Chapter 9: Associates and joint arrangements

9.6 Summarised financial information of associates and joint ventures

The summarised financial information set out below relates to the associates and JVs that are material to the group, and represents 100% of the entity’s financial performance and position, as adjusted to reflect adjustments made by Exxaro when using the equity method.

	Associates			Joint venture

	SIOC Rm	RBCT Rm	Black Mountain Rm	Mafube Rm
Statements of comprehensive income
For the year ended 31 December 2025
Revenue	70 078	1 637	9 821	3 149
Operating expenses	(44 243)	(1 548)	(7 818)	(3 074)
Net operating profit	25 835	89	2 003	75
Finance income	710	11	507	158
Finance costs	(326)	(384)	(42)	(46)
Profit/(loss) before tax	26 219	(284)	2 468	187
Income tax (expense)/benefit	(7 043)	76	(588)	(49)
Profit/(loss) for the year	19 176	(208)	1 880	138
Other comprehensive (loss)/income	(866)		170
Total comprehensive income/(loss) for the year	18 310	(208)	2 050	138
Dividends paid to Exxaro	3 267			100

Statements of financial position
At 31 December 2025
Non-current assets	72 480	22 535	20 717	4 195
Current assets	30 927	642	915	1 514
Total assets	103 407	23 177	21 632	5 709
Equity and liabilities
Total equity	71 991	19 350	10 673	3 973
Non-current liabilities	19 265	2 642	7 910	1 257
Current liabilities	12 151	1 185	3 049	479
Total equity and liabilities	103 407	23 177	21 632	5 709
Included above in JVs:
Cash and cash equivalents				836
Depreciation and amortisation				254

	Associates			Joint venture

	SIOC Rm	RBCT Rm	Black Mountain Rm	Mafube Rm
Statements of comprehensive income
For the year ended 31 December 2024
Revenue	68 529	1 544	7 508	3 517
Operating expenses	(46 009)	(1 388)	(6 081)	(2 938)
Operating profit	22 520	156	1 427	579
Impairment reversal of non-current assets	3 940
Net operating profit	26 460	156	1 427	579
Finance income	649		58	76
Finance costs	(457)	(258)	(871)	(31)
Profit/(loss) before tax	26 652	(102)	614	624
Income tax (expense)/benefit	(7 354)	26	(368)	(172)
Profit/(loss) for the year	19 298	(76)	246	452
Other comprehensive income/(loss)	33	7	(326)
Total comprehensive income/(loss) for the year	19 331	(69)	(80)	452
Dividends paid to Exxaro	3 741			130

Statements of financial position
At 31 December 2024
Non-current assets	66 715	22 670	17 567	3 996
Current assets	31 764	660	306	1 459
Total assets	98 479	23 330	17 873	5 455
Equity and liabilities
Total equity	69 525	19 558	8 623	4 035
Non-current liabilities	17 586	2 654	6 405	1 233
Current liabilities	11 368	1 118	2 845	187
Total equity and liabilities	98 479	23 330	17 873	5 455
Included above in JVs:
Cash and cash equivalents				804
Depreciation and amortisation				237