Other investments

12 Months Ended

Dec. 31, 2024

Financial assets measured at fair value through other comprehensive income [abstract]

20. Other investments

Significant accounting judgements

Where the Group holds less than 20% interest in a company, the assessment of whether there is significant influence and hence an equity-

accounted investment may involve judgement. These judgements typically include the extent of representation on the board of directors,

other involvement in the company such as technical committee, any other contractual arrangements as well as the effective influence

that the particular shareholding interest provides. A different conclusion could have a significant impact on the measurement,

presentation and disclosure of the particular investment.

Accounting policy

On initial recognition of an equity investment that is not held for trading, the Group may make an irrevocable election to present

subsequent changes in the investment’s fair value in other comprehensive income (FVTOCI). This election is made on an investment-by-

investment basis. These investments are subsequently measured at fair value, with dividends recognised in profit or loss unless the dividend

clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI (in the mark-to-market

reserve) and are never reclassified to profit or loss.

Investments, other than investments in equity instruments, are measured at amortised cost if not measured at fair value through profit or loss

(FVTPL), and is held with the objective to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows

that are solely payments of principal or interest on the principal amount outstanding.

All investments not classified as measured at amortised cost or at FVTOCI as described above are measured at FVTPL, with subsequent

changes in the investment's fair value recognised in profit or loss. In addition, on initial recognition, the Group may irrevocably designate an

investment that otherwise meets the requirements to be measured at amortised cost as measured at FVTPL if doing so eliminates or

significantly reduces an accounting mismatch that would otherwise arise.

The Group holds the following investments:


Figures in million – SA rand	2024	2023	2022
Designated at FVTOCI investments:
Rand Mutual Assurance Company Limited	197	166	149
Furuya Metal Company Limited1	515	500	455
Aldebaran2	608	304	238
Generation Mining Limited3	64	106	322
ioneer Limited4	272	277	643
Century5	—	—	258
Other	8	22	98
Mandatorily measured at FVTPL investments:
Verkor S.A. (Verkor)6	904	951	554
EnHyWhere	41	107	78
Other	562	452	380
Amortised cost investments	336	294	165
Total other investments	3,507	3,179	3,340

1The Group holds approximately 4.89% in Furuya Metal Company Limited which is incorporated in Japan and listed on the Tokyo Stock Exchange. Its main business is the

manufacture/sale of industrial-use precious metals

2The Group holds 14.34% in Aldebaran which is incorporated in Canada and listed on the Toronto Stock Exchange (TSX). Aldebaran is a mineral exploration company

3The Group holds 13.85% in Generation Mining Limited which is incorporated in Canada and listed on the TSX. Generation Mining Limited is in the process of developing the

Marathon copper-palladium project

4The Group holds 6.19% in ioneer Limited (ioneer) which is incorporated in Australia. ioneer is an emerging lithium-boron producer listed on the Australian Securities

Exchange (ASX) and currently owns 100% of the Rhyolite Ridge lithium-boron project (Rhyolite Ridge) in Nevada in the US. The fair value of the investment is based on the

listed share price of ioneer at 31 December 2024 (see note 36.2)

5On 27 October 2021, Sibanye-Stillwater entered into a subscription agreement with Century Resources Limited incorporated in Australia (and listed on the ASX), where the

Group agreed to purchase ordinary shares as part of a capital raising by Century. The aggregate investment represented a 19.9% ownership interest at 31 December

2022. The Group acquired a 100% shareholding in Century during 2023

6On 22 March 2022, the Group, through its wholly-owned subsidiary, Sibanye Battery Metals Proprietary Limited, invested in Verkor by subscribing for a €25 million

(R409 million) convertible bond. Verkor is a French Gigafactory project aiming to enter the European battery materials market as a manufacturer of low-carbon footprint

batteries for application in electric vehicles and large-scale stationary storage markets. The convertible bond was converted into preference shares during September

2023. The convertible bond was recognised as an investment measured at fair value, with net gains and losses recognised in profit or loss. Subsequent to conversion, the

preference shares continue to be measured at fair value through profit or loss. During September 2023, the Group also subscribed for a further €15 million (R303 million)

preference share investment, which is measured at fair value through profit or loss. The fair value of the total investment in Verkor amounted to R904 million at 31

December 2024 (2023: R951 million, 2022: R554 million), with R46 million (2023: R93 million gain, 2022: R145 million gain) recognised as a fair value loss for the year ended 31

December 2024

Fair value of other investments

Other investments consists primarily of listed investments and other short-term investment products, which are measured at fair value or

have carrying amounts that approximates fair value. The fair values of non-listed investments included in other investments are determined

through valuation techniques that include inputs that are not based on observable market data. Fair value measurements of listed

investments are categorised as level 1 and 2 under the fair value hierarchy and non-listed investments as level 3 (see note 36.1).