v3.26.3
OTHER INVESTMENTS (Tables)
 12 Months Ended
Jun. 30, 2026
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [abstract]  
Investment in other entities
Amounts in R million
Shares held 1
% held 1
2026
2025
Listed investments (Fair value hierarchy Level 1):
West Wits Mining Limited (“WWM”)
47,812,500
1.2%
22.0
11.2
Unlisted investments (Fair value hierarchy Level 3):
Rand Refinery Proprietary Limited (“Rand Refinery”)
44,438
11.3%
522.6
302.0
Rand Mutual Assurance Company Limited B Share Business
Fund (“RMA”)2
12,659
1.3%
19.9
6.8
Guardrisk Insurance Company Limited (Cell Captive A170)3
20
100.0%
2.4
2.4
Chamber of Mines Building Company Proprietary Limited
52,965
5.7%
0.1
0.1
Total unlisted investments
545.0
311.3
Balance at the end of the year
567.0
322.5
Fair value adjustment on equity instruments at fair value
through OCI
244.4
139.8
  WWM
10.8
3.6
  Rand Refinery
220.6
135.2
  RMA
13.0
1.0
Dividends received on equity instruments at fair value
through OCI
—
(56.3)
  Rand Refinery
—
(56.3)
Disclosure of fair value measurement of assets
Amounts in R million
2026
2025
Balance at the beginning of the year
302.0
166.8
Fair value adjustment on equity investments at fair value through OCI
220.6
135.2
Balance at the end of the year
522.6
302.0
Key observable/unobservable inputs into the model
Rand Refinery operations
Observable/unobservable input
Unit
2026
2025
Forecast average gold price
Observable input
R/kg
2,273,530
1,620,480
Forecast average silver price
Observable input
R/kg
32,795
18,598
Average South African CPI
Observable input
%
4.9
4.5
South African long term
government bond rate
Observable input
%
8.40
9.70
Terminal growth rate
Unobservable input
%
2.4
4.5
Weighted average cost of capital
Unobservable input
%
15.8
16.0
Sensitivity analysis
2026
2025
Change in OCI, net of tax
Change in OCI, net of tax
Rand Refinery operations
% Increase/
(decrease)
Rm
Rm
Rm
Rm
Rand US Dollar exchange rate
Observable
inputs
1%
(1)%
8.1
(8.1)
6.9
(6.9)
Commodity prices (gold and
silver)
Observable
inputs
1%
(1)%
7.5
(7.5)
6.0
(6.0)
Operating costs
Unobservable
inputs
1%
(1)%
(5.4)
5.4
(4.7)
4.7
Weighted average cost of capital
Unobservable
inputs
1%
(1)%
(18.6)
18.6
(13.3)
13.3
Minority discount
Unobservable
inputs
1%
(1)%
(6.2)
6.2
(3.6)
3.6
Marketability discount
Unobservable
inputs
1%
(1)%
(6.2)
6.2
(3.5)
3.5