v3.26.1
Consolidated statement of cash flows - ZAR (R)
R in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Cash generated by operations R 13,692 R 4,414 R 18,726
Deferred revenue advance received 10,745 3,307 935
Cash-settled share-based payments paid (649) (751) (637)
Payment of Marikana dividend obligation 0 (38) (191)
Additional deferred/contingent payments relating to acquisition of a business 0 (44) (3,733)
Change in working capital 2,273 6,853 1,750
Total cash generated by operations 26,061 13,741 16,850
Interest received 849 882 998
Interest paid (2,337) (2,101) (1,304)
Royalties and carbon tax paid (1,320) (784) (922)
Royalties and carbon tax refunded 431 0 0
Tax paid (2,464) (1,452) (3,209)
Tax refunded 489 0 0
Dividends paid (302) (173) (5,318)
Net cash from operating activities 21,407 10,113 7,095
Cash flow from investing activities      
Additions to property, plant and equipment (20,307) (21,569) (22,411)
Proceeds on disposal of property, plant and equipment 163 129 168
Acquisition of subsidiaries, net of cash acquired (1,990) (2,690) 471
Dividends received 418 402 449
Additions to other investments (850) (465) (658)
Disposals of other investments 765 457 202
Loans advanced to investee 0 (26) 0
Repayment of loan from investee 21 0 0
Proceeds on sale of assets held for sale 318 0 0
Acquisition of equity-accounted investment (91) (35) (396)
Contributions to environmental rehabilitation funds (158) (273) (185)
Payment of deferred/contingent payment 0 (292) 0
Proceeds from environmental rehabilitation funds 19 24 322
Net cash used in investing activities (21,692) (24,338) (22,038)
Cash flow from financing activities      
Loans raised 7,912 8,278 14,431
Loans repaid (4,883) (3,335) (1,323)
Lease payments (228) (208) (219)
Acquisition of NCI (45) 0 (1,009)
Proceeds from NCI on rights issue 0 0 1,096
Net cash from financing activities 2,756 4,735 12,976
Net increase/(decrease) in cash and cash equivalents 2,471 (9,490) (1,967)
Effect of exchange rate fluctuations on cash held (1,342) (21) 1,451
Cash and cash equivalents at beginning of the year 16,049 [1] 25,560 26,076
Cash and cash equivalents at end of the year R 17,178 R 16,049 [1] R 25,560
[1] Amount for 31 December 2024 was revised (see note 16.2)