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Goodwill and other intangibles (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of reconciliation of changes in goodwill [abstract]  
Schedule of changes in goodwill and intangibles
Figures in million – SA rand
Notes
2024
2023
2022
Goodwill
Balance at beginning of the year
499
8,241
7,727
Goodwill on acquisition of subsidiaries
16.1
283
—
23
Impairment
10
—
(8,435)
—
Foreign currency translation
—
693
491
Carrying value at end of the year1
782
499
8,241
Other intangibles
Cost
Balance at beginning of the year
98
86
—
Intangible assets acquired on acquisition of subsidiaries
16.1
1,397
—
83
Additions
4
—
—
Foreign currency translation
(3)
12
3
Balance at end of the year
1,496
98
86
Accumulated amortisation and impairment
Balance at beginning of the year
95
5
—
Impairment
10
—
86
—
Foreign currency translation
(1)
—
—
Charge for the year
126
4
5
Balance at end of the year
220
95
5
Carrying value at end of the year2
1,276
3
81
Total goodwill and other intangibles
2,058
502
8,322
1The goodwill arose on the acquisition of the below subsidiaries:
•SFA (Oxford), amounting to R123 million allocated to the Stillwater (R60 million), Rustenburg (R44 million) and Kroondal (R18 million) CGUs, where it is tested for
impairment. During 2023, the R60 million goodwill allocated to Stillwater was impaired (see note 10). The remaining carrying value of goodwill related to the SFA (Oxford)
acquisition amounts to R63 million at 31 December 2023
•Qinisele Resources, amounting to R54 million and fully impaired by 31 December 2020
•Cooke, amounting to R737 million which was fully impaired by 31 December 2020
•Aquarius Platinum (South Africa) Proprietary Limited (Aquarius), amounting to R401 million allocated to the Kroondal (R134 million) and the Rustenburg operation (R267
million) CGUs, where it is tested for impairment. No impairment has been recognised
•Stillwater, amounting to US$450 million (R5,874 million), at the exchange rate on the acquisition effective date) allocated to the Stillwater CGU. During 2023, the entire
goodwill amount allocated to the Stillwater CGU with a carrying value of R8,352 million was impaired (see note 10)
•DRDGOLD, amounting to R35 million allocated to the DRDGOLD CGU, where it is tested for impairment. No impairment has been recognised
•Sandouville, amounting to R23 million allocated to the Sandouville CGU. During 2023, the entire goodwill amount allocated to the Sandouville CGU was impaired (see
note 10)
•Reldan, amounting to R283 million allocated to the Reldan CGU, where it is tested for impairment. No impairment has been recognised
2Included in the balance at 31 December 2024, is an intangible asset in respect of vendor relationships - manufacturers amounting to R1,146 million with a remaining
amortisation period of approximately nine years
Schedule of estimates and assumptions used in calculation of impairment of goodwill The Group’s estimates and assumptions used in the 31 December 2024 impairment testing include:
Gold operations1
PGM operations
Europe (Sandouville
nickel refinery)2
AUS
operations
*
Reldan
2024
2023
2022
2024
2023
2022
2023
2022
2023
2024
Average gold
price3,5
R/kg
1,324,530
1,072,364
869,035
Average PGM
(4E) basket
price4,5
R/4Eoz
26,963
29,124
27,566
Average PGM
(2E) basket
price5
US$/2Eoz
1,120
1,281
1,334
Average nickel
price5
US$/lbs
8.9
8.3
Average cobalt
price5
US$/lbs
15.8
22.1
Average zinc
price5
A$/t
3,873
Average gold
price5
US$/oz
2,329
Average silver
price5
US$/oz
29
Nominal
discount rate —
South Africa6,7
%
14.3- 15.7
13.7 - 15.8
13.9 -
15.8
21.3 - 21.5
22.5 - 22.7
22.5 - 22.6
Nominal
discount rate —
US7
%
13.0
12.0
12.9
15.3
Nominal
discount rate —
Europe7
%
7.4
9.8
Nominal
discount rate —
Australia7
%
9.3
Inflation rate —
South Africa3,8
%
5.0
6.0
6.5
5.0
6.0
6.5
Inflation rate —
US8
%
2.1
2.5
4.0
2.1
Inflation rate —
Europe8
%
1.6
2.5
Inflation rate —
Australia8
%
2.9
Life-of-mine3,9
years
4 - 10
4 - 11
4 - 10
13 - 45
14 - 47
15 - 49
23
24
4
N/A
*No impairment assessment performed at 31 December 2024 as carrying values reduced to nil due to change in the rehabilitation provision
1Include the operating gold mines Driefontein, Kloof and Beatrix
2The Keliber impairment assessment at 31 December 2024 applied an average lithium hydroxide price of US$18,640/t (2023: US$22,933/t), nominal discount rate of 9.9%
(2023: 10.1%), inflation rate of 2% (2023: 2%) and a life-of-mine of 23 years (2023: 24 years)
3The estimates and assumptions used in the impairment assessment of the Burnstone project include an average gold price of R1,189,493/kg (2023: R1,012,625/kg, 2022:
R793,473/kg), inflation rate of 5.0% (2023: 6.0%, 2022: 6.5%) and life-of-mine of 25 years (2023: 25 years, 2022: 22 years)
4The average PGM basket price used on the Mimosa equity-accounted joint venture was R25,433/4Eoz (2023: R26,632/4Eoz, 2022: R25,420/4Eoz)
5The average prices and the exchange rate were derived by considering various bank and commodity broker consensus forecasts
6Nominal discount rate for the Burnstone project is 17.5% (2023: 18.9%, 2022: 17.4%) and for the equity-accounted joint venture Mimosa, 22.7% (2023: 31.2%, 2022: 30.7%)
7The nominal discount rate is calculated as the weighted average cost of capital of the respective CGUs
8The inflation rate is based on the expected forecast inflation rate in the geographical region which most affects the CGU's cash flows
9Periods longer than five years are considered appropriate based on the nature of the operations since a formally approved life-of-mine plan is used to determine cash
flows over the life of each mine based on the available reserves
Assumptions used in impairment assessment The assumptions applied in the 31 December 2023 value in use impairment calculation as well as the recoverable amount for each of the
cash-generating units (CGU) impacted by the impairments are set out below:
Stillwater
Sandouville
nickel refinery
Century zinc
retreatment
operation
Burnstone
Weighted average PGM (2E) basket price1
US$/2Eoz
1,281
Weighted average nickel price1
US$/lbs
8.9
Weighted average cobalt price1
US$/lbs
15.8
Weighted average zinc price1
A$/t
3,873
Weighted average gold price1
R/kg
1,012,625
Inflation rate2
%
2.5
1.6
2.9
6.0
Nominal discount rate3
%
12.0
7.4
9.3
18.9
Life-of-mine4 (life-of-refinery)
years
46
23
4
25
Recoverable amount
R' million
22,246
—
—
3,799
1The weighted average commodity prices and exchange rate were derived by considering various bank and commodity broker consensus forecasts
2The inflation rate is based on the expected forecast inflation rate for the geographic region which most affects the CGU's cash flows
3The nominal discount rate is calculated as the weighted average cost of capital of the respective CGUs
4Periods longer than five years are considered appropriate based on the nature of the operations since a formally approved life-of-mine plan is used to determine cash
flows over the life of each mine based on the available reserves
Other than the impairment recognised in note 10, no further impairment was recognised at 31 December 2024 for the Group's CGUs, or any
CGUs with allocated goodwill. However, holding all other assumptions constant, the table below illustrates possible changes in certain key
assumptions used in the Group's impairment assessments that could result in impairment. There was low to minimal headroom in the
recoverable amounts for the CGUs listed below.
CGU
Key assumption
Value of key assumption
Change to key assumption
resulting in impairment
Marikana
Average 4E PGM basket price
R26,380/4Eoz
4.3%
Keliber
Average lithium hydroxide price
US$18,640/t
0.1%
Mimosa
Average 4E PGM basket price
R25,433/4Eoz
0.1%