Non-controlling interests

12 Months Ended

Dec. 31, 2024

Non-Controlling Interests [Abstract]

27. Non-controlling interests

Accounting policy

Non-controlling interests

The Group recognises any NCI in an acquiree either at fair value or at the NCI's proportionate share of the acquiree’s net assets on an

acquisition-by-acquisition basis. Subsequently, the carrying amount of NCI is the amount of the interest at initial recognition plus the NCI’s

subsequent share of changes in equity.

Transactions with non-controlling interests

The Group treats transactions with NCI as transactions with equity owners of the Group. For purchases from NCI, the difference between

any consideration paid and the relevant share of the carrying value of the net assets acquired, is recognised in equity. Gains or losses on

disposals of NCI where control is not lost are also recognised in equity. Where control over a subsidiary is lost, the gains or losses are

recognised in profit or loss.

The Group’s NCI relates to the following subsidiaries:


Figures in million – SA rand	Notes	2024	2023	2022
NCI of DRDGOLD	27.1	3,396	2,634	2,283
NCI of Keliber	27.1	908	237	616
NCI of Group Technical Security Management		6	6	6
NCI of Marikana	27.1	—	—	(2)
Total NCI		4,310	2,877	2,903

The summarised financial information of DRDGOLD and Keliber is provided below. This information is based on amounts before

intercompany eliminations.


Figures in million – SA rand	2024	2023	2022
DRDGOLD Limited
Revenue	7,068	5,816	5,274
Profit for the year	1,713	1,333	1,157
Total comprehensive income	1,707	1,348	1,156
Profit attributable to NCI	852	662	573
Net (decrease)/increase in cash and cash equivalents	(868)	(863)	153
Dividends paid	171	363	255
Non-current assets	8,673	5,523	4,303
Current Assets	1,620	2,751	2,985
Non-current liabilities	(2,021)	(1,329)	(1,183)
Current liabilities	(672)	(730)	(552)
Net assets	7,600	6,215	5,553


Figures in million – SA rand	2024	2023	2022
Keliber Oy
Revenue	—	—	—
Profit/(loss) for the year	552	(429)	(93)
Total comprehensive income	329	3	154
Profit/(loss) attributable to NCI	672	(352)	(14)
Net (decrease)/increase in cash and cash equivalents	(116)	145	1,819
Dividends paid	—	—	—
Non-current assets	10,995	5,000	2,314
Current Assets	2,782	2,511	2,304
Non-current liabilities	(6,152)	(1,219)	(81)
Current liabilities	(1,586)	(582)	(248)
Net assets	6,039	5,710	4,289

27.1 Subsequent NCI transactions

DRDGOLD transaction

DRDGOLD is a company incorporated in South Africa with its head office in Johannesburg. DRDGOLD’s primary listing is on the JSE Limited

and its secondary listing is on the New York Stock Exchange. DRDGOLD's production is derived from retreatment of surface tailings in South

Africa. Following Sibanye-Stillwater’s exercise of its option to acquire an additional 12.05% in DRDGOLD effective 10 January 2020, NCI held

a 49.90% at 31 December 2024 (2023: 49.90% and 2022: 49.90%) with an effective holding of 49.77% at 31 December 2024 (2023: 49.72% and

2022: 49.67%) after considering the impact of treasury shares held by DRDGOLD. In calculating the reattribution to NCI, the Group used the

net asset value of DRDGOLD at the effective date of the option exercise, including the consideration paid for the subscription, and

determined a reattribution between NCI and the Group.

Keliber transactions

2023

On 25 April 2023 the Finnish Minerals Group increased its holding in Keliber from 14% to 20% by subscribing for EUR53.9 million (R1,096 million)

of a EUR104 million rights issue. The Group's portion of the subscription (through wholly-owned subsidiary, Keliber Lithium Proprietary Limited)

amounted to EUR50.2 million (R1,009 million), which is eliminated on a Sibanye-Stillwater Group level. In addition to the rights issue, other

minority shareholders in Keliber (which held 0.79% of the total Keliber shareholding) for which the Group previously recognised an

accelerated put option liability at 31 December 2022, received and accepted voluntary offers at the same share price (EUR157.28 per

share) as the voluntary offer that concluded in 2022. A total payment of EUR5.2 million (R103 million) was made by the Group to all the

shareholders who accepted the voluntary offers during June 2023. Following these transactions, the Finnish Minerals Group holds 20% in

Keliber, the Group retained 79.82%, while other minority shareholders hold the balance of the shares in Keliber.

The table below summarises the above transactions that occurred during 2023 and the impact thereof on the equity attributable to the

owners of Sibanye-Stillwater:


Figures in million – SA rand		2023

Rights issue and voluntary offers
Cash consideration paid on rights issue subscription by the Group		(1,009)
Payment eliminated on consolidation		1,009
Cash consideration received from rights issue subscription by NCI		1,096
Cash consideration paid by the Group to NCI on voluntary offer		(103)
Net cash received by the Group		993
Net reattribution of equity (accumulated profit and foreign currency translation reserve)		(596)
Net increase in equity attributable to the owners of Sibanye-Stillwater as a result of the transactions with Keliber shareholders		397
Increase in accumulated profit		463
Decrease in foreign currency translation reserve		(66)
Increase in NCI		700
Net increase in total equity as a result of the transactions with Keliber shareholders		1,097

Effective 25 April 2023, the Group also recognised a dividend obligation of R792 million with a corresponding reduction of the NCI of Keliber

as a result of the revised shareholders agreement (see note 22.2). This transaction did not result in a cash flow.

2022

On 30 June 2022, Sibanye-Stillwater announced its intention to exercise the pre-emptive right to obtain a majority shareholding and majority

board representation in Keliber, and subsequently exercised this right on 29 July 2022 for a cash consideration of €146 million (Pre-emptive

Offer). On 30 June 2022, the Group also made a voluntary cash offer to minority shareholders of Keliber, other than the Finnish Minerals

Group, to increase its shareholding in Keliber to over 80% (Voluntary Offer). The Voluntary Offer was subject to certain conditions and only

considered to be accepted if the relevant shareholder completes a share transfer form. The Voluntary Offer was completed on 3 October

2022 at a total cost of €192 million (including transfer tax of €2 million).

The table below illustrates the impact of the reattribution of the NCI on accumulated profit of the Group as a result of the subsequent

transactions with Keliber shareholders in 2022:


Figures in million – SA rand		2022

Pre-emptive Offer
Cash consideration paid to Keliber for share subscription1		(2,476)
Cash attributed to NCI2		1,238
Reattribution of equity3		349
Adjustment to accumulated profit		(889)

Voluntary Offer
Cash consideration paid to NCI shareholders		(3,363)
Reattribution of equity3		1,530
Adjustment to accumulated profit		(1,833)

Net decrease in equity attributable to owners of Sibanye-Stillwater as a result of transactions with Keliber shareholders		(2,766)
Decrease in accumulated profit — Pre-emptive Offer		(889)
Decrease in accumulated profit — Voluntary Offer		(1,833)
Decrease in accumulated profit due to foreign currency translation, share subscription costs and put options4		(106)
Increase in foreign currency translation reserve		62
Decrease in NCI		(686)
Net decrease in total equity as a result of the subsequent NCI transactions5		(3,452)

1The cash consideration paid for the Pre-emptive Offer is consolidated in the Group. The full reattribution is recognised in equity and is a non-cash transaction for the

Group

2Since the NCI shares in a proportionate interest of the net assets of Keliber, the cash consideration paid for the Pre-emptive Offer is proportionally allocated to the NCI

3This is the reattribution of the net asset value of Keliber as a result of the change in shareholding

4The put options relate to rights held by shareholders holding approximately 1% in the share capital of Keliber to sell their shareholding to the Group at fair value less 10%

5The Group's effective shareholding in Keliber following the Pre-emptive Offer, Voluntary Offer and impact of the put options was 85.90% at 31 December 2022

Century transactions

Sibanye-Stillwater acquired additional shares in Century through its original take-over offer subsequent to the effective date of the

acquisition. On 10 May 2023, Sibanye-Stillwater, through on-and off-market trades, obtained a 100% interest in Century through cash

consideration paid of A$74 million (R906 million) for the additional 49.85% interest in Century.

The table below illustrates the effect of the remaining interest acquired in Century on equity attributable to the owners of Sibanye-Stillwater

for the year ended 31 December 2023:


Figures in million – SA rand		2023

Consideration paid for acquiring the remaining 49.85% interest in Century		(906)
Carrying value of NCI		914
Total impact on equity attributable to owners of Sibanye-Stillwater1		8

1The amount includes R13 million increase on accumulated profit and R5 million decrease on other reserves in respect of foreign currency translation reserve