Competitive advantages

• Large multiproduct and long-life coal reserve base
• Established domestic (short and long-term contracts) and international customer base
• Adequate port and rail allocation to support export growth
• Resilient black ownership structure

Key financial strengths

• Strong balance sheet — net debt:equity of 9%
• Cash-generative operations
• Returning cash to shareholders: revised dividend policy of 2.5 to 3.5x coal core attributable earnings, plus pass-through of SIOC dividend received and special dividends from surplus cash

Growth prospects

• Organic coal production growth to supply export markets and independent power producers
• Domestic and offshore coal revenue growth (new projects and cost management)
• New, stable revenue model from renewable energy investment

Leadership and governance

• Experienced, growth-oriented leadership team
• Established governance structures — proven economic, social and governance model
• Ethical leadership
• Stakeholder-oriented