v3.26.1
Revenue (Tables)
12 Months Ended
Dec. 31, 2025
Disclosure of disaggregation of revenue from contracts with customers [abstract]  
Disclosure of revenue from contracts with customers The Group’s sources of revenue are:
Figures in million – SA rand
2025
2024
2023
Primary mining:
Gold mining activities
27,930
24,077
23,327
PGM mining activities1
65,568
59,682
66,275
Nickel refining activities
518
2,784
3,024
Secondary mining:
Zinc retreatment operation2
4,763
4,220
2,580
Gold tailings retreatment
9,129
7,068
5,816
Recycling:
Pennsylvania site and North Carolina site recycling activities
13,129
6,306
Columbus site recycling activities
7,218
7,574
13,318
Other:
Stream1
1,299
581
509
Total revenue from contracts with customers
129,554
112,292
114,849
Adjustments relating to sales of PGM concentrate provisional pricing3
214
74
(836)
Adjustments relating to Zinc operation provisional pricing3
(91)
(237)
(329)
Total revenue
129,677
112,129
113,684
1The difference between revenue from PGM mining activities presented above and total revenue from PGM mining activities presented on the segment
report relates to the separate disclosure of revenue from the gold and palladium streaming arrangement with Wheaton Precious Metals International
(Wheaton International) (Wheaton Stream) and the gold and platinum streaming arrangement with Franco-Nevada (Franco-Nevada stream) in the above.
Revenue relating to the Wheaton Stream and Franco-Nevada stream is incorporated in the Group corporate segment as described in the segment report
(see note 2)
2The difference between revenue from the zinc retreatment operation presented above and total revenue from zinc retreatment operation presented on the
segment report relates to the separate disclosure of revenue related to adjustments on the provisional pricing on zinc sales
3These adjustments relate to provisional pricing arrangements resulting from subsequent changes to the amount of revenue recognised
Revenue per geographical region of the relevant operations:
Figures in million – SA rand
2025
2024
2023
Southern Africa (SA)
97,942
82,402
84,736
United States (US)
26,545
22,960
23,673
Europe (EU)
518
2,784
3,024
Australia (AUS)
4,672
3,983
2,251
Total revenue
129,677
112,129
113,684
Schedule of revenue generated by product Revenue generated per product:
Figures in million – SA rand
2025
2024
2023
Gold
47,691
37,138
30,257
PGMs
68,945
59,547
71,090
Platinum
25,829
20,573
19,775
Palladium
19,114
19,919
25,271
Rhodium
17,973
14,747
21,991
Iridium
3,781
2,824
2,883
Ruthenium
2,248
1,484
1,170
Chrome
4,824
6,069
5,165
Nickel
1,332
3,626
4,334
Zinc
4,326
3,765
2,126
Silver
2,146
1,008
152
Other1
413
976
560
Total revenue
129,677
112,129
113,684
1Other primarily includes revenue from cobalt and copper sales
Disclosure of major customers The table below illustrates the Group's major customers for the year ended:
Figures in million – SA rand
2025
2024
2023
Customers
Customers
Customers
Operating segments
A
B
C
A
B
C
A
B
C
US PGM, SA PGM and Pennsylvania site
recycling and North Carolina site recycling
26,335
24,719
US PGM and SA PGM
13,088
12,332
28,764
13,804
SA gold
14,950
12,183
14,405