Environmental rehabilitation obligation and other provisions (Tables)

12 Months Ended

Dec. 31, 2025

Provision for decommissioning, restoration and rehabilitation costs [abstract]

Schedule of assumptions used to calculate provision


These provisions are calculated using the following assumptions:
	Inflation rate	Discount rate	Discount period
2025
SA gold operations	6.5%	6.3% – 9.1%	1 – 26 years
SA PGM operations	6.5%	6.3% – 8.9%	1 – 45 years
US PGM operations	3.5%	4.8%	31 – 66 years
European operations	2.5%	2.1% – 3.8%	1 – 26 years
Australian operations	2.5%	4.3%	1 – 18 years
2024
SA gold operations	7.0%	8.3% – 11.1%	1 – 25 years
SA PGM operations	7.0%	8.3% – 11.1%	1 – 45 years
US PGM operations	3.5%	4.8%	25 – 35 years
European operations	2.5%	2.3% – 3.0%	2 – 23 years
Australian operations	2.5%	3.9%	5 – 19 years
2023
SA gold operations	7.0%	8.9% – 12.3%	1 – 25 years
SA PGM operations	7.0%	8.9% – 12.3%	1 – 48 years
US PGM operations	3.5%	4.0%	31 – 46 years
European operations	2.1%	3.1%	23 years
Australian operations	2.8%	3.7%	40 months

Onerous contract The measurement of the onerous contract provision is subject to various inputs such as estimated revenue to be generated from the contract, which is impacted by pricing and volume assumptions, as well as estimated costs to be incurred such as production costs, which include overheads, labour and manufacturing input cost. Changes to these inputs could materially impact the cash flows included in the measurement of the onerous contract provision.

Schedule of other provisions


Figures in million – SA rand	Notes	2025	2024	2023
Environmental rehabilitation obligation	29.1	14,000	11,805	11,355
Other provisions	29.2	278	444	1,982
Balance at end of the year		14,278	12,249	13,337
Current portion of environmental rehabilitation obligation and other provisions		(161)	(327)	(832)
Non-current portion of environmental rehabilitation obligation and other provisions		14,117	11,922	12,505


Figures in million - SA rand	Notes	2025	2024	2023
Balance at beginning of the year		444	1,982	117
Onerous contract provision recognised1	8.1	—	200	1,865
Legal settlement provision raised		3,607	—	—
Finance expense		—	58	—
Change in onerous contract provision recognised through profit or loss2	8.2	(124)	(1,017)	—
Payments made - cash3		(3,610)	(665)	—
Foreign currency translation		(39)	(114)	—
Balance at end of the year		278	444	1,982
Other provisions consists of:
Onerous contract provisions4		161	327	1,865
Other		117	117	117
Other provisions		278	444	1,982
Reconciliation of the non-current and current portion of other provisions:
Other provisions		278	444	1,982
Current portion of other provisions5		(161)	(327)	(832)
Non-current portion of other provisions		117	117	1,150

1This is an onerous supply contract provision relating to the raw material used in the Sandouville nickel refinery's production process, which is purchased under a single

supply contract previously maturing on 31 December 2027. Due to sustained losses incurred at the operation, the Group assessed whether the supply contract is onerous

at 31 December 2023. Consequently, the Group determined whether the unavoidable costs of meeting the obligations under the contract exceed the economic

benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of

fulfilling it and any compensation or penalties arising from failure to fulfil it. Based on this assessment, the Group recognised an onerous contract provision amounting to

R1,865 million, which represents the present value at 31 December 2023 of the penalty payable on early exiting the supply contract and the unavoidable losses to be

incurred in meeting Sandouville's obligations under the contract during the notice period. Before the separate provision for the onerous contract was established, the

Group recognised an impairment loss on assets, partially dedicated to the contract (see note 10). The onerous contract provision was calculated based on an

expectation of terminating the contract in line with the required notice period and discounted at a pre-tax rate of 5.75%, reflecting the risks specific to the provision.

During 2024, the Group agreed with the supplier to terminate this supply contract with final delivery made in January 2025. During 2024, additional provisions were raised

for onerous contracts amounting to R200 million in respect of the Sandouville nickel refinery's production process

2The provision, included in Sandouville segment, decreased due to the realisation of onerous contract losses provided for at 31 December 2023

3A payment made for R45 million (2024: R665 million) was in respect of a penalty resulting from early exiting the supply contract. The remaining payment was in respect of

the legal settlement with Appian

4Included in the 2024 balance is the onerous contract provision relating to the raw material used in the Sandouville nickel refinery's production amounting to R121 million

and the balance relates to additional provisions raised for onerous contracts in respect of the Sandouville nickel refinery's production process

5The current portion at 31 December 2025, 31 December 2024 and 31 December 2023 relates to the onerous contract provisions

Schedule of environmental rehabilitation obligation activity


Figures in million - SA rand	Note	2025	2024	2023
Balance at beginning of the year		11,805	11,355	8,435
Interest charge	5.2	984	966	758
Utilisation of environmental rehabilitation obligation1		(227)	(488)	(274)
Change in estimates charged to profit or loss2		477	433	(82)
Change in estimates capitalised2		1,220	204	(419)
Environmental rehabilitation obligation on acquisition of subsidiaries		—	—	3,576
Derecognition with deemed disposal of interest in joint operation		—	—	(818)
Liabilities associated with assets held for sale		(29)	(451)	—
Foreign currency translation		(230)	(214)	179
Balance at end of the year		14,000	11,805	11,355
Reconciliation of the non-current and current portion of the environmental rehabilitation obligation:
Environmental rehabilitation obligation		14,000	11,805	11,355
Current portion of environmental rehabilitation obligation		—	—	—
Non-current portion of environmental rehabilitation obligation		14,000	11,805	11,355

1The cost of ongoing current programmes to prevent and control environmental disturbances, including reclamation activities, is charged to cost of sales as incurred

2Changes in estimates result from changes in reserves and corresponding changes in life-of-mine, changes in discount rates, changes in closure cost estimates, including

new information obtained through further studies completed and changes in laws and regulations governing environmental matters

Disclosure of sensitivity to key assumptions

The Group's environmental rehabilitation obligation is sensitive to changes in certain assumptions applied in the calculation of the balance

of the obligation at 31 December 2025. The table below illustrates the impact of certain changes to the assumptions on the balance of the

obligation at 31 December 2025, holding all other assumptions constant:


Key assumption	Change to key assumption	Impact on the environmental rehabilitation obligation (SA rand millions)
Discount rate	1%	R1,394 million
Inflation rate	1%	R1,878 million
Discount period	1 year	R241 million