2025 Integrated annual report
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Financial
Headline earnings decreased by
47% to R2.7 billion
(FY2024: R5.1 billion)
Total dividend decreased to
R10.50 per share
(FY2024: R15 per share)
Robust net cash of
R6.6 billion
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Safety and health
Three regrettable fatalities (Black Rock, Bokoni and Modikwa mines)
Lost-time injury frequency rate (LTIFR)
regressed to 0.31
per 200 000 man-hours (F2024: 0.22)
Total recordable injury-frequency rate (TRIFR)
remained the same at 0.50
(F2024: 0.50)
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Operational
Decline in realised export iron ore
prices and a stronger average rand/
US Dollar exchange rate
Unit cash cost growth
for PGMs and iron ore improved
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Environmental
Scopes 1 and 2 emissions were reduced by
7% to 1.57Mt CO2e
(F2024: 1.69Mt CO2e) through focused initiatives (100% basis)
As at the end of June 2025, construction of the solar plant for
ARM's Platinum operations was completed, with
first power expected by Q2 F2026
Operational water withdrawn was
24.1 million m3
(F2024: 23.25 million m3)
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Social
R116 million (F2024: R189 million)
invested in corporate social responsibility
R446 million (F2024: R399 million) invested in
skills development and training
Continuing positive relationships with communities neighbouring our mines

Investment case

Diversified portfolio of commodities

Quality, long-life assets and orebodies

Robust financial position to create and sustain value

Continuing positive relationships with communities neighbouring our mines, and broader stakeholder groups

Disciplined capital allocation to deliver competitive shareholder returns and ensure business sustainability

Embedding environmental, social and governance (ESG) practices to enable integrated decision-making

High standards of corporate governance and transparent disclosure

Headwinds

  • Volatile commodity markets
  • Iron ore and thermal coal commodity prices decline
  • Unit cost pressures
  • Operational challenges on water supply, rail and port infrastructure.

Tailwinds

  • Robust financial position
  • Portfolio of diversified assets
  • World-class safety
  • PGM price recoveries.