Other investments (Tables)

12 Months Ended

Dec. 31, 2024

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

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