Coal producer Exxaro has said this morning its adjusted full-year earnings fell 6% due to an impairment charge of R5.8bn related to an iron ore project in the Congo Republic.

Watered down headline earnings per share totalled 1 368 cents in the year to December 2014 compared to 1 459c in the previous year, the company said in a statement.

The Mayoko iron ore project was written down because of delays in finalising certain agreements and a revised concept study that showed higher developmental costs. Exxaro said coal production volumes were muted at 39.1 million tonnes.

The company cut its final dividend by a third to 210c per share.