Exxaro Resources Limited
Group and company annual financial statements for the year ended 31 December 2025
|
Percentage holding |
Group |
Fair value2 |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
At 31 December |
Nature of business1 |
Country of |
2025 % |
2024 % |
2025 Rm |
2024 Rm |
2025 Rm |
2024 Rm |
|||||
|
Unlisted |
|||||||||||||
|
Associates |
19 605 |
18 578 |
|||||||||||
|
SIOC3 |
M |
RSA |
20.62 |
20.62 |
14 845 |
14 329 |
24 439 |
22 712 |
|||||
|
RBCT |
T |
RSA |
10.26 |
10.26 |
1 985 |
2 007 |
|||||||
|
Black Mountain4 |
M |
RSA |
26.00 |
26.00 |
2 775 |
2 242 |
|||||||
|
Insect Technology5 |
WC |
UK |
25.85 |
25.85 |
|||||||||
|
LightApp6 |
EN |
Israel |
27.99 |
27.99 |
|||||||||
|
GAM7 |
EN |
RSA |
22.00 |
22.00 |
|||||||||
|
Joint ventures |
1 987 |
2 018 |
|||||||||||
|
Mafube |
M |
RSA |
50.00 |
50.00 |
1 987 |
2 018 |
|||||||
|
Total investments in associates and joint ventures |
21 592 |
20 596 |
|||||||||||
|
Unincorporated joint operations |
|||||||||||||
|
Moranbah coal project |
M |
AUS |
50.00 |
50.00 |
|||||||||
1 M — Mining, T — Export terminal, WC — Waste conversion, EN — Energy.
2 Fair value represents the directors’ valuation at the reporting date.
3 The fair value of SIOC is determined by applying an adjusted equity valuation technique, based on the share price of Kumba Iron Ore Limited on 31 December 2025 of R351.06 per share (31 December 2024: R326.25 per share), adjusted for a liquidity discount rate of 20% (2024: 20%). The fair value of SIOC represents a Level 2 valuation, in terms of the fair value hierarchy. For company, the carrying value is less than R1 million.
4 Black Mountain’s financial year end is 31 March and therefore not co-terminous with that of Exxaro. Financial information has been obtained from published information or management accounts as appropriate.
5 The investment in Insect Technology was fully impaired in 2020.
6 The investment in LightApp was fully impaired in 2022.
7 The investment in GAM was fully impaired in 2019.
Security provided
In 2024, the shares in Black Mountain were provided as security for the project financing raised by Black Mountain.
Restrictions
There are no significant restrictions on the ability of associates or joint ventures to transfer funds to Exxaro in the form of cash dividends.
Risks
Refer note 10.1.4 for details with regard to capital commitments relating to associates and JVs.
Refer note 13.4 for details with regard to contingent liabilities relating to associates and JVs.
There are no loan commitments with associates and JVs for 2025 and 2024.