v3.26.1
Segment reporting
 12 Months Ended
Dec. 31, 2025
Disclosure of operating segments [abstract]  
Segment reporting 2.    Segment reporting
Accounting Policy
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker and is based on individual mining operations (operating segments) per geographic
area. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the executive management team that makes
strategic decisions.
During 2025, management updated the internal financial reporting to the chief operating decision maker by reporting adjusted EBITDA (previously net profit/loss) as the main and only measure of financial performance for operating segments. The Group therefore updated the structure of the segment reporting, including representation of all comparative information, to reflect this change in
internal reporting. See note 27.10 for a reconciliation of profit/(loss) before royalties, carbon tax and tax to adjusted EBITDA.
The table below summarises the segmental information disclosed in note 2.1 and 2.2:
31 December 2025
31 December 2024
31 December 2023
GROUP
SOUTHERN AFRICA
OPERATIONS
INTERNATIONAL AND RECYCLING OPERATIONS
GROUP
GROUP
SOUTHERN AFRICA OPERATIONS
INTERNATIONAL AND RECYCLING OPERATIONS
GROUP
GROUP
SOUTHERN AFRICA OPERATIONS
INTERNATIONAL AND RECYCLING OPERATIONS
GROUP
Figures in million –
SA rand
Total
Total SA
operations
Total
SA PGM
Total
SA gold
Total
internation
al
operations
Total US
operations
Total
EU
operations
Total AUS
operation
s
Corporate1
Total
Total SA
operations
Total SA
PGM
Total SA
gold
Total
internation
al
operations
Total US
operations
Total
EU
operations
Total AUS
operations
Corporate1
Total
Total SA
operations
Total SA
PGM
Total SA
gold
Total
internation
al
operations
Total US
operations
Total
EU
operations
Total AUS
operations
Corporate1
Revenue
129,677
97,942
60,883
37,059
32,304
27,114
518
4,672
(569)
112,129
82,402
51,257
31,145
29,854
23,087
2,784
3,983
(127)
113,684
84,736
55,593
29,143
29,087
23,812
3,024
2,251
(139)
Underground
90,364
84,166
58,381
25,785
6,718
6,718
—
—
(520)
78,867
69,787
48,314
21,473
9,207
9,207
—
—
(127)
83,612
73,257
52,375
20,882
10,494
10,494
—
—
(139)
Surface
18,448
13,776
2,502
11,274
4,672
—
—
4,672
—
16,598
12,615
2,943
9,672
3,983
—
—
3,983
—
13,730
11,479
3,218
8,261
2,251
—
—
2,251
—
Recycling/processing
20,865
—
—
—
20,914
20,396
518
—
(49)
16,664
—
—
—
16,664
13,880
2,784
—
—
16,342
—
—
—
16,342
13,318
3,024
—
—
Cost of sales, before
amortisation and
depreciation
(88,439)
(66,202)
(43,214)
(22,988)
(22,268)
(18,440)
(767)
(3,061)
31
(96,398)
(66,560)
(42,963)
(23,597)
(29,838)
(23,128)
(3,384)
(3,326)
—
(89,756)
(60,780)
(36,699)
(24,081)
(28,976)
(22,391)
(4,329)
(2,256)
—
Underground
(59,899)
(57,750)
(41,137)
(16,613)
(2,149)
(2,149)
—
—
—
(67,784)
(57,936)
(40,994)
(16,942)
(9,848)
(9,848)
—
—
—
(62,482)
(52,802)
(34,819)
(17,983)
(9,680)
(9,680)
—
—
—
Surface
(11,513)
(8,452)
(2,077)
(6,375)
(3,061)
—
—
(3,061)
—
(11,950)
(8,624)
(1,969)
(6,655)
(3,326)
—
—
(3,326)
—
(10,234)
(7,978)
(1,880)
(6,098)
(2,256)
—
—
(2,256)
—
Recycling/processing
(17,027)
—
—
—
(17,058)
(16,291)
(767)
—
31
(16,664)
—
—
—
(16,664)
(13,280)
(3,384)
—
—
(17,040)
—
—
—
(17,040)
(12,711)
(4,329)
—
—
Adjusted EBITDA
37,800
29,187
16,682
12,505
9,198
8,522
(776)
1,452
(585)
13,088
13,231
7,399
5,832
126
483
(878)
521
(269)
20,556
21,143
17,620
3,523
(428)
1,317
(1,459)
(286)
(159)
note 2.1
note 2.2
note 2.1
note 2.2
note 2.1
note 2.2
1Group corporate includes items to reconcile segment data to consolidated financial statement totals, such as intercompany eliminations, the Wheaton Stream and Franco-Nevada transactions and mainly includes, corporate tax, interest and transaction costs
2.1    SA operations
PRIMARY MINING
SECONDARY
MINING
Figures in million – SA rand
Total SA
operations
Total
SA PGM
Rustenburg
Marikana
Platinum
Mile
Mimosa
Corporate
and reconciling
items1
Total
SA gold
Driefontein
Kloof
Beatrix
DRDGOLD
Corporate
and reconciling
items1
2025
Revenue
97,942
60,883
31,292
28,342
1,249
3,613
(3,613)
37,059
12,610
5,466
6,278
9,129
3,576
Underground
84,166
58,381
29,705
28,342
334
3,613
(3,613)
25,785
12,603
5,015
6,278
—
1,889
Surface
13,776
2,502
1,587
—
915
—
—
11,274
7
451
—
9,129
1,687
Recycling/processing
—
—
—
—
—
—
—
—
—
—
—
—
—
Cost of sales, before amortisation and
depreciation
(66,202)
(43,214)
(21,921)
(20,369)
(924)
(2,531)
2,531
(22,988)
(6,961)
(5,594)
(4,229)
(4,649)
(1,555)
Underground
(57,750)
(41,137)
(20,564)
(20,369)
(204)
(2,531)
2,531
(16,613)
(6,961)
(5,423)
(4,229)
—
—
Surface
(8,452)
(2,077)
(1,357)
—
(720)
—
—
(6,375)
—
(171)
—
(4,649)
(1,555)
Recycling/processing
—
—
—
—
—
—
—
—
—
—
—
—
—
Adjusted EBITDA
29,187
16,682
9,265
7,452
179
1,085
(1,299)
12,505
5,607
(190)
2,012
4,438
638
Capital expenditure
Sustaining capital expenditure
(3,946)
(2,867)
(1,479)
(1,353)
(35)
(358)
358
(1,079)
(414)
(251)
(111)
(303)
—
Ore reserve development
(5,275)
(2,344)
(747)
(1,597)
—
—
—
(2,931)
(1,699)
(981)
(251)
—
—
Growth projects
(3,362)
(675)
(57)
(618)
—
—
—
(2,687)
—
—
—
(2,673)
(14)
Total capital expenditure
(12,583)
(5,886)
(2,283)
(3,568)
(35)
(358)
358
(6,697)
(2,113)
(1,232)
(362)
(2,976)
(14)
The following items are disclosed per segment in accordance with IFRS Accounting Standards
Cost of sales before amortisation and
depreciation consists of the following:
Salaries and wages
(26,489)
(17,445)
(8,913)
(8,487)
(45)
(24)
24
(9,044)
(3,540)
(2,320)
(2,113)
(751)
(320)
Consumable stores
(17,752)
(12,024)
(5,846)
(5,946)
(232)
—
—
(5,728)
(1,427)
(1,038)
(1,116)
(1,419)
(728)
Utilities
(11,334)
(5,416)
(3,162)
(2,251)
(3)
(205)
205
(5,918)
(2,512)
(1,590)
(557)
(543)
(716)
Mine contracts
(7,797)
(4,539)
(2,394)
(1,929)
(216)
—
—
(3,258)
(618)
(651)
(492)
(928)
(569)
Recycling
—
—
—
—
—
—
—
—
—
—
—
—
—
Other
(2,830)
(3,790)
(1,606)
(1,756)
(428)
(2,302)
2,302
960
1,136
5
49
(1,008)
778
Total cost of sales before amortisation and
depreciation
(66,202)
(43,214)
(21,921)
(20,369)
(924)
(2,531)
2,531
(22,988)
(6,961)
(5,594)
(4,229)
(4,649)
(1,555)
Amortisation and depreciation
(7,855)
(4,203)
(2,007)
(2,100)
(47)
(412)
363
(3,652)
(1,994)
(717)
(363)
(392)
(186)
Finance expense
(1,866)
(772)
(2,284)
(424)
—
(58)
1,994
(1,094)
(140)
(186)
(122)
(69)
(577)
(Impairments)/reversal of impairments
(1,919)
(63)
—
—
—
(599)
536
(1,856)
166
(3,779)
449
—
1,308
1Corporate and reconciling items represent the items to reconcile segment data to consolidated financial statement totals, such as intercompany eliminations. This does not represent a
separate segment as it does not generate revenue
PRIMARY MINING
SECONDARY
MINING
Figures in million – SA rand
Total SA
operations
Total SA PGM
Rustenburg
Marikana
Kroondal
Platinum Mile
Mimosa
Corporate and
reconciling
items1
Total SA gold
Driefontein
Kloof
Beatrix
DRDGOLD
Corporate and
reconciling
items1
2024
Revenue
82,402
51,257
19,515
25,311
5,182
1,249
3,104
(3,104)
31,145
9,848
6,769
5,329
7,068
2,131
Underground
69,787
48,314
17,469
25,311
5,182
352
3,104
(3,104)
21,473
9,759
5,970
5,310
—
434
Surface
12,615
2,943
2,046
—
—
897
—
—
9,672
89
799
19
7,068
1,697
Recycling
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Cost of sales, before amortisation and
depreciation2
(66,560)
(42,963)
(16,601)
(20,912)
(4,624)
(826)
(2,483)
2,483
(23,597)
(6,948)
(6,326)
(4,260)
(4,484)
(1,579)
Underground
(57,936)
(40,994)
(15,292)
(20,912)
(4,624)
(166)
(2,483)
2,483
(16,942)
(6,933)
(5,774)
(4,235)
—
—
Surface
(8,624)
(1,969)
(1,309)
—
(660)
—
—
(6,655)
(15)
(552)
(25)
(4,484)
(1,579)
Recycling
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Adjusted EBITDA
13,231
7,399
2,951
3,752
441
187
619
(551)
5,832
2,840
68
1,027
2,542
(645)
Capital expenditure
Sustaining capital expenditure
(3,497)
(2,566)
(903)
(1,118)
(503)
(42)
(548)
548
(931)
(380)
(247)
(64)
(240)
—
Ore reserve development
(5,309)
(2,472)
(699)
(1,773)
—
—
—
—
(2,837)
(1,663)
(932)
(242)
—
—
Growth projects
(4,292)
(807)
(101)
(680)
—
(18)
—
(8)
(3,485)
—
—
—
(3,131)
(354)
Total capital expenditure
(13,098)
(5,845)
(1,703)
(3,571)
(503)
(60)
(548)
540
(7,253)
(2,043)
(1,179)
(306)
(3,371)
(354)
The following items are disclosed per segment in accordance with IFRS Accounting Standards
Cost of sales before amortisation and
depreciation consists of the following:
Salaries and wages
(25,546)
(16,691)
(5,806)
(8,533)
(2,301)
(51)
(45)
45
(8,855)
(3,388)
(2,438)
(2,002)
(765)
(262)
Consumable stores
(18,789)
(13,232)
(3,617)
(7,653)
(1,776)
(186)
—
—
(5,557)
(1,338)
(1,239)
(938)
(1,355)
(687)
Utilities
(10,362)
(4,658)
(1,975)
(1,937)
(744)
(2)
(259)
259
(5,704)
(2,228)
(1,679)
(497)
(617)
(683)
Mine contracts
(5,529)
(2,368)
(693)
(379)
(1,092)
(204)
—
—
(3,161)
(700)
(654)
(429)
(867)
(511)
Recycling
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Other
(6,334)
(6,014)
(4,510)
(2,410)
1,289
(383)
(2,179)
2,179
(320)
706
(316)
(394)
(880)
564
Total cost of sales before amortisation and
depreciation
(66,560)
(42,963)
(16,601)
(20,912)
(4,624)
(826)
(2,483)
2,483
(23,597)
(6,948)
(6,326)
(4,260)
(4,484)
(1,579)
Amortisation and depreciation
(6,547)
(3,647)
(1,162)
(1,884)
(487)
(43)
(334)
263
(2,900)
(1,380)
(788)
(395)
(312)
(25)
Finance expense
(1,948)
(611)
(3,240)
(392)
(131)
—
(45)
3,197
(1,337)
(260)
(294)
(193)
(78)
(512)
Reversal of impairments/(impairments)
(17)
(124)
—
(112)
9
—
(26)
5
107
—
—
—
—
107
1Corporate and reconciling items represent the items to reconcile segment data to consolidated financial statement totals, such as intercompany eliminations and share of results of
equity-accounted investees after tax. This does not represent a separate segment as it does not generate revenue
2Included in cost of sales, before amortisation and depreciation is total write-down of inventory to net realisable value amounting to R954 million. This write-down mainly relates to PGM
in process and PGM finished goods of R728 million and R185 million, respectively, of which R588 million, R264 million and R61 million relates to Rustenburg, Kroondal and Marikana,
respectively, as a result of the lower commodity price environment
PRIMARY MINING
SECONDARY
MINING
Figures in million – SA rand
Total SA
operations
Total SA PGM
Rustenburg
Marikana
Kroondal
Platinum
Mile
Mimosa
Corporate and
reconciling
items1
Total SA gold
Driefontein
Kloof
Beatrix
DRDGOLD
Corporate and
reconciling
items1
2023
Revenue
84,736
55,593
22,722
27,282
4,563
1,026
3,217
(3,217)
29,143
8,292
8,833
4,804
5,816
1,398
Underground
73,257
52,375
20,530
27,282
4,563
—
3,217
(3,217)
20,882
8,106
8,062
4,714
—
—
Surface
11,479
3,218
2,192
—
—
1,026
—
—
8,261
186
771
90
5,816
1,398
Recycling
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Cost of sales, before amortisation and
depreciation
(60,780)
(36,699)
(15,147)
(16,961)
(3,950)
(641)
(2,409)
2,409
(24,081)
(6,567)
(8,149)
(4,059)
(4,040)
(1,266)
Underground
(52,802)
(34,819)
(13,908)
(16,961)
(3,950)
—
(2,409)
2,409
(17,983)
(6,468)
(7,552)
(3,963)
—
—
Surface
(7,978)
(1,880)
(1,239)
—
—
(641)
—
—
(6,098)
(99)
(597)
(96)
(4,040)
(1,266)
Recycling
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Adjusted EBITDA
21,143
17,620
7,636
9,759
485
103
781
(1,144)
3,523
1,647
524
458
1,736
(842)
Capital expenditure
Sustaining capital expenditure
(3,514)
(2,057)
(644)
(1,097)
(286)
(30)
(1,057)
1,057
(1,457)
(490)
(421)
(114)
(432)
—
Ore reserve development
(5,248)
(2,551)
(669)
(1,882)
—
—
—
—
(2,697)
(1,461)
(912)
(324)
—
—
Growth projects
(3,591)
(1,038)
—
(893)
(20)
(125)
—
—
(2,553)
—
(117)
—
(882)
(1,554)
Total capital expenditure
(12,353)
(5,646)
(1,313)
(3,872)
(306)
(155)
(1,057)
1,057
(6,707)
(1,951)
(1,450)
(438)
(1,314)
(1,554)
The following items are disclosed per segment in accordance with IFRS Accounting Standards
Cost of sales before amortisation and
depreciation consists of the following:
Salaries and wages
(24,621)
(15,157)
(5,628)
(8,036)
(1,446)
(47)
(25)
25
(9,464)
(3,229)
(3,235)
(2,049)
(706)
(245)
Consumable stores
(18,551)
(12,569)
(3,359)
(7,962)
(1,069)
(179)
—
—
(5,982)
(1,395)
(1,728)
(979)
(1,212)
(668)
Utilities
(9,455)
(3,943)
(1,835)
(1,715)
(391)
(2)
(242)
242
(5,512)
(1,973)
(1,740)
(584)
(620)
(595)
Mine contracts
(5,400)
(2,346)
(1,234)
(227)
(668)
(217)
—
—
(3,054)
(708)
(696)
(518)
(741)
(391)
Recycling
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Other
(2,753)
(2,684)
(3,091)
979
(376)
(196)
(2,142)
2,142
(69)
738
(750)
71
(761)
633
Total cost of sales before amortisation and
depreciation
(60,780)
(36,699)
(15,147)
(16,961)
(3,950)
(641)
(2,409)
2,409
(24,081)
(6,567)
(8,149)
(4,059)
(4,040)
(1,266)
Amortisation and depreciation
(5,357)
(2,975)
(1,135)
(1,537)
(234)
(47)
(475)
453
(2,382)
(1,015)
(796)
(328)
(194)
(49)
Finance expense
(1,603)
(706)
(4,066)
(413)
(122)
—
(28)
3,923
(897)
(116)
(126)
(113)
(72)
(470)
Impairments
(3,239)
(506)
(2)
—
(21)
—
(2,287)
1,804
(2,733)
(2)
(1,616)
—
—
(1,115)
1Corporate and reconciling items represent the items to reconcile segment data to consolidated financial statement totals, such as intercompany eliminations and share of results of
equity-accounted investees after tax. This does not represent a separate segment as it does not generate revenue
2.2    International and recycling operations
PRIMARY MINING
RECYCLING
SECONDARY
MINING
Figures in million – SA rand
Total international
operations
Total US operations
Total US PGM
US PGM
Total US recycling
Columbus
Pennsylvania site
and North
Carolina site1
Total
EU operations
Sandouville nickel
refinery
Corporate
and reconciling
items2
Total AUS
operations
Century zinc
retreatment
operation
Corporate and
reconciling items2
2025
Revenue
32,304
27,114
13,985
6,718
20,396
7,267
13,129
518
518
—
4,672
4,672
—
Underground
6,718
6,718
6,718
6,718
—
—
—
—
—
—
—
—
—
Surface
4,672
—
—
—
—
—
—
—
—
—
4,672
4,672
—
Recycling/processing
20,914
20,396
7,267
—
20,396
7,267
13,129
518
518
—
—
—
—
Cost of sales, before amortisation and
depreciation3
(22,268)
(18,440)
(6,507)
(2,149)
(16,291)
(4,358)
(11,933)
(767)
(767)
—
(3,061)
(3,061)
—
Underground
(2,149)
(2,149)
(2,149)
(2,149)
—
—
—
—
—
—
—
—
—
Surface
(3,061)
—
—
—
—
—
—
—
—
—
(3,061)
(3,061)
—
Recycling/processing
(17,058)
(16,291)
(4,358)
—
(16,291)
(4,358)
(11,933)
(767)
(767)
—
—
—
—
Adjusted EBITDA
9,198
8,522
7,353
4,444
4,078
2,909
1,169
(776)
(590)
(186)
1,452
1,582
(130)
Capital expenditure
Sustaining capital expenditure
(505)
(412)
(366)
(363)
(49)
(3)
(46)
(28)
(28)
—
(65)
(59)
(6)
Ore reserve development
(1,212)
(1,212)
(1,212)
(1,212)
—
—
—
—
—
—
—
—
—
Growth projects
(6,012)
(135)
(135)
(135)
—
—
—
(5,756)
—
(5,756)
(121)
(55)
(66)
Total capital expenditure
(7,729)
(1,759)
(1,713)
(1,710)
(49)
(3)
(46)
(5,784)
(28)
(5,756)
(186)
(114)
(72)
The following items are disclosed per segment in accordance with IFRS Accounting Standards
Cost of sales before amortisation and
depreciation consists of the following:
Salaries and wages
(4,475)
(3,647)
(3,230)
(3,230)
(417)
—
(417)
(193)
(193)
—
(635)
(635)
—
Consumable stores
(3,020)
(1,933)
(1,852)
(1,852)
(81)
—
(81)
(193)
(193)
—
(894)
(894)
—
Utilities
(1,070)
(438)
(414)
(414)
(24)
—
(24)
(50)
(50)
—
(582)
(582)
—
Mine contracts
(897)
(494)
(494)
(494)
—
—
—
(88)
(88)
—
(315)
(315)
—
Recycling
(15,769)
(15,769)
(4,358)
—
(15,769)
(4,358)
(11,411)
—
—
—
—
—
—
Other
2,963
3,841
3,841
3,841
—
—
—
(243)
(243)
—
(635)
(635)
—
Total cost of sales before amortisation and
depreciation
(22,268)
(18,440)
(6,507)
(2,149)
(16,291)
(4,358)
(11,933)
(767)
(767)
—
(3,061)
(3,061)
—
Amortisation and depreciation
(1,509)
(1,489)
(1,252)
(1,246)
(243)
(6)
(237)
(19)
(2)
(17)
(1)
—
(1)
Finance expense
(2,091)
(1,813)
(1,762)
(1,762)
(51)
—
(51)
(93)
(13)
(80)
(185)
(172)
(13)
Impairments
(12,062)
(4,230)
(4,230)
(4,230)
—
—
—
(7,832)
(28)
(7,804)
—
—
—
1Metallix's results are included for the four months ended 31 December 2025 since the effective date of acquisition (see note 16.1)
2Corporate and reconciling items represent the items to reconcile segment data to consolidated financial statement totals. This does not represent a separate segment as it does not
generate revenue. Corporate and reconciling items for total EU operations includes Keliber. The capital expenditure for Keliber relates to expenditure incurred in the course of
construction of the Keliber mine, concentrator and refinery 
3Included in cost of sales, before amortisation and depreciation is total write-down of inventory to net realisable value amounting to R1,477 million. This write-down mainly relates to PGM
in process and PGM finished goods of R1,171 million and R306 million, respectively, all relating to the US PGM operations as a result of the lower commodity price environment
PRIMARY MINING
RECYCLING
SECONDARY
MINING
Figures in million – SA rand
Total international
operations
Total US operations
Total US PGM
US PGM
Total US recycling
Columbus
Pennsylvania site1
Total
EU operations
Sandouville nickel
refinery
Corporate
and reconciling
items2
Total AUS
operations
Century zinc
retreatment
operation
Corporate and
reconciling items2
2024
Revenue
29,854
23,087
16,781
9,207
13,880
7,574
6,306
2,784
2,784
—
3,983
3,983
—
Underground
9,207
9,207
9,207
9,207
—
—
—
—
—
—
—
—
—
Surface
3,983
—
—
—
—
—
—
—
—
—
3,983
3,983
—
Recycling/processing
16,664
13,880
7,574
—
13,880
7,574
6,306
2,784
2,784
—
—
—
—
Cost of sales, before amortisation and
depreciation3
(29,838)
(23,128)
(17,096)
(9,848)
(13,280)
(7,248)
(6,032)
(3,384)
(3,384)
—
(3,326)
(3,326)
—
Underground
(9,848)
(9,848)
(9,848)
(9,848)
—
—
—
—
—
—
—
—
—
Surface
(3,326)
—
—
—
—
—
—
—
—
—
(3,326)
(3,326)
—
Recycling/processing
(16,664)
(13,280)
(7,248)
—
(13,280)
(7,248)
(6,032)
(3,384)
(3,384)
—
—
—
—
Adjusted EBITDA
126
483
215
(111)
594
326
268
(878)
(723)
(155)
521
641
(120)
Capital expenditure
Sustaining capital expenditure
(992)
(633)
(623)
(611)
(22)
(12)
(10)
(173)
(173)
—
(186)
(186)
—
Ore reserve development
(1,920)
(1,920)
(1,920)
(1,920)
—
—
—
—
—
—
—
—
—
Growth projects
(6,528)
(291)
(291)
(291)
—
—
—
(6,221)
—
(6,221)
(16)
(6)
(10)
Total capital expenditure
(9,440)
(2,844)
(2,834)
(2,822)
(22)
(12)
(10)
(6,394)
(173)
(6,221)
(202)
(192)
(10)
The following items are disclosed per segment in accordance with IFRS Accounting Standards
Cost of sales before amortisation and
depreciation consists of the following:
Salaries and wages
(5,834)
(4,947)
(4,687)
(4,687)
(260)
—
(260)
(350)
(350)
—
(537)
(537)
—
Consumable stores
(5,897)
(2,852)
(2,808)
(2,808)
(44)
—
(44)
(2,276)
(2,276)
—
(769)
(769)
—
Utilities
(1,193)
(624)
(613)
(613)
(11)
—
(11)
(8)
(8)
—
(561)
(561)
—
Mine contracts
(1,579)
(920)
(920)
(920)
—
—
—
(331)
(331)
—
(328)
(328)
—
Recycling
(13,280)
(13,280)
(7,248)
—
(13,280)
(7,248)
(6,032)
—
—
—
—
—
—
Other
(2,055)
(505)
(820)
(820)
315
—
315
(419)
(419)
—
(1,131)
(1,131)
—
Total cost of sales before amortisation and
depreciation
(29,838)
(23,128)
(17,096)
(9,848)
(13,280)
(7,248)
(6,032)
(3,384)
(3,384)
—
(3,326)
(3,326)
—
Amortisation and depreciation
(2,261)
(2,105)
(1,934)
(1,929)
(176)
(5)
(171)
(38)
(29)
(9)
(118)
(117)
(1)
Finance expense
(2,297)
(1,791)
(1,761)
(1,761)
(30)
—
(30)
(204)
(70)
(134)
(302)
(288)
(14)
Impairments
(9,156)
(8,824)
(8,824)
(8,824)
—
—
—
(221)
(221)
—
(111)
(4)
(107)
1Reldan's results are included for the nine and a half months ended 31 December 2024 since the effective date of acquisition (see note 16.2)
2Corporate and reconciling items represent the items to reconcile segment data to consolidated financial statement totals. This does not represent a separate segment as it does not
generate revenue. Corporate and reconciling items for total EU operations includes Keliber
3Included in cost of sales, before amortisation and depreciation is total write-down of inventory to net realisable value amounting to R3,774 million. This write-down mainly relates to PGM
in process and PGM finished goods of R3,115 million and R659 million, respectively, all relating to the US PGM operations, as a result of the lower commodity price environment
PRIMARY MINING
RECYCLING
SECONDARY MINING
Figures in million – SA rand
Total international
operations
Total US operations
US PGM
Columbus
Total
EU operations
Sandouville nickel
refinery
Corporate
and reconciling
items1
Total AUS operations
Century zinc retreatment
operation
Corporate and
reconciling items1
2023
Revenue
29,087
23,812
10,494
13,318
3,024
3,024
—
2,251
2,251
—
Underground
10,494
10,494
10,494
—
—
—
—
—
—
—
Surface
2,251
—
—
—
—
—
—
2,251
2,251
—
Recycling/processing
16,342
13,318
—
13,318
3,024
3,024
—
—
—
—
Cost of sales, before amortisation and
depreciation2
(28,976)
(22,391)
(9,680)
(12,711)
(4,329)
(4,329)
—
(2,256)
(2,256)
—
Underground
(9,680)
(9,680)
(9,680)
—
—
—
—
—
—
—
Surface
(2,256)
—
—
—
—
—
—
(2,256)
(2,256)
—
Recycling/processing
(17,040)
(12,711)
—
(12,711)
(4,329)
(4,329)
—
—
—
—
Adjusted EBITDA
(428)
1,317
710
607
(1,459)
(1,328)
(131)
(286)
(285)
(1)
Capital expenditure
Sustaining capital expenditure
(2,542)
(2,180)
(2,178)
(2)
(248)
(248)
—
(114)
(114)
—
Ore reserve development
(3,889)
(3,889)
(3,889)
—
—
—
—
—
—
—
Growth projects
(3,295)
(774)
(774)
—
(2,470)
—
(2,470)
(51)
(51)
—
Total capital expenditure
(9,726)
(6,843)
(6,841)
(2)
(2,718)
(248)
(2,470)
(165)
(165)
—
The following items are disclosed per segment in accordance with IFRS Accounting Standards
Cost of sales before amortisation and
depreciation consists of the following:
Salaries and wages
(5,970)
(5,108)
(5,108)
—
(360)
(360)
—
(502)
(502)
—
Consumable stores
(7,227)
(3,467)
(3,467)
—
(3,015)
(3,015)
—
(745)
(745)
—
Utilities
(1,575)
(647)
(647)
—
(424)
(424)
—
(504)
(504)
—
Mine contracts
(2,605)
(2,076)
(2,076)
—
(374)
(374)
—
(155)
(155)
—
Recycling
(12,711)
(12,711)
—
(12,711)
—
—
—
—
—
—
Other
1,112
1,618
1,618
—
(156)
(156)
—
(350)
(350)
—
Total cost of sales before amortisation and
depreciation
(28,976)
(22,391)
(9,680)
(12,711)
(4,329)
(4,329)
—
(2,256)
(2,256)
—
Amortisation and depreciation
(4,655)
(3,390)
(3,386)
(4)
(206)
(199)
(7)
(1,059)
(1,059)
—
Finance expense
(1,385)
(1,134)
(1,134)
—
(67)
(13)
(54)
(184)
(158)
(26)
Impairments
(44,215)
(38,919)
(38,919)
—
(1,607)
(1,607)
—
(3,689)
(3,689)
—
1Corporate and reconciling items represent the items to reconcile segment data to consolidated financial statement totals. This does not represent a separate segment as it does not
generate revenue. Corporate and reconciling items for total EU operations includes Keliber
2Included in cost of sales, before amortisation and depreciation is total write-down of inventory to net realisable value amounting to R1,374 million. This write-down mainly relates to PGM
in process and PGM finished goods of R996 million and R378 million, respectively, which relates to the US PGM operations as a result of the lower commodity price environment