RESOURCES PLC AND CONTROLLED ENTITIES

COMPANY NUMBER: 5696680

ARBN 154 993 389

RESULTS FOR ANNOUNCEMENT TO THE MARKET

This report should be read in conjunction with the attached financial statements for the year ended 31 December 2012. These financial statements are in the process of being audited and have been prepared in conformity with International Financial Reporting Standards.

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)

UNAUDITED CONSOLIDATED BALANCE SHEET

Company number: 5696680

UNAUDITED CONSOLIDATED CASH FLOW STATEMENT

NOTES TO THE ACCOUNTS

1 Accounting policies

Basis of preparation

These condensed preliminary consolidated financial statements do not include all disclosures that would be required in a complete set of financial statements and should be read in conjunction with the 2011 Annual Report. The financial information for years ended 31 December 2012 and 31 December 2011 does not constitute statutory accounts within the meaning of Section 434(3) of the Companies Act 2006 and is unaudited.

The preliminary financial statements of the Company are prepared on the historical cost basis, on the basis of going concern and in accordance with IFRSs as adopted by the European Union. The comparative financial information for the year ended 31 December 2011 included within this report does not constitute the full statutory accounts for that period. The statutory Annual Report and Financial Statements for 2011 have been filed with the Registrar of Companies. The Independent Auditors' Report on that Annual Report and Financial Statements for 2011 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

The same accounting policies, presentation and methods of computation are followed in these preliminary consolidated financial statements as were applied in the Group's latest annual audited financial statements. The IASB has issued a number of IFRS and IFRIC amendments or interpretations since the last annual report was published. It is not expected that any of these will have a material impact on the Group.

The adoption of all of the new and revised Standards and Interpretations issued by the IASB and the IFRIC of the IASB that are relevant to the operations and effective for annual reporting periods beginning on 1 January 2012 are reflected in these financial statements.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only affects that period or in the period of revision and future periods if the revision affects both current and future periods.

In common with many exploration companies, the group raises finance for its exploration and appraisal activities in discrete tranches. Further funding is raised as and when required.

Going concern

The financial statements have been prepared on the going concern basis as, in the opinion of the directors, at the time of approving the preliminary financial statements, there is a reasonable expectation that the group will continue in operational existence for the foreseeable future.

NOTES TO THE ACCOUNTS (CONTINUED)

2 Operating segments

The following tables present revenue, loss and certain asset and liability information regarding the group's business segments for the year ended 31 December 2012, and for the year ended 31 December 2011.

NOTES TO THE ACCOUNTS (CONTINUED)

2 Operating segments (continued)

Of the total non-current assets of £63,131,946 (2011: £71,052,551) none were held in the United Kingdom (2011: none).

All external revenues were generated in Africa.

NOTES TO THE ACCOUNTS (CONTINUED)

3 Revenue 2012 2011

£ £

Revenue disclosed in the income statement is as follows:

Sales of coal to third parties 675,624 1,028,387

________ ________

4 Loss per share

The calculation of basic loss per ordinary share attributable to equity holders of the parent company, is based on a loss of £28,109,436 (2011 - £7,365,266) and on 1,063,548,719 ordinary shares (2011 - 785,741,689), being the weighted average number of ordinary shares in issue during the year.

There is no difference between diluted loss per share and the basic loss per share as the group reported a loss for the year.

The company has issued share options and warrants over ordinary shares both of which could potentially dilute basic earnings per share in the future.

5 Subsidiaries

The consolidated financial statements include the financial statements of Beacon Hill Resources Plc and the following subsidiaries:

Proportion of voting rights

and of equity interest

2012 2011

Minas Moatize Limitada Mozambique 100% 100%

Midwest 2001 Limitada (formerly Nongo,

Limitada) Mozambique 99% 99%

Baetica Limitada Mozambique 100% -

Tasmania Magnesite NL Australia 100% 100%

BHR Mining Limited Isle of Man 100% 100%

Beacon Hill Resources Pty Limited (formerly

Carnegie Services Australia Pty Limited)Australia 100% 100%

BHR Mining Limited United Kingdom 100% 100%

BHR Mining Mauritius Limited Mauritius 100% 100%

Cambridge Investments BV Mauritius 100% 100%

BHR Ventures Mauritius Limited Mauritius 100% 100%

BHR Coal Mauritius Limited Mauritius 100% 100%

BHR Investments Mauritius Limited Mauritius 100% 100%

BHR Projects Mauritius Limited Mauritius 100% 100%

Minas Moatize SA (Pty) Ltd South Africa 100% -

Nature of business

The principal activity of Minas Moatize Limitada is coal mining.

The principal activity of Tasmania Magnesite NL and Nongo, Limitada is mineral exploration.

The principal activity of the other subsidiaries is the provision of management services and investment holding.

6 Audit Status

This preliminary final report is based on accounts which are in the process of being audited and subject to review.