Acquisitions (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about business combination [abstract]

Schedule of consideration paid for acquisition

The fair value of the consideration, including previous interest held is as follows:

Figures in million – SA rand		2023
Total fair value of investment in Century prior to acquisition		730
Fair value of original investment in Century1		357
Consideration paid for investment in associate2	18.4	373
Cash consideration paid to obtain control3		194
Total consideration		924

1This represents Sibanye-Stillwater's 19.89% investment in Century acquired in 2021. Sibanye-Stillwater held 26,184,675 shares which were revalued at A$1.1 per share, being

the offer price for the take-over, directly before the acquisition of Century. A fair value gain of R99 million was recognised in fair value adjustment on other investments as

detailed in other comprehensive income

2This represents 27,245,481 shares purchased by Sibanye-Stillwater at A$1.1 per share on 21 February 2023 for a cash consideration of A$30 million (R373 million). With this

share purchase Sibanye-Stillwater obtained an additional 20.69% interest in Century, resulting in a total shareholding of 40.58% prior to the acquisition date

3The cash consideration paid to obtain control was for the purchase of 14,257,682 shares at A$1.1 per share on 22 February 2023, amounting to A$15.7 million (R194 million)

and an additional 9.57% interest in Century, resulting in a total shareholding of 50.15%

The table below summarises the value of the consideration paid and NCI recognised at the date of acquisition:

Figures in million – SA rand	2023
Consideration	924
Fair value of identifiable net assets acquired	(1,843)
NCI1	(919)

1.The amount recognised as NCI represents the NCI holders' effective proportionate share (49.85%) in the fair value of the identifiable net assets acquired

The fair value of the consideration, including previous interest held is as follows:

Figures in million – SA rand	Note	2023
Cash consideration		—	*
Fair value of previously held interest1	19	2,354
Total contingent consideration		1,433
Contingent consideration related to delivery of agreed ounces2		333
Contingent consideration related to AAP receivable portion3		1,100
Total consideration		3,787

*Cash consideration of R1

1The fair value of the previously held interest in the Kroondal joint operation includes cash and cash equivalents of R489 million. The remeasurement of the Group's previous

interest in Kroondal resulted in a gain of R298 million, which is included in other income (see note 19 and 8.2)

2    Sibanye-Stillwater agreed to pay RPM a contingent consideration based on a percentage of the cumulative pre-tax cash flows of the Kroondal PSA (effective 1

November 2023) until the total 1,350,000 4E ounces (on a 100% basis) are delivered to RPM (agreed PSA ounces). At the effective date, approximately 204,517 4E ounces

were still outstanding in terms of the Kroondal PSA and will continue to be delivered under the terms of the purchase of concentrate (PoC) arrangement. The percentage

is determined based on a sliding scale/specific ranges of the PGM basket price included in the sale agreement. Sibanye-Stillwater will not make any payment to RPM if

the cumulative pre-tax cash flows of the Kroondal PSA is negative. The contingent consideration at the effective date was calculated using an average 4E PGM basket

price of R20,703/4Eoz and a discount rate of 10.76%. A 10% change in the average 4E PGM basket price will result in an undiscounted R127 million change to the

contingent consideration. The contingent consideration is subsequently measured at fair value with movements recognised in profit or loss. The liability at 31 December

2023 amounted to R300 million with a fair value gain of R33 million recognised in profit or loss (see note 22.2)

3    Sibanye-Stillwater agreed to pay RPM an amount equal to 50% of the amount receivable from RPM at the end of the final measurement period in respect of the agreed

PSA ounces in footnote 2 above (agreed PSA ounces receivable). The amount receivable relates to a Kroondal PSA PGM concentrate sale agreement between Sibanye-

Stillwater and RPM. RPM will withhold 50% of each payment of the agreed PSA ounces receivable until the payment is made in full. Sibanye-Stillwater determined the

contingent consideration at effective date as 50% of the agreed PSA ounces receivable and was calculated using an average 4E PGM basket price of R22,495/4Eoz and

a discount rate of 10.76%. A 10% change in the average 4E PGM basket price will result in an undiscounted R123 million change to the contingent consideration.  The

contingent consideration is subsequently measured at fair value with movements recognised in profit or loss. The contingent consideration liability at 31 December 2023

amounted to R1,270 million with a fair value loss of R170 million recognised in profit or loss (see note 22.2)

The table below summarises the value of the consideration paid and gain recognised at the date of acquisition:

Figures in million – SA rand	2023
Consideration	3,787
Fair value of identifiable net assets acquired	(4,685)
Gain on acquisition	(898)

Schedule of identifiable assets acquired and liabilities assumed in acquisition

The following table summarises the recognised amounts of assets acquired and liabilities assumed at the acquisition date:

Figures in million – SA rand	Notes	2023
Property, plant and equipment2	14	4,610
Right-of-use assets1	15	293
Other receivables1		142
Environmental rehabilitation obligation funds1	21	329
Inventories1,2		422
Trade and other receivables1		262
Cash and cash equivalents1,3		418
Lease liabilities1	29	(315)
Environmental rehabilitation obligation and other provisions2	30	(2,363)
Other payables1,2		(863)
Borrowings1	28	(3)
Deferred revenue1	32	(198)
Trade and other payables1		(606)
Tax and royalties payable1	11.4	(285)
Fair value of identifiable net assets acquired		1,843

1Carrying value approximate fair value, except as detailed in footnote 2 below

2Fair value of assets and liabilities for which the carrying value does not approximate fair value, excluding those not within the IFRS 3 measurement scope, were

determined as follows:

•The fair value of property, plant and equipment was based on an income approach consisting of a discounted cash flow model, and where necessary, fair values were

limited to the relevant depreciated replacement cost

•The fair value of inventories in respect of zinc concentrate was based on an assessment of net realisable value

•The fair value of the environmental rehabilitation obligation was calculated using a discounted cash flow model considering the cost of rehabilitating and

decommissioning the mine and relevant infrastructure

•The fair value of a financial liability, included in other payables, was based on an income approach consisting of a discounted cash flow model

•The fair value of a zinc hedge liability, included in other payables, was valued through a third party module based on the specifications of the existing hedge

agreements and utilising relevant LME price inputs

3The transaction results in net cash acquired of R224 million based on cash and cash equivalents acquired of R418 million and cash consideration paid of R194 million

The following table summarises the recognised amounts of assets acquired and liabilities assumed at the acquisition date:

Figures in million – SA rand	Notes	2023
Property, plant and equipment2	14	2,093
Right-of-use assets1	15	4
Environmental rehabilitation obligation funds1	21	287
Inventories1		194
Trade and other receivables1		3,462
Cash and cash equivalents1,3		920
Environmental rehabilitation obligation and other provisions2	30	(873)
Deferred tax liabilities4	11.3	(348)
Other payables1		(5)
Cash-settled share-based payment obligations1	6.6	(31)
Trade and other payables1		(1,018)
Fair value of identifiable net assets acquired2		4,685

1Carrying value approximates fair value, except as detailed in footnote 2 below

2Fair value of assets and liabilities for which the carrying value does not approximate fair value, excluding those not within the IFRS 3 measurement scope, were

determined as follows:

•The fair value of property, plant and equipment was based on an income approach consisting of a discounted cash flow model, and where relevant, fair values were

limited to the relevant depreciated replacement cost

•The fair value of the environmental rehabilitation obligation was calculated using a discounted cash flow model considering the cost of rehabilitating and

decommissioning the mine and relevant infrastructure

3    The transaction results in net cash acquired of R431 million based on total fair value of cash and cash equivalents acquired of R920 million,  excluding the fair value of cash

and cash equivalents included in Sibanye-Stillwater's previously held proportionally consolidated interest in Kroondal amounting to R489 million and cash consideration

paid of R1

4    Not within the IFRS 3 measurement scope and therefore measured in accordance with the requirements of IAS 12

Schedule of consideration paid for asset acquisition

The table below summarises the value of the consideration paid the date of acquisition:

Figures in million – SA rand	2023
Consideration1	261

1  The consideration includes transaction costs amounting to A$6 million (R75 million), which was not settled at 31 December 2023

The following table summarises the allocation of the gross purchase consideration to identifiable assets and liabilities:

Figures in million – SA rand	Notes	2023
Property, plant and equipment	14	556
Trade and other receivables		20
Cash and cash equivalents1		2
Inventories		53
Borrowings	28	(3)
Environmental rehabilitation obligation and other provisions	30	(340)
Trade and other payables		(27)
Total purchase consideration allocated on relative fair value basis		261

1  The transaction results in net cash paid of R184 million

Schedule of cash received (paid) on acquisition of subsidiaries

The table below provides a summary of the net cash received/(paid) on acquisition of subsidiaries, Century, Kroondal and CMT during the

year ended 31 December 2023:

Figures in million – SA rand	2023
Century acquisition, net of cash acquired	224
Cash consideration paid on effective date	(194)
Cash and cash equivalents acquired	418
Kroondal acquisition, net of cash acquired	431
Cash consideration paid	—	*
Cash and cash equivalents acquired	431
CMT asset acquisition	(184)
Cash consideration paid	(186)
Cash and cash equivalents acquired	2
Total acquisition of subsidiaries, net of cash acquired	471

*Cash consideration of R1