Exxaro Resources Limited
Group and company annual financial statements for the year ended 31 December 2025 
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Chapter 9: Associates and joint arrangements

  • 9.3 Share of income from investments in associates and joint ventures

Group

For the year ended 31 December

2025

Rm

2024

Rm

Associates

4 422 

4 036 

SIOC

3 954 

3 979 

RBCT

(21)

(7)

Black Mountain

489 

64 

Joint ventures

66 

234 

Mafube

66 

234 

Share of income of equity-accounted investments

4 488 

4 270