2022 Annual Financial Statements

Annual financial statements
Contents
Introduction
Directors’ responsibility for the
annual financial statements 1
Certificate of the group company Our 2022 suite of reports
secretary and governance officer 2
2022 integrated annual 2022 King IVTM* application
Chief executive officer and finance IAR KING
report register
director’s internal financial control A holistic assessment of ARM’s A summary of how ARM implements
responsibility statement 3 ability to create sustainable value, the principles and practices in King IV
with relevant extracts from the annual to achieve the governance outcomes
Report of the audit and
financial statements, the environmental, envisaged.
risk committee 4
social and governance (ESG) report
Independent auditor’s report 7 and Mineral Resources and Mineral 2022 Mineral Resources and
Reserves report. MRMR
Mineral Reserves report
Directors’ report 11
In line with JSE Listings Requirements,
2022 annual financial
AFS ARM prepares Mineral Resources and
statements
Mineral Reserves statements for all
Annual financial statements The audited annual financial statements
have been prepared according to
its mining operations as per SAMREC
guidelines and definitions (2016).
International Financial Reporting
Annual financial statements 23 Standards (IFRS).
AGM 2022 notice to shareholders
ESG 2022 ESG report • Notice of annual general meeting
Shareholder information • Form of proxy
A detailed review of our performance • Commitment to good governance
Shareholder analysis 123 on our key environmental, social and • Board of directors
governance matters. The ESG report • Report of the audit and risk
Investor relations report 127 includes the full remuneration report committee
and should be read in conjunction
Contact details 128 • Report of the social and ethics
with the GRI Index. committee chairman
• Summarised remuneration report
Information available on our website 2022 climate change and • Summarised directors’ report
www.arm.co.za CCW • Summarised consolidated financial
water report
Information available elsewhere statements
A detailed review of our performance
in our reports on our key climate change and water * Copyright and trademarks are owned
matters, in line with the Taskforce on by the Institute of Directors in South
All monetary values in this report are in Africa NPC and all its rights are
Climate-related Financial Disclosures
South African rand unless otherwise stated. reserved.
(TCFD).
Rounding may result in computational
discrepancies on management and
operational review tabulations.
African Rainbow Minerals (ARM) is a leading South African

diversified mining and minerals company with operations
in South Africa and Malaysia. ARM mines and beneficiates iron
ore, manganese ore, chrome ore, platinum group metals (PGMs),
nickel and coal and also has a strategic investment in gold
through Harmony Gold Mining Company (Harmony).
Introduction Annual financial Shareholder
statements information
Directors’ responsibility for the annual

financial statements
The company’s directors are responsible for the preparation, integrity and fair
presentation of these consolidated and separate annual financial statements in
accordance with International Financial Reporting Standards (IFRS), the SAICA
Financial Reporting Guides as issued by the Accounting Practices Committee and
Financial Pronouncements as issued by the Financial Reporting Standards Council,
requirements of the South African Companies Act 71 of 2008 (the Companies Act)
and the Listings Requirements of the JSE Limited (JSE Listings Requirements).
This responsibility includes A description of the audit and risk integrated annual report is accurate
designing, implementing and committee’s functions appears on and consistent with the financial
maintaining internal controls pages 4 to 6. This committee has statements in this report.
relevant to the preparation and fair confirmed that effective systems of
presentation of financial statements internal control and risk management The responsibility of the external
that are free from material are maintained. There were no auditor, Ernst & Young Inc., is to
misstatement due to fraud or error, breakdowns in the functioning of express an independent opinion on
selecting and applying appropriate internal financial control systems the fair presentation of the annual
accounting policies, and making during the year that had a material financial statements, based on its
accounting estimates that are impact on the consolidated and audit of the group and company.
reasonable in the circumstances. separate annual financial statements.
The audit and risk committee has
satisfied itself that the external
The board considers that, in
The going-concern basis has been auditor is independent.
preparing the consolidated and
used to prepare the consolidated
separate annual financial statements,
and separate annual financial The consolidated and separate annual
the most appropriate accounting
statements. The directors are financial statements on pages 1 to 127
policies have been consistently
satisfied that the group and company were approved by the board and are
applied and supported by
have access to adequate resources signed on its behalf by:
reasonable and prudent judgements
to continue as a going concern for
and estimates in line with IFRS. The
the ensuing year. directors are satisfied that the annual Dr PT Motsepe
financial statements of the group and Executive chairman
The directors are also responsible company fairly present the results of
for the group’s system of internal operations and their cash flows for MP Schmidt
controls. These are designed to the year ended 30 June 2022, and Chief executive officer
provide reasonable, but not absolute, the financial position at 30 June 2022.
assurance against material The directors are also satisfied that Johannesburg
misstatement or loss. additional information included in the 7 October 2022
Annual financial statements 2022
African Rainbow Minerals
1
Certificate of the group company secretary
and governance officer
In my capacity as group company secretary and governance officer, I hereby confirm, to the best of my knowledge
and belief, that in terms of section 88(2)(e) of the Companies Act 71 of 2008, as amended, for the year ended
30 June 2022, the company has lodged with the commissioner of the Companies and Intellectual Property Commission
all such returns and notices that are required for a public company in terms of this act, and that all such returns and
notices are true, correct and up to date.
AN D’Oyley
Group company secretary and governance officer
Johannesburg
7 October 2022
2
Chief executive officer and finance director’s

internal financial control responsibility statement
Each of the directors whose names are stated below hereby confirm that:
• The annual financial statements set out on pages 23 to 115 fairly present in all material respects the financial position,
financial performance and cash flows of the issuer in terms of IFRS
• To the best of our knowledge and belief, no facts have been omitted or untrue statements made that would make
the annual financial statements false or misleading
• Internal financial controls have been put in place to ensure that material information relating to African Rainbow
Minerals (the issuer) (ARM) and its consolidated subsidiaries have been provided to effectively prepare the financial
statements of the issuer
• The internal financial controls are adequate and effective and can be relied on in compiling the annual financial
statements, having fulfilled our role and function as executive directors with primary responsibility for implementation
and execution of controls
• Where we are not satisfied, we have disclosed to the audit and risk committee and the auditors any deficiencies in
design and operational effectiveness of the internal financial controls, and have taken steps to remedy the deficiencies
• We are not aware of any fraud involving directors.
MP Schmidt TTA Mhlanga

Chief executive officer Finance director
Johannesburg
7 October 2022

3
Report of the audit and risk committee
This report is provided by the audit and risk committee

appointed for the 2022 financial year (F2022) in
compliance with section 94 of the Companies Act.
Information on the membership and – Obtained and accepted an • Examined and reviewed these
ESG
composition of the committee, terms annual written statement from financial statements, and all
of reference and procedures appears
in the ESG report on www.arm.co.za.
the auditor that its independence financial information disclosed to
was not impaired the public prior to submission and
Executing designated – Determined the nature and approval by the board
functions extent of all non-audit services • Ensured that the annual financial
provided by the external auditor statements fairly present the
The committee has executed its
– Pre-approved permissible financial position of the group and
duties and responsibilities during the
non-audit services provided by company at the end of the
financial year in line with its terms of
the external auditor in terms of financial year, and the results of
reference for ARM’s accounting,
its policy on approving audit operations and cash flows for the
internal auditing, internal control, risk
services and pre-approving financial year of the group and
and financial reporting practices.
non-audit services company, in line with IFRS and
– Considered the tenure of the the requirements of the
In the review period, in terms of the
external audit firm, Ernst & Companies Act
external auditor and external audit,
Young Inc., and its predecessor • Considered accounting treatments,
the committee:
firms, which have been the significant unusual transactions
• Recommended to shareholders
auditor of African Rainbow and accounting judgements
that Ernst & Young Inc. be
Minerals Limited for 49 years. • Considered the appropriateness
reappointed as the external auditor
It was noted that in 2004, Ernst of accounting policies adopted
and that Mr PD Grobbelaar be
& Young Inc. continued as the and any changes
reappointed as the designated
auditor of the African Rainbow • Reviewed the independent
auditor
Minerals Limited group, which auditor’s report
• Requested the required
was created following a range of • Considered key audit matters,
accreditation information from the
indivisible transactions involving as set out in the independent
audit firm to assess its suitability
certain interests of Anglovaal auditor’s report
for appointment as well as the
• In terms of the JSE Limited (JSE)
suitability of the designated audit Mining Limited, African Rainbow
letter on the proactive monitoring
partner Minerals & Exploration
process, dated 9 November 2021,
• Ensured the appointment of the Investments Proprietary Limited
considered the JSE’s report titled
external auditor complied with the and Harmony Gold Mining
“Reporting back on proactive
Companies Act and all applicable Company Limited (Harmony).
monitoring of financial statements
legal and regulatory requirements Ernst & Young Inc. has been the
in 2021”
• Approved the external audit plan auditor of the group for 19 years
• Considered the company's response
and audit fees payable to the • Evaluated the quality of the
to the areas of improvement to the
external auditor external audit.
2021 Mineral Resources and Mineral
• Confirmed it is satisfied that the
Reserves Report set out by the JSE
external auditor is independent For the financial statements, the
in its review thereof
of the company and group, and committee:

• Considered any issues identified
considered the following in its • Confirmed the going-concern
and reviewed any significant legal
determination: status of the group and company

and tax matters that could have a
– Reviewed and evaluated the as the basis of preparing the
material impact on the financial
effectiveness of the external interim, provisional and annual
statements
auditor and its independence financial statements
4
• Considered management’s • Considered the effectiveness of legal matters that could have a
recommendation to the board on group's system of internal financial material impact on the group and
the going concern, solvency and controls, with due regard to company
liquidity assessment after paying reports by management, noted • Discharged the statutory
dividends to shareholders reports by the internal auditor and obligations of an audit committee
• Met separately with management, considered reports by the external prescribed by section 94 of the
the external auditor and internal auditor on the consolidated and Companies Act
auditor. separate annual financial • Monitored complaints received
statements. via ARM’s whistleblowers’ hotline
The committee considered, inter alia: • Considered reports from
• The internal control process for the Based on the above, the committee management and the internal
chief executive officer and finance concluded that nothing had come auditor on compliance with legal
director to sign the responsibility to its attention that would suggest and regulatory requirements.
statement for the F2022 annual internal financial controls were not
financial statements effective for the year ended 30 June The committee considered the
• The impact of global developments 2022. In addition, the committee experience, expertise and
on our business considered the accounting practices effectiveness of the finance director,
• Impairment indicators and and annual financial statements of Ms TTA Mhlanga, and the finance
impairment reversal indicators the group and company and function, and concluded that these
at all operations including the consider these to be fair and were appropriate.
impairment reversal at ARM Coal. reasonable.
In F2023, the audit and risk
For internal control and internal audit, In terms of risk management and its committee will consider, inter alia:
the committee: oversight role of the management • Management’s control over key
• Reviewed significant issues raised risk and compliance committee, the risks including transportation,
by the internal audit process and audit and risk committee: water and cybersecurity risks
the adequacy of corrective action • Reviewed the enterprise risk • The seamless process to hand
in response to significant internal management framework setting over to the new external auditor
audit findings out ARM’s policies and processes • The effective operation of the
• Reviewed and approved the on risk assessment and risk group and company’s financial
internal audit plan management throughout the group systems, processes and controls,
• Evaluated the independence, and company and their capacity to respond to
effectiveness and performance • Ensured the group and company industry and environment changes
of the internal auditor, Deloitte & have applied a combined • Management’s implementation of
Touche, and found the internal assurance model for a coordinated the financial provisioning
auditor to be independent and approach to all assurance regulations of the National
effective activities Environmental Management Act
• Considered reports of the internal • Considered and reviewed the and other pronouncements and
auditor on the group’s systems of findings and recommendations standards
internal controls of the management risk and • The impact of developments in the
• Considered the internal auditor’s compliance committee. audit industry to ensure continued
finding that: “Overall, controls were audit independence and
functioning as intended to provide For legal and regulatory requirements objectivity.
reasonable assurance that the that may have an impact on the
organisation is safeguarded consolidated and separate annual
against inherent risks and were financial statements, the committee:
assessed to be effective during • Reviewed with management and,
the period under review” to the extent deemed necessary,

internal and/or external counsel,
5
Report of the audit and risk committee continued
Qualifications of audit and risk committee members1, 2, 3
TOM BOARDMAN (72) FRANK ABBOTT (67) ANTON BOTHA (69) ALEX MADITSI (60) PITSI MNISI (39) DR REJOICE SIMELANE (70)
BCom (Wits), CA(SA) BCom (University of BCom (marketing) BProc (University of the BCom (acc) (University of BA (economics and
Pretoria), CA(SA), (University of Pretoria), North), LLB (Wits), Natal), BCom (acc)(hons) accounting) (University
Member since February 2011 MBL (Unisa) BProc (Unisa), BCom (hons) HDip company law (Wits), (University of Natal), BCom of Botswana, Lesotho and
(University of LLM company and labour (tax)(hons) (UCT), CA(SA), Swaziland), MA (econ)
Independent non-executive Member since 2021 Johannesburg), senior law (Pennsylvania, USA), advanced certificate (University of New
director. executive programme LLM international commercial (emerging markets and Brunswick, Canada, and
Independent non-executive (Stanford, USA) law (Harvard, USA) country-risk analysis) University of Connecticut,
Committees director. (Fordham, USA), MBA USA), PhD (econ)
Chairman of audit and risk Member since June 2010 Member since July 2004 (Heriot-Watt University, UK) (University of Connecticut),
committee, member of Committees LLB (Unisa)
investment and technical, Member of audit and risk, Independent non-executive Lead independent Member since December 2020
non-executive directors’ investment and technical, director. non-executive director. Member since July 2004
and remuneration and non-executive directors’ Independent non-executive
committees committees Committees Committees director. Independent
Chairman of remuneration Chairman of nomination and non-executive director.
committee, member of audit non-executive directors’ Committees
and risk, investment and committees, member of Member of audit and risk Committees
technical, and non-executive audit and risk, investment and non-executive directors’ Chairman of social and
directors’ committees and technical, remuneration committees ethics committee, member
and social and ethics of audit and risk, nomination
committees and non-executive directors’
committees
1 The résumés of audit and risk committee members standing for re-election appear in the notice of annual general meeting, available on the website.
2 All members of the audit and risk committee standing for re-election are independent non-executive directors.
3 The résumé of Mr B Nqwababa, an independent non-executive director standing for election to this committee, appears in the notice of annual general
meeting, available on the website.
Independence of external Recommendation The board subsequently approved

the 2022 annual financial statements,
auditor Following our review of the
which will be open for discussion at
The committee is satisfied that Ernst consolidated and separate annual
the annual general meeting.
& Young Inc. is independent of ARM. financial statements for the year
This conclusion was arrived at, inter ended 30 June 2022, we believe that,
TA Boardman
alia, after considering the factors on in all material respects, they comply
Chairman of the audit and risk
page 4 and those below: with the relevant provisions of the
committee
• Representations made by Ernst Companies Act, IFRS as issued
& Young Inc. to the committee by the International Accounting
Johannesburg
• The external auditor does not, Standards Board (IASB) the SAICA
7 October 2022
except as external auditor or in Financial Reporting Guides as
rendering permitted non-audit issued by the Accounting Practices
services, receive any remuneration Committee and Financial
or other benefits from the group Pronouncements as issued by
and company the Financial Reporting Standards
• The external auditor’s Council and the JSE Listing
independence was not impaired Requirements, and fairly present the
by any consultancy, advisory or consolidated and separate results
other work undertaken of operations, cash flows, and the
• The external auditor’s financial position of the group and
independence was not prejudiced company. On this basis, the audit

and risk committee recommended
by any previous appointment as

auditor. the consolidated and separate
annual financial statements of
ARM to the board for approval.
6
Independent auditor’s report
To the Shareholders of separate cash flows for the year Key audit matters
then ended in accordance with
African Rainbow Minerals International Financial Reporting
Key audit matters are those matters
Limited Standards and the requirements of
that, in our professional judgement,
were of most significance in our audit
the Companies Act of South Africa.
of the consolidated and separate
Report on the audit of annual financial statements of the
the consolidated and Basis for opinion current period. These matters were
separate annual financial We conducted our audit in addressed in the context of our audit
of the consolidated and separate
accordance with International
statements Standards on Auditing (ISAs). annual financial statements as a
Our responsibilities under those whole, and in forming our opinion
Opinion standards are further described in thereon, and we do not provide a
the Auditor’s responsibilities for the separate opinion on these matters.
We have audited the consolidated
For each matter below, our
and separate annual financial audit of the consolidated and
description of how our audit
statements of African Rainbow separate annual financial statements
addressed the matter is provided
Minerals Limited and its subsidiaries section of our report. We are
in that context.
(‘the group’) and company set out on independent of the group and
pages 23 to 115 which comprise of company in accordance with the
We have fulfilled the responsibilities
the consolidated and separate Independent Regulatory Board for
described in the Auditor’s
statements of financial position as at Auditors’ Code of Professional
responsibilities for the audit of the
30 June 2022, and the consolidated Conduct for Registered Auditors
consolidated and separate annual
and separate statements of profit or (IRBA Code) and other financial statements section of our
loss, the consolidated and separate independence requirements report, including in relation to this
statements of comprehensive applicable to performing audits of matter. Accordingly, our audit
income, the consolidated and financial statements of the group and included the performance of
separate statements of changes in
company and in South Africa. We procedures designed to respond to
equity and the consolidated and
have fulfilled our other ethical our assessment of the risks of
separate statements of cash flows for
responsibilities in accordance with material misstatement of the
the year then ended, and notes to the
the IRBA Code and in accordance consolidated and separate annual
consolidated and separate annual
with other ethical requirements financial statements. The results of
financial statements, including a
applicable to performing audits of our audit procedures, including the
summary of significant accounting
the group and company and in South procedures performed to address
policies and the directors’
Africa. The IRBA Code is consistent the matter below, provide the basis
remuneration section in the Directors’
with the corresponding sections of for our audit opinion on the
report on pages 14 to 21.
the International Ethics Standards accompanying consolidated and
Board for Accountants’ International separate annual financial statements.
In our opinion, the consolidated and
separate annual financial statements Code of Ethics for Professional
present fairly, in all material respects, Accountants (including International
the consolidated and separate Independence Standards). We
financial position of the group and believe that the audit evidence we
company as at 30 June 2022, and its have obtained is sufficient and
consolidated and separate financial appropriate to provide a basis for
performance and consolidated and our opinion.
7
Independent auditor’s report continued
The Key audit matter applies equally to the audit of the consolidated and separate annual financial statements.
Key audit matter How the matter was addressed in the audit
Reversal of impairment of investment in associate Our audit procedures included amongst others the
• At the end of each reporting period, the group and following:
company assess whether there are any indicators • We obtained and read the assessments performed
that property, plant and equipment and investments by management to identify indicators of impairment
may be impaired or whether there are impairment or reversal of impairment and have assessed this
reversal indicators. If any such indicators exist, the against our understanding of the business and the
group and company estimate the recoverable performance of the cash generating units (CGU);
amounts of those assets. • With the involvement of our valuation specialists, we:
• The carrying values of the investment in associate, – Evaluated the valuation methodology against
Participative Coal Business (‘PCB’) are as follows: acceptable industry methods and accounting
– Company – R841 million standards
– Group – R2 048 million – Assessed the reasonability of the discount rate
• The carrying values of assets, specifically those applied by comparing management’s inputs to
relating to the ARM Coal segment, have been industry benchmarks and publicly available
positively impacted by earlier than anticipated market data for comparable companies within a
settlement of the PCB loans, which are classified as given range
net investment in associate loans, resulting from very – Compared future commodity prices, inflation rates,
favourable coal prices. During the current year the and foreign exchange rates to external market
group and company recorded reversal of data
impairments relating to the investment in PCB: – Assessed the reasonability of the forecast
– Group – R1 121 million. production volumes and cost per ton with
– Company – R841 million. reference to historical performance
• The recoverability of the PCB Cash Generating Unit – Performed scenario analysis by considering the
(CGU), which includes the related loans, is based impact on the recoverable amount of changes in
upon forecasts which by its nature contains model inputs (including commodity prices,
estimation uncertainty in relation to the inputs used, discount rates, inflation rates and foreign
as noted below. As disclosed in Note 38 Impairment exchange rates) to determine our own estimation,
and Impairment Reversal and Note 1 Accounting based on external market data, of the recoverable
Policies – Significant accounting judgements and amounts to compare to management’s
estimates-Impairment of assets and reversal of recoverable amount.
impairment, the Group and company determines the – Considered the reasonability of the forecast
recoverable amount, on the basis of the following key capital expenditure based on the timing and
estimates and assumptions (inputs): magnitude of capital expenditure driven by the life
– Long term commodity prices; stage of the mine.
– Foreign exchange rates; • We recalculated the allowable impairment reversal
– Discount rates (per IAS 36) and compared this to management’s
– Future capital requirements; and determination.
– operating performance. • We assessed the adequacy of the company and
• Further, there is complexity in determining the group’s disclosures in terms of IAS 36 and IAS 28, in
allowable amount and accounting for the reversals the notes to the consolidated and separated annual
of impairment in accordance with IAS 36 Impairment financial statements.
of Assets and IAS 28 Investments in Associates and
Joint Ventures.
• We determined this to be a key audit matter in the
current year due to the complexity and the significant

impact on the group and company results as well as
the degree of audit effort involved, including the

involvement of valuation specialists in the audit of
the recoverable amounts.
8
Other information consider whether the other Auditor’s responsibilities

information is materially inconsistent
The directors are responsible for
with the consolidated and separate
for the audit of the
the other information. The other
annual financial statements or our consolidated and
information comprises the information
included in the 104-page document
knowledge obtained in the audit, or separate annual financial
titled “ARM Integrated Annual Report
otherwise appears to be materially statements
misstated. If, based on the work we
2022”, the 196– page document Our objectives are to obtain
have performed, we conclude that
titled “ARM Environmental, social and reasonable assurance about whether
there is a material misstatement of
governance report 2022”, the the consolidated and separate
this other information, we are
96-page document titled “ARM annual financial statements as a
required to report that fact. We have
Mineral Resources and Mineral whole are free from material
nothing to report in this regard.
Reserves report 2022”, the 76-page misstatement, whether due to fraud
document titled “ARM Climate or error, and to issue an auditor’s
change and water report 2022”, the Responsibilities of report that includes our opinion.
10-page document titled “ARM King the Directors for the Reasonable assurance is a high level
IV application register 2022”, the consolidated and of assurance but is not a guarantee
100-page document titled “ARM that an audit conducted in
Notice to shareholders 2022”, and in
separate annual financial accordance with ISAs will always
the 128-page document titled statements detect a material misstatement when
“African Rainbow Minerals Annual The directors are responsible for the it exists. Misstatements can arise
financial statements 2022”, which preparation and fair presentation of from fraud or error and are
includes the Chief executive officer the consolidated and separate considered material if, individually
and finance director’s internal annual financial statements in or in the aggregate, they could
financial control responsibility accordance with International reasonably be expected to influence
statement, Directors’ report (except Financial Reporting Standards and the economic decisions of users
the directors’ remuneration section the requirements of the Companies taken on the basis of these
on pages 14 to 21), the Report of the Act of South Africa, and for such consolidated and separate annual
audit and risk committee and the internal control as the directors financial statements.
Certificate of the group company determine is necessary to enable
secretary and governance officer as the preparation of consolidated and As part of an audit in accordance
required by the Companies Act of separate annual financial statements with ISAs, we exercise professional
South Africa. The other information that are free from material judgement and maintain professional
does not include the consolidated misstatement, whether due to fraud scepticism throughout the audit. We
or the separate annual financial or error. also:
statements and our auditor’s report • Identify and assess the risks of
thereon. In preparing the consolidated and material misstatement of the
separate annual financial statements, consolidated and separate annual
Our opinion on the consolidated and the directors are responsible for financial statements, whether due
separate annual financial statements assessing the group and company’s to fraud or error, design and
does not cover the other information ability to continue as a going perform audit procedures
and we do not express an audit concern, disclosing, as applicable, responsive to those risks, and
opinion or any form of assurance matters related to going concern and obtain audit evidence that is
conclusion thereon. using the going concern basis of sufficient and appropriate to
accounting unless the directors provide a basis for our opinion.
In connection with our audit of either intend to liquidate the group The risk of not detecting a material
the consolidated and separate and company or to cease operations, misstatement resulting from fraud
or have no realistic alternative but to
annual financial statements, our is higher than for one resulting

responsibility is to read the other do so. from error, as fraud may involve
information and, in doing so, collusion, forgery, intentional

omissions, misrepresentations, or
the override of internal control.
9
Independent auditor’s report continued
• Obtain an understanding of underlying transactions and events in extremely rare circumstances, we

internal control relevant to the in a manner that achieves fair determine that a matter should not be
audit in order to design audit presentation. communicated in our report because
procedures that are appropriate in • Obtain sufficient appropriate audit the adverse consequences of doing
the circumstances, but not for the evidence regarding the financial so would reasonably be expected to
purpose of expressing an opinion information of the entities or outweigh the public interest benefits
on the effectiveness of the group business activities within the group of such communication.
and company’s internal control. to express an opinion on the
• Evaluate the appropriateness of consolidated and separate annual Report on Other Legal and
accounting policies used and the financial statements. We are
reasonableness of accounting responsible for the direction,
Regulatory Requirements
estimates and related disclosures supervision and performance of In terms of the IRBA Rule published
made by the directors. the group audit. We remain solely in Government Gazette Number
• Conclude on the appropriateness responsible for our audit opinion. 39475 dated 4 December 2015, we
of the directors’ use of the going report that Ernst & Young Inc., and its
concern basis of accounting and We communicate with the directors predecessor firms, have been the
based on the audit evidence regarding, among other matters, the auditor of African Rainbow Minerals
obtained, whether a material planned scope and timing of the Limited for 49 years.
uncertainty exists related to events audit and significant audit findings,
or conditions that may cast including any significant deficiencies In 2004, Ernst & Young Inc.
significant doubt on the group and in internal control that we identify continued as the auditor of the
company’s ability to continue as a during our audit. African Rainbow Minerals Limited
going concern. If we conclude that group, which was created following a
a material uncertainty exists, we We also provide the directors with range of indivisible transactions
are required to draw attention in a statement that we have complied involving certain interests of
our auditor’s report to the related with relevant ethical requirements Anglovaal Mining Limited, African
disclosures in the consolidated regarding independence, and to Rainbow Minerals & Exploration
and separate annual financial communicate with them all Investments (Pty) Ltd and Harmony
statements or, if such disclosures relationships and other matters that Gold Mining Company Limited. Ernst
are inadequate, to modify our may reasonably be thought to bear & Young Inc. has been the auditor of
opinion. Our conclusions are on our independence, and where the group for 19 years.
based on the audit evidence applicable, actions taken to eliminate
obtained up to the date of our threats or safeguards applied.
auditor’s report. However, future Ernst & Young Inc.
events or conditions may cause From the matters communicated with Director – Philippus Dawid Grobbelaar
the group and/or the company to the directors, we determine those Registered Auditor
cease to continue as a going matters that were of most Chartered Accountant (SA)
concern. significance in the audit of the
• Evaluate the overall presentation, consolidated and separate annual 7 October 2022
structure and content of the financial statements of the current
consolidated and separate annual period and are therefore the key 102 Rivonia Road
financial statements, including the audit matters. We describe these Sandton
disclosures, and whether the matters in our auditor’s report unless 2146
consolidated and separate annual law or regulation precludes public
financial statements represent the disclosure about the matter or when,
10
Directors’ report
The directors have pleasure in presenting their

report on ARM for the year ended 30 June 2022.
Nature of business all of which, except the Motsepe Review of operations

Foundation, own those shares for
ARM is a diversified South African See reviews by the executive chairman,
the benefit of Dr PT Motsepe and IAR
mining company with long-life chief executive officer and finance director,
his immediate family. The Motsepe and reviews of operations for F2022 in the
operations in key commodities.
Foundation applies the benefits of integrated annual report.
ARM, its subsidiaries, joint ventures,
its indirect shareholding in ARM for
joint operations and associates
philanthropic purposes. Corporate governance
explore, develop, operate and hold
The board is committed to high
interests in the mining and minerals
In addition, at 30 June 2022, standards of corporate governance
industry.
0.50% of the issued share capital and continuously reviews governance
For more on ARM’s strategy, see page 14 of ARM was held by Botho-Botho matters and control systems to
IAR
of the integrated annual report. Commercial Enterprises Proprietary ensure these are in line with global
Limited (30 June 2021: 0.50%), in good practices. These standards are
The current operational focus is on
turn owned by trusts, all of which, evident throughout the company’s
precious metals, base metals,
with the exception of the Motsepe systems of internal controls, policies
ferrous metals and alloys, which
Foundation, hold those shares for and procedures to ensure the
include platinum group metals,
the benefit of Dr Motsepe and his sustainability of the business.
nickel, coal, iron ore, manganese ore
immediate family.
and ferromanganese. ARM also has KING ARM applies the principles of King lV. For
IV details, see the King IV application register
an investment in Harmony Gold
As one of the largest black-controlled on our website.
Mining Company Limited.
mineral resource companies in South
ARM’s partners at the various

Africa, ARM is committed to the spirit Financial results
and objectives of the Mineral and The consolidated and separate
South African operations are
Petroleum Resources Development annual financial statements and
Anglo American Platinum Limited,
Act 28 of 2002, and the broad-based accounting policies appear on
Assore South Africa Proprietary
socio-economic charter for the South pages 23 to 115.
Limited, Impala Platinum Holdings
African mining industry (the mining
Limited, Norilsk Nickel Africa
charter). Accordingly, and for the The results for the year ended
Proprietary Limited and Glencore
benefit of historically disadvantaged 30 June 2022 have been prepared
Operations South Africa Proprietary
South Africans (HDSAs), the in accordance with IFRS and
Limited.
company created the ARM Broad- interpretations of those standards
Based Economic Empowerment as adopted by the IASB, the SAICA
Holding company Trust. The beneficiaries of this trust Financial Reporting Guides issued by
The company’s largest shareholder include seven regional upliftment the Accounting Practices Committee,
is African Rainbow Minerals & trusts, a women’s upliftment trust, Financial Reporting Pronouncements
Exploration Investments Proprietary union representatives, a church issued by the Financial Reporting
Limited (ARMI), holding 39.87% of group and community leaders. Standards Council, the requirements
its issued ordinary share capital at The ARM Broad-Based Economic of the Companies Act and JSE
30 June 2022 (30 June 2021: Empowerment Trust owns Listings Requirements. The annual
39.69%). The sole shareholder of 15 897 412 ARM shares (30 June 2021:
financial statements fairly present

ARMI is Ubuntu-Ubuntu Commercial 15 897 412) or 7.08% of ARM’s the state of affairs of the group and
Enterprises Proprietary Limited, the issued share capital at 30 June 2022 company, and adequate accounting
shares of which are held by trusts, (30 June 2021: 7.08%). records have been maintained.
11
Directors’ report continued
Borrowings and cash (1H F2021: 1 000 cents), amounting

to a distribution of approximately
Borrowings of R109 million (F2021:
R2 694 million (1H F2021:
R648 million) were repaid in the
R2 244 million) which was paid
period, reducing gross debt to
on Monday, 4 April 2022.
R484 million (F2021: R1 469 million).
ARM was in a net cash position of
The following additional information
R11 175 million (30 June 2021:
is disclosed:
R8 202 million). There are no
Sales borrowing-power provisions in ARM’s
• The dividend was declared out
of income reserves
memorandum of incorporation. • The South African dividends
-14% since 2021 Details of cash and borrowings appear in notes
withholding tax (dividends tax) rate
R16 917m
15, 18 and 23 of the financial statements. is 20%
• The gross local dividend amount
Going concern was 1 200 cents per ordinary
To determine whether the group and share for shareholders exempt
company are going concerns, the from dividends tax
directors have considered facts and • The net local dividend amount was
960 cents per ordinary share for
assumptions, including group and
shareholders liable to pay
company cash flow forecasts for the
dividends tax
year to 30 June 2023 and beyond.
Gross profit The board believes the company and
• As at the date of the dividend
declaration, ARM had 224 458 652
group have adequate resources to
ordinary shares in issue.
continue business in the foreseeable
-21% since 2021 future. For this reason, the group and
R9 257m
A final gross dividend of 2 000 cents
company continue to adopt the
per ordinary share was declared on
going-concern basis in preparing
1 September 2022 for the year ended
these financial statements.
30 June 2022 (F2021: 2 000 cents
per share), amounting to a
Taxation distribution of approximately
The latest tax assessment for the R4 493 million (F2021: R4 489 million),
company is for the financial year which was payable on Monday,
ended 30 June 2021. All tax 3 October 2022.
Total assets submissions up to and including
those for F2021 have been The following additional information
submitted. is disclosed:
+11% since 2021 • The dividend was declared out
R59 171m
of income reserves
Subsidiaries, joint • The South African dividends
arrangements, associates withholding tax (dividends tax)
and investments rate is 20%
• The gross local dividend amount
The company’s direct and indirect interests in its
was 2 000 cents per ordinary
principal subsidiaries, joint arrangements (which
include joint ventures and joint operations), share for shareholders exempt
associates and investments are reflected in from dividends tax
separate schedules on pages 113 to 115. • The net local dividend amount was
1 600 cents per ordinary share for
Dividends
shareholders liable to pay

An interim gross dividend of dividends tax
1 200 cents per ordinary share was • As at the date of the dividend
declared on 3 March 2022 for the declaration, ARM had 224 667 778
six months ended 31 December 2021 ordinary shares in issue.
12
In line with section 4 of the Share capital Their terms of office terminate at
Companies Act, the board the annual general meeting in
The share capital of the company,
determined that the prescribed accordance with the MoI. They
both authorised and issued, is set out
solvency and liquidity requirements have made themselves available
in note 16 to the consolidated and
were met for the payment of for election at the annual
separate annual financial statements.
dividends. general meeting on Thursday,
Information about the treasury shares
1 December 2022, or any
is set out in note 17.
ARM’s income tax reference number adjournment thereof.
is 9030/018/60/1.
Shareholder analysis At the date of this report, the
Capital expenditure A comprehensive analysis of directors of the company were:
shareholders, together with direct • Executive directors: Dr PT Motsepe
Capital expenditure for F2022 totalled
or indirect beneficial holdings (executive chairman), MP Schmidt
R2 277 million (F2021: R1 884 million).
exceeding 3% of the ordinary shares (chief executive officer),
Full details of capital expenditure appear in of the company at 30 June 2022, is TTA Mhlanga (finance director),
IAR
the finance director’s review and relevant set out on pages 123 and 126. J Magagula and HL Mkatshana
operational reviews in the integrated annual
• Independent non-executive directors:
report.
Directorate AK Maditsi (lead independent
Events after the reporting The memorandum of incorporation
non-executive director), F Abbott,
TA Boardman, AD Botha,
date provides for one-third of elected
JA Chissano, WM Gule, B Kennedy,
non-executive directors to retire by
For events after the reporting date, see note 45 PJ Mnisi, DC Noko, B Nqwababa,
rotation. The non-executive directors
of the annual financial statements. Dr RV Simelane and JC Steenkamp
affected by this requirement are
• Non-executive director: M Arnold.
Messrs M Arnold, TA Boardman and
JC Steenkamp and Ms PJ Mnisi, Detailed résumés of the directors
AGM ESG
each of whom is available to stand appear in the notice of annual general
meeting and in the ESG report on our
for re-election at the forthcoming
website.
annual general meeting.
Interests of directors
The direct and indirect beneficial and non-beneficial interests of directors in the issued share capital of the company
were as follows:
30 June 2022 30 June 2021

Direct Indirect Direct Indirect
Non- Non- Non- Non-
Beneficial beneficial Beneficial beneficial Beneficial beneficial Beneficial beneficial
Directors*
Dr PT Motsepe1 – – 90 696 906 – – – 90 204 743 –
MP Schmidt 616 454 – – – 480 896 – – –
M Arnold 65 331 – – – 102 331 – – –
J Magagula 6 000 – – – 6 000 – – –
TTA Mhlanga2 – – – – – – – –
HL Mkatshana 186 676 – – – 138 032 – – –

Dr RV Simelane 1 350 – – – 1 350 – – –
JC Steenkamp 275 651 – – – 275 651 – – –

* Messrs B Kennedy and B Nqwababa were appointed subsequent to the financial year end. Neither director holds shares in the company.
1 Shares held by African Rainbow Minerals and Exploration Proprietary Limited and Botho-Botho Commercial Enterprises Proprietary Limited.
2 Ms TTA Mhlanga was appointed as finance director with effect from 1 October 2020.
No directors acquired or sold a direct or indirect beneficial or non-beneficial interest in the issued share capital of the
company between 30 June 2022 and the date of this report.
13
Directors’ remuneration: Executive directors and prescribed officers (audited)

The remuneration of executive directors and prescribed officers comprises:
• Total cost-to-company, which is base salary plus benefits
• Incentive-based rewards in the form of competitive incentives compared to those offered by other employers in the
mining and mineral resources sector, earned through achieving performance targets consistent with shareholder
expectations over the short- and long-term:
– Short-term incentives are cash bonuses based on performance measures and targets, and structured to reward
effective operational performance
– Long-term (share-based) incentives used to align the long-term interests of management with those of shareholders
and responsibly implemented to avoid exposing shareholders to unreasonable or unexpected financial impact.
ESG Full details are set out in the remuneration report in the ESG report.
Executive directors and prescribed officers do not receive directors’ fees.
Executive director emoluments
2022
Retirement
fund
contributions Total
(including annual
pension package Total
Basic scheme Medical Non-cash Other before Cash annual
R000 salary contributions) benefits benefits6 benefits7 incentives bonus8 package
Executive directors
Dr PT Motsepe 8 996 – – 10 976 2 19 974 10 760 30 734
MP Schmidt 8 672 585 – – 139 9 396 9 061 18 457
J Magagula1 3 653 307 177 – 20 4 157 3 801 7 958
TTA Mhlanga2 4 923 399 42 – 13 5 377 4 874 10 251
HL Mkatshana 4 504 376 – – 163 5 043 4 584 9 627
AM Mukhuba3 – – – – – – – –
Total for executive directors 30 748 1 667 219 10 976 337 43 947 33 080 77 027
Prescribed officers 4
A Joubert 4 882 560 – 11 322 5 775 4 825 10 600

VP Tobias5 3 991 339 – – 78 4 408 4 023 8 431
Total for prescribed officers 8 873 899 – 11 400 10 183 8 848 19 031
Total for executive directors
and prescribed officers 39 621 2 566 219 10 987 737 54 130 41 928 96 058
Total annual package before incentives = cost-to-company.
1 Ms J Magagula was appointed an executive director from 18 December 2019. The long-term incentives settled in F2022 (ie conditional awards in terms
of the 2018 cash-settled conditional share plan) had been granted to her prior to her appointment as an executive director.
2 Ms TTA Mhlanga was appointed finance director from 1 October 2020. No long-term incentive is reflected for Ms Mhlanga because this will only be
reflected at the end of the three-year performance period when the performance conditions will be measured.
3 Ms AM Mukhuba resigned as finance director from 30 September 2020.
4 The prescribed officers of the company were determined under section 66(10) of the Companies Act, and further described in section 38 of its
regulations. Their remuneration is disclosed in terms of the Companies Act, section 30(4)(a).
5 Mr VP Tobias was appointed chief operating officer from 14 November 2021. No long-term incentive is reflected for Mr Tobias because this will only be
reflected at the end of the three-year performance period when the performance conditions will be measured.
6 Includes protection services.
7 Includes travel, UIF and risk benefits.
8 No bonuses were deferred in F2022.
14
Executive director emoluments continued
2021
Retirement
fund
contributions Total
(including annual
pension package Total
Basic scheme Medical Non-cash Other before Cash annual
R000 salary contributions) benefits benefits6 benefits7 incentives bonus8 package
Executive directors
Dr PT Motsepe 8 551 – – 9 587 2 18 140 11 531 29 671
MP Schmidt 8 237 555 – – 139 8 931 9 711 18 642
J Magagula¹ 3 036 259 168 – 16 3 479 3 594 7 073
TTA Mhlanga2 3 438 275 30 – 9 3 752 3 778 7 530
HL Mkatshana 4 293 358 – – 143 4 794 4 952 9 746
AM Mukhuba3 1 142 123 22 – 5 1 292 – 1 292
Total for executive directors 28 697 1 570 220 9 587 314 40 388 33 566 73 954
Prescribed officers 4
A Joubert 4 693 531 – – 255 5 479 5 704 11 183
VP Tobias5 – – – – – – – –
Total for prescribed officers 4 693 531 – – 255 5 479 5 704 11 183
Total for executive directors
and prescribed officers 33 390 2 101 220 9 587 569 45 867 39 270 85 137
Total annual package before incentives = cost-to-company.
1 Ms J Magagula was appointed an executive director from 18 December 2019. The long-term incentives (ie performance shares) settled in F2021 were
granted to her prior to her appointment as an executive director.
2 Ms TTA Mhlanga was appointed finance director from 1 October 2020. The amounts in the schedule for total annual package before incentives and
cash bonus are for the portion of the year when she was finance director. No long-term incentive is reflected for her because the final allocation of
performance shares was made prior to her appointment.
3 Ms AM Mukhuba resigned as finance director from 30 September 2020. See separate table entitled ‘settlement of unvested share awards to the finance
director on termination of employment’, on page 172 of the 2021 ESG report.

4 The prescribed officer of the company was determined under section 66(10) of the Companies Act, and further described in section 38 of its
regulations. His remuneration is disclosed in terms of the Companies Act, section 30(4)(a).
5 Mr VP Tobias was appointed chief operating officer from 14 November 2021.
6 Includes protection services.
7 Includes travel, UIF and risk benefits.

8 No bonuses were deferred in F2021.
15
Conditional shares under the 2018 conditional share plan

Awards of conditional shares were made to eligible participants in the Paterson grade F-band under the 2018
conditional share plan. Conditional shares will be settled after three years, subject to the company achieving prescribed
performance criteria over this period.
ESG For additional information about performance criteria, see remuneration report part III in the ESG report on our website.
The total number of conditional shares awarded in F2022 was 419 694. In F2022, with 172 018 conditional shares being
forfeited. The total number of conditional shares at 30 June 2022 was 1 312 678.
Conditional shares: movements in F2022

Executive directors Prescribed officers
Dr PT Motsepe J Magagula HL Mkatshana TTA Mhlanga1 MP Schmidt A Joubert VP Tobias2
Number Value of Number Value of Number Value of Number Value of Number Value of Number Value of Number Value of
of shares of shares of shares of shares of shares of shares of shares
shares (R000s) shares (R000s) shares (R000s) shares (R000s) shares (R000s) shares (R000s) shares (R000s)
Opening conditional share balance
at 1 July 2021 338 023 – 44 664 – 111 762 – 27 573 – 281 765 – 127 753 – – –
Conditional shares awarded
8 March 2022 68 685 17 991 21 099 5 527 25 593 6 704 27 292 7 149 59 889 15 687 29 255 7 663 35 542 9 310
Conditional shares settled
8 March 20223 (159 694) 87 473 – – (45 313) 24 820 – – (126 274) 69 167 (51 796) 28 371 – –
Closing conditional share balance
as at 30 June 20224 247 014 – 65 763 – 92 042 – 54 865 – 215 380 – 105 212 – 35 542 –
1 Ms TTA Mhlanga was appointed to the board on 1 October 2020.
2 Mr VP Tobias was appointed chief operating officer from 14 November 2021.
3 Additional dividend equivalent shares of 0.2997 per award were included for settlement, as assured by the independent third-party consultant, Andisa.
The performance measurement and applicable vesting percentage (ie 155%) was determined by the independent third-party consultants, Bowmans.
The final vesting price used to determine the pre-tax cash value on settlement was the closing share price on the day before the vesting date
(ie 7 March 2022) of R271.90.
4 No conditional shares were awarded or settled for these directors or the prescribed officer between 30 June 2022 and the date of this report.
Conditional awards under the 2018 cash-settled conditional share plan

Conditional awards under the 2018 cash-settled conditional share plan were made to an executive director prior to her
appointment to the board, as set out below. The total number of conditional awards in F2022 to eligible management (in
the Paterson grade D and E-bands) was 706 027.
Cash-settled conditional awards: movements in F2022

Executive director
J Magagula
Value of
Number shares
of shares (R000s)
Opening conditional awards balance at 1 July 2021 12 524 –
Conditional awards settled 8 March 20221 (6 650) 3 267
Closing conditional awards balance as at 30 June 20222 5 874 –

1 Adividend-equivalent cash payment of R55 per award was included in the settlement value, as assured by the independent third-party consultant,
Andisa. The performance measurement and applicable vesting percentage (ie 155%) were assured by the independent third-party consultant,
Bowmans. The final vesting price was the 20-day volume-weighted average share price on the vesting date (ie 8 March 2022) of R261.94. The pre-tax
cash value on settlement is as follows:
Final vesting price: 20-day volume-weighted average share price on 8 March 2022 R261.94
Dividend equivalent cash payment per award R55.00
Total pre-tax cash value on settlement per award R316.94

2 No cash-settled conditional awards were awarded or settled for this director between 30 June 2022 and the date of this report.
16
Performance shares under the 2008 share plan

Conditional awards of performance shares were made to eligible participants under the 2008 share plan until
November 2018. Performance shares vest and are settled after three years, subject to the company achieving
prescribed performance criteria over this period.
ESG For additional information about performance criteria, see remuneration report part III in the ESG report on our website.
In the review period, a total of 102 812 performance shares vested and were settled, including 3 375 performance
shares that were forfeited. The total number of performance shares at 30 June 2022 was nil.
The number of performance shares awarded to and settled by executive directors and the prescribed officer is
summarised below.
Performance shares: movements in F2022

Prescribed
Executive directors officer
Dr PT Motsepe J Magagula HL Mkatshana MP Schmidt A Joubert
Value of Value of Value of Value of Value of
Number shares Number shares Number shares Number shares Number shares
of shares (R000s) of shares (R000s) of shares (R000s) of shares (R000s) of shares (R000s)
Opening performance share balance at 1 July 2021 75 115 – – – – – – – – –
Performance shares settled 8 March 20221 (75 115) 20 424 – – – – – – – –
Closing performance share balance as at 30 June 20222 – – – – – – – – – –
1 The price used to determine the value was the closing share price on the date before the vesting date (ie 7 March 2022) of R271.90. The vesting
percentage per the applicable performance condition was 100%.
2 No performance shares were awarded or settled for these directors or the prescribed officer between 30 June 2022 and the date of this report.
Bonus shares under the 2008 share plan

In terms of the 2008 share plan, eligible participants received grants of bonus shares that matched a portion of the
annual cash incentive accruing to them according to a specified ratio. Bonus shares are only settled to participants
after three years, conditional on continued employment. Bonus shares have not been granted in annual allocations
since 2015, and the final deferred bonus shares were granted in November 2018.
ESG For additional information about bonus shares, see remuneration report part III in the ESG report on our website.
The total number of bonus shares granted in November 2018 was 102 812. In the review period, a total of 102 812 bonus
shares vested and were settled. No bonus shares were held by employees who retired during the year, and no bonus
shares were forfeited. The total number of bonus shares at 30 June 2022 was nil.
17
The number of bonus shares settled by executive directors and the prescribed officer is summarised below.
Bonus shares: movements in F2022

Prescribed
Value of Value of Value of Value of Value of
Number shares Number shares Number shares Number shares Number shares
of shares (R000s) of shares (R000s) of shares (R000s) of shares (R000s) of shares (R000s)
Opening bonus share balance at 1 July 2021 75 115 – – – – – – – – –
Bonus shares settled 8 March 20221 (75 115) 20 424 – – – – – – – –
Closing bonus share balance as at 30 June 20222 – – – – – – – – – –
1 The price used to determine the value was the closing share price on the day before the vesting date (ie 7 March 2022) of R271.90.
2 No bonus shares were granted or settled for these directors or the prescribed officer between 30 June 2022 and the date of this report.
Share option scheme

Between 2008 and 2013, annual allocations of share options under the ARM incentive scheme (the scheme) were made
to eligible participants, but at a much-reduced scale after the company adopted the 2008 share plan. Share options
have not been allocated to executive directors and prescribed officers since October 2013. Schedules of share option
awards accruing to executive directors and the prescribed officer, and transactions in F2022, are set out below.
Share option awards: movements in F2022

Prescribed
Net Net Net Net Net
settle- settle- settle- settle- settle-
Average ment Average ment Average ment Average ment Average ment
Number price value1 Number price value Number price value Number price value Number price value
of shares R (R000s) of shares R (R000s) of shares R (R000s) of shares R (R000s) of shares R (R000s)
Opening share option
balance at 1 July 2021 20 223 200.75 – – – – – – – – – – – – –
Options settled (20 223) 200.75 1 485 – – – – – – – – – – – –
Closing share option
balance as at
30 June 2022 – – – – – – – – – – – – – – –
1 Based on the closing share price of R274.20 on the trading day prior to exercise, 11 March 2022, less the exercise price of R200.75.
18
Vesting dates
Conditional shares
Annual and interim allocations
Conditional shares conditionally awarded to senior executives on or after 7 December 2018: conditional shares vest and
are settled after a performance period of three years, subject to achieving pre-determined performance criteria.
Schedule of conditional shares vesting dates

Number
conditional
shares
Conditional shares outstanding at 30 June 2022 1 312 678
Vesting on
7 December 2022 474 111
12 May 2023 16 445
8 December 2023 402 428
4 December 2024 419 694
Conditional awards
Annual and interim allocations
Conditional awards conditionally awarded to participants other than senior executives under the cash-settled
conditional share plan on or after 7 December 2018: conditional awards vest and are settled after a performance period
of three years, subject to achieving pre-determined performance criteria.
Schedule of conditional awards vesting dates

Number
conditional
awards
Conditional awards outstanding at 30 June 2022 706 027
Vesting on
19 July 2022 13 326
7 December 2022 242 513
12 May 2023 39 907
23 May 2023 19 695
8 December 2023 180 695
5 June 2024 5 337
4 December 2024 197 743
26 May 2025 6 811
Performance shares
Performance share allocations are no longer made. For performance shares awarded after 5 December 2014,
retirement does not accelerate the vesting period.
Deferred bonus/co-investment scheme

Matching performance shares conditionally awarded under the deferred bonus/co-investment scheme vested and were
settled after a performance period of three years, subject to achieving predetermined performance criteria.
Bonus shares
Bonus share allocations are no longer made. For bonus shares awarded after 5 December 2014, retirement does not
accelerate the vesting period.

Bonus shares granted under the deferred bonus/co-investment scheme vested and were settled after three years.
Share options
Share options are no longer allocated.
19
Below are summaries of movements in the company’s long-term share-based incentive schemes.
Movements: Long-term share-based incentives

Share options Performance shares Bonus shares
F2022 F2021 F2022 F2021 F2022 F2021
Opening balance at 1 July 39 829 343 541 102 812 1 359 602 102 812 221 348
Exercised – – – – – –
Settled (39 829) (235 230) (99 437) (1 252 720) (102 812) (118 087)
Granted/awarded – – – – –
Forfeited/cancelled/lapsed – (68 482) (3 375) (4 070) – (449)
Closing balance at 30 June – 39 829 – 102 812 – 102 812
Post-year end:
Forfeited/cancelled/lapsed – – – – – –
Balance at the date of this report – 39 829 – 102 812 – 102 812
Conditional shares Conditional awards

F2022 F2021 F2022 F2021
Opening balance at 1 July 1 768 428 1 400 873 807 304 633 172
Exercised – – – –
Settled (703 426) – (290 147) –
Granted/awarded 419 6941 459 5541 204 8282 196 8342
Forfeited/cancelled/lapsed (172 018)3 (91 999)3 (15 958)4 (22 389)4
Closing balance at 30 June 1 312 678 1 768 428 706 027 807 617
Post-year end:
Forfeited/cancelled/lapsed – – – (313)4
Balance at the date of this report 1 312 678 1 768 428 706 027 807 304
1 Conditional shares awarded to senior executives.
2 Conditional awards awarded to management other than senior executives.
3 Conditional shares forfeited by senior executives.
4 Conditional awards forfeited by management other than senior executives.
Directors’ remuneration: Non-executive directors (audited)

The remuneration of non-executive directors comprises directors’ fees. Board retainers and attendance fees as well
as committee attendance fees are paid quarterly in arrears. The table below sets out emoluments paid to non-executive
directors for F2022 and F2021.
20
Non-executive directors’ fees

F2022 F2021
Consultancy Consultancy
fees Total fees Total
Board Committee excluding including Board Committee excluding including
R000 fees fees9 VAT10 VAT VAT fees fees9 VAT10 VAT VAT
Non-executive directors 1
AK Maditsi
(independent lead) 730 893 – 243 1 866 694 942 – 245 1 881
F Abbott 606 235 – 126 967 576 175 – 113 864
M Arnold2 606 141 152 135 1 034 576 87 397 159 1 219
Dr MMM Bakane-Tuoane3 – – – – – 139 317 – 68 524
TA Boardman 4
606 1 070 – 251 1 927 576 1 068 3 000 697 5 341
AD Botha 606 625 – 94 1 325 576 642 – 17 1 235
JA Chissano5 606 302 672 136 1 716 576 275 672 128 1 651
WM Gule 606 56 – – 662 576 63 – – 639
PJ Mnisi6 606 383 – 148 1 137 438 229 – 76 743
DC Noko 7
606 320 – – 926 576 321 – – 897
Dr RV Simelane 606 746 – 203 1 555 576 777 – 203 1 556
JC Steenkamp8 606 261 – 130 997 576 263 75 126 1 040
Total for non-executive
directors 6 790 5 032 824 1 466 14 112 6 455 5 159 4 144 1 832 17 590
VAT = Value-added tax.
1 Payments to reimburse out-of-pocket expenses have been excluded.
2 Mr Arnold, former financial director, became a non-executive director from 11 December 2017. His consultancy agreement with the company
terminated in December 2021.

3 Dr Bakane-Tuoane resigned from the board on 29 September 2020.
4 Mr Boardman received a once-off consultancy fee in F2021 for his assistance in resolving an important matter. He no longer has a consulting
agreement with the company.

5 Mr Chissano has a consultancy agreement with the company.
6 Ms Mnisi was appointed to the board from 30 September 2020.
7 Mr Noko was appointed chairman of the investment and technical committee from 2 March 2020.
8 Mr Steenkamp's consultancy agreement with the company was terminated in September 2020.
9 Attendance fees are paid for attending scheduled committee meetings, ad hoc committee meetings and other work devoted to committee business
outside regular scheduled committee meetings. From F2021, where such ad hoc meetings required substantially less time to prepare for, attend or
undertake than a scheduled meeting, the per-meeting fee was reduced commensurately.
10 Additional information appears under consultancy agreements: non-executive directors in part II of the remuneration report.

21
External auditor Group company secretary If shareholders wish to trade
Ernst & Young Inc. continued in and governance officer certificated ARM (previously Avmin)
shares on the JSE, they are urged to
office as the external auditor for the Ms AN D’Oyley is the group company
deposit them with a central securities
company. At the annual general secretary and governance officer of
depository participant or qualifying
meeting, shareholder approval will ARM. Her business and postal stockbroker as soon as possible.
be sought to reappoint Ernst & Young addresses appear on the inside Trading in the company’s shares on
Inc. as ARM’s external auditor and back cover of this report. the JSE is only possible if the shares
Mr PD Grobbelaar as the designated
are in electronic format in the Strate
individual registered auditor for For additional information on the office
ESG
of the group company secretary and environment. If members have any
F2023. governance officer, see page 129 of the queries, they should contact the
ESG report on our website.
company’s transfer secretaries,
In line with the rules of the
Computershare Investor Services
Independent Regulatory Board for
Listings Proprietary Limited (details on the
Auditors (IRBA) regarding mandatory
The company’s shares are listed on inside back cover).
audit firm rotation, the 2023 financial
year will be Ernst & Young Inc.’s final the JSE (general mining) under the
share code: ARI. In November 2018, Convenience translations into
financial year as the company’s
the company completed a secondary United States dollars
external auditor. Ernst & Young Inc.
listing on the A2X Exchange, where To assist users of this report,
has been the company’s external
its shares are listed under the share translations of convenience into
auditor for 49 years. The audit and
code: ARI. United States dollars are provided in
risk committee has recommended,
these annual financial statements.
and the board of directors has
Strate (share transactions totally These translations are based on
approved for recommendation to the
electronic) average rates of exchange for the
shareholders, the proposed
statements of profit or loss,
appointment of KPMG Inc. as the The company’s shares were
comprehensive income and cash
external auditor of ARM company dematerialised on 5 November 2001.
flows, and at rates prevailing at year
and the appointment of Ms S Loonat
end for statement of financial position
as the person designated to act on
items.
behalf of such external auditor, in
respect of the 2024 financial year. These statements appear on
pages 116 to 122.
22
Annual financial
statements
Audited by independent auditor
The financial information has been audited by the external
auditor, Ernst & Young Inc. (the designated auditor
PD Grobbelaar CA(SA)).
Any reference to future financial performance included in these

results has not been audited or reported on by ARM’s external
auditor.
Basis of preparation
The audited group and company results for the year have
been prepared under the supervision of the finance director,
Ms TTA Mhlanga CA(SA). The group and company financial
statements have been prepared on the historical cost basis,
except for certain financial instruments that are fairly valued.
The accounting policies used are in terms of IFRS. Please refer
to note 1 to the financial statements.
Contents
Annual financial statements

Statements of financial position 24
Statements of profit or loss 25
Group statement of comprehensive income 26
Company statement of comprehensive income 27
Group statement of changes in equity 28
Company statement of changes in equity 29
Statements of cash flows 30
Notes to the financial statements 31
Principal subsidiary companies 113
Principal associate companies, joint ventures,
joint operations and other investments 114
Convenience translation into US dollars 116
US dollar statement of financial position 117
US dollar statement of profit or loss 118
US dollar statement of comprehensive income 119
US dollar statement of changes in equity 120
US dollar statement of cash flows 121

Financial summary (US dollar) 122
Shareholder information
Shareholder analysis 123
Investor relations report 127
23
Statements of financial position
at 30 June 2022
Group Company
30 June 30 June 30 June 30 June
2022 2021 2022 2021
Notes Rm Rm Rm Rm
ASSETS
Non-current assets
Property, plant and equipment 3 9 621 8 244 1 511 1 606
Investment properties 5 24 24 24 24
Intangible assets 6 63 76 63 76
Deferred tax assets 19 215 274 215 274
Loans and long-term receivables 7 – 40 – 574
Other financial assets 8 214 193 212 191
Investment in associate 9 2 048 534 841 –
Investment in joint venture 10 22 145 20 938 259 259
Other investments 11 4 104 4 210 6 204 6 491
Non-current inventories 12 52 – – –
38 486 34 533 9 329 9 495
Current assets
Inventories 12 343 467 142 192
Trade and other receivables 13 7 737 7 825 2 474 1 638
Taxation 37 116 70 66 –
Financial assets 14 830 523 130 153
Cash and cash equivalents 15 11 659 9 671 8 940 7 978
20 685 18 556 11 752 9 961
Total assets 59 171 53 089 21 081 19 456
EQUITY AND LIABILITIES

Capital and reserves
Ordinary share capital 16 11 11 11 11
Share premium 16 5 267 5 212 5 267 5 212
Treasury shares 17 (2 405) (2 405) – –
Other reserves 2 668 2 915 2 588 2 931
Retained earnings 40 617 34 461 10 274 7 791
Equity attributable to equity holders of ARM 46 158 40 194 18 140 15 945
Non-controlling interest 4 205 3 582 – –
Total equity 50 363 43 776 18 140 15 945
Non-current liabilities
Long-term borrowings 18 305 1 105 – 708
Deferred tax liabilities 19 3 226 2 968 305 165
Long-term provisions 20 1 979 1 883 1 544 1 481
5 510 5 956 1 849 2 354
Current liabilities
Trade and other payables 21 2 148 1 940 341 252
Short-term provisions 22 716 898 429 499
Taxation 37 255 155 123 31

Overdrafts and short-term borrowings
– interest-bearing 23 40 57 18 26
– non-interest-bearing 23 139 307 181 349
3 298 3 357 1 092 1 157
Total equity and liabilities 59 171 53 089 21 081 19 456
24
Statements of profit or loss

for the year ended 30 June
Group Company
F2022 F2021 F2022 F2021
Notes Rm Rm Rm Rm
Revenue 26 18 406 21 457 4 443 4 554
Sales 26 16 917 19 657 2 938 2 741
Cost of sales 27 (7 660) (7 900) (1 428) (2 458)
Gross profit 9 257 11 757 1 510 283
Other operating income 28 1 983 2 378 1 671 2 074
Other operating expenses 29 (3 239) (2 717) (2 181) (1 291)
Loss on derecognition of financial assets
measured at amortised cost 29.1 – – – (363)
Profit from operations before capital items 8 001 11 418 1 000 703
Income from investments 30 685 487 8 709 6 435
Finance costs 31 (290) (329) (186) (210)
Income/(loss) from associate 9 927 (260) – –
Income from joint venture 10 6 649 7 498 – –
Profit before taxation and capital items 15 972 18 814 9 523 6 928
Capital items before tax 32 1 128 (9) 850 (205)
Profit before taxation 17 100 18 805 10 373 6 723
Taxation 33 (2 736) (3 333) (705) (353)
Profit for the year 14 364 15 472 9 668 6 370
Attributable to:
Equity holders of ARM
Basic earnings for the year 12 426 12 626 9 668 6 370
Non-controlling interest
Profit for the year 1 938 2 846
1 938 2 846
Earnings per share
Basic earnings per share (cents) 34 6 343 6 464
Diluted basic earnings per share (cents) 34 6 338 6 399
25
Group statement of comprehensive income
Financial
instruments
at fair value
through
other Total
compre- share- Non-
hensive Retained holders controlling
income Other earnings of ARM interest Total
Notes Rm Rm Rm Rm Rm Rm
For the year ended 30 June 2021
Profit for the year to 30 June 2021 – – 12 626 12 626 2 846 15 472
Other comprehensive income
that will not be reclassified to
the statement of profit or loss
in subsequent periods
Net impact of revaluation of listed
investment (1 107) – – (1 107) – (1 107)
Revaluation of listed investment1 11 (1 426) – – (1 426) – (1 426)
Deferred tax on above 19 319 – – 319 – 319
that may be reclassified to the
statement of profit or loss in
subsequent periods
Foreign currency translation
reserve movement – (161) – (161) – (161)
Total other comprehensive loss (1 107) (161) – (1 268) – (1 268)
Total comprehensive (loss)/income
for the year (1 107) (161) 12 626 11 358 2 846 14 204
Profit for the year to 30 June 2022 – – 12 426 12 426 1 938 14 364
that will not be reclassified to
the statement of profit or loss
in subsequent periods
investment (49) – – (49) – (49)
Revaluation of listed investment1 11 (59) – – (59) – (59)
that may be reclassified to the
subsequent periods
reserve movement – 97 – 97 – 97
Total other comprehensive
(loss)/income (49) 97 – 48 – 48
for the year (49) 97 12 426 12 474 1 938 14 412
1
Theshare price of Harmony decreased from R52.76 per share at 30 June 2021 to R51.97 at 30 June 2022 and decreased from R71.86 at 30 June 2020
to R52.76 per share at 30 June 2021. The valuation of the investment in Harmony is based on a level 1 fair value hierarchy level in terms of International
Financial Reporting Standards (IFRS).
26
Company statement of comprehensive income

Financial
instruments
at fair value
through
other
compre-
hensive Retained
income Other earnings Total
Notes Rm Rm Rm Rm
Profit for the year to 30 June 2021 – – 6 370 6 370
Other comprehensive income that may not
be reclassified to the income statement in
subsequent periods
Net impact of revaluation of listed investment (1 107) – – (1 107)
Revaluation of listed investment1 11 (1 426) – – (1 426)
Deferred tax on above 19 319 – – 319
Foreign currency translation reserve movement 1 1
Total other comprehensive (loss)/income (1 107) 1 – (1 106)
Total comprehensive (loss)/income for the year (1 107) 1 6 370 5 264
Other comprehensive income that may not be
reclassified to the income statement in subsequent
periods
Net impact of revaluation of listed investment (49) – – (49)
Revaluation of listed investment1 11 (59) – – (59)
Deferred tax on above 19 10 – – 10
Foreign currency translation reserve movement – 1 – 1
Total other comprehensive (loss)/income (49) 1 – (48)
Total comprehensive (loss)/income for the year (49) 1 9 668 9 620
1 The
share price of Harmony decreased from R52.76 per share at 30 June 2021 to R51.97 at 30 June 2022 and decreased from R71.86 at 30 June 2020
to R52.76 per share at 30 June 2021. The valuation of the investment in Harmony is based on a level 1 fair value hierarchy level in terms of International
Financial Reporting Standards (IFRS).

27
Group statement of changes in equity
Other reserves
Financial
instruments
at fair value
through
Share other Total
capital compre- Share- share- Non-
and Treasury hensive based Retained holders controlling
premium shares income payments Other1 earnings of ARM interest Total
Notes Rm Rm Rm Rm Rm Rm Rm Rm Rm
Balance at 30 June 2020 4 961 (2 405) 3 344 884 139 25 157 32 080 2 028 34 108
Total comprehensive
(loss)/income for the year – – (1 107) – (161) 12 626 11 358 2 846 14 204
Profit for the year to
30 June 2021 – – – – – 12 626 12 626 2 846 15 472
Other comprehensive
loss – – (1 107) – (161) – (1 268) – (1 268)
Bonus and performance
shares issued to
employees 16 262 – – (332) – – (70) – (70)
Dividend paid2 34 – – – – – (3 322) (3 322) – (3 322)
Dividend declared to
non-controlling interests3 – – – – – – – (1 292) (1 292)
Share-based payments
expense – – – 148 – – 148 – 148
Balance at 30 June 2021 5 223 (2 405) 2 237 700 (22) 34 461 40 194 3 582 43 776
Total comprehensive
(loss)/income for the year – – (49) – 97 12 426 12 474 1 938 14 412
30 June 2022 – – – – – 12 426 12 426 1 938 14 364
Other comprehensive
(loss)/income – – (49) – 97 – 48 – 48
shares issued to
employees 16 55 – – (470) – – (415) – (415)
Dividend paid2 34 – – – – – (6 270) (6 270) – (6 270)
non-controlling interests3 – – – – – – – (1 315) (1 315)
expense – – – 175 – – 175 – 175
Balance at 30 June 2022 5 278 (2 405) 2 188 405 75 40 617 46 158 4 205 50 363
1 Other reserves consist of the following:
F2022 F2021 F2020
Rm Rm Rm
Dilution in Two Rivers (26) (26) (26)

Foreign currency translation reserve – Assmang 120 62 167
Foreign currency translation reserve – other entities 52 13 69
Capital redemption and prospecting loans written off 28 28 28
Tamboti assets sale to Two Rivers (99) (99) (99)
Total 75 (22) 139

2
Interimdividend paid of 1 200 cents (F2021: 1 000 cents) per share and final dividend paid of 2 000 cents (F2021: 700 cents) per share.
3
Dividends to Impala Platinum and Modikwa non-controlling interests.
28
Company statement of changes in equity

Other reserves
Financial
instruments
at fair value
through
Share other
capital compre- Share-
and hensive based Retained
premium income payments Other1 earnings Total
Notes Rm Rm Rm Rm Rm Rm
Balance at 30 June 2020 4 961 3 344 840 37 5 230 14 412
for the year – (1 107) – 1 6 370 5 264
Profit for the year to 30 June 2021 – – – – 6 370 6 370
Other comprehensive (loss)/income – (1 107) – 1 – (1 106)
Bonus and performance shares issued
to employees 16 262 – (332) – – (70)
Dividend paid 34 – – – – (3 809) (3 809)
Share-based payments expense – – 148 – – 148
Balance at 30 June 2021 5 223 2 237 656 38 7 791 15 945
for the year – (49) – 1 9 668 9 620
Profit for the year to 30 June 2022 – – – – 9 668 9 668
Other comprehensive (loss)/income – (49) – 1 – (48)
Bonus and performance shares issued
to employees 16 55 – (470) – – (415)
Dividend paid 34 – – – – (7 185) (7 185)
Share-based payments expense – – 175 – – 175
Balance at 30 June 2022 5 278 2 188 361 39 10 274 18 140
1 Other reserves consist of the following:
F2022 F2021 F2020
Rm Rm Rm
General reserve 35 35 35
Foreign currency translation 4 3 2
Total 39 38 37

29
Statements of cash flows
for the year ended 30 June 2022
Group Company
F2022 F2021 F2022 F2021
Notes Rm Rm Rm Rm
CASH FLOW FROM OPERATING ACTIVITIES
Cash receipts from customers 18 128 17 189 2 934 3 560
Cash paid to suppliers and employees (9 620) (9 387) (2 762) (3 409)
Cash generated from operations 36 8 508 7 802 172 151
Interest received 601 358 404 257
Interest paid (46) (45) (2) (3)
Taxation paid 37 (2 303) (2 291) (486) (369)
6 760 5 824 88 36
Dividends received from joint venture 10 5 500 4 000 5 500 4 000
Dividends received from investments – Harmony 50 82 50 82
Dividends received from other – – 2 651 1 937
Dividend paid to non-controlling interests (1 247) (1 219) – –
Dividend paid to shareholders 34 (6 270) (3 322) (7 185) (3 809)
Net cash inflow from operating activities 4 793 5 365 1 104 2 246
CASH FLOW FROM INVESTING ACTIVITIES
Additions to property, plant and equipment
to maintain operations (1 739) (1 224) (138) (204)
Additions to property, plant and equipment
to expand operations (463) (433) – –
Proceeds on disposal of property, plant and
equipment 6 3 6 1
Investments in financial assets 8, 14 (819) (308) (114) (8)
Proceeds from financial assets matured 523 1 124 70 1 080
Loans advanced – – – (1 057)
Proceeds from loans – – 259 2 523
Net cash (outflow)/inflow from investing activities (2 492) (838) 83 2 335
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from exercise of share options 7 44 7 44
Cash payments to owners to acquire the entity’s shares (225) – (225) –
Long-term borrowings raised – 264 – –
Long-term borrowings repaid (95) (461) (9) (9)
Short-term borrowings repaid (14) (187) (1) (9)
Net cash outflow from financing activities (327) (340) (228) 26
Net increase in cash and cash equivalents 1 974 4 187 959 4 607
Cash and cash equivalents at beginning of year 9 655 5 512 7 962 3 356
Net foreign exchange difference 14 (44) 3 (1)
Cash and cash equivalents at end of year 15 11 643 9 655 8 924 7 962
Made up as follows:
– Available 15 11 053 8 849 8 813 7 837
– Cash set aside for specific use 15 590 806 111 125
11 643 9 655 8 924 7 962
Overdrafts 16 16 16 16
Cash and cash equivalents per statement

of financial position 11 659 9 671 8 940 7 978
Cash generated from operations per share (cents) 34 4 343 3 994
30
Notes to the financial statements

1. ACCOUNTING POLICIES Subsidiary companies

Statement of compliance Subsidiary companies are investments in entities
The consolidated and separate annual financial in which the company has control over the
statements have been prepared in accordance financial and operating decisions of the entity.
with the framework concepts and the measurement Generally, there is a presumption that a majority
and recognition requirements of International of voting rights results in control. Subsidiaries are
Financial Reporting Standards (IFRS), the SAICA consolidated in full from the date of acquisition,
Financial Reporting Guides as issued by the being the date on which the group obtains
Accounting Practices Committee and Financial control, and continue to be consolidated.
Pronouncements as issued by the Financial
Reporting Standards Council, requirements of Non-controlling interest represents the portion of
the South African Companies Act 71 of 2008 and the statement of profit or loss and equity not held
the Listings Requirements of the JSE Limited. by the group and is presented separately in the
statement of profit or loss and within equity in
Basis of preparation the consolidated statement of financial position,
The group and company financial statements separately from parent shareholders’ equity.
for the year have been prepared under
the supervision of the finance director, Losses of subsidiaries are attributed to the
Ms TTA Mhlanga CA(SA). non-controlling interest, even if that results in
a deficit balance.
The principal accounting policies as set out below
for group and company are consistent in all material Investments in subsidiaries in the company
aspects with those applied in the previous years. financial statements are accounted for at cost
less accumulated impairment.
The group and company financial statements have
been prepared on the historical cost basis, except Joint operations
for certain financial instruments that are carried at Joint operations are a type of joint arrangement
fair value. whereby the parties that have joint control have
rights to the assets and obligations for the
The financial statements are presented in South liabilities. The group accounts for joint
African rand and all values are rounded to the operations, its assets, liabilities, income,
nearest million (Rm), unless otherwise indicated. expenses and cash flows and/or share thereof.
The company financial statements are included Unincorporated joint operations are recognised
with the group financial statements. in the financial statements on the same basis as
above.
Impact of new standards
The group has not adopted any new and/or revised Investment in associate and joint ventures
standards and interpretations issued by the An associate is an investment in an entity in
International Accounting Standards Board (IASB). which the group has significant influence.
Significant influence is the power to participate
Basis of consolidation in the financial and operating policy decisions
The consolidated financial statements comprise of the investee.
the financial statements of African Rainbow
Minerals Limited and its subsidiaries, joint Joint ventures are a type of joint arrangement
operations, joint ventures and associates at whereby the parties that have joint control of the
30 June each year. arrangement have rights to the net assets of the
joint venture. Joint control is the contractually

Inter-company transactions and balances
agreed sharing of control of an arrangement that

Consolidation principles relating to the elimination exists only when decisions about the relevant
of inter-company transactions and balances and activities require unanimous consent of the
adjustments for unrealised inter-company profits parties sharing control.
are applied in all intra-group dealings, for all
transactions with subsidiaries, joint operations,
associated companies or joint ventures.
31
Notes to the financial statements continued
1. ACCOUNTING POLICIES continued When an acquisition is achieved in stages and

Subsidiary companies continued control is achieved, the fair values of all the
Investment in associate and joint ventures continued identifiable assets and liabilities are recognised.
The difference between the previous equity-held
At group level, investments in associates and
interest value and the current fair value for the
joint ventures are accounted for using the equity
same equity is recognised in the statement of
method of accounting. Investments in the
profit or loss.
associates and joint ventures are carried in
the statement of financial position at cost plus
When there is a change in the interest of a
post-acquisition changes in the group’s share
subsidiary that does not result in the loss of
of net assets of the associates or joint ventures,
control, the difference between the fair value
less any accumulated impairment in value.
of the consideration transferred and the change
The statement of profit or loss reflects the group’s
in non-controlling interest is recognised directly
share of the post-acquisition profit after tax of
in the statement of changes in equity.
the associate or joint ventures. After application
of the equity method, the group determines
When there is a change that results in a loss of
whether it is necessary to recognise any additional
control, the assets and liabilities of the subsidiary
impairment losses. Investments in associates or
are derecognised at their carrying amounts at
joint ventures in the company financial statements
the date the control is lost, including the carrying
are accounted for at cost less accumulated
amount of any non-controlling interest. Any
impairment.
investment retained in the former subsidiary
is recognised at its fair value at the date when
Trusts
control is lost.
When control of a trust exists or a change
results in control, from that date the trust
Current taxation
is consolidated.
The charge for current tax is based on the results
for the year as adjusted for income that is exempt
Business combinations
and expenses that are not deductible using tax
The acquisition method of accounting is used to
rates that have been enacted or substantively
account for the acquisition of subsidiaries by the
enacted at the reporting date, that are applicable
group. The cost of an acquisition is measured
to the taxable income. Taxation is recognised in
as the fair value of the assets given up, equity
the statement of profit or loss except to the extent
instruments issued and liabilities incurred or
that it relates to items recognised directly in equity,
assumed at the date of exchange. Costs directly
or in other comprehensive income, in which case
attributable to the acquisition are expensed in
the tax amounts are recognised directly in equity
the statement of profit or loss. Identifiable assets
or in other comprehensive income.
acquired and liabilities and contingent liabilities
assumed in a business combination are measured
Deferred taxation
initially at their fair values at the acquisition date.
A deferred tax asset is the amount of income
Non-controlling interest is measured at each
taxes recoverable in future periods in respect
business combination at either the proportionate
of deductible temporary differences, the carry
share of the identifiable net assets or at fair
forward of unused tax losses and the carry
value.
forward of unused tax credits.
The excess of the cost of acquisition over the
A deferred tax asset is only recognised to the
fair value of the group’s share of the identifiable

extent that it is probable that taxable profits will
net assets acquired is recorded as goodwill.
be available, against which deductible temporary
Goodwill is tested for impairment on an annual

differences can be utilised, does not arise as a
basis. If the cost of acquisition is less than the
result of a business combination and at the time
fair value of the net assets of the subsidiary
of the transaction, affects neither accounting
acquired, the difference is recognised directly
profit nor taxable profit.
in the statement of profit or loss.
32
1. ACCOUNTING POLICIES continued Unrecognised deferred income tax assets are

Deferred taxation continued reassessed at each reporting date and are
Three-year business plans, the first year of which recognised to the extent that it has become
is approved by the board and the content of the probable that future taxable profit will allow
next two years being noted, are used to the deferred tax asset to be recovered.
determine whether deferred tax assets will be
utilised from taxable income in the future. These Deferred income tax assets and deferred income
plans use many assumptions and estimates and tax liabilities are offset if a legally enforceable
will be adjusted every year as more information right exists to set off current tax assets against
becomes available. current tax liabilities, there is an intention to settle
on a net basis or to realise the asset and settle
A deferred tax liability is the amount of income the liability simultaneously and the deferred
taxes payable in future periods in respect of income taxes relate to the same taxable entity
taxable temporary differences. and the same taxation authority.
Temporary differences are differences between Value added tax (VAT)

the carrying amount of an asset or liability and Revenues, expenses and assets are recognised
its tax base. The tax base of an asset is the net of the amount of VAT except for (a) where
amount that is deductible for tax purposes if the the VAT incurred on a purchase of an asset or
economic benefits from the asset are taxable or service cannot be recovered from the taxation
the carrying amount of the asset if the economic authorities; and (b) receivables and payables
benefits are not taxable. The tax base of a that are stated with the VAT included. The net
liability is the carrying amount of the liability less amount of VAT recoverable or payable is
the amount deductible in respect of that liability included under receivables or payables in the
in future periods. The tax base of revenue statement of financial position.
received in advance is the carrying amount less
any amount of the revenue that will not be taxed Provisions
in future periods. Provisions are recognised when the following
conditions have been met:
Deferred tax is recognised for all temporary • A present legal or constructive obligation to
differences, unless the deferred tax liability transfer economic benefits as a result of past
arises from the initial recognition of goodwill, or events exists
the initial recognition of an asset or liability in a • A reasonable estimate of the obligation can
transaction which is not a business combination; be made.
and at the time of the transaction, affects neither
accounting profit nor taxable profit. A present obligation is considered to exist when
there is no realistic alternative but to make the
Deferred tax arising on investments in transfer of economic benefits. The amount
subsidiaries, associates, joint operations, and recognised as a provision is the best estimate
joint ventures is recognised, except where the at the reporting date of the expenditure required
group is able to control the reversal of the to settle the obligation. Only expenditure related
temporary difference and it is probable that the to the purpose for which the provision is raised
temporary difference will not reverse in the is charged against the provision. If the effect of
foreseeable future. The carrying amount of the time value of money is material, provisions
deferred income tax assets is reviewed at each are determined by discounting the expected
reporting date and reduced to the extent that it future cash flows at a pre-tax rate that reflects
is no longer probable that sufficient taxable current market assessments of the time value
profit will be available to allow all or part of the of money and, where appropriate, the risks
deferred income tax asset to be utilised. specific to the liability.
33
1. ACCOUNTING POLICIES continued Environmental rehabilitation obligations

Insurance The estimated cost of rehabilitation, comprising
Premiums written liabilities for decommissioning and restoration, is
Premiums written comprise premiums due on based on current legal requirements and existing
contracts entered into during the financial year, technology, and is reassessed annually. Cost
regardless of whether such amounts may relate estimates are not reduced by the potential
in whole or part to a later financial year, exclusive proceeds from the sale of assets.
of taxes levied on premiums. Other underwriting
income and expenses, comprising commissions, Decommissioning
brokerage, fronting fees and outward The present value of estimated decommissioning
reinsurance premiums are accounted for in the obligations, being the cost to dismantle all
same accounting year as the premiums for the structures and rehabilitate the land on which it is
related direct insurance. located that arose through establishing the mine,
is included in long-term and short-term provisions.
Claims paid The unwinding of the obligation is included in the
Claims paid include all payments made in statement of profit or loss under finance costs.
respect of the year with associated claim The initial related decommissioning asset is
settlement expenses, net of any salvage or recognised in property, plant and equipment.
subrogation recoveries.
The estimated future costs of decommissioning
Reinsurance claims are recognised when the are reviewed annually and adjusted as
related gross insurance claim is recognised appropriate. Changes in the estimated future
according to the terms of the relevant contract. costs or in the discount rate applied are added
to or deducted from the cost of the asset.
einsurers’ share of insurance contract technical
R
provisions Restoration
Provisions for unearned reinsurance premiums The present value of the estimated cost of
The provision for unearned reinsurance restoration, being the cost to correct damage
premiums represents the proportion of outward caused by ongoing mining operations, is
reinsurance premiums that are estimated to be included in long-term and short-term provisions.
earned in future financial years, computed
continued separately for each reinsurance This estimate is revised annually and any
contract using the daily pro rata method. For movement is expensed in the statement of profit
certain policies, the daily pro rata method may or loss. Expenditure on ongoing rehabilitation is
not be appropriate, and in such circumstances, charged to the statement of profit or loss under
the earning pattern will be adjusted to more cost of sales as incurred.
accurately reflect the pattern of reinsurance
service provided by the underlying reinsurance Trust funds
contracts. Annual payments are made to rehabilitation trust
funds in accordance with statutory requirements.
Reinsurance recoveries The investment in the trust funds is carried at
Provisions for claims are calculated gross of cost in the company financial statements.
any reinsurance recoveries. A separate estimate These funds are consolidated as ARM group
is made for the amounts recoverable from companies are the sole contributors to the funds
and exercise full control through the respective
reinsurers based upon the gross claims

provisions and/or settled claims that are boards of trustees. The balances are included
associated with the reinsurers’ policies and under cash set aside for specific use and
are calculated in accordance with the related financial assets.
reinsurance contract.
34
1. ACCOUNTING POLICIES continued do not contain a significant financing component

Treasury shares or for which the group has applied the practical
expedient are measured at the transaction
Own equity instruments that are reacquired are
price as disclosed in revenue from contracts
recognised at cost and deducted from equity.
with customers.
No gain or loss is recognised in profit or loss
in the purchase, sale, issue or cancellation
In order for a financial asset to be classified and
of the group’s own equity instruments. Any
measured at amortised cost or fair value through
difference between the carrying amount and
OCI, it needs to give rise to cash flows that are
the consideration, if reissued, is recognised
“solely payments of principal and interest (SPPI)”
in share premium.
on the principal amount outstanding. This
assessment is referred to as the SPPI test and
Financial instruments
is performed at an instrument level. Financial
Financial instruments recognised in the
assets with cash flows that are not SPPI are
statement of financial position include, cash
classified and measured at fair value through
and cash equivalents, other investment, trade
profit or loss, irrespective of the business model.
and other receivables, trade and other payables,
loans and long-term receivables and long- and
Loans and long-term receivables and certain
short-term borrowings.
trade and other receivables are measured at
amortised cost less impairment losses or
The recognition methods adopted are disclosed
reversals which are recognised in the statement
in the individual policy statements associated
of profit or loss.
with each item.
Unlisted investments are carried at fair value with

The group does not apply hedge accounting.
gains and losses recognised directly in the
statement of profit or loss.
Financial assets
All financial assets are recognised initially at fair
Impairment of financial assets
value plus transaction costs, except in the case
The group recognises an allowance for expected
of financial assets recorded at fair value through
credit losses (ECLs) for all debt instruments not
the statement of profit or loss.
held at fair value through profit or loss. ECLs are
based on the difference between the contractual
Financial assets at fair value through the
cash flows due in accordance with the contract
statement of profit or loss are measured at fair
and all the cash flows that the group expects to
value with gains and losses being recognised
receive, discounted at an approximation of the
in the statement of profit or loss.
original effective interest rate. The expected cash
flows will include cash flows from the sale of
Financial assets are classified, at initial recognition,
collateral held or other credit enhancements that
as subsequently measured at amortised cost, fair
are integral to the contractual terms.
value through other comprehensive income (OCI),
and fair value through profit or loss.
Listed investments
For listed investments, the group assesses at
The classification of financial assets at initial
each reporting date whether there is objective
recognition depends on the financial assets’
evidence that an investment or group of
contractual cash flow characteristics and the
investments is impaired.
group’s business model for managing them.

With the exception of trade receivables that do
Listed investments are classified as fair value
not contain a significant financing component

through other comprehensive income, whereby
or for which the group has applied the practical
fair value gains and losses are recognised in
expedient, the group initially measures a
equity (other comprehensive income) and will
financial asset at its fair value plus, in the case
not be reclassified through profit or loss.
of a financial asset not at fair value through profit
or loss, transaction costs. Trade receivables that
35
1. ACCOUNTING POLICIES continued contract against the contracted rate is

Treasury shares continued recognised in the statement of profit or loss.
Listed investments continued
Listed financial assets are measured at fair value A corresponding forward exchange asset
with gains and losses being recognised directly or liability is recognised. On settlement of a
in comprehensive income. Impairment losses are forward exchange contract, any gain or loss is
recognised directly in comprehensive income. recognised in the statement of profit or loss.
Financial liabilities Cash and cash equivalents

Financial liabilities are classified as financial Cash and cash equivalents are measured at
liabilities at fair value through profit or loss, loans amortised cost.
and borrowings, payables, or as derivatives
designated as hedging instruments in an Cash and cash equivalents include cash on
effective hedge, as appropriate. hand and call deposits, as well as short-term,
highly liquid investments that are readily
All financial liabilities are recognised initially convertible to known amounts of cash and are
at fair value and, in the case of loans and subject to an insignificant risk of change in value.
borrowings and payables, net of directly These are classified as:
attributable transaction costs. • Cash and cash equivalents available for any
use at any time
The group’s financial liabilities include trade and • Or cash and cash equivalents set aside for
other payables, loans and borrowings including specific short-term cash commitment
bank overdrafts, and derivative financial purposes but still accessible, if need be,
instruments. although after certain processes (stated
separately at the carrying value in the notes).
For purposes of subsequent measurement,
financial liabilities are classified in two For cash flow purposes, overdrafts are deducted
categories: from cash and cash equivalents that are in the
• Financial liabilities at amortised cost (loans statement of financial position.
and borrowings) or in certain instances
• Financial liabilities at fair value through profit Investments
or loss. Investments, other than investments in
subsidiaries, associates, joint operations and joint
Financial liabilities at amortised cost are initially ventures, are considered to be listed or unlisted
measured at fair value and subsequently at financial assets carried at fair value. Increases
amortised cost using the effective interest and decreases in fair values of listed investments
method. are reflected in the financial instruments at fair
value through other comprehensive income
Financial liabilities at fair value through the reserve. Increases and decreases on unlisted
statement of profit or loss are measured at fair investments are reflected in the statement of profit
value with gains and losses being recognised or loss. On disposal of an investment, the balance
in the statement of profit or loss. in the revaluation reserve is recognised directly in
equity. Where active markets exist, fair values are
Derivative instruments determined with reference to the stock exchange
quoted selling prices at the close of business on
Derivatives, including embedded derivatives, are
the reporting date.

initially and subsequently measured at fair value.
Fair value adjustments are recognised in the

Where there are no active markets, fair value
statement of profit or loss. Forward exchange
is determined using valuation techniques like
contracts are valued at the reporting date using
recent similar transactions, reference to similar
the forward rate available at the reporting date
transactions, discounted cash flow and option
for the remaining maturity period of the forward
pricing models.
contract. Any gain or loss from valuing the
36
1. ACCOUNTING POLICIES continued Gains and losses are recognised in the

Treasury shares continued statement of profit or loss when the liabilities
Investments continued are derecognised, as well as through the
All regular purchases and sales of financial amortisation process.
assets are recognised on the trade date, ie the
date the group commits to purchasing the asset. Derecognition of financial assets
A financial asset (or, where applicable, a part
Receivables of a financial asset or part of a group of similar
Trade receivables, which generally have 30- to financial assets) is derecognised where:
90-day terms, are initially recognised at fair value • The rights to receive cash flows from the asset
including transaction costs and subsequently at have expired
amortised cost using the effective interest rate • The group retains the right to receive cash
method less expected credit losses. Amortised flows from the asset, but has assumed an
cost is calculated by taking into account any obligation to pay them in full without material
discount or premium on acquisition and fee or delay to a third party under a “pass through”
costs that are an integral part of the effective arrangement
interest rate. • Or the group has transferred its rights to
receive cash flows from the asset and either
Receivables are financial assets classified as (a) has transferred substantially all the risks
loans and receivables. Some receivables such as and rewards of the asset; or (b) has neither
contract assets are classified at fair value through transferred nor retained substantially all the
the statement of profit or loss. All other risks and rewards of the asset, but has
receivables are measured at amortised cost. transferred control of the asset.
These are receivables where the amount that will
be received in the future is dependent on the Where the group has transferred its right to
commodities or concentrate content, and/or the receive cash flows from an asset and has neither
price at the date of settlement. For trade transferred nor retained substantially all the risks
receivables (not subject to provisional pricing) and rewards of the asset, nor transferred control
and other receivables due in less than 12 months, of the asset, the asset is recognised to the extent
the group does not track changes in credit risk, of the group’s continuing involvement in the asset.
but instead, recognises a loss allowance based
on the financial asset’s lifetime expected credit Continuing involvement that takes the form of a
losses at each reporting date. This includes both guarantee over the transferred asset is measured
quantitative and qualitative information and at the lower of the original carrying amount of
analysis, based on the group’s historical the asset and the maximum amount of
experience and informed credit assessment consideration that the group could be required
including forward-looking information. to repay.
Payables Derecognition of financial liabilities

Trade and other payables are not interest- A financial liability is derecognised when the
bearing and are initially recorded at fair value obligation under the liability is discharged,
including transaction costs and subsequently cancelled or expired.
at amortised cost and classified as financial
liabilities at amortised cost. Where an existing financial liability is replaced by
another from the same lender on substantially
Interest-bearing loans and borrowings different terms, or the terms of an existing liability
All loans and borrowings are initially recognised are substantially modified, such an exchange or
at the fair value of the consideration received net modification is treated as a derecognition of the
of issue costs associated with the borrowing. original liability and the recognition of a new
After initial recognition, interest-bearing loans liability, and the difference in the respective
and borrowings are subsequently measured carrying amount is recognised in the statement
at amortised cost using the effective interest of profit or loss.
method and classified as financial liabilities
at amortised cost. Amortised cost is calculated
by taking into account any issue cost and any
discount or premium on settlement.
37
1. ACCOUNTING POLICIES continued Property, plant and equipment

Offsetting of financial instruments Property, plant and equipment are stated at cost
If a legally enforceable right exists to set off less accumulated depreciation and accumulated
recognised amounts of financial assets and impairment losses.
liabilities and the group intends to settle on a net
basis or to realise the asset and settle the liability Costs of evaluation of a smelter prior to approval
simultaneously, all related financial effects are to develop are capitalised, provided that there is
netted. a high degree of confidence that the project will
be deemed commercially viable. Costs incurred
Intangible assets with commissioning the new asset, in the
Intangible assets acquired are reflected at cost. period before it is capable of operating in the
Following initial recognition, intangible assets manner intended by management, are
are carried at cost less any accumulated capitalised. Development costs incurred after the
amortisation and any accumulated impairment commencement of production are capitalised to
losses. Intangible assets with finite lives are the extent that they are expected to give rise to
amortised over their useful economic life and future economic benefit.
assessed for impairment where there is an
indication that the intangible asset may be Land and buildings
impaired. The amortisation period and the Land and buildings are carried at cost less
amortisation method for an intangible asset with accumulated depreciation and accumulated
a finite useful life are reviewed at least at each impairment losses. Some land contains change
financial year end. in estimates, resulting from fair value adjustments
made on variable consideration payable. Land is
Amortisation is based on units of production or only depreciated where the form is changed so
units of export sales. The amortisation expense that it affects its value. Land is then depreciated
on intangible assets with finite lives is recognised on a straight-line method over the mining activity
in the statement of profit or loss in the expense to a maximum of 25 years to its estimated residual
category consistent with the function of the value. Buildings are depreciated on a straight-line
intangible asset. Gains or losses arising from basis over their estimated useful lives to an
derecognition of an intangible asset are estimated residual value, if such value is
measured as the difference between the net significant. The annual depreciation rates used
disposal proceeds and the carrying amount of vary between 2% and 5%. New acquisitions and
the asset and are recognised in the statement additions to existing land and buildings are
of profit or loss when the asset is derecognised. reflected at cost.
Investment property Mine development and decommissioning

Investment properties are carried at cost less Costs to develop new ore bodies, to define further
accumulated depreciation and accumulated mineralisation in existing ore bodies and to expand
impairment. Investment properties are depreciated the capacity of a mine or its current production,
on a straight-line basis over their estimated site preparation and pre-production stripping
useful lives to an estimated residual value. Where costs, as well as the decommissioning thereof,
the residual value exceeds the carrying amount, are capitalised when it is probable that the future
amortisation is continued at a zero charge until economic benefits will flow to the entity and it can
its residual value subsequently decreases to an be measured reliably. Development expenditure
amount below the carrying amount. is net of proceeds from the sale of ore extracted
during the development phase. Capitalised

Where the building has changed from owner-
development costs are classified under mine
occupied to an investment property in order to

development and decommissioning assets and
earn rentals and for capital appreciation, the cost
are recognised at cost. Development costs to
deemed is the carrying amount if applicable.
maintain production are expensed as incurred.
An impairment is taken in the statement of profit
or loss when the recoverable amount is less than
the carrying amount.
38
1. ACCOUNTING POLICIES continued the criteria are not met, the production stripping
Mine development and decommissioning costs are charged to the statement of profit or
continued loss as operating costs.
Mine development and decommissioning assets
are depreciated using the units-of-production The stripping activity asset is initially measured at
method based on estimated proven and probable cost, which is the accumulation of costs directly
ore reserves from which future economic benefits incurred to perform the stripping activity that
will be realised, resulting in these assets being improves access to the identified component of
carried at cost less accumulated depreciation and ore, plus an allocation of directly attributable
any accumulated impairment losses. Proven and overhead costs. If incidental operations are
probable ore reserves reflect estimated quantities occurring at the same time as the production
of economically recoverable reserves that can be stripping activity, but are not necessary for the
recovered in future from known mineral deposits. production stripping activity to continue as
These reserves are reassessed annually. The planned, these costs are not included in the cost
maximum period of depreciation using this of the stripping activity asset. If the costs of the
method is 25 years. stripping activity asset and the inventory produced
are not separately identifiable, a relevant
Production stripping costs production measure is used to allocate the
production stripping costs between the inventory
The capitalisation of pre-production stripping
produced and the stripping activity asset.
costs as part of mine development and
decommissioning assets ceases when the mine
The stripping activity asset is subsequently
is commissioned and ready for production.
depreciated over the life of the identified
component of the orebody that became more
Subsequent stripping activities that are
accessible as a result of the stripping activity.
undertaken during the production phase of a
Based on proven and probable reserves, the
surface mine may create two benefits, being either
units-of-production method is used to determine
the production of inventory or improved access to
the expected useful life of the identified
the ore to be mined in the future.
component of the ore body that became more
accessible. As a result, the stripping activity
Where the benefits are realised in the form of
asset is carried at cost less accumulated and
inventory produced in the period, the production
any accumulated impairment losses.
stripping costs are accounted for as part of the
cost of producing those inventories. Where
Mineral rights
production stripping costs are incurred and where
the benefit is the creation of mining flexibility and Mineral rights that are being depleted are
improved access to ore to be mined in the future, depreciated over their estimated useful lives
the costs are recognised as a non-current asset, using the units-of-production method based on
referred to as a “stripping activity asset”, if: proven and probable ore reserves. The maximum
• Future economic benefits (being improved rate of depletion of any mineral right is 25 years.
access to the ore body) are probable
• The component of the ore body for which Plant and machinery
access will be improved can be accurately Mining plant and machinery is depreciated on
identified the units-of-production method over the lesser
• The costs associated with the improved access of its estimated useful life based on estimated
can be reliably measured. proven and probable ore reserves.
he stripping activity asset is accounted for as an

T Non-mining plant and machinery is depreciated
addition to, or an enhancement of, an existing over its useful life. The maximum life of any single
asset, being the mine asset included under mine item as used in the depreciation calculation is
development and decommissioning asset. If all 25 years.
39
1. ACCOUNTING POLICIES continued cost less any accumulated amortisation and

Plant and machinery continued accumulated impairment losses. Amortisation of
When plant and equipment comprise major the asset begins when development is complete
components with different useful lives, these and the asset is available for use. It is amortised
components are accounted for as separate over the period of expected future benefit.
items, provided these meet the definition of Amortisation is recorded in cost of sales.
property, plant and equipment. Expenditure
During the period of development, the asset
incurred to replace or modify a significant
is tested for impairment annually.
component of a plant is capitalised and any
remaining book value of the component
replaced is written off in the statement of Depreciation rates
profit or loss. Depreciation rates that are based on units-of-
production take into account proven and
Mine properties probable ore reserves. The actual lives of the
assets and residual values are assessed
Mine properties (including houses and
annually and may vary depending on a number
administration blocks) are depreciated on the
of factors. In assessing asset lives, factors such
straight-line basis over their expected useful
as technological innovation, asset life cycles and
lives, to estimated residual values. The residual
maintenance programmes are taken into
value is the amount currently expected to be
account. Residual value assessments consider
obtained for the asset after deducting estimated
issues such as future market conditions, the
costs of the disposal, if the asset was already at
remaining life of the asset and projected
the end of its useful life.
disposal value. The annual depreciation rates
generally used in the group are:
Furniture, equipment and vehicles
• Furniture and equipment 10% to 33%
Furniture, equipment and vehicles are
• Mine properties 4% to 7%
depreciated on a straight-line basis over their
• Motor vehicles 20%
expected useful lives, to estimated residual • Mine development assets, plant and
values. machinery, mineral rights and land over
10 to 25 years
Research and development costs • Investment properties 2%
Research costs are expensed as incurred. • Intangible assets over life-of-mine to a
Development expenditures on an individual maximum of over 25 years.
project are recognised as an intangible asset
when the group can demonstrate: Exploration expenditure
• The technical feasibility of completing the All exploration expenditures are expensed until
intangible asset so that the asset will be they result in projects that are evaluated as being
available for use or sale technically and commercially feasible and a
• Its intention to complete and its ability to use future economic benefit is highly probable. In
or sell the asset evaluating if expenditures meet these criteria to
• How the asset will generate future economic be capitalised, the group utilises several different
benefits sources of information and also differentiates
• The availability of resources to complete the projects by levels of risks, including:
asset • Degree of certainty over the mineralisation of
• The ability to measure reliably the expenditure the ore body
during development
• Commercial risks, including but not limited to

• The ability to use the intangible asset country risk
generated. • Prior exploration knowledge available about

the target ore body.
Following initial recognition of the development
expenditure as an asset, the asset is carried at
40
1. ACCOUNTING POLICIES continued classification. Non-current assets held for sale

Exploration expenditure continued are measured at the lower of their previous
Exploration expenditure on greenfields sites, carrying amounts and their fair values less
being those where the group does not have any costs to sell and are not depreciated.
mineral deposits that are already being mined
or developed, is expensed as incurred until a Impairment of non-financial assets
bankable feasibility study has been completed, The carrying value of assets is reviewed at each
after which the expenditure is capitalised. statement of financial position date to assess
whether there is any indication of impairment. If
Exploration expenditure on brownfields sites, any such indication exists, the recoverable amount
being those adjacent to any mineral deposits that of the asset or cash-generating unit is estimated.
are already being mined or developed, is only The recoverable amount is the higher of fair value
expensed as incurred until the group has less cost of disposal or value-in-use. Value-in-use
obtained sufficient information from all available is determined by an estimated future cash flow
sources to ameliorate the project risk areas discounted at a pre-tax discount rate. Where the
identified above and which indicates by means carrying value exceeds the estimated recoverable
of a prefeasibility study that future economic amount, such assets are written down to their
benefits are highly probable. recoverable amount and the difference is
expensed in the statement of profit or loss. If the
Exploration expenditure relating to extensions circumstances leading to the impairment no
of mineral deposits that are already being mined longer exist, the appropriate portion of the
or developed, including expenditure on the impairment loss previously recognised, is written
definition of mineralisation of such mineral back. Intangible assets with an indefinite life are
deposits, is capitalised. tested annually for impairment.
Activities in relation to evaluating the technical Borrowing costs

feasibility and commercial viability of mineral Borrowing costs that are directly attributable to
resources are treated as forming part of the acquisition, construction or development of
exploration expenditures. a qualifying asset that requires a substantial
period of time to be prepared for its intended
Costs related to property acquisitions and use, are capitalised. Capitalisation of borrowing
mineral and surface rights are capitalised. costs as part of the cost of a qualifying asset
commences when:
Non-current assets held for sale • Expenditures for the asset are being incurred
Non-current assets and disposal groups are • Borrowing costs are being incurred
classified as held for sale (under current assets) • Activities that are necessary to prepare the
if the carrying amount of these assets will be asset for its intended use or sale are in
recovered principally through a sale transaction process.
rather than through continued use. This condition
will only be regarded as met if the sale Capitalisation is suspended when the active
transaction is highly probable and the asset (or development is interrupted and ceases when
disposal group) is available for sale in its present the activities necessary to prepare the asset
condition. For the sale to be highly probable, for its use are complete.
management must be committed to the plan
to sell the asset and the transaction should be Other borrowing costs are charged to finance
expected to qualify for recognition as a complete costs in the statement of profit or loss as
sale within 12 months of the date of incurred.
41
1. ACCOUNTING POLICIES continued • Income and expenditure at the average rate

Inventories of exchange for the year, except where the
Inventories are valued at the lower of cost and date of income or expense for significant
net realisable value with due allowances being transactions can be identified, in which case
made for obsolete and slow-moving items. Net the income or expense is translated at the rate
realisable value is the estimated selling price in of exchange ruling at the date of the flow
the ordinary course of business, less estimated • Cash flow items at the average rate of
costs of completion and the estimated costs exchange for the year, except where the date
necessary to make the sale. Cost is determined of cash flow for significant transactions can be
using the following basis: identified, in which case the cash flows are
• Consumables and maintenance spares are translated at the rate of exchange ruling at the
valued at weighted average cost date of the cash flow
• Ore stockpiles are valued at weighted • Fair value adjustments of the foreign entity are
average cost translated at the rate prevailing on the date of
• Finished products are valued at weighted valuation
average cost • Goodwill is considered to relate to the
• Work-in-progress is valued at weighted reporting entity and is translated at the closing
average cost, including an appropriate portion rate
of direct overhead costs • Differences arising on translation are classified
• Unallocated overhead costs due to below- as equity until the investment is disposed of
normal capacity are expensed as short when it is recognised in the statement of profit
workings or loss.
• Raw materials are valued at weighted average
cost Foreign currency transactions and balances
• By-products are valued at weighted average Transactions in foreign currencies are converted
cost. to the functional currency at the rate of exchange
ruling at the date that the transaction is recorded.
Inventories are classified as current when it is
reasonable to expect them to be sold within their Foreign denominated monetary assets and
normal cycle, which could be the next financial liabilities (including those linked to a forward
year. If not, they are classified as non-current. exchange contract) are stated in the functional
currency using the exchange rate ruling at the
Foreign currency translations reporting date, with the resulting exchange
The group and company financial statements are differences being recognised in the statement
presented in South African rand, which is the of profit or loss.
company’s functional currency.
Leases
Foreign entities IFRS 16 Accounting policies
Financial statements of all entities that have a he group applies a single recognition and
T
functional currency different from the measurement approach for all leases, except for
presentation currency of their parent entity are short-term leases and leases of low-value assets.
translated into the presentation currency using The standard provides specific transition
the exchange rates applicable at the reporting requirements and practical expedients, which
date, as follows: have been applied by the group.
• Assets and liabilities at rates of exchange
ruling at the reporting date
42
1. ACCOUNTING POLICIES continued payments that depend on an index or a rate, and

Leases continued amounts expected to be paid under residual value
IFRS 16 Accounting policies continued guarantees. The lease payments also include the
The group also applied the available practical exercise price of a purchase option reasonably
expedients wherein it: certain to be exercised by the group and payments
• Used a single discount rate to a portfolio of of penalties for terminating a lease, if the lease
leases with reasonably similar characteristics term reflects the group exercising the option to
• Relied on its assessment of whether leases terminate. The variable lease payments that do not
are onerous immediately before the date of depend on an index or a rate are recognised as
initial application expenses in the period on which the event or
• Applied the short-term leases exemptions condition that triggers payment occurs. In
to leases with lease terms that end within calculating the present value of lease payments,
12 months at the date of initial application the group uses the incremental borrowing rate if
• Not to separate lease and non-lease the interest rate implicit in the lease is not readily
components from determining the lease determinable. After the commencement date, the
liability. amount of lease liabilities is increased to reflect the
accretion of interest and reduced for the lease
Right-of-use assets payments made. In addition, the carrying amount
The group recognises right-of-use assets at the of lease liabilities is remeasured if there is a
lease commencement date (ie the date the modification, a change in the lease term, a change
underlying asset is available for use). in the in-substance fixed lease payments or a
change in the assessment to purchase the
Right-of-use assets are measured at cost, less underlying asset.
any accumulated depreciation and accumulated
impairment losses, and adjusted for any Short-term leases and leases of low-value assets

re-measurement of lease liabilities. The cost The group applies the short-term lease
of right-of-use assets includes the amount of recognition exemption to its short-term leases of
lease liabilities recognised, initial direct costs machinery and equipment (ie those leases that
incurred, and lease payments made at or before have a lease term of 12 months or less from the
the commencement date less any lease incentives commencement date and do not contain a
received. Unless the group is reasonably certain purchase option). It also applies the lease of low-
to obtain ownership of the leased asset at the end value assets recognition exemption to leases of
of the lease term, the recognised right-of-use certain classes of assets. Lease payments on
assets are depreciated on a straight-line basis short-term leases and leases of low-value assets
over the shorter of its estimated useful life and the are recognised as expense on a straight-line
lease term. Right-of-use assets are subject to basis over the lease term.
impairment. The right-of-use assets are disclosed
under property, plant and equipment on the Significant judgement in determining the lease
statement of financial position. term of contracts with renewal options
The group determines the lease term as the
Lease liabilities non-cancellable term of the lease, together with
At the commencement date of the lease, the group any periods covered by an option to extend the
recognises lease liabilities measured at the present lease if it is reasonably certain to be exercised,
value of lease payments to be made over the lease or any periods covered by an option to terminate
term. The lease payments include fixed payments the lease, if it is reasonably certain not to be
(including in-substance fixed payments) less any exercised.

lease incentives receivable, variable lease
43
1. ACCOUNTING POLICIES continued Fair value is measured using an option pricing

Leases continued model. The fair values used in the model have
IFRS 16 Accounting policies continued been adjusted, based on management’s best
Significant judgement in determining the lease estimate, for the effects of non-transferability,
term of contracts with renewal options continued exercise restrictions and behavioural
The group applies judgement in evaluating considerations. Equity-settled options expense
whether it is reasonably certain to exercise the is recognised over the expected vesting period.
option to renew. That is, it considers all relevant
factors that create an economic incentive for it to Broad-based black economic empowerment
exercise the renewal. After the commencement (BBBEE) transactions
date, the group reassesses the lease term if there When entering into BBBEE share-based
is a significant event or change in circumstances transactions any excess of the fair value of the
that is within its control and affects its ability to shares over the consideration received is
exercise (or not to exercise) the option to renew recognised as an expense in that period.
(eg a change in business strategy).
Dividend income
Employee benefits Dividends are accounted for on the last day
The group operates two defined contribution of registration for listed investments and when
pension schemes, both of which require declared in respect of unlisted investments.
contributions to be made to separately
administered funds. The group has also agreed Rental income
to provide certain additional post-employment Rental income is accounted for on a straight-line
healthcare benefits to senior employees. These basis over the term of the operating lease.
benefits are unfunded. The cost of providing
benefits under the plans is determined Interest
separately for each plan using the projected Interest is recognised on a time proportion basis
unit credit actuarial valuation method. that takes account of the effective yield on the
asset and an appropriate accrual is made at
Other long-term benefits each accounting reference date.
The group provides certain long-term incentive
schemes to attract, retain, motivate and reward Revenue from contracts with customers
eligible senior employees. The cost of providing Revenue, which includes by-products, is
these incentives is determined by actuaries recognised under the following five-step model:
using the projected unit credit method. Actuarial • Identify the contract with customers
gains and losses are recognised as an income or • Identify the performance obligations
expense when incurred. The past service costs • Determine the transaction price
are recognised as an expense on a straight-line • Allocate the transaction price
basis over the period until the benefits vest. • Recognise revenue when performance
obligations are satisfied.
The company issues equity-settled share-based Assay estimates
instruments to certain employees. Equity-settled Commodity sales are subject to assay estimates,
share-based payments are measured at the fair which means that the transaction price is
value of the instruments at the date of the grant. variable. The adjustments to revenue arising from
The fair value determined at the grant date of
assay adjustments will be included in revenue

the equity-settled share-based payments is from contracts with customers.
expensed over the vesting period on a straight-

line basis, based on management’s estimate,
which is considered annually, of shares that
are expected to vest.
44
1. ACCOUNTING POLICIES continued Contract assets

Revenue from contracts with customers continued A contract asset is the right to consideration
Management fees in exchange for goods or services transferred
If the consideration in a contract includes a to the customer. If the group performs by
variable amount, the group estimates the amount transferring goods or services to a customer
of consideration to which it will be entitled in before the customer pays consideration or before
exchange for transferring the goods or services payment is due, a contract asset is recognised
to the customer. The variable consideration is for the earned consideration that is conditional.
estimated at contract inception and constrained Some fees only become payable to the group
until it is highly probable that a significant when the entity paying the fees receives
revenue reversal in the amount of cumulative payments from its customers for saleable
revenue recognised will not occur when the products.
associated uncertainty with the variable
consideration is subsequently resolved. Mining products
Revenue from the sale of mining and related
The group uses an output method in measuring products is recognised when the significant risks
progress of the services rendered to a customer and rewards of ownership of the goods have
because there is a direct relationship between passed to the buyer.
the group’s effort and the transfer of services
rendered to the customer. The group recognises In some cases, where the terms of the executed
revenue on the basis of time elapsed. sales agreement allow for an adjustment to the
selling price based on a survey of the goods by
Provisional pricing the customer, recognition of the sales revenue is
Commodity sales are subject to provisional based on the most recently determined estimate
pricing features such as commodity prices and of product specification.
foreign exchange rates, which are only finalised
sometime after transfer of the commodities. Sales on FOB (free-on-board) and CIF (cost
insurance freight) are recognised on the date
On initial recognition, revenue is recognised of loading.
at fair value. The revenue and related trade
receivable is then remeasured at every In the case of certain commodities the final
subsequent month end until the sale has been selling price is determined a number of months
finalised. The sale is finalised at average after the concentrate is delivered. Revenue is
commodity prices and exchange rate for the measured at the best estimate of future prices
month preceding the month of invoicing. and adjusted subsequently in revenue.
The related trade receivables are measured Cost of sales

at fair value. All costs directly related to the producing of
products are included in cost of sales. Costs that
Penalties and treatment charges cannot be directly linked are included separately
Adjustments, in the form of penalties and or under other operating expenses. When
treatment charges, are made to the pricing to the inventories are sold, the carrying amount is
extent the commodities sold do not meet certain recognised in cost of sales. Any write-down,
specifications and as part of the terms of the losses or reversals of previous write-downs
various off-take agreement. These penalties and or losses are recognised in cost of sales.
treatment charges are excluded from revenue

Early-settlement discounts and rebates
from contracts with customers.

These are deducted from revenue and cost
Revenue is measured at the fair value of the of inventories when applicable.
amount received or receivable net of VAT,
cash discounts and rebates.
45
1. ACCOUNTING POLICIES continued individual notes. In particular, information about

Reinsurance significant areas of estimation uncertainty
Premiums are disclosed on a gross basis in other considered by management in preparing the
operating income. Claims are presented on a consolidated financial statements are described
gross basis in receivables and payables. The below.
group cedes insurance risk in the normal course
of business for the majority of its business. Capitalised stripping costs
Waste removal costs (stripping costs) are
Segment reporting incurred during the development and production
An operating segment is a group of assets and phases at surface mining operations.
operations engaged in providing products or Furthermore, during the production phase,
services that are subject to risks and returns that stripping costs are incurred in the production
are different from other operations, whose of inventory as well as in the creation of future
operating results are regularly reviewed by the benefits by improving access and mining
entity’s chief operating decision-maker, to make flexibility in respect of the ore to be mined, the
decisions about resources to be allocated to the latter being referred to as a “stripping activity
asset”. Judgement is required to distinguish
segment and assess its performance.
between these two activities at each of the
surface operations.
A geographical segment is a group of products
and services within a particular economic
The orebodies need to be identified in its various
environment that is subject to risks and returns
separately identifiable components for each of
that are different from segments operating in
its surface mining operations. An identifiable
other economic environments.
component is a specific volume of the ore body
that is made more accessible by the stripping
Contingent liabilities
activity. Judgement is required to identify and
A contingent liability is a possible obligation define these components, and also to determine
that arises from past events and which will be the expected volumes (tonnes) of waste to be
confirmed only by the occurrence or non- stripped and ore to be mined in each of these
occurrence of one or more uncertain future components. These assessments may vary
events not wholly within the control of the group, between mines because the assessments are
or a present obligation that arises from past undertaken for each individual mine and are
events but is not recognised because it is not based on a combination of information available
probable the obligation will be required to be in the mine plans, specific characteristics of the
settled, or the amount of the obligation cannot ore body, the milestones relating to major capital
be measured with sufficient reliability. Contingent investment decisions, and the type of minerals
liabilities are not recognised as liabilities. being mined.
Significant accounting judgements and Judgement is also required to identify a suitable

estimates production measure that can be applied in the
The preparation of the financial statements calculation and allocation of production stripping
requires management to make certain estimates. costs between inventory and the stripping activity
The principles used are the same as in previous asset. The ratio of expected volume (tonnes) of
years. When estimates are compared to actual waste to be stripped for an expected volume
and variances occur, the estimates are adjusted (tonnes) of ore to be mined for a specific
accordingly. Adjustments to estimates are a component of the ore body, compared to the
normal occurrence in light of the significant current period ratio of actual volume (tonnes) of
judgements and estimates involved. Factors waste to the volume (tonnes) of ore is considered
influencing changes in the above include, among to determine the most suitable production
measure.
others, revisions to estimated reserves,

resources and life of operations, developments

These judgements and estimates are used to
in technology, regulatory requirements and

environmental management strategies, changes calculate and allocate the production stripping
in estimated costs of anticipated activities, costs to inventory and/or the stripping activity
inflation rates, foreign exchange rates and asset(s). Furthermore, judgements and estimates
movements in interest rates affecting the are also used to apply the units-of-production
discount rate applied. For assumptions on method in determining the depreciable lives of
certain specific estimates used, refer to the stripping activity asset.
46
1. ACCOUNTING POLICIES continued of mine-specific assets. This results in a

Significant accounting judgements and depreciation/amortisation charge proportional
estimates continued to the depletion of the anticipated remaining
Mine rehabilitation provisions life-of-mine production. Each item’s life, which
is assessed annually, has regard to both its
Mine rehabilitation provisions are assessed
physical life limitations and to present
annually. Significant estimates and assumptions
assessments of economically recoverable
are made in determining the provision for mine
reserves of the mine property at which the asset
rehabilitation as there are numerous factors that
is located. These calculations require the use of
will affect the ultimate liability payable. These
estimates and assumptions, including the
factors include estimates of the extent and costs
amount of recoverable reserves and estimates
of rehabilitation activities, technological changes,
of future capital expenditure. Numerous units-of-
regulatory changes, cost increases, and
production depreciation methodologies are
changes in discount rates. Those uncertainties
available to choose from. The group adopts
may result in future actual expenditure differing
a run-of-the-mine tonnes of ore produced
from the amounts currently provided. The
methodology for mining costs and an ounces/
provision at reporting date represents
pounds of metal produced methodology for
management’s best estimate of the present
post-mining costs. Changes are accounted
value of the future rehabilitation costs required.
for prospectively.
Changes to estimated future costs are
recognised in the statement of financial position
Impairment of assets and reversal of impairment
by adjusting the rehabilitation asset and liability.
If, for mature mines, the revised mine assets net Each cash-generating unit is assessed annually
of rehabilitation provisions exceed the carrying to determine whether any indication of
value, that portion of the increase is charged impairment exists. Where an indicator of
directly to expense. For closed sites, changes impairment exists, a formal estimate of the
to estimated costs are recognised immediately recoverable amount is made, which is
in the statement of profit or loss. considered to be the higher of the fair value
less costs to sell and value-in-use. These
Other resources and reserves estimates assessments require the use of estimates and
assumptions such as long-term commodity
Ore reserves are estimates of the amount of ore
prices, foreign exchange rates, discount rates,
that can be economically and legally extracted
future capital requirements, exploration potential
from the mining properties. Ore reserves and
and operating performance.
mineral resource estimates are based on
information compiled by appropriately qualified
Fair value is the price that would be received to
persons relating to the geological data on the
sell an asset or paid to transfer a liability in an
size, depth and shape of the ore body, and
orderly transaction between market participants
require complex geological judgements to
at the measurement date.
interpret the data. The estimation of recoverable
reserves is based upon factors such as
Fair value for mineral assets is generally
estimates of foreign exchange rates, commodity
determined as the present value of estimated
prices, future capital requirements, and
future cash flows arising from the continued use
production costs along with geological
of the asset, which includes estimates such as the
assumptions and judgements made in estimating
cost of future approved expansion plans and
the size and grade of the orebody. Changes in
eventual disposal, using assumptions that an
the reserve or resource estimates may impact
independent market participant may take into
upon the carrying value of exploration and
account. Cash flows are discounted by an
evaluation assets, mine properties, property,
appropriate discount rate, taking into account
plant and equipment, goodwill, provision for
factors, including weighted average cost of
rehabilitation, recognition of deferred tax assets,

capital and applicable risk factors, to determine
and depreciation and amortisation charges.
the net present value.
Units-of-production depreciation
Estimated recoverable reserves are used in
determining the depreciation and/or amortisation
47
1. ACCOUNTING POLICIES continued restrictions (ie technically “restricted”) as the

Significant accounting judgements and cash is ring-fenced for specific/dedicated use.
estimates continued This is not considered to be cash and cash
Asset useful lives and residual values equivalents.
These are assessed annually and may differ
from previous years as many estimates and Active market
assumptions are used to determine the values. This is normally a stock exchange where the
Estimates and assumptions are updated to public can purchase and sell shares on a regular
improve the judgements made. basis and prices are determined by the market
conditions.
Estimation of the fair value of share-based Basic earnings per share
payments requires determining the most Basic earnings divided by the weighted average
appropriate model, inputs such as the expected number of shares in issue.
life of the option, volatility and dividend yields.
Headline earnings per share
Definitions Headline earnings comprise earnings for
Cash and cash equivalents the year, adjusted for profits/losses as a
Cash and cash equivalents include cash on remeasurement in accordance with the
hand and call deposits, as well as short-term, requirements of Circular 1 of 2021 issued
highly liquid investments that are readily by SAICA. Adjustments against earnings take
convertible to known amounts of cash and are account of attributable taxation and non-
subject to an insignificant risk of change in value. controlling interests. The adjusted earnings
These are classified as: figure is divided by the weighted average
• Cash and cash equivalents available for any number of shares in issue to arrive at headline
use at any time earnings per share.
• Cash and cash equivalents set aside for
specific short-term cash commitment Amortised cost
purposes but still accessible, if need be, This is calculated using the effective interest
although after certain processes (stated method less any provision for impairment. The
separately at the carrying value in the notes). calculation takes into account any premium or
discount on acquisition and includes transaction
For cash flow purposes, overdrafts are deducted costs and fees that are an integral part of the
from cash and cash equivalents that are on the effective interest rate.
statement of financial position.
Fair value
Cash set aside for specific use Where an active market is available, it is used
Cash and cash equivalents that are set aside to represent fair value. Where there is no active
for specific use and are stated separately at the market, fair value is determined using valuation
carrying value in the notes and statement of techniques. Such techniques include using
cash flows. It includes cash and cash recent arm’s-length market transactions with
equivalents set aside for specific short-term reference to the current market value of another
cash commitment purposes but still accessible, instrument that is substantially the same,
although after certain processes, if need be. discounted cash flow analysis, or other valuation
models.
Financial assets
Include cash on hand and call deposits, as well Effective interest method
as short-term, highly liquid investments that are This method determines the rate that discounts
readily convertible to known amounts of cash the estimated future cash flow payments or
and are subject to an insignificant risk of change receipts through the expected life of the financial
in value but are not available for use as they are liability or financial asset to the net carrying
not accessible due to externally imposed amount of the financial liability or asset.
48
1. ACCOUNTING POLICIES continued Capital items

Significant accounting judgements and These are items that are of a capital nature
estimates continued and not part of the operating activities and that
Diluted earnings per share qualify for adjustment to the calculation of
Diluted earnings per share is arrived at by headline earnings. These were previously
dividing earnings (as used in calculating basic classified as special items.
earnings per share) by the weighted average
number of ordinary shares, adjusted for any EBITDA before capital items, income from
financial instruments or other contracts that
associates and joint venture
may entitle the holder thereof to ordinary
shares. Diluted headline earnings per share This comprises basic earnings to which is added
are calculated on the same basis as diluted back non-controlling interest, taxation, capital
earnings per share. items, income from associate, income from joint
venture, finance cost, income from investments,
Cash generated from operations per share amortisation and depreciation.
Cash generated from operations divided by the
weighted average number of shares in issue
during the year.
New standards issued but not yet effective

The following new standards and/or amendments have been issued but are only applicable for future periods:
Standards Subject Effective date

IAS 1 Presentation of financial statements – classification of liabilities as current or 1 January 2023
non-current – amendment
IAS 8 Accounting policies, changes in accounting estimates and errors – definition 1 January 2023
of accounting estimates – amendment
IAS 12 Income taxes – deferred tax related to assets and liabilities arising from a 1 January 2023
single transaction – amendment
IAS 16 Property, plant and equipment – property, plant and equipment: proceeds 1 January 2022
before intended use – amendment
IFRS 3 Business combinations − reference to the conceptual framework – amendment 1 January 2022
IFRS 9 Financial instruments – fees in the “10 per cent” test for derecognition of 1 January 2022
financial liabilities – amendment
IAS 37 Provisions, contingent liabilities and contingent assets – onerous contracts – 1 January 2022
costs of fulfilling a contract – amendment
IFRS 17 Insurance contracts 1 January 2023
New accounting standards, amendments issued to accounting standards, and interpretations that are relevant
to ARM, but not yet effective on 30 June 2022, have not been adopted.
The group does not intend early-adopting any of the above amendments, standards or interpretations.
ARM continuously evaluates the impact of these standards and amendments, the adoption of which are not expected
to have a significant effect on the group or company financial statements.
49
2. PRIMARY SEGMENTAL INFORMATION

Business segments
For management purposes, the group is organised into the following operating divisions: ARM Platinum (which
includes platinum and nickel), ARM Ferrous, ARM Coal and ARM Corporate.
Machadodorp Works, Corporate and other, and Gold are included in ARM Corporate.
Total
per IFRS
IFRS financial
ARM ARM ARM ARM adjust- state-
Platinum Ferrous1 Coal Corporate Total ment2 ments
Attributable Rm Rm Rm Rm Rm Rm Rm
2.1 Year to 30 June 2022

Sales 13 960 21 291 2 821 136 38 208 (21 291) 16 917
Cost of sales (6 246) (11 988) (1 303) (61) (19 598) 11 938 (7 660)
Other operating income3 217 240 84 1 577 2 118 (135) 1 983
Other operating expenses3 (1 087) (1 692) (1 025) (1 127) (4 931) 1 692 (3 239)
Segment result 6 844 7 851 577 525 15 797 (7 796) 8 001
Income from investments 171 285 11 503 970 (285) 685
Finance cost (84) (34) (159) (47) (324) 34 (290)
Income from associate4 – – 927 – 927 – 927
Income from joint venture – 728 – – 728 5 921 6 649
Capital items before tax (refer note 32) – (45) 382 746 1 083 45 1 128
Taxation (1 929) (2 096) (435) (357) (4 817) 2 081 (2 736)
Profit after tax 5 002 6 689 1 303 1 370 14 364 – 14 364
Non-controlling interest (1 936) – – (2) (1 938) – (1 938)
Consolidation adjustment5 – (40) – 40 – – –
Contribution to basic earnings 3 066 6 649 1 303 1 408 12 426 – 12 426
Contribution to headline earnings 3 066 6 682 928 662 11 338 – 11 338
Other information
Segment assets, including investment
in associate 16 063 28 252 5 448 15 516 65 279 (6 108) 59 171
Investment in associate 2 048 2 048 2 048
Investment in joint venture 22 145 22 145
Segment liabilities 2 671 2 488 676 1 980 7 815 (2 488) 5 327
Unallocated liabilities (tax and deferred tax) 7 101 (3 620) 3 481
Consolidated total liabilities 14 916 (6 108) 8 808
Cash generated from operations 8 333 10 836 (46) 221 19 344 (10 836) 8 508
Cash inflow/(outflow) from operating activities 5 524 9 172 (230) (501) 13 965 (9 172) 4 793
Cash outflow from investing activities (1 911) (2 415) (125) (456) (4 907) 2 415 (2 492)
Cash outflow from financing activities (34) (14) (1) (292) (341) 14 (327)
Capital expenditure 2 159 2 450 110 8 4 727 (2 450) 2 277
Amortisation and depreciation 651 1 189 190 12 2 042 (1 189) 853
Impairment/(impairment reversal) before tax – 20 (378) (746) (1 104) (20) (1 124)
EBITDA 7 495 9 040 767 537 17 839 (8 985) 8 854
There were no significant inter-company sales.

Segment results take into account inter-company eliminations with the exception of inter-company re-measurements.
1 Refer to ARM Ferrous segment note 2.4 and note 10 for more detail.
2 Includes IFRS 11 Joint arrangements – adjustments related to ARM Ferrous and other consolidation adjustments.
3 The net re-measurement of the ARM Coal loans amounts to R323 million loss with no tax effect.
The re-measurement adjustment of the Harmony loan amounts to R5 million gain with no tax effect.
4 The re-measurement of the ARM Coal loans amounts to R490 million loss with no tax effect.
5 Relates to fees capitalised in ARM Ferrous and reversed upon consolidation.
50
Total
per IFRS
IFRS financial
ARM ARM ARM ARM adjust- state-
Platinum Ferrous1 Coal Corporate Total ment2 ments
Attributable Rm Rm Rm Rm Rm Rm Rm

continued
Sales 18 463 24 907 1 058 136 44 564 (24 907) 19 657
Cost of sales (6 687) (11 046) (1 078) (93) (18 904) 11 004 (7 900)
Other operating income3 293 81 236 1 747 2 357 21 2 378
Other operating expenses3 (1 611) (2 914) (50) (1 056) (5 631) 2 914 (2 717)
Segment result 10 458 11 028 166 734 22 386 (10 968) 11 418
Income from investments 72 245 11 404 732 (245) 487
Finance cost (95) (37) (175) (59) (366) 37 (329)
Loss from associate4 – – (260) – (260) – (260)
Loss from joint venture – (3) – – (3) 7 501 7 498
Capital items before tax (refer note 32) – (502) – (9) (511) 502 (9)
Taxation (2 925) (3 190) 8 (399) (6 506) 3 173 (3 333)
Profit/(loss) after tax 7 510 7 541 (250) 671 15 472 – 15 472
Non-controlling interest (2 844) – – (2) (2 846) – (2 846)
Consolidation adjustment5 – (43) – 43 – – –
Contribution to basic earnings/(losses) 4 666 7 498 (250) 712 12 626 – 12 626
Contribution to headline earnings/(losses) 4 666 7 927 (250) 721 13 064 – 13 064
Other information
Segment assets, including investment
in associate 14 403 27 441 3 085 14 663 59 592 (6 503) 53 089
Investment in associate 534 534 – 534
Investment in joint venture 20 938 20 938
Segment liabilities 2 644 2 997 1 847 1 699 9 187 (2 997) 6 190
Unallocated liabilities (tax and deferred tax) 6 629 (3 506) 3 123
Consolidated total liabilities 15 816 (6 503) 9 313
Cash generated from operations 7 758 9 836 197 (153) 17 638 (9 836) 7 802
Cash inflow/(outflow) from operating activities 4 742 7 255 199 (3 576) 8 620 (3 255) 5 365
Cash (outflow)/inflow from investing activities (1 562) (2 345) (193) 917 (3 183) 2 345 (838)
Cash outflow from financing activities (313) (19) (10) (17) (359) 19 (340)
Capital expenditure 1 611 2 221 263 10 4 105 (2 221) 1 884
Amortisation and depreciation 619 1 126 182 8 1 935 (1 126) 809
Impairment before tax – 500 – 9 509 (500) 9
EBITDA 11 077 12 154 348 742 24 321 (12 094) 12 227
There were no significant inter-company sales.
Segment results take into account inter-company eliminations with the exception of inter-company re-measurements.
1 Refer to ARM Ferrous segment note 2.4 and note 10 for more detail.
2 Includes IFRS 11 Joint arrangements – adjustments related to ARM Ferrous.
3 The re-measurement of the ARM Coal loans amounts to R53 million gain with no tax effect.
The re-measurement of the Modikwa loans amounts to R6 million loss with no tax effect.
The fair value adjustment of the Harmony loan amounts to R47 million gain with no tax effect.
4 The re-measurement of the ARM Coal loans amounts to a gain of R36 million with no tax effect.
5 Relates to fees capitalised in ARM Ferrous and reversed upon consolidation.
51
The ARM Platinum segment is analysed further into Two Rivers Platinum Mine, ARM Mining Consortium
(which includes Modikwa Platinum Mine) and Nkomati Nickel Mine.
ARM
Platinum
Nkomati1 Two Rivers Modikwa Total
Attributable Rm Rm Rm Rm
2. PRIMARY SEGMENTAL INFORMATION continued

Sales (18) 9 416 4 562 13 960
Cost of sales – (3 927) (2 319) (6 246)
Other operating income 4 91 122 217
Other operating expenses (136) (651) (300) (1 087)
Segment result (150) 4 929 2 065 6 844
Income from investments 8 97 66 171
Finance cost (28) (41) (15) (84)
Capital items (refer note 32) 2 (2) – –
Taxation (2) (1 341) (586) (1 929)
(Loss)/profit after tax (170) 3 642 1 530 5 002
Non-controlling interest – (1 676) (260) (1 936)
Contribution to basic (losses)/earnings (170) 1 966 1 270 3 066
Contribution to headline (losses)/earnings (172) 1 968 1 270 3 066
Other information
Segment and consolidated assets 187 11 117 4 759 16 063
Segment liabilities 756 1 256 659 2 671
Unallocated liabilities (tax and deferred tax) 2 514
Consolidated total liabilities 5 185
Cash generated from operations (38) 5 862 2 509 8 333
Cash (outflow)/inflow from operating activities (30) 3 805 1 749 5 524
Cash outflow from investing activities (51) (1 711) (149) (1 911)
Cash outflow from financing activities – (4) (30) (34)
Capital expenditure – 1 806 353 2 159
Amortisation and depreciation – 500 151 651
EBITDA (150) 5 429 2 216 7 495
1 Nkomati ceased mining operations on 14 March 2021. The mine is currently under care and maintenance.
52
ARM
Platinum
Nkomati1 Two Rivers Modikwa Total
Attributable Rm Rm Rm Rm

Sales 1 547 11 992 4 924 18 463
Cost of sales (1 230) (3 533) (1 924) (6 687)
Other operating expenses (134) (952) (525) (1 611)
Segment result 186 7 687 2 585 10 458
Finance cost (26) (60) (9) (95)
Taxation (1) (2 156) (768) (2 925)
Profit after tax 165 5 503 1 842 7 510
Non-controlling interest – (2 531) (313) (2 844)
Contribution to basic earnings 165 2 972 1 529 4 666
Contribution to headline earnings 165 2 972 1 529 4 666
Other information
Segment liabilities 690 1 402 552 2 644
Unallocated liabilities (tax and deferred tax) 2 388
Consolidated total liabilities 5 032
Cash generated from operations 115 5 878 1 765 7 758
Cash inflow from operating activities 119 3 289 1 334 4 742
Cash outflow from investing activities (6) (1 182) (374) (1 562)
Cash outflow from financing activities – (221) (92) (313)
Capital expenditure – 1 281 330 1 611
Amortisation and depreciation – 488 131 619
EBITDA 186 8 175 2 716 11 077
1 Nkomati ceased mining operations on 14 March 2021. The mine is currently under care and maintenance.

53
Total
per IFRS
ARM IFRS financial
Iron ore Manganese Ferrous ARM adjust- state-
division division Total share ment1 ments
Rm Rm Rm Rm Rm Rm

continued
2.4 Analysis of the ARM Ferrous
segment on a 100% basis
Year to 30 June 2022
Sales 27 856 14 727 42 583 21 291 (21 291) –
Cost of sales (13 006) (10 969) (23 975) (11 988) 11 988 –
Other operating income 105 697 802 240 (240) –
Other operating expense (2 763) (945) (3 708) (1 692) 1 692 –
Segment result 12 192 3 510 15 702 7 851 (7 851) –
Income from investments 558 12 570 285 (285) –
Finance cost (41) (26) (67) (34) 34 –
Profit from joint venture – 1 455 1 455 728 (728) –
Capital items before tax (refer note 32) (73) (15) (88) (45) 45 –
Taxation (3 383) (811) (4 194) (2 096) 2 096 –
Profit after tax 9 253 4 125 13 378 6 689 (6 689) –
Consolidation adjustment (40) 40 –
Contribution to basic earnings 9 253 4 125 13 378 6 649 – 6 649
Contribution to headline earnings 9 307 4 136 13 443 6 682 – 6 682
Other information
Consolidated total assets 34 775 23 427 58 202 28 252 (6 108) 22 145
Consolidated total liabilities 6 974 5 718 12 692 2 488 (2 488) –
Capital expenditure 2 890 2 220 5 110 2 450 (2 450) –
Amortisation and depreciation 1 566 911 2 477 1 189 (1 189) –
Cash inflow from operating activities2 4 393 2 950 7 343 9 172 (9 172) –
Cash outflow from investing activities (2 630) (2 200) (4 830) (2 415) 2 415 –
Cash outflow from financing activities (27) – (27) (14) 14 –
EBITDA 13 758 4 421 18 179 9 040 (9 040)
Additional information for ARM Ferrous
at 100%
Non-current assets
Property, plant and equipment 31 548 (31 548) –
Investment in joint venture 2 130 (2 130) –
Other non-current assets 2 044 (2 044) –
Current assets
Inventories 5 070 (5 070) –
Trade and other receivables 6 348 (6 348) –
Financial assets 379 (379) –
Cash and cash equivalents 10 684 (10 684) –
Other non-current liabilities 8 629 (8 629) –

Current liabilities
Trade and other payables 2 867 (2 867) –

Short-term provisions 994 (994) –
Taxation 201 (201) –
1 Includes consolidation and IFRS 11 Joint arrangements – adjustments.
2 Dividend paid amounting to R5.5 billion included in cash flows from operating activities.
Refer note 2.1 and note 10 for more detail on the ARM Ferrous segment.
54
Total
per IFRS
ARM IFRS financial
Iron ore Manganese Ferrous ARM adjust- state-
division division Total share ment1 ments
Rm Rm Rm Rm Rm Rm

continued
2.4 Analysis of the ARM Ferrous
segment on a 100% basis continued
Sales 37 621 12 192 49 813 24 907 (24 907) –
Cost of sales (12 286) (9 807) (22 093) (11 046) 11 046 –
Other operating income 1 329 168 1 497 81 (81) –
Other operating expense (5 970) (1 190) (7 160) (2 914) 2 914 –
Segment result 20 694 1 363 22 057 11 028 (11 028) –
Income from investments 478 13 491 245 (245) –
Finance cost (62) (12) (74) (37) 37 –
Loss from joint venture – (7) (7) (3) 3 –
Capital items before tax (refer note 32) (49) (956) (1 005) (502) 502 –
Taxation (6 065) (314) (6 379) (3 190) 3 190 –
Profit after tax 14 996 87 15 083 7 541 (7 541) –
Consolidation adjustment – (43) 43 –
Contribution to basic earnings 14 996 87 15 083 7 498 – 7 498
Contribution to headline earnings 15 046 897 15 943 7 927 – 7 927
Other information
Consolidated total assets 35 662 20 806 56 468 27 441 (6 503) 20 938
Consolidated total liabilities 6 846 6 606 13 452 2 997 (2 997) –
Capital expenditure 2 397 2 248 4 645 2 221 (2 221) –
Amortisation and depreciation 1 561 775 2 336 1 126 (1 126) –
Cash inflow/(outflow) from operating activities 10 477 (3 968) 6 509 7 255 (7 255) –
Cash outflow from investing activities (2 464) (2 225) (4 689) (2 345) 2 345 –
Cash outflow from financing activities (39) – (39) (19) 19 –
EBITDA 22 255 2 138 24 393 12 154 (12 154) –
Additional information for ARM Ferrous
at 100%
Non-current assets
Property, plant and equipment 29 029 (29 029) –
Investment in joint venture 778 (778) –
Other non-current assets 1 851 (1 851) –
Current assets
Inventories 5 131 (5 131) –
Trade and other receivables 11 378 (11 378) –
Financial assets 102 (102) –
Cash and cash equivalents 8 198 (8 198) –
Other non-current liabilities 8 199 (8 199) –

Current liabilities
Trade and other payables 3 511 (3 511) –

Short-term provisions 1 423 (1 423) –
Taxation 161 (161) –
1 Includes consolidation and IFRS 11 Joint arrangements – adjustments.
2 Dividend paid amounting to R4 billion included in cash flows from operating activities.
Refer note 2.1 and note 10 for more detail on the ARM Ferrous segment.
55
ARM Corporate as presented in the table on pages 50 and 51 is analysed further into Machadodorp, Corporate
and other, and Gold segments.
Machadodorp Corporate Total ARM

Works and other Gold Corporate
Rm Rm Rm Rm

continued
2.5 Additional information
Sales 136 – 136
Cost of sales (125) 64 (61)
Other operating income1 3 1 574 1 577
Other operating expenses1 (216) (911) (1 127)
Segment result (202) 727 525
Income from investments – 453 50 503
Finance costs (25) (22) (47)
Capital item (refer note 32) 3 743 746
Taxation 63 (420) (357)
(Loss)/profit after tax (161) 1 481 50 1 370
Non-controlling interest – (2) (2)
Consolidation adjustments2 – 40 40
Contribution to basic (losses)/earnings (161) 1 519 50 1 408
Contribution to headline (losses)/earnings (164) 776 50 662
Other information
Segment liabilities 305 1 675 1 980
Cash inflow/(outflow) from operating activities 4 (555) 50 (501)
Cash outflow from investing activities (4) (452) (456)
Cash outflow from financing activities – (292) (292)
Capital expenditure 4 4 8
Amortisation and depreciation 4 8 12
Impairment reversal before tax (3) (743) (746)
EBITDA (198) 735 537
1 Corporate and other includes a re-measurement gain on the loans to ARM Coal of R443 million and a re-measurement gain on the loan from
Harmony of R5 million.
2 Relates to fees capitalised in ARM Ferrous and reversed on consolidation.
56
Machadodorp Corporate Total ARM

Works and other Gold Corporate
Rm Rm Rm Rm

continued
2.5 Additional information continued
Sales 136 – 136
Cost of sales (149) 56 (93)
Other operating income1 7 1 740 1 747
Other operating expenses1 (130) (926) (1 056)
Segment result (136) 870 734
Income from investments – 322 82 404
Finance costs (22) (37) (59)
Capital items (refer note 32) – (9) (9)
Taxation 51 (450) (399)
(Loss)/profit after tax (107) 696 82 671
Non-controlling interest – (2) (2)
Consolidation adjustment2 – 43 43
Contribution to basic (losses)/earnings (107) 737 82 712
Contribution to headline (losses)/earnings (107) 746 82 721
Other information
Segment liabilities 298 1 401 1 699
Cash inflow/(outflow) from operating activities (4) (3 654) 82 (3 576)
Cash outflow from investing activities (1) 918 917
Cash outflow from financing activities – (17) (17)
Capital expenditure 1 9 10
Amortisation and depreciation – 8 8
Impairment before tax – 9 9
EBITDA (136) 878 742
1 Corporate and other includes a re-measurement loss on the loans to Modikwa and ARM Coal of R16 million and a fair value gain on the loan
from Harmony of R47 million.
2 Relates to fees capitalised in ARM Ferrous and reversed on consolidation. Annual financial statements 2022
57
Group
F2022 F2021
Rm Rm

2.6 Segmental information
Geographical segments
The group operates principally in South Africa, however Sakura operates
in Malaysia.
Assets by geographical area in which the assets are located are as follows:
– South Africa 55 054 44 199
– Europe 871 616
– Americas 28 118
– Far and Middle East 2 640 7 843
– Other 578 313
59 171 53 089
Sales by geographical area:
– South Africa 14 308 17 266
– Europe 2 609 2 391
16 917 19 657
Sales to major customers which constitute 10% or more of the group sales:
– Rustenburg Platinum Mines Limited 4 522 4 924
– Impala Platinum Limited 9 416 11 992
– Glencore International AG 2 627 884
Capital expenditure
– South Africa 2 277 1 884
2 277 1 884
58
Group
Mine
development
and Furniture, Total
decom- equipment Right- property,
missioning Plant and Land and Mineral Mine and of-use plant and
assets machinery buildings rights properties vehicles assets equipment
Rm Rm Rm Rm Rm Rm Rm Rm
3. PROPERTY, PLANT
AND EQUIPMENT
Cost
Balance at 30 June 2020 8 215 5 231 609 2 431 379 1 090 717 18 672
Additions 874 674 – – – 258 78 1 884
Change in estimates1 – – (41) – – – – (41)
Reclassifications (102) 67 – – – 35 – –
Capitalised stock – 6 – – – – – 6
Derecognition – – – – – – (40) (40)
Disposals (6) (92) (2) – – (96) – (196)
Balance at 30 June 2021 8 981 5 886 566 2 431 379 1 287 755 20 285
Additions 1 445 418 9 – – 404 1 2 277
Change in estimates1 (30) – – – – – – (30)
Reclassifications (147) 128 2 – – 17 – –
Derecognition – – – – – – (82) (82)
Disposals (32) (89) – – – (117) – (238)
Balance at 30 June 2022 10 217 6 343 577 2 431 379 1 591 674 22 212
Accumulated depreciation
and impairment
Balance at 30 June 2020 5 280 3 055 380 1 701 7 711 327 11 461
Charge for the year 261 188 18 50 – 145 140 802
Derecognition – – – – – – (40) (40)
Disposals (6) (87) (2) – – (96) – (191)
Impairment (refer note 38) – – 9 – – – – 9
Balance at 30 June 2021 5 535 3 156 405 1 751 7 760 427 12 041
Charge for the year 327 165 17 44 – 179 108 840
Derecognition (1) – – – – – (51) (52)
Disposals (32) (89) – – – (114) – (235)
Impairment – – – – (3) – – (3)
Balance at 30 June 2022 5 829 3 232 422 1 795 4 825 484 12 591
Carrying value at 30 June 2021 3 446 2 730 161 680 372 527 328 8 244
Carrying value at 30 June 2022 4 388 3 111 155 636 375 766 190 9 621
1 Changein estimates on land and buildings relates to the fair value adjustment made on the variable consideration payable by Two Rivers to
Dwarsrivier. The effect in future periods is not disclosed because estimating it is impracticable.
Borrowing costs
No borrowing costs were capitalised for the year to 30 June 2022 (F2021: Rnil).
Pledged assets
The carrying value of assets pledged as security for loans amounts to R5.4 billion (F2021: R3.1 billion). Refer to
note 18 for security granted in respect of loans to ARM Coal.
Refer note 4 for IFRS 16 Right-of-use assets.

Registers containing details of mineral and mining rights and land and buildings are available for inspection
during business hours at the registered addresses of the respective company or associated entities by members
or their duly authorised agents.
Fully depreciated assets still in use

At year end there was R671 million (F2021: R658 million) of assets that were fully depreciated but are still in use.
This excludes zero value assets after the impairment in ARM Coal in F2020.
59
Company
Mine
development
and Furniture, Total
decom- equipment Right- property,
missioning Plant and Land and Mineral Mine and of-use plant and
assets machinery buildings rights properties vehicles assets equipment
3. PROPERTY, PLANT
AND EQUIPMENT continued
Cost
Balance at 30 June 2020 3 994 2 580 207 9 574 255 97 7 716
Additions 197 63 – – – 10 3 273
Reclassifications (43) 45 – – – (2) – –
Capitalised stock – 6 – – – – – 6
Derecognition – – – – – – (12) (12)
Disposals (2) (64) – – – (1) – (67)
Balance at 30 June 2021 4 146 2 630 207 9 574 262 88 7 916
Additions 36 73 1 – – 7 1 118
Change in estimates (20) – – – – – – (20)
Reclassifications 18 (18) 2 – – (2) – –
Derecognition – – – – – – (3) (3)
Disposals (31) (82) – – – (6) – (119)
Balance at 30 June 2022 4 149 2 603 210 9 574 261 86 7 892
Accumulated depreciation
and impairment
Balance at 30 June 2020 3 342 2 181 158 3 312 129 78 6 203
Charge for the year 47 113 2 – 8 4 13 187
Derecognition – – – – – – (12) (12)
Disposals (2) (65) – – – (1) – (68)
Balance at 30 June 2021 3 387 2 229 160 3 320 132 79 6 310
Charge for the year 86 81 3 – 10 6 9 195
Disposals (30) (82) – – – (6) – (118)
Derecognition – – – – – – (3) (3)
Impairment (refer note 38) – – – (3) – – – (3)
Balance at 30 June 2022 3 443 2 228 163 – 330 132 85 6 381
Carrying value at 30 June 2021 759 401 47 6 254 130 9 1 606
Carrying value at 30 June 2022 706 375 47 9 244 129 1 1 511
Borrowing costs
No borrowing costs were capitalised for the year to 30 June 2022 (F2021: Rnil).
Pledged assets
The carrying value of assets pledged as security for loans amounts to R5.4 billion (F2021: R3.1 billion). Refer to
note 18 for security granted in respect of loans to ARM Coal.
Refer note 4 for IFRS 16 Right-of-use assets.
Registers containing details of mineral and mining rights and land and buildings are available for inspection
during business hours at the registered addresses of the respective company or associated entities by members
or their duly authorised agents.
Fully depreciated assets still in use

At year end there was R261 million (F2021: R174 million) of assets that were fully depreciated but are still in use.
This excludes zero value assets after the impairment in ARM Coal in F2020.
60
4. LEASES
The group has lease contracts for various items of land and buildings, plant, machinery, vehicles and other
equipment used in its operations. Leases of land and buildings generally have lease terms between two and
24 years, plant and machinery generally have lease terms between three and 15 years, while motor vehicles
and other equipment generally have lease terms between three and five years. The group’s obligations under
its leases are secured by the lessor’s title to the leased assets. Generally, the group is restricted from assigning
and subleasing the leased assets.
Group
Furniture, Total
equipment right-
Plant and Land and and of-use
machinery buildings vehicles assets
Right-of-use assets Rm Rm Rm Rm
Cost
Balance at 1 July 2020 597 116 4 717
Additions 21 57 – 78
Derecognition (40) – – (40)
Balance at 30 June 2021 578 173 4 755
Additions 1 – – 1
Derecognition (53) (29) – (82)
Balance at 30 June 2022 526 144 4 674
Accumulated depreciation and impairment
Balance at 1 July 2020 316 9 2 327
Charge for the year 128 12 – 140
Balance at 30 June 2021 404 21 2 427
Charge for the year 98 10 – 108
Balance at 30 June 2022 451 31 2 484
Carrying value at 30 June 2021 174 152 2 328
Carrying value at 30 June 2022 75 113 2 190
Set out below are the carrying amounts of lease liabilities included under interest-bearing loans and borrowings
(refer note 18) and the movements during the period:
F2022 F2021
Rm Rm
Reconciliation of lease liabilities
Opening balance 222 376
(Derecognition)/additions (23) 78
Interest 3 13
Repayments (39) (245)
Closing balance 163 222
Current 25 41
Non-current 138 181
The maturity analysis of lease liabilities is disclosed in note 18
The following are the amounts recognised in profit or loss:
Depreciation expense of right-of-use assets 108 140

Interest expense on lease liabilities 3 13
Derecognition of lease expense 8 –
Total amount recognised in profit or loss 119 153
61
4. LEASES continued
The company has lease contracts for various items of land and buildings, plant, machinery, vehicles and other
equipment used in its operations. Leases of land and buildings generally have lease terms between two and
24 years, plant and machinery generally have lease terms between three and 15 years, while motor vehicles and
other equipment generally have lease terms between three and five years. The company’s obligations under its
leases are secured by the lessor’s title to the leased assets. Generally, the company is restricted from assigning
and subleasing the leased assets.
Company
Total
right-
Plant and Land and of-use
machinery buildings assets
Right-of-use assets Rm Rm Rm
Cost
Balance at 1 July 2020 74 23 97
Reclassifications 3 – 3
Derecognition (12) – (12)
Balance at 30 June 2021 65 23 88
Additions 1 – 1
Accumulated depreciation and impairment
Balance at 1 July 2020 71 7 78
Charge for the year 6 7 13
Charge for the year 1 8 9
Carrying value at 30 June 2021 – 9 9
Carrying value at 30 June 2022 – 1 1
Set out below are the carrying amounts of lease liabilities included under interest-bearing loans and borrowings
(refer note 18) and the movements during the period:
F2022 F2021
Rm Rm
Reconciliation of lease liabilities
Opening balance 11 23
Additions 1 3
Interest 1 4
Repayments (11) (19)
Closing balance 2 11
Current 2 10
Non-current – 1
The maturity analysis of lease liabilities is disclosed in note 18
The following are the amounts recognised in profit or loss:

Depreciation expense of right-of-use assets 9 13

Interest expense on lease liabilities 1 4
Total amount recognised in profit or loss 10 17
62
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
5. INVESTMENT PROPERTY
Cost 24 24 24 24
Accumulated depreciation – – – –
Carrying value 24 24 24 24
Properties at Machadodorp Works that were transferred from property, plant and equipment are now rented out
to non-employees.
The rental income received included in the statement of profit or loss is R2 million (F2021: R7 million).
The fair value of the investment property is R24 million (F2021: R24 million) and is therefore not depreciated.
Group Company
RBCT RBCT
Total Other entitlement entitlement
Rm Rm Rm Rm
6. INTANGIBLE ASSETS
Cost
Balance at 30 June 2020 230 1 229 229
Balance at 30 June 2021 230 1 229 229
Balance 30 June 2022 230 1 229 229
Accumulated amortisation and impairment
Balance at 30 June 2020 147 1 146 146
Charge for the year 7 – 7 7
Balance at 30 June 2021 154 1 153 153
Charge for the year 13 – 13 13
Balance at 30 June 2022 167 1 166 166
Carrying value at 30 June 2021 76 – 76 76
Carrying value at 30 June 2022 63 – 63 63
Finite life intangible assets which are amortised comprise the RBCT entitlement held by the Glencore Operations
South Africa Proprietary Limited of R63 million (F2021: R76 million).
There are no indefinite life intangible assets. The RBCT entitlement is amortised on a units of export sales
method. The remaining amortisation period of the RBCT entitlement is limited to 13 years (F2021: 14 years).
63
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
7. LOANS AND LONG-TERM RECEIVABLES

Long-term receivables – 40 – 574
– 40 – 574
Long-term receivables are held as follows:
ARM Coal1 – 40 – 40
Loan to PCB from ARM2 – – – 534
– 40 – 574
1 At 30 June 2022 an amount of R93 million is included in trade and other receivables as it is expected to be repaid within the next 12 months
(refer note 13).
2 Settled (non-cash) together with the partner loans during F2022.
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
8. OTHER NON-CURRENT FINANCIAL ASSETS

Insurance reimbursement1 – – 162 145
Mannequin Captive Cell (Cell AVL 18) 162 145 – –
ARM Coal2 50 46 50 46
Modikwa 2 1 – –
VBT – 1 – –
214 193 212 191
1 The insurance reimbursement relates to the silicosis and tuberculosis class action (refer note 20).
2 Guarantees issued by ARM Coal to the DMRE amounting to R50 million (F2021: R46 million).
64
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
9. INVESTMENT IN ASSOCIATE
Through ARM’s 51% investment in ARM Coal and
ARM’s 10% direct investment, the group holds a
20.2% investment in the Participative Coal Business
of Glencore Operations South Africa Proprietary
Limited (GOSA).
Opening balance 534 795 – 260
Income/(loss) for the current year 927 (260) – –
Income/(loss) for the current year before the
re-measurement of loans 1 417 (296) – –
Re-measurement of loans (refer note 29) (490) 36 – –
Movement in loans (non-cash flow)1 (534) (1) – –
Reversal of impairment/(impairment) on investment
(refer note 38) 1 121 – 841 (260)
Total investment 2 048 534 841 –
PCB at 100%2
Revenue 24 556 8 984
Profit/(loss) from operations 10 481 (1 000)
Profit/(loss) for the year before tax 10 481 (1 137)
Statement of financial position
Non-current assets 15 775 18 045
Current assets 3 590 3 605
Total assets 19 365 21 650
Less:
Non-current liabilities (7 690) (9 079)
Current liabilities (1 536) (4 378)
Net assets 10 139 8 193
1 Settled together with the partner loans during F2022.
2 F2021 includes an impairment at ARM Coal for the investment in associate of R1 121 million.
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
10. INVESTMENT IN JOINT VENTURE

The investment relates to ARM Ferrous and consists
of Assmang as a joint venture which includes iron
ore and manganese segments.
Opening balance 20 938 17 545 259 259
Net income for the period 6 649 7 498 – –
Income for the period¹ 6 689 7 541 – –
Consolidation adjustment (40) (43) – –

Foreign currency translation reserve 58 (105) – –
Less: Cash dividend received for the period (5 500) (4 000) – –

Closing balance 22 145 20 938 259 259
1 Includes reversal of expected credit losses recorded of R126 million less tax of R6 million (F2021: R81 million expected credit losses less tax of
R1 million).
Refer to note 2.1, 2.2 and 2.4 for more detail on the ARM Ferrous segment.
65
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
11. OTHER INVESTMENTS

Listed investment1
Harmony
Opening balance 3 940 5 366 3 940 5 366
Financial instruments at fair value through other
comprehensive income (59) (1 426) (59) (1 426)
3 881 3 940 3 881 3 940
Preference shares 1 1
Total – listed investments classified as fair value through
other comprehensive income 3 882 3 941 3 881 3 940
Market value of listed investments 3 882 3 941 3 881 3 940
Other investments
Guardrisk2 9 36 9 36
RBCT3 213 233 213 233
Loans (refer page 115)4 610 791
Subsidiary companies unlisted
Cost of investments in subsidiaries (refer page 113) 1 471 1 471
Loans owing by subsidiaries (refer page 113)4 20 20
Total subsidiaries 1 491 1 491
Total unlisted investments 222 269 2 323 2 551
Total carrying amount investments 4 104 4 210 6 204 6 491
ARM Treasury Investments Proprietary Limited holds R1 million (F2021: R1 million) listed preference shares.
The market value of the listed investment is determined by reference to the market share price at 30 June 2022
and 30 June 2021. Certain listed shares have been pledged as security for the ARM corporate loan which at
30 June 2022 was Rnil (F2021: Rnil) (refer note 18). The book value of the pledged shares amounts to R2 287 million
(F2021: R2 321 million).
A report on investments appears on pages 113 to 115.

1 Harmony Gold 74 665 545 shares at R51.97 per share at 30 June 2022 (30 June 2021: 74 665 545 shares at R52.76 per share).
2 Fair value based on the net asset value of the cell captive.
3 Unlisted investments subject to adjustment – Investment in Richards Bay Coal Terminal (RBCT).
his investment is held by ARM Coal which is a jointly controlled operation of ARM and Glencore Operations South Africa Proprietary Limited
T
(GOSA), and hence ARM’s share of the investment is recognised in the ARM group and company financial statements.
The fair value of the investment was determined by calculating the present value of the future wharfage cost savings by being a shareholder
in RBCT as opposed to the wharfage payable by non-shareholders.
The current financial year’s fair value adjustment is accounted for through profit or loss. This is a level 3 valuation in terms of IFRS 13.
The fair value is most sensitive to wharfage cost. The current RBCT valuation is based on a wharfage cost differential ranging between R44/tonne
and R49/tonne (F2021: R42/tonne and R48/tonne). If increased by 10% this would result in a R22 million (F2021: R23 million) increase in the
valuation on the RBCT investment. If decreased by 10% this would result in a R22 million (F2021: R23 million) decrease in the valuation on the RBCT
investment. The valuation is calculated based on the duration of the RBCT lease agreement with Transnet SOC Limited to 31 December 2038, using
a pre-tax discount rate of 20.8% (F2021: 19.1%).
Group Company
F2022 F2021 F2022 F2021

Rm Rm Rm Rm
Opening balance 233 238 233 238

Fair value loss (20) (5) (20) (5)
Closing balance 213 233 213 233

4 These loans are interest free with no fixed terms of repayment except for:
(i) The loan to Venture Building Trust of R14 million (F2021: R14 million) bears interest at 2% below the prime bank overdraft rate, which is
8.25% at 30 June 2022 (30 June 2021: 7%) per annum.
(ii) On 28 June 2021 ARM advanced a new loan to the ARM BBEE Trust. The proceeds from the new loan was used to settle the old loan. This
resulted in a gain for the ARM BBEE Trust and a loss for ARM. The new loan carry interest at zero percent, subject to ARM reserving the
right to charge interest in the future. The new loans are fully repayable on or before 30 June 2035. Earlier payments are at the discretion
of the ARM BBEE Trust. F2022 includes repayments of R259 million and a re-measurement gain of R9 million.
(iii) In F2021 the interest free non-current liability owed by ARM Mining Consortium Limited to Rustenburg Platinum Mines Limited (Anglo American
Platinum Limited) and ARM was remeasured resulting in a cumulative consolidated net fair value loss of R6 million before non-controlling
interest. This loan was repaid during F2021.
In F2021 Modikwa Mine fully repaid its partner loans for the company of R1 257 million which included a re-measurement gain of
R137 million.
66
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
12. INVENTORIES
Non-current inventories
Ore stockpiles 52 – – –
52 – – –
Current inventories
Consumable stores 195 30 30 30
Finished goods 68 220 46 88
Ore stockpiles 15 143 – –
Work-in-progress 65 74 66 74
343 467 142 192
Stockpile quantities are determined using assumptions such as densities and grades which are based on
studies, historical data and industry norms. Non-current inventories relate to the Two Rivers Merensky project.
Value of inventories carried at net realisable value is R20 million (F2021: R23 million). Inventories to the value
of R122 million (F2021: R169 million) have been pledged as security for loans in ARM Coal (refer note 18).
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
13. TRADE AND OTHER RECEIVABLES

Other receivables 230 157 108 41
Related parties (refer note 44)1 7 420 7 302 2 248 1 223
Trade receivables 87 366 118 374
7 737 7 825 2 474 1 638
Trade and other receivables are non-interest-bearing
and are generally on 30- to 90-day payment terms.
The carrying amount of trade and other receivables
approximate their fair value.
Payment terms which vary from the norm are:
– PGMs which are paid approximately four months
after delivery
– 20% of nickel delivered which is paid approximately
five months after delivery
Debtors analysis
Outstanding on normal cycle terms 7 737 7 825 2 474 1 638
Outstanding longer than 30 days outside normal cycle – – – –
Less: expected credit losses2 – – – –

Total 7 737 7 825 2 474 1 638
1
Trade and other receivables include a contract asset from Assmang of R985 million (F2021: R1 156 million). The contract asset resulted from
revised fee arrangements whereby fees received from Assmang only become payable following receipt by Assmang from the relevant customer.
2 No expected credit losses have been raised in F2022 on debtors (F2021: Rnil) as the balance is considered recoverable.
Trade and other receivables include an amount of R93 million relating to ARM Coal which was included in loans
and long-term receivable at 30 June 2021 (refer note 7).
67
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
14. FINANCIAL ASSETS1

– Two Rivers Platinum Proprietary Limited
(Investment in fixed deposit) 31 30 – –
– ARM Platinum Proprietary Limited (Investment
in fixed deposit) – 203 – –
– Nkomati 114 59 114 59
– ARM Finance Company SA2 185 161 – –
– Mannequin Captive Cell (Cell AVL 18) 500 61 – –
– Other – 9 16 94
830 523 130 153
1
Cash and cash equivalents were invested in fixed deposits with maturities longer than three months to achieve better returns. When these
investments mature, to the extent that amounts are not re-invested in new investments with maturities of longer than three months, they will
again form part of cash and cash equivalents. The carrying amounts of the financial assets shown above approximate their fair value.
2
ARM Finance Company SA invested R172 million (F2021: R173 million) in fixed deposits with maturities longer than three months. The amount
was translated at the 30 June closing exchange rate resulting in a foreign currency translation gain of R13 million (F2021: R12 million loss).
The following guarantees issued are included in financial assets:
– Two Rivers to DMRE, Eskom and BP Oil amounting to R31 million (F2021: R30 million).
– Nkomati to DMRE and Eskom amounting to R114 million (F2021: R59 million).
– Modikwa to DMRE and Eskom amounting to Rnil (F2021: R164 million).
Group other financial assets include trust funds of Rnil (F2021: R9 million). Company other financial assets include trust funds of Rnil
(F2021: R9 million) and Insurance reimbursement of R16 million (F2021: R85 million).
68
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
15. CASH AND CASH EQUIVALENTS

Cash at bank and on deposit 11 069 8 865 8 829 7 853
Cash set aside for specific use 590 806 111 125
Cash and cash equivalents per statement
of financial position 11 659 9 671 8 940 7 978
Less: Overdrafts (refer note 23) (16) (16) (16) (16)
Cash and cash equivalents per statement of cash flows 11 643 9 655 8 924 7 962
The cash per statement of financial position is held
as follows:
Total cash at bank and on deposit 11 069 8 865 8 829 7 853
– African Rainbow Minerals Limited 8 770 7 739 8 770 7 739
– ARM BBEE Trust 38 4 – –
– ARM Finance Company SA 92 81 – –
– ARM Platinum Proprietary Limited 874 538 – –
– ARM Treasury Investments Proprietary Limited 43 42 – –
– Nkomati 52 106 52 106
– Two Rivers Platinum Proprietary Limited 1 174 329 – –
– Other cash at bank and on deposit 26 26 7 8
Total cash set aside for specific use 590 806 111 125
– Mannequin Captive Cell (Cell AVL 18)1 245 681 – –
– Rehabilitation trust funds1 65 44 46 44
– Other cash set aside for specific use1 280 81 65 81
Cash at bank and on deposit earns interest at floating rates based on daily bank deposit rates. Refer note 1 for
accounting policy and definitions on cash and cash set aside for specific use.
1
Cash set aside for specific use in respect of group includes:
– Mannequin captive cell is used as part of the group insurance programme. The cash held in the cell is invested in highly liquid investments
and is used to settle claims as and when they arise as part of the risk finance retention strategy.
– African Rainbow Mineral Limited of R37 million (F2021: R35 million).
– The trust funds of R16 million (F2021: R6 million).
– Guarantees issued by ARM Coal to DMRE amounting to R46 million (F2021: R44 million).
– Guarantees issued by Nkomati to DMRE and Eskom amounting to R12 million (F2021: R40 million).
– Guarantees issued by Modikwa to DMRE and Eskom amounting to R234 million (F2021: Rnil). Annual financial statements 2022
69
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
16. SHARE CAPITAL

Authorised
500 000 000 (F2021: 500 000 000) 25 25 25 25
25 25 25 25
Issued
Opening balance 11 11 11 11
214 520 (F2021: 1 127 401) additional shares issued1 – – – –
224 667 778 (F2021: 224 453 258);
(F2020: 223 325 857) 11 11 11 11
Share premium 5 267 5 212 5 267 5 212
– Balance at beginning of the year 5 212 4 950 5 212 4 950
– Premium on bonus and performance shares
issued to employees 55 262 55 262
Total issued share capital and share premium 5 278 5 223 5 278 5 223
1
The movement in shares issued and repurchased was less than R1 million.
Shares are held at no par value.
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
17. TREASURY SHARES

The restructuring of the ARM BBEE Trust in
F2016 resulted in ARM effectively controlling
28 614 740 ARM shares (refer note 34).
The carrying value of these treasury shares are
as follows:
– 12 717 328 shares at R51.19 bought from the
ARM BBEE Trust by Opilac Proprietary Limited 651 651 – –
– 15 897 412 shares at R110.31 held in the
ARM BBEE Trust 1 754 1 754 – –
2 405 2 405 – –
70
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
18. LONG-TERM BORROWINGS

Secured
ARM Corporate – loan facility – – – –
ARM Corporate Revolving Credit Facility for an
amount of R2 250 million was entered into during
September 2018. This facility was available until
September 2022. The interest rate has a JIBAR
base with an additional margin between 2.20% and
2.45% depending on the utilisation of the facility.
At 30 June 2022 and 30 June 2021 this facility was
unutilised. This facility had been secured by a
pledge of shares (refer note 11).
ARM BBEE Trust – loan facility – Harmony Gold 166 217 – –
On 28 June 2021 Harmony advanced a new loan
to the ARM BBEE Trust. The proceeds from the new
loan were used to settle the old loan. This resulted
in a gain for the ARM BBEE Trust. The new loans
carry interest at zero percent, subject to Harmony
reserving the right to charge interest in the future.
The new loans are fully repayable on or before
30 June 2035. Earlier payments are at the discretion
of the ARM BBEE Trust.
Two Rivers – lease liability 134 158 – –
Includes leases for land and buildings, plant and
machinery and furniture, equipment and vehicles
for periods between one and 20 years discounted
at an incremental borrowing rate of 5.3%.
(F2021: 5.3%) (refer note 4).
Modikwa – lease liability 29 59 – –
F2022 includes leases for land and buildings for
a period of 22 years (F2021: 23 years) discounted
at an incremental borrowing rate of 8.55%
(F2021: 8.55%) and plant and machinery for
a period of two years (F2021: three years)
discounted at an incremental borrowing rate
of 5.55%. (F2021: 5.55%) (refer note 4).
ARM Corporate – lease liability – 4 2 10
Leases for land and buildings for a period of
one year (F2021: two years) discounted at
an incremental borrowing rate of 9.23%.
(F2021: 9.23%) (refer note 4).
ARM Coal – lease liability – 1 – 1
Leases for plant and machinery in F2021 for a
remaining period of less than one year discounted
at an incremental borrowing rate of 10.90%
(refer note 4).
ARM Coal – PCB liability 139 60 139 60

ARM Coal’s attributable share of GGV liability

owing to PCB for the RBCT entitlement. This loan
bears contractual interest of 0%.
ARM Coal – GGV acquisition loan (partner loan) – 149 – 149
The loan was fully settled at 30 June 2022.
(F2021: This loan was repayable by
31 December 2029 with contractual interest of 0%).
71
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
18. LONG-TERM BORROWINGS continued

ARM Coal – GGV project facility phase 1 loan
(partner loan) – 573 – 573
ARM Coal – GGV project facility phase 2 loan
(partner loan) – 232 – 232
These were secured by:
– A cession in favour of GOSA creating a first ranking
security interest over ARM Coal’s participating
interest in the Goedgevonden joint operation
– A cession in favour of GOSA creating a first
ranking security interest over all the preference
shares in GOSA held by ARM Coal
–a cession in favour of GOSA creating a first
ranking security interest over ARM Coal’s right,
title and interest in and to the joint venture account
– Mortgage bonds to be registered by ARM Coal
in favour of GOSA over all immovable property
of ARM Coal
– Notarial bonds to be registered by ARM Coal in
favour of GOSA over all movable assets owned
by ARM Coal
468 1 453 141 1 025
Less: Repayable within one year included in
short-term borrowings (refer note 23) (163) (348) (141) (317)
Total long-term borrowings 305 1 105 – 708
Held as follows:
– ARM BBEE Trust – Harmony 166 217 – –
– ARM Coal Proprietary Limited – PCB liability – 60 – 60
– ARM Coal Proprietary Limited – GGV project
facility phase 1 (partner loan) – 573 – 573
– ARM Coal Proprietary Limited – GGV project
facility phase 2 (partner loan) – 74 – 74
– ARM Corporate – – – 1
– Modikwa 9 29 – –
– Two Rivers Platinum Proprietary Limited 130 152 – –
305 1 105 – 708
The group changes in borrowings arising from financing activities were made up of cash repayments
of R109 million (F2021: R648 million), borrowings raised of Rnil (F2021: R264 million), re-measurement
loss of R318 million (F2021: R115 million re-measurement gain), settlements (non-cash) of R1 318 million
(F2021: Rnil) and other changes of R124 million (F2021: R244 million).
The company changes in borrowings arising from financing activities were made up of cash repayments
of R10 million (F2021: R18 million), borrowings raised of Rnil (F2021: Rnil), re-measurement loss
of R314 million (F2021: R68 million re-measurement gain), settlements (non-cash) of R1 318 million
(F2021: Rnil) and other changes of R130 million (F2021: R73 million).
The carrying amount of the long-term borrowings approximate their fair value.
72
Group
Repayments schedule – undiscounted cash flows
Total Discounted
borrowings cash flows F2027 –
F2022 F2023 F2023 F2024 F2025 F2026 onwards Total
18. LONG-TERM
BORROWINGS continued
Secured loans
ARM BBEE Trust – loan
facility – Harmony Gold 166 – – – – – 755 755
ARM Coal – PCB liability 139 139 139 – – – – 139
Modikwa – lease liability 29 20 22 1 1 1 18 43
Two Rivers – lease liability 134 4 4 4 5 5 259 277
Total borrowings at
30 June 2022 468 163 165 5 6 6 1 032 1 214
F2026 –
Undiscounted cash flows F2021 F2022 F2022 F2023 F2024 F2025 onwards Total
Total borrowings at
30 June 2021 1 453 348 364 223 81 71 1 768 2 507
Company
Repayments schedule – undiscounted cash flows
Total Discounted
borrowings cash flows F2027 –
F2022 F2023 F2023 F2024 F2025 F2026 onwards Total
Secured loans
ARM Coal – PCB liability 139 139 139 – – – – 139
ARM Corporate –
lease liability 2 2 2 – – – – 2
Total borrowings at
30 June 2022 141 141 141 – – – – 141
F2026 –
Undiscounted cash flows F2021 F2022 F2022 F2023 F2024 F2025 onwards Total
Total borrowings at
30 June 2021 1 025 317 332 197 75 64 805 1 473
73
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
19. DEFERRED TAXATION

Deferred tax assets
Deferred capital loss tax movements on listed
investment recognised in other comprehensive income 74 64 74 64
Property, plant and equipment 15 13 15 13
Income received in advanced (46) – (46) –
Post-retirement healthcare provisions 21 24 21 24
Provisions 151 173 151 173
Deferred tax assets on the statement of financial position 215 274 215 274
Deferred tax liabilities
Property, plant and equipment 2 400 1 905 384 227
Intangible assets 17 21 17 21
Inventories 552 745 – –
Deferred capital gains tax movements on listed
investment – ARM BBEE Trust 465 465 – –
Deferred income 127 224 – –
Financial instruments 8 12 2 12
Deferred tax liabilities 3 569 3 372 403 260
Assessed loss (6) (23) – –
Borrowings (43) (59) – –
Provisions (294) (322) (98) (95)
Deferred tax assets relating to entities with a net
liability position (343) (404) (98) (95)
Net deferred tax liabilities on the statement
of financial position 3 226 2 968 305 165
Reconciliation of opening and closing balance
Opening deferred tax liabilities 2 968 2 085 165 245
Opening deferred tax assets (274) – (274) –
Net deferred tax liabilities/(assets) opening balance 2 694 2 085 (109) 245
Temporary differences from: 317 609 199 (354)
Assessed loss 17 (23) – –
Borrowings 16 50 – 14
Deferred income (89) 224 – –
Inventories (166) 442 – –
Intangible assets (3) (2) (3) (2)
Financial instruments (4) (29) (10) (29)
Property, plant and equipment 561 310 163 31
Provisions 35 (44) 15 (49)
Income received in advance 46 – 46 –
Change in tax rate (86) – (2) –
Revaluation of investment – directly in other
comprehensive income (10) (319) (10) (319)
Total deferred tax 3 011 2 694 90 (109)
Deferred tax liabilities 3 226 2 968 305 165
Deferred tax assets (215) (274) (215) (274)

Deferred tax assets are raised only when they can be utilised against future taxable profits after taking possible
future uncertainties into account. Future taxable profits are estimated based on approved business plans which
include various estimates and assumptions regarding economic growth, interest, inflation, metal prices,
exchange rates, taxation rates and competitive forces.
A cumulative deferred tax asset for deductible temporary differences and losses of R294 million (F2021: R281 million)
at Nkomati was not raised, as it is not probable that there will be sufficient taxable profit available against which
the deductible temporary differences and losses can be utilised.
74
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
20. LONG-TERM PROVISIONS

Environmental rehabilitation obligation
Provision for decommissioning
Balance at beginning of year 601 435 422 322
Provision for the year (7) 121 – 66
Transfer (to)/from short-term provision (6) 7 (6) 7
Transfer to restoration – (1) – (1)
Work completed (11) – (11) –
Unwinding of discount rate 48 39 32 28
Balance at end of year 625 601 437 422
Provision for restoration
Provision for the year 33 (8) 25 (23)
Transfer from short-term provision 4 29 4 29
Transfer from decommissioning – 1 – 1
Total environmental rehabilitation obligation 1 540 1 429 1 272 1 184
The net present value of current rehabilitation
liabilities is based on discount rates taking into
consideration zero coupon swop curve rates of
between 5.9% to 9.5% (F2021: between 3.9% and
9.3%), inflation rates of approximately 5.5% and
6.3% (F2021: approximately 3.7% and 6.4%) and
life-of-mines of between one and 24 years (F2021:
one and 25 years). The South African Reserve Bank
has a long-term inflation target of between 3% and
6% (F2021: 3% and 6%). Refer note 25 for amounts
held in trust funds.
These provisions are based on estimates of cash

flows which are expected to occur at the end of
life-of-mines. These assumptions have inherent
uncertainties as they are derived from future
estimates of mining and financial parameters, such
as commodity prices, exchange rates and inflation.
Post-retirement healthcare benefits
Actuarial loss (6) (2) (6) (2)
Benefits paid (9) (9) (9) (9)
Balance at end of year (refer note 42) 76 85 76 85
75
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
20. LONG-TERM PROVISIONS continued

Silicosis and tuberculosis class action provision1
Demographic assumptions changes (13) (3) (13) (3)
Payments made – – – –
Transfer from/(to) short-term provisions (refer note 22) 14 (56) 14 (56)
Other long-term provisions2
Change in estimate of variable purchase price
for mine properties 6 (134) – –
Payments made during the year (22) (14) – –
Provision for the year 99 105 108 60
Unwinding of discount rate 45 44 – 14
Transfer to short-term provisions (refer note 22) (147) (256) (137) (60)
Total long-term provisions at end of year 1 979 1 883 1 544 1 481
1
ARM has a contingency policy in this regard which covers environmental impairment liability and silicosis liability with Guardrisk Insurance
Company Limited (Guardrisk). In turn, Guardrisk has reinsured the specified risks with Mannequin Insurance PCC Limited – Cell AVL 18,
Guernsey which cell captive is held by ARM.
Following the High Court judgment previously reported, the Tshiamiso Trust was registered in November 2019. As part of the settlement a
guarantee of R304 million was issued by Guardrisk on behalf of ARM in favour of the Tshiamiso Trust on 13 December 2019 (refer note 8).
Details of the provision were discussed in the 30 June 2021 financial results, which can be found on www.arm.co.za.
2
Other long-term provisions include: (i) long-term incentive schemes aimed at attracting, retaining and rewarding eligible senior employees
and (ii) variable consideration payable by Two Rivers to Dwarsrivier due to Dwarsrivier’s inability to mine the chrome ore as a result of Two
Rivers having a tailings dam on part of the mining area of Dwarsrivier.
76
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
21. TRADE AND OTHER PAYABLES

Trade payables 668 495 230 159
Related parties (refer note 44) 2 – 2 –
Insurance cell captive 784 764 – –
Other 694 681 109 93
Total trade and other payables 2 148 1 940 341 252
Trade and other payables are generally non-interest-bearing and are typically on 30- to 120-day payment terms.
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
22. SHORT-TERM PROVISIONS

Bonus provision
Payments made during the year (514) (613) (247) (230)
Transfer from long-term provision (refer note 20) – 2 – 2
Leave pay provision
Payments made during the year and leave taken (90) (98) (2) (20)
Other provisions
Provision for the year1 1 7 – 6
Payments made during the year (346) (121) (167) (122)
Transfer from long-term provision (refer note 20) 135 276 125 80
Total short-term provisions 716 898 429 499
1
Otherprovisions for F2022 and F2021 include retrenchment provision, rehabilitation provision for Nkomati and silicosis and tuberculosis class
action provision. F2021 also includes the employee profit share scheme.
The bonus provision is based on the policy as approved by each operation.
The leave pay provision is calculated based on total pensionable salary packages multiplied by the leave days
due at year end.
77
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
23. OVERDRAFTS AND SHORT-TERM BORROWINGS

Current portion of long-term borrowings (refer note 18) 163 348 141 317
Loans from subsidiaries – non-interest-bearing
(refer page 113) – – 42 42
Overdrafts (refer note 15) 16 16 16 16
179 364 199 375
Short-term borrowings are held as follows:
– Rustenburg Platinum Mines Limited
(Anglo American Platinum Limited) lease liability 20 30 – –
– ARM Coal Proprietary Limited (partner loan)1 139 307 139 307
– Loans from subsidiaries – – 42 42
– Two Rivers Platinum Proprietary Limited
(lease liability) 4 6 – –
– ARM Coal Proprietary Limited (lease liability) – 1 – 1
– African Rainbow Minerals Limited (lease liability) – 4 2 9
163 348 183 359
Overdrafts are held as follows:
– Other 16 16 16 16
16 16 16 16
Overdrafts and short-term borrowings 179 364 199 375
Interest-bearing 40 57 18 26
Non-interest-bearing 139 307 181 349
179 364 199 375
Unutilised short-term borrowing and overdraft facilities
– African Rainbow Minerals Limited 500 500 500 500
– ARM Mining Consortium Limited 100 100 – –
– Nkomati 60 60 60 60
– Two Rivers Platinum Proprietary Limited 500 500 – –
1 160 1 160 560 560
1
The short-term liability at 30 June 2022 relates to an operational loan between GGV and PCB.
Overdrafts accrue interest at floating rates. Short-term borrowings accrue interest at market-related rates.
Loans from dormant subsidiaries are interest free and are payable on demand.
78
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
24. JOINT OPERATIONS

The share of the following joint operations has been
incorporated into the group results:
– 50% share in the Nkomati Mine
– 51% share in ARM Coal Proprietary Limited
(consolidated)
– 50% share in Modikwa joint operation which is
held as an 83% subsidiary through ARM Mining
Consortium and is consolidated as a subsidiary
The company results include the share of the
following joint operations:
– 50% share in the Nkomati Mine
– 51% share in ARM Coal Proprietary Limited
– 34% share in Teal Minerals (Barbados)
Incorporated joint operation
The share of joint operations in the financial
statements are:
Statement of profit or loss
Sales 7 365 7 529 2 803 2 605
Cost of sales (3 622) (4 232) (1 303) (2 308)
Other operating expenses (1 462) (707) (1 162) (182)
Finance costs (202) (210) (187) (201)
Profit/(loss) from associate 927 (260) – –
Capital items 384 – 384 –
Profit before tax 3 685 2 520 642 170
Taxation (1 023) (761) (437) 7
Profit for the year after taxation 2 662 1 759 205 177
Non-controlling interest (260) (313) – –
Attributable to equity holders of ARM 2 402 1 446 205 177
Statement of financial position
Non-current assets 4 713 3 833 1 812 1 971
Current assets 4 483 3 417 1 778 869
Non-current liabilities (interest-bearing) 8 736 – 707
Non-current liabilities (non-interest-bearing) 1 998 1 815 1 299 1 063
Current liabilities (non-interest-bearing) 1 027 626 429 262
Current liabilities (interest-bearing) 160 338 139 308
Statement of cash flows
Net cash inflow/(outflow) from operating activities 1 486 1 651 (263) 317
Net cash outflow from investing activities (325) (573) (176) (198)
Net cash outflow from financing activities (31) (102) (1) (10)
79
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
25. ENVIRONMENTAL REHABILITATION

TRUST FUNDS
Interest earned (refer note 30) 2 3 2 3
Total 46 210 46 168
Transferred from/(to) current and non-current
financial assets 19 (166) – (124)
Total (included in cash and cash equivalents)
(refer note 15) 65 44 46 44
Total non-current environmental rehabilitation
obligations (refer note 20) 1 540 1 429 1 272 1 184
Less: Amounts in trust funds (see above) (46) (210) (46) (168)
Unfunded portion of liability 1 494 1 219 1 226 1 016
Part of the unfunded portion of the liability is
secured by guarantees in favour of the Department
of Mineral Resources and Energy included in other
cash set aside for specific use and financial assets
of R529 million (F2021: R375 million) (refer note 8,
14 and 15).
26. SALES AND REVENUE

Sales – mining and related products 16 917 19 657 2 938 2 741
Made up as follows:
Local sales 14 308 17 266 329 350
Export sales 2 609 2 391 2 609 2 391
Revenue 18 406 21 457 4 443 4 554

Fair value adjustments to revenue (1 257) 792 (15) 26
Revenue from contracts with customers 19 663 20 665 4 458 4 528
Sales – mining and related products 18 479 19 273 2 953 2 773
Penalty and treatment charges (305) (408) – (58)
Modikwa – (2) – –
Nkomati – (58) – (58)
Two Rivers (305) (348) – –
Fees received (refer note 28) 1 489 1 800 1 505 1 813
27. COST OF SALES

Amortisation and depreciation 845 803 194 183
Consultants, contractors and other 499 466 71 107
Electricity 540 571 32 156
Inventory written down to net realisable value – 41 – 41
Provisions – long term 10 50 (33) (20)
– short term 430 457 18 36
Raw materials, consumables used and change
in inventories 2 225 2 476 420 1 104
Railage and road transportation 260 282 206 239

Diesel rebate – 11 – 11
Staff costs 2 315 2 258 223 340
– salaries and wages 2 024 1 979 215 328

– pension – defined contribution 183 176 5 9
– medical aid 108 103 3 3
Other costs 536 485 297 261
7 660 7 900 1 428 2 458
80
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
28. OTHER OPERATING INCOME

Commission received 22 13 22 13
Cost recoveries 51 38 50 37
Fees received 1 489 1 800 1 505 1 813
Fair value adjustment on loan – 47 – –
Re-measurement gains on loans 54 53 58 190
Insurance income received 115 92 – –
Realised foreign exchange gains 35 1 35 –
Royalties received 114 173 – –
Settlement gain – 24 – –
Other 103 137 1 21
1 983 2 378 1 671 2 074
29. OTHER OPERATING EXPENSES

External audit remuneration – audit fees 19 28 12 16
– other services – – – –
Consulting fees 130 58 130 58
Depreciation 9 6 12 10
Re-measurement loss on loans 372 6 372 –
Insurance 129 105 17 25
Mineral royalty tax 911 1 215 181 32
Provisions – long term 27 (25) 27 (25)
– short term 204 258 204 258
Realised foreign exchange loss – 29 – 29
Care and maintenance 81 40 81 40
Social and enterprise development 126 68 – –
Research and development 166 105 166 105
Secretarial and financial services 4 4 4 4
Share-based payments expense 263 220 263 220
Staff cost 337 317 337 317
– termination benefits – 13 – 13
– pension – defined contribution 9 9 9 9
– salaries and wages 326 287 326 287
– training 2 8 2 8
Unrealised foreign exchange loss 1 – 1 –
Other 460 283 374 202
3 239 2 717 2 181 1 291
81
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
29. OTHER OPERATING EXPENSES continued

Loan re-measurement
ARM Coal
Included in other operating income, other operating
expenses and income/(loss) from associate are
re-measurements with no tax effect in both years
relating to the GGV and PCB loans. The gain and
loss is as a result of a re-measurement of debt
between ARM and Glencore Operations South Africa
Proprietary Limited (GOSA) and ARM Coal
Proprietary Limited.
The re-measurement adjustments are as follows:
Re-measurement gain in operating income –
ARM Coal segment 49 206 49 206
Re-measurement loss in operating expenses –
ARM Coal segment (815) – (815) –
Net re-measurement (loss)/gain – ARM Coal segment (766) 206 (766) 206
Re-measurement gain in operating income/(loss in
operating expenses) – ARM Corporate segment 443 (153) 443 (153)
Net re-measurement (loss)/gain on group profit from
operations before capital items (323) 53 (323) 53
Income from associate re-measurement (loss)/gain
on loans (refer note 9) (490) 36 – –
Net ARM Coal re-measurement (loss)/gain (813) 89 (323) 53
The re-measurements are as a result of changes in the future repayment cash flows applied to the net present
value calculations. The discount rate used in the calculation of the re-measurement is 10%. A US$1 increase in
commodity prices would decrease the re-measurement gain by Rnil (F2021: R17 million). A US$1 decrease in
commodity prices would increase the re-measurement gain by Rnil (F2021: R17 million). As the remaining liabilities
are current changes in US$1 commodity prices would be nominal. This is a level 3 valuation in terms of IFRS 13.
The group loans were repaid at 30 June 2022.

82
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
29. OTHER OPERATING EXPENSES continued

Loan re-measurement continued
Modikwa
The F2021 re-measurement loss in Modikwa
of R143 million is partially eliminated against
a re-measurement gain in ARM Corporate of
R137 million. The net re-measurement gain
attributable to ARM being R18 million.
Since the loans were repaid in F2021 there are
no further re-measurements.
The re-measurement adjustments are as follows:
– Other operating expenses increase – (6) – 137
– ARM Platinum segment (re-measurement loss) – (143) – –
– ARM Corporate segment (re-measurement gain) – 137 – 137
– Non-controlling interest – 24 – –
Net Modikwa re-measurement – 18 – 137
The re-measurements are as a result of changes in
the future repayment cash flows applied to the net
present value calculations. The discount rate used
in the calculation of the re-measurement is 5%.
This is a level 3 valuation in terms of IFRS 13.
ARM BBEE Trust1
Included in other operating income for F2022
is a re-measurement gain of R5 million
(F2021: R47 million fair value gain).
The gain is as a result of the new loans advanced
to the ARM BBEE Trust by Harmony.
The re-measurement/fair value gains are as follows:
– Other operating income increase – ARM Corporate
segment 5 47 9 –
Net ARM BBEE Trust fair value gain 5 47 9 –
29.1 Loss on derecognition of financial assets measured

at amortised cost
ARM BBEE Trust1
In F2021 company includes a loss on derecognition
of financial assets measured at amortised cost of
R363 million. The loss is as a result of the new loans
advanced to the ARM BBEE Trust by ARM which
were used to settle the old loans.
– Loss on derecognition of financial assets measured
at amortised cost – – – (363)
Loss on derecognition of financial assets measured

at amortised cost – – – (363)
1
Thefair value at initial recognition is as a result of the difference in the stipulated interest rate the lender may charge in the future in the new
loan agreement and the interest rate the ARM BBEE Trust would have to pay if the loan was advanced in an open market. The discount rate
used in the calculation of the fair value is 11.69% (F2021: 9.04%).
The carrying amounts of the financial liabilities approximate their fair value.
83
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
30. INCOME FROM INVESTMENTS

Dividend income – listed 50 82 50 82
– unlisted – – 8 151 5 937
Interest received – related parties (refer note 44) – – 113 132
–e nvironmental trust funds
(refer note 25) 2 3 2 3
– short-term bank deposits and other 633 402 393 281
685 487 8 709 6 435
31. FINANCE COSTS

Interest on IFRS 16 Lease liabilities 3 13 1 4
Gross interest on long- and short-term borrowings
and overdrafts 126 166 91 101
290 329 186 210
32. CAPITAL ITEMS

Impairment loss on property, plant and equipment –
Venture Building Trust – (9) – –
Impairment reversal on property, plant and equipment
– Machadodorp Works 3 – 3 –
Impairment on investments – Teal Minerals – – – (5)
Impairment reversal of loan – Kalplats – – – 60
Profit on sale of property, plant and equipment –
Nkomati 2 – 2 –
Loss on sale of property, plant and equipment –
Two Rivers (2) – – –
Profit on sale of property, plant and equipment –
ARM Coal 4 – 4 –
Impairment reversal/(impairment) on investment
in PCB – ARM 1 121 – 841 (260)
Capital items per statement of profit or loss before
taxation effect 1 128 (9) 850 (205)
Loss on sale of property, plant and equipment
accounted for directly in associate – ARM Coal
(refer note 38) (9) – – –
Impairment loss on property, plant and equipment
accounted for directly in joint venture – Assmang
(refer note 38) (20) (283) – –
Impairment loss on investment in Sakura accounted
for directly in joint venture – Assmang – (169) – –
Impairment loss on investment in Cato Ridge
accounted for directly in joint venture – Assmang – (48) – –
Loss on sale of property, plant and equipment
accounted for directly in joint venture – Assmang (25) (2) – –
Capital items before taxation effect 1 074 (511) 850 (205)
Taxation accounted for in joint venture – impairment

loss on property, plant and equipment – Assmang 6 72 – –
Taxation accounted for in joint venture – loss on
disposal of property, plant and equipment – Assmang 6 1 – –

Taxation accounted for in associate – loss on sale of
property, plant and equipment – ARM Coal 3 – – –
Taxation on profit on sale of property, plant and
equipment – ARM Coal (1) – (1) –
Total 1 088 (438) 849 (205)
84
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
33. TAXATION
South African normal taxation:
– current year 2 253 2 357 469 384
– mining 2 003 1 880 264 –
– non-mining 250 477 205 384
– prior year 25 (6) (2) 4
Dividends tax 131 54 29 –
Total current taxation 2 409 2 405 496 388
Total deferred taxation 327 928 209 (35)
– deferred taxation 413 928 211 (35)
– deferred taxation rate change (86) – (2) –
Total taxation charge per statement of profit or loss 2 736 3 333 705 353
Attributable to:
Profit before capital items 2 738 3 333 704 353
Capital items (refer note 32) (2) – 1 –
2 736 3 333 705 353
Amounts recognised directly in other comprehensive
income or equity:
Unrealised gain on financial asset held at fair value
through other comprehensive income (10) (319) (10) (319)
Total movement in deferred tax 317 609 199 (354)
South African mining tax is calculated based on taxable income less capital expenditure allowances.
Where there is insufficient taxable income to offset capital expenditure, the remaining balance is carried forward
as unredeemed capital expenditure.
During the 2022 budget speech held on 23 February 2022, it was announced that the corporate income tax rate
will be reduced from 28% to 27% for companies with years of assessment ending on or after 31 March 2023.
This change has affected recorded deferred tax assets and liabilities at 30 June 2022 and the standard tax rate
in the future.
Group Company
% % % %
Reconciliation of rate of taxation

Standard rate of company taxation 28 28 28 28
Adjusted for:
Disallowed expenditure1 2 1 3 1
Exempt income2 (1) – (24) (24)
Tax rate adjustment on deferred tax closing balance (1) – – –
Share of associate and joint venture income after tax (12) (11) – –
Effective rate of taxation 16 18 7 5

1
These amounts largely relate to the re-measurement losses in ARM Coal in F2022. F2021 largely relates to loss on derecognition of financial
assets in ARM Corporate and impairments.

2 In group the amounts largely relate to the impairment reversal on the investment in PCB.
In company the amounts relate mainly to impairment reversal on the investment in PCB and dividends received.
85
Group Company
% % % %
33. TAXATION continued

Reconciliation of rate of taxation before capital items
Standard rate of company taxation 28 28 28 28
Adjusted for:
Disallowed expenditure 4 1 3 1
Exempt income (1) – (24) (24)
Tax rate adjustment on deferred tax closing balance (1) – – –
Share of associate and joint venture income after tax (13) (11) – –
Effective rate of taxation 17 18 7 5
Group Company
Rm Rm Rm Rm
Profit before taxation and capital items per statement
of profit or loss 15 972 18 814 9 523 6 928
Taxation per statement of profit or loss 2 736 3 333 705 353
Taxation on capital items (refer note 32) 2 – (1) –
Tax – excluding tax on capital items 2 738 3 333 704 353
Group Company
% % % %
Percentage on above 17 18 7 5
Group Company
Rm Rm Rm Rm
Estimated assessed losses available for reduction
of future taxable income1 27 83 – –
Unredeemed capital expenditure available for
reduction of future mining income1 – 698 – 698
1
Deferred tax has been raised on these estimated tax benefits.
The latest tax assessment for the company relates to the year ended June 2021.
All returns due up to and including June 2021 have been submitted.
86
34. CALCULATIONS PER SHARE

The calculation of basic earnings per share is based on basic earnings of R12 426 million (F2021: R12 626 million
basic earnings) and a weighted average of 195 899 thousand (F2021: 195 333 thousand) shares in issue during
the year.
The calculation of headline earnings per share is based on headline earnings of R11 338 million (F2021:
R13 064 million) and a weighted average of 195 899 thousand (F2021: 195 333 thousand) shares in issue
during the year.
The calculation of diluted basic earnings per share is based on basic earnings of R12 426 million (F2021:
R12 626 million basic earnings) with no reconciling items to derive at diluted earnings and a weighted
average of 196 033 thousand (F2021: 197 314 thousand) shares in issue during the year calculated as follows:
Group
F2022 F2021
Weighted average number of shares used in calculating basic earnings
per share (thousands) 195 899 195 333
Potential ordinary shares due to long-term share incentives granted (thousands) 134 1 981
Weighted average number of shares used in calculating diluted earnings
per share (thousands) 196 033 197 314
The calculation of diluted headline earnings per share is based on headline
earnings of R11 338 million (F2021: R13 064 million) with no reconciling
items to derive at diluted headline earnings and a weighted average of
196 033 thousand (F2021: 197 314 thousand) shares.
The calculation of net asset value per share is based on net assets of R46 158 million
(F2021: R40 194 million) and the number of shares at year end of 224 668 thousand
(F2021: 224 453 thousand) shares.
The calculation of cash generated from operations per share (cents) is based
on cash generated from operations of R8 508 million (F2021: R 7 802 million)
and the weighted average number of shares in issue of 195 899 thousand
(F2021: 195 333 thousand).
Headline earnings (R million) 11 338 13 064
Headline earnings per share (cents) 5 787 6 688
Basic earnings (R million) 12 426 12 626
Basic earnings per share (cents) 6 343 6 464
Diluted headline earnings per share (cents) 5 783 6 621
Diluted basic earnings per share (cents) 6 338 6 399
Number of shares in issue at end of year (thousands) 224 668 224 453
Weighted average number of shares (thousands) 195 899 195 333
Weighted average number of shares used in calculating
diluted earnings per share (thousands) 196 033 197 314
Net asset value per share (cents) 20 545 17 908
EBITDA (R million) 8 854 12 227
Interim dividend declared (cents per share) 1 200 1 000
Dividend declared after year end (cents per share) 2 000 2 000
87
34. CALCULATIONS PER SHARE continued

ARM BBEE Trust restructuring effect on weighted and diluted average number of shares
Following the restructuring of the ARM BBEE Trust in F2016, the ARM BBEE Trust is consolidated into the
ARM consolidated financial results, as ARM controls the Trust for reporting purposes.
The consolidation of the ARM BBEE Trust results in ARM shares bought back by Opilac, a wholly owned
subsidiary of ARM, and the remaining shares owned by the Trust, reducing the number of shares used
in the calculation of headline, basic and diluted earnings per share.
The treasury shares are excluded, effectively from 22 April 2016, in the weighted average and diluted average
number of shares (refer note 17).
The number of shares in issue are, however, not affected.
Dividend per share

After the year end a dividend of 2 000 cents per share (F2021: 2 000 cents per share; F2020: 700 cents per
share) was declared which amounts to R4 493 million (F2021: R4 489 million; F2020: R1 563 million). This
dividend was declared on 1 September 2022 (F2021: 6 September 2021; F2020: 31 August 2020), before
approval of the financial statements but was not recognised as a distribution to owners during the period
to June 2022.
An interim dividend of 1 200 (1H2021: 1 000) cents per share, R2 694 million (1H 2021: R2 244 million) was
declared on 3 March 2022 (1H 2021: 3 March 2021).
Group
F2022 F2021
35. HEADLINE EARNINGS

Basic earnings attributable to equity holders of ARM 12 426 12 626
– Impairment reversal on property, plant and equipment – Machadodorp Works (3) –
– Impairment loss on property, plant and equipment – Venture Building Trust – 9
– Profit on sale of property, plant and equipment – Nkomati (2) –
– Loss on sale of property, plant and equipment – Two Rivers 2 –
– Profit on sale of property, plant and equipment – ARM Coal (4) –
– Impairment reversal on investment in 20.2% PCB – ARM (1 121) –
– Loss on sale of property, plant and equipment in associate – ARM Coal 9 –
– Impairment loss on property, plant and equipment in joint venture – Assmang 20 283
– Impairment loss on investment in Sakura accounted for directly in
joint venture – Assmang – 169
– Impairment loss on investment in Cato Ridge accounted for directly in
joint venture – Assmang – 48
– Loss on sale of property, plant and equipment in joint venture – Assmang 25 2
11 352 13 137
– Taxation accounted for in joint venture – impairment loss at Assmang (6) (72)
– Taxation accounted for in joint venture – loss sale of property, plant and
equipment at Assmang (6) (1)
– Taxation accounted for in associate – loss on sale of property, plant and
equipment – ARM Coal (3) –
– Taxation accounted for profit on sale of property, plant and equipment –
ARM Coal 1 –
Headline earnings 11 338 13 064

88
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
36. RECONCILIATION OF NET PROFIT BEFORE TAX

TO CASH GENERATED FROM OPERATIONS
Profit from operations before capital items 8 001 11 418 1 000 703
Profit/(loss) from associate 927 (260) – –
Income from joint venture 6 649 7 498 – –
Capital items (refer note 32) 1 128 (9) 850 (205)
Profit from operations after capital items 16 705 18 647 1 850 498
Adjusted for: (6 557) (5 540) 205 1 095
–A mortisation and depreciation of property, plant
and equipment and intangible assets 854 809 206 194
– Re-measurement adjustment on loans 318 (94) 314 173
– Income from joint venture (6 649) (7 498) – –
–P rofit on sale on property, plant and equipment
and Intangible assets (4) – (6) –
– ( Reversal of impairment)/impairment loss on property,
plant and equipment and Intangible assets (3) 9 (3) –
– (Reversal of impairment)/impairment on investment (1 121) – (841) 265
– Inventory write down – 41 – 41
– (Profit)/loss from associate (927) 260 – –
– Loan impairment reversal – – – (60)
– Movement in long- and short-term provisions 670 740 215 250
– Settlement gain – (24) – –
– Share based payments expense 263 220 263 220
– Foreign exchange movements 1 – 2 –
– Silicosis – 3 13 3
– Revaluation of investments 47 (1) 47 (1)
– Other non-cash flow items (6) (5) (5) 10
Cash from operations before working capital changes 10 148 13 107 2 055 1 593
Increase in inventories 70 54 48 155
Decrease in payables and provisions (973) (729) (291) (537)
Increase in receivables (737) (4 630) (1 640) (1 060)
Cash generated from operations 8 508 7 802 172 151
37. TAXATION PAID

Balance at beginning of year (receivable)/payable 85 (29) 31 12
South African taxation 2 409 2 405 496 388
Current tax (refer note 33) 2 409 2 405 496 388
Other (52) – 16 –
Balance at year end (payable)/receivable (139) (85) (57) (31)
Tax payable at year end (255) (155) (123) (31)
Tax receivable at year end 116 70 66 –
Taxation paid 2 303 2 291 486 369
89
38. IMPAIRMENT AND IMPAIRMENT REVERSAL

38.1 ARM Ferrous
Property, plant and equipment impairment
Khumani Mine
An impairment loss was recognised in F2022 on property, plant and equipment at Khumani for R40 million
before tax. This relates to a capital project to fill an underground cavity. The impairment loss was accounted
for due to management’s assessment of limited future economic benefits associated with the capital spend.
ARM’s attributable share of the impairment amounted to R20 million before tax of R6 million (refer note 32).
This is accounted for in the income from joint venture line in the statement of profit or loss.
Tshenolo Mining Company

An impairment loss was recognised in F2021 on property, plant and equipment for R52 million with no tax effect.
ARM’s attributable share of the impairment amounted to R26 million with no tax effect (F2020: R7 million before
tax of R2 million). The impairment loss relates to the prospecting right carried at cost in the Assmang subsidiary
company Tshenolo Mining Company which was written down to zero. This is accounted for in the income from
joint venture in the statement of profit and loss (refer note 32).
Cato Ridge Works
An impairment loss of R514 million before tax of R144 million was recognised in F2021 on property, plant and
equipment. ARM’s attributable share of the impairment loss amounted to R257 million before tax of R72 million
(refer note 32).
This impairment was due to a combination of:

• An increase in long-term manganese ore prices (market prices) (production cost)
• A decline in long-term high carbon manganese alloys prices (sales prices)
• The strengthening of the rand to the US$.
Impairment indicators were identified at the Cato Ridge Works cash-generating unit (CGU). A discounted cash
flow valuation was performed to determine the fair value less cost of disposal of the CGU. The net discounted
cash flow valuation resulted in a negative net present value (NPV), which resulted in the impairment of the total
net asset value of Cato Ridge Works. The recoverable amount of the CGU amounted to Rnil at 30 June 2021.
The level 3 valuation model was calculated using a nominal pre-tax South African discount rate of 15.89%. The
valuation period was based on two years. The short valuation period is due to the CGU generating negative cash
flows from year one in the impairment model. The recoverable amount of the CGU amounted to Rnil at 30 June 2021.
The following assumptions were used in the valuation model:

F2022 F2023
Manganese ore price assumptions (37% and 44%) $/dmtu CIF 4.82 – 5.16 5.10 – 5.54
HCFeMn Export Lumpy USA 77 US$/mt Ex Whse (USA) 1 384 1 268
HCFeMn Export Lumpy EUR 77 US$/mt DDP (Europe) 1 236 1 193
HCFeMn Export Lumpy OTH 77 US$/mt DDP (China) 1 150 1 226
Exchange rates
US$/ZAR ZAR nominal 14.82 14.94
EUR/ZAR ZAR nominal 18.37 18.92
US$/EUR EUR nominal 0.81 0.81
90
38. IMPAIRMENT AND IMPAIRMENT REVERSAL continued

38.1 ARM Ferrous continued
Investments
Cato Ridge Alloys
An impairment loss of R97 million with no tax effect was recognised in F2021 on Assmang’s equity-accounted
investment in Cato Ridge Alloys. ARM’s attributable share of the impairment loss amounted to R48 million with
no tax effect (refer note 32).

• A decline in long-term medium carbon manganese alloys prices
• The strengthening of the rand against the US$.
A discounted cash flow valuation was performed to determine the fair value less cost of disposal of the
investment.
The level 3 valuation model was calculated using a nominal pre-tax South African discount rate of 15.89%.
The valuation period was based on two years. The short valuation period is due to Cato Ridge Alloys generating
losses from year one in the impairment model.
The following assumptions were used in the valuation model for the equity investment:
F2022 F2023
HC FeMn Molten metal purchase price ZAR/mt 14 505 14 785
MCFeMn Lumpy USA 80 US$/mt CIF (US) 1 883 1 826
MCFeMn Export Lumpy OTH 80 US$/mt CIF (US) 1 629 1 652
MCFeMn Export Lumpy EUR 80 EUR/mt DDP 1 568 1 447
Exchange rates
US$/ZAR ZAR nominal 14.82 14.94
EUR/ZAR ZAR nominal 18.37 18.92
US$/EUR EUR nominal 0.81 0.81
Sakura
An impairment loss of R337 million after tax was recognised in F2021 on Assmang’s equity-accounted investment,
Sakura Ferroalloys Sdh Bhd. ARM’s attributable share of the impairment loss amounted to R169 million after tax
(refer note 32).

• A consistent decline in the long-term manganese alloys prices
• Lower sale volumes compared to prior year forecast.
A discounted cash flow valuation was performed to determine the fair value less cost of disposal of the investment.
The valuation was performed in Malaysian ringgit (MYR). The recoverable amount of the attributable investment
amounted to R200 million at 31 December 2020, with no further impairment recognised at 30 June 2021.
The level 3 valuation model was calculated over a 15-year period with no terminal value assumptions at the
end of year 15. A pre-tax Malaysian discount rate of 10.33% was used in the impairment calculation. The MYR
valuation was converted to South African rand using an exchange rate of R3.62 at 31 December 2020.
The following assumptions were used in the valuation model:

F2022 F2023 F2024 F2025
Manganese ore price
assumptions – 44% Mn $/dmtu CIF 4.42 4.46 4.80 5.08
Manganese ore price

assumptions – 36% – 38% Mn $/dmtu CIF 4.16 4.09 4.43 4.61
Manganese alloy price

assumptions – US import US$/mt DDP 1 178 1 248 1 306 1 338
Manganese alloy price
assumptions – Europe spot US$/mt DDP 1 033 1 077 1 116 1 144
Exchange rates
US$/MYR MYR nominal 4.15 4.15 4.10 4.00
US$/EUR EUR nominal 0.85 0.87 0.84 0.82
91

38.2 ARM Coal
Investments
Participative Coal Business (PCB)
At 30 June 2022 previous impairment losses recognised against the investment in PCB was reversed by ARM,
mainly due to an earlier than anticipated settlement of PCB loans.
A discounted cash flow valuation model was prepared to determine the net present value of the investment
in PCB. The recoverable amount of ARM’s net investment in PCB amounted to R4 450 million.
The level 3 valuation recoverable amount of the investment in the PCB cash generating unit was determined
based on the fair value less cost of disposal calculation performed in terms of IFRS.
ARM’s attributable share of the impairment reversal amounted to R1 121 million (nil tax impact) for group and
R841 million (nil tax impact) for company (refer note 9 and 32).
Group Company
Gross Tax After tax Gross Tax After tax
Rm Rm Rm Rm Rm Rm
PCB 20.2%: reversal of
impairment (refer note 9
and 32) 1 121 – 1 121 841 – 841
Total attributable to ARM 1 121 – 1 121 841 – 841
A pre-tax discount rate of 20.5% was used for the discounted cash flow valuation model together with the
following commodity prices and exchange rates:
F2023 F2024 Long-term
Real Real Real
R/US$ 15.66 15.28 15.15
US$/t 184 136 80
Company – ARM Coal investment

At 30 June 2021, an impairment loss in the investment in PCB was recognised by ARM company, due to a
decline in saleable production.
A discounted cash flow valuation model was performed to determine the fair value less cost of disposal of the
investment in PCB. The recoverable amount of ARM’s net investment in PCB amounted to Rnil at 30 June 2021.
The level 3 valuation recoverable amount of the investment in PCB was determined based on the fair value less
cost of disposal calculation performed in terms of IFRS. ARM’s attributable share of the impairment losses
amounted to R260 million (refer note 32).
Gross Tax After tax
Rm Rm Rm
PCB 20.2%: impairment of investment (refer note 32) 260 – 260
Total attributable to ARM 260 – 260
A pre-tax discount rate of 19.1% was used for the impairment calculation together with the following commodity
prices and exchange rates:
F2022 F2023 F2024 Long-term
Real Real Real Real

Exchange rate R/US$ 14.51 14.52 14.65 14.65
Richards Bay free-on-board

(FOB) price US$/t 87.23 81.00 78.00 74.00
92

38.3 Machadodorp Works
An impairment reversal was recognised in F2022 on property, plant and equipment for R3 million with no tax
effect (refer note 32).
38.4 Venture Building Trust

An impairment loss was recognised in F2021 on property, plant and equipment for R9 million with no tax effect
(refer note 32).
38.5 Teal
An impairment loss was recognised in F2021 on the investment in Teal for R5 million with no tax effect (refer note 32).
38.6 Impairment summary
Group Company
Impairment/
(Impairment
reversal) Taxation Net F2022 F2021 F2022 F2021
Summary Rm Rm Rm Rm Rm Rm Rm
F2022
ARM Coal (1 121) – (1 121) (1 121) – (841) –
ARM Ferrous 20 (6) 14 14 – – –
Machadodorp
Works (3) – (3) (3) – (3) –
Total (1 110) – (844) –
F2021
ARM Ferrous 500 (72) 428 – 428 – –
Venture Building
Trust 9 – 9 – 9 – –
Teal – – – – – – 5
ARM Coal – – – – – – 260
Total – 437 – 265
39. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

The group is exposed to certain financial risks in the normal course of its operations. To manage these risks, a
treasury risk management committee monitors transactions involving financial instruments. The group does not
acquire, hold or issue derivative instruments for trading purposes. The following risks are managed through the
policies adopted below:
Currency risk
The commodity market is predominantly priced in US dollars which exposes the group’s cash flows to foreign
exchange currency risks (refer note 39 for sensitivity analysis). In addition, there is currency risk on long lead-
time capital items which may be denominated in US dollars, euros or other currencies. Derivative instruments
which may be considered to hedge the position of the group against these risks include forward sale and
purchase contracts as well as forward exchange contracts. There were no derivatives taken out at year end.
The use of these derivative instruments is considered when appropriate for long lead-time capital items.
93
39. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT continued

Currency risk continued
Below is a summary of amounts included in the statement of financial position denominated in a foreign currency.
Group Company
Year-end
Foreign exchange Foreign exchange
currency rate currency rate
amount R/US$ amount R/US$
Financial assets
Foreign currency denominated items
included in receivables:
30 June 2022 US$115 million 16.38 US$23 million 16.38
30 June 2021 US$127 million 14.27 US$5 million 14.27
Foreign currency denominated items
included in cash and cash equivalents
and financial assets:
30 June 2022 US$18 million 16.38 US$nil 16.38
30 June 2021 US$18 million 14.27 US$nil 14.27
Liquidity risk management

The group’s executives meet regularly to review long- and mid-term plans as well as short-term forecasts of
cash flow. Funding requirements are met by arranging banking facilities and/or structuring finance as applicable.
All funding and related structures are approved by the board of directors.
The table below summarises the maturity profile of the group’s financial liabilities at 30 June 2022 and 30 June 2021
based on discounted cash flows. For undiscounted amounts refer note 18.
Trade and other payables and overdrafts and short-term borrowings are due to their nature the same for
discounted and undiscounted cash flows.
Group F2022 Company F2022

Within Within
one 2–4 Over one 2–4 Over
year years 5 years Total year years 5 years Total
Long-term and short-term
borrowings (refer notes 18 and 23) 163 12 293 468 141 – – 141
Trade and other payables
(refer note 21) 2 148 – – 2 148 341 – – 341
Overdrafts (refer note 23) 16 – – 16 58 – – 58
Total 2 327 12 293 2 632 540 – – 540
Group F2021 Company F2021

Within Within
one 2–4 Over one 2–4 Over
year years 5 years Total year years 5 years Total
Long-term and short-term
borrowings (refer notes 18 and 23) 348 309 796 1 453 317 274 434 1 025
Trade and other payables

(refer note 21) 1 940 – – 1 940 252 – – 252
Overdrafts (refer note 23) 16 – – 16 58 – – 58

Total 2 304 309 796 3 409 627 274 434 1 335
94

Liquidity risk management continued
Group Company
F2022 F2021 F2022 F2021

Overdrafts and short-term borrowings (including
short-term portion of long-term borrowings) are
held as follows:
– ABSA Bank Limited – 347 – 316
– Interest free loans – subsidiaries – – 42 42
– Partner loans – short term 139 – 139 –
– Other 40 17 18 17
179 364 199 375
Credit risk
Credit risk arises from possible defaults on payments by business partners or bank counterparties. The group
minimises credit risk by evaluating counterparties before concluding transactions in order to ensure the
creditworthiness of such counterparties. The maximum exposure for trade receivables is the carrying
amounts disclosed in notes 7, 11 and 13. Major trade and other receivables include Impala Platinum
R3 646 million (F2021: R4 324 million), Rustenburg Platinum Mines R1 526 million (F2021: R1 755 million),
Norilsk Nickel Rnil (F2021: R67 million), Glencore Operations SA R887 million (F2021: R218 million) and
Glencore International AG R376 million (F2021: R120 million). Cash is only deposited with institutions which
have exceptional credit ratings with the amounts distributed appropriately among these institutions to minimise
credit risk through diversification. The maximum exposure is the carrying values as per notes 8, 14 and 15.
The fair value through other comprehensive income financial asset (which is the Harmony investment)
exposure is the carrying value of this asset as per note 11.
Group Company
F2022 F2021 F2022 F2021

Cash and cash equivalents and financial assets are
held as follows:
– ABSA Bank Limited 3 371 2 040 1 101 1 183
– Barclays Private Clients International 11 55 – –
– Deutsche Bank 92 81 – –
– Investec Limited 345 344 345 344
– FirstRand Limited 604 225 604 218
– HSBC 168 213 – –
– Lloyds Bank Plc 66 234 – –
– Nedbank Limited 2 448 2 324 2 388 2 304
– Ninety one 1 260 1 060 1 260 1 060
– Royal Bank of Canada – Barbados – 16 – 5
– Royal Bank of Scotland International Limited – 180 – –
– Stanlib 1 910 – 1 910 –
– Financial assets 1 044 716 342 344
– The Standard Bank of South Africa Limited 1 359 2 872 1 329 2 860
– Other 25 27 3 4
12 703 10 387 9 282 8 322
95

Treasury risk management
The treasury function is outsourced to Andisa Capital Proprietary Limited (Andisa), specialists in the management
of third-party treasury operations. Together with ARM financial executives, Andisa coordinates the short-term cash
requirements in the South African domestic money market.
A treasury committee, consisting of senior managers in the company including the finance director and
representatives from Andisa meet on a regular basis to analyse currency and interest rate exposures as well as
future funding requirements within the group. The committee reviews the treasury operation’s dealings to ensure
compliance with group policies and counterparty exposure limits.
Commodity price risk

Commodity price risk arises from the possible adverse effect of fluctuations in commodity prices on current and
future earnings. Most of these prices are US dollar based and are internationally determined in the open market.
From these base prices, contracts are negotiated. ARM does not actively hedge future commodity revenues of
the commodities that it produces against price fluctuations.
The Nkomati, Two Rivers and Modikwa operations recognise revenue using the discounted forward commodity
price relating to the month in which the sale will be finalised. There is a risk that the spot price does not realise
when the metal price fixes on out-turn at the refinery. Management is of the opinion that this method of revenue
recognition is the most appropriate. The risk is that where there are significant changes in metal prices after a
reporting period end that the next reporting period is impacted. The value of accounts receivable for these three
entities included in trade and other receivables (refer note 13) amounts to R5 172 million (F2021: R6 146 million).
Refer to the sensitivity below on page 102.
Interest rate risk

The group’s exposure to market risk for changes in interest rates relates primarily to the group’s long-term debt
obligations (refer to note 39 sensitivity). The group manages its interest cost using a mix of fixed and variable
rates. Fluctuations in interest rates give rise to interest rate risks through the impact these fluctuations have on
the value of short-term cash investments and financing activities. Fixed interest rate loans carry a fair value risk
due to change in market rates. Cash is managed to ensure that surplus funds are invested in a manner to
achieve maximum returns while minimising risks.
The table quantifies the interest rate risk.

Group
Book value Effective
at year end Maturity interest
Cash and cash equivalents and financial assets Rm date1 rate
Year ended 30 June 2022
Cash – financial institutions 92 Overnight 0 – 2%
– financial institutions 11 322 call deposit 0 – 8%
– fixed 245 July 22 0 – 5%
Fixed deposits 1 044 3 – 12 months 0 – 7%
12 703
Cash – financial institutions 98 Overnight 0 – 2%
– financial institutions 8 892 call deposit 0 – 8%
– fixed 681 July 21 0 – 5%
Fixed deposits 716 3 – 12 months 0 – 7%
10 387
96

Interest rate risk continued
Company
Cash and cash equivalents and financial assets Rm date1 rate
Cash – financial institutions 8 940 Call deposits 5 – 9%
9 282
Cash – financial institutions 7 978 Call deposits 5 – 9%
8 322
Group
Financial liabilities Rm date1 rate
Long-term borrowings
ARM BBEE Trust – loan facility – Harmony Gold 166 2035 Interest free
ARM Corporate – lease liability – 2022 9.2%
Two Rivers – lease liability 134 2040 8.3%
Modikwa – lease liability 29 2023 – 2044 5.6% – 8.6%
ARM Coal – GGV acquisition loan (partner loan) RBCT 139 2029 Interest free
ARM Coal – GGV acquisition loan (partner loan) – 2029 Interest free
ARM Coal – GGV project facility phase 1 loan (partner loan) – 2029 Interest free
468
Less: Transferred to short-term borrowings (163)
Total 305
Summary of variable and fixed rates

Group
Transfer to
Total short term Long term
Variable rates – – –
Fixed rates – interest free 468 (163) 305
Total 468 (163) 305
1
This relates to the financial year.
97

Group
Financial liabilities Rm date rate
ARM BBEE Trust – loan facility – Harmony Gold 217 2035 Interest free
ARM Corporate – lease liability 4 2022 9.2%
Two Rivers – lease liability 158 2040 8.3%
Modikwa – lease liability 59 2023 – 2044 5.6% – 8.6%
ARM Coal – lease liability 1 2021 10.9%
ARM Coal – GGV acquisition loan (partner loan) 149 2029 Interest free
ARM Coal – GGV project facility phase 1 loan (partner loan) 573 2029 Interest free
1 453
Total 1 105

Group
Transfer to
Fixed rates – interest free 1 453 (348) 1 105
Total 1 453 (348) 1 105
Group
Book value Repricing Maturity Effective
Short-term financial liabilities at year end date date interest rate
Variable rate
Financial institutions 40 30/06/2022 30/06/2023 between 2% and 11%
ARM Coal 139 30/06/2022 30/06/2023 Interest free
Total (refer note 23) 179
Group
Variable rate
Financial institutions 57 30/06/2021 30/06/2022 between 2% and 11%
Anglo American Platinum (partner loan) 307 30/06/2021 30/06/2022 No interest

98

Company
Financial liabilities Rm date1 rate
ARM Coal – GGV acquisition loan (partner loan) – 2029 Interest free
Less: Transferred to short-term borrowings 141
(141)
Total –
1
This relates to the financial year.

Company
Transfer to
Fixed rates – interest free 141 (141) –
Total 141 (141) –
Company
Rm date rate
ARM Coal – lease liability 1 2021 10.90%
ARM Coal – GGV acquisition loan (partner loan) 149 2029 Interest free
1 025
Total 708
99

Summary of variable and fixed rates continued
Company
Transfer to
Fixed rates – interest free 1 025 (317) 708
Total 1 025 (317) 708
Company
Financial institutions 18 30/06/2022 30/06/2023 10.25%
ARM Coal 139 No interest
Loans from subsidiaries 42 No interest
Company
Financial institutions 26 30/06/2021 30/06/2022 10.25%
ARM Coal 307 No interest
Loans from subsidiaries 42 No interest
100

Fair value risk
The carrying amounts of other receivables, cash and cash equivalents, financial assets and trade and other
payables approximate their fair value because of the short-term duration of these instruments.
Fair value hierarchy

The group uses the following hierarchy for determining the level of confidence in the valuation technique used:
Level 1 – Quoted (unadjusted) prices in active markets for identical assets or liabilities
Level 2 – A technique where all inputs that have an impact on the value are observable, either directly or indirectly
Level 3 – A technique where all inputs that have an impact on the value are not observable
Financial instruments by categories

Group F2022
Financial
instruments
At fair value at fair value
through through other Total
Fair value profit comprehensive book Total
hierarchy or loss income value fair value
Category level Rm Rm Rm Rm
Investments – listed (refer note 11) 1 1 3 881 3 882 3 882
Investments – Guardrisk (refer note 11) 2 9 – 9 9
Investments – RBCT (refer note 11) 3 213 – 213 213
Trade receivables1 2 5 172 – 5 172 5 172
Group F2021
Financial
instruments
Investments – listed (refer note 11) 1 1 3 940 3 941 3 941
Trade receivables1 2 6 146 – 6 146 6 146
1
For inputs used refer note 39 sensitivity.
Company F2022
Financial
instruments
Investments – listed (refer note 11) 1 – 3 881 3 881 3 881

101

Fair value hierarchy continued
Financial instruments by categories continued
Company F2021
Financial
instruments
Investments – listed (refer note 11) 1 – 3 940 3 940 3 940
Trade receivables1 2 67 – 67 67
1
For inputs used refer note 39 sensitivity.
Acquisition risk
Acquisition risk is the risk that acquisitions do not realise expected returns. This risk is mitigated by ensuring that
all major investments are reviewed by the ARM investment committee after being proposed by management.
Capital risk management

The management and maintenance of capital in ARM is a central focus of the board and senior management.
The ability to continue as a going concern and to safeguard assets while optimally funding capital expenditure
is continually monitored. Capital is mainly monitored on the basis of the net gearing ratio while giving due
consideration to life-of-mine plans and business plans. Capital structure is maintained and improved by ensuring
an appropriate level of borrowings, adjusting dividends and reviewing returns from operations. ARM does not
have a fixed policy on gearing but targets a net gearing threshold of 30% for external funding. Total capital is
defined as total equity on the statement of financial position plus debt.
Sensitivity
The sensitivity calculations are performed on the variances in prices, exchange rates and interest rate changes.
The assumptions are calculated individually while keeping all other variables constant. The effect is calculated
only on the financial instruments as at year end. It is relevant to note that the accounts receivable balance in
note 13 of R5 172 million (F2021: R6 146 million) was valued using the following parameters: (i) rand/US dollar
exchange rate of R16.38 (F2021: R14.27), (ii) platinum price of US$985/oz (F2021: US$1 045/oz), (iii) palladium
price of US$2 174/oz (F2021: US$2 453/oz), rhodium of US$16 275/oz (F2021: US$19 221/oz), and a nickel price
of US$23 319 (F2021: US$16 447/tonne.)
The sensitivity was applied to profit or loss before taxation and non-controlling interest. There is no other impact
on equity.
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
The increase in profit before tax if:
The rand/US dollar exchange rate weakens by R1 95 175 – –
The price of PGM increases by 10% 171 250 NA NA
The interest rate increases by 1% 123 93 98 88
The decrease in profit before tax if:

The rand/US dollar exchange rate strengthens by R1 (95) (175) – –
The price of PGM decreases by 10% (171) (250) NA NA

The interest rate decreases by 1% (123) (93) (98) (88)
The interest rate change impact is calculated on the net financial instruments at reporting date and does not take
into account any repayments of long- or short-term borrowings. The prices of all other commodities are
contractually fixed and are thus not impacted by price fluctuations after the reporting date.
102
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
40. COMMITMENTS, CONTINGENT LIABILITIES,

DISPUTES AND GUARANTEES
Commitments
Commitments in respect of capital expenditure:
Approved by directors
– contracted for 1 684 677 97 23
– not contracted for 1 848 126 – –
Total commitments 3 532 803 97 23
Commitments allocated as follows:
ARM Mining Consortium Limited 343 197 – –
ARM Coal Proprietary Limited 97 23 97 23
Two Rivers Platinum Proprietary Limited 3 092 583 – –
3 532 803 97 23
It is anticipated that this expenditure, which mainly relates to mine development and plant and equipment, will be
financed from operating cash flows and by utilising available cash and borrowing resources.
Contingent liabilities
Nkomati
The Nkomati Mine closure may have a potential exposure regarding rehabilitation and management of water
post closure. There are uncertainties regarding the ongoing assessment of long-term water management
measures, and anticipated amendments to the existing water use licence (WUL).
Water monitoring has been ongoing for the past 18 months and it is anticipated to be completed in March 2023.
The outcome of the study will be used for ground water and surface water numerical modelling. The results of
the numerical modelling will inform the option for water management solutions, as well as the size and quantum
of the water management system. The integrated specialist studies, which includes the outcome numerical
modelling, will be used to define and apply for appropriate closure water use licence closure conditions.
Potential water resource impact liability and the quantum for water management remains uncertain, the
obligation will be recognised when it is probable and can be reliably estimated.
The environmental rehabilitation provision at 30 June 2022 is the best independent estimate and is based on
the most reliable information currently available.
It will be re-assessed on an ongoing basis as engineering designs evolve and new information becomes available,
as well as when approvals of a revised environmental management plan and water use licence are secured.
Disputes
ARM Mining Consortium made an application against the Department of Mineral Resources and Energy (DMRE)
and third-party respondents requesting the court to order the DMRE to reassess applications for certain
prospecting rights brought by Rustenburg Platinum Mines, ARM Mining Consortium’s joint venture partner, that
had been earlier rejected. Judgment on the matter was granted on 10 July 2020. The court found against
ARM Mining Consortium. ARM Mining Consortium applied for leave to appeal the court judgment in the
Supreme Court of Appeal (SCA) in Bloemfontein, which was granted. The Appeal Record was served and filed
at the SCA on 15 April 2021. Both parties (applicants and respondents) have filed their heads of argument.
ARM Mining Consortium’s appeal against the decision of the High Court of South Africa in Limpopo was heard
by the Supreme Court of Appeal on 1 March 2022. Judgment was reserved in the matter.
103
40. COMMITMENTS, CONTINGENT LIABILITIES, DISPUTES AND GUARANTEES continued

Guarantees
A back-to-back guarantee to Assore Limited (Assore) in respect of ARM’s share of the guarantees issued to
bankers by Assore to secure a short-term export finance agreement facility of R180 million (F2021: R180 million)
by Assmang. Short-term export finance loans negotiated in terms of the above facility in the ordinary course of
business at 30 June 2022 were Rnil (F2021: Rnil).
Guarantees to the Department of Mineral Resources for rehabilitation provision amounting to R577 million
(F2021: R375 million). Guarantees to Eskom amounting to R124 million (F2021: R90 million).
During the year Sakura’s debt was restructured, which resulted in the United Overseas Bank (UOB) guarantee
reducing from US$60 million to US$27.4 million. This guarantee relates to the US$27.4 million (100%) credit
facility from UOB to Sakura. US$21 million (100%) of the facility was drawn down by Sakura at 30 June 2022.
During F2022 Sakura’s net debt position improved and Sakura settled the remaining US$15 million of the Mizuho
loan facility and the US$20 million of the SMBC loan facility. The Mizuho guarantee expired on 25 May 2022 and
it was not renewed, the SMBC guarantee is still in place and will expire in September 2023. Assmang’s SMBC
guarantee at 54.36% is US$11.3 million (F2021: US$11.3 million). ARM’s 50% interest in Assmang would equate
to US$5.7 million (F2021: US$5.7 million).
41. RETIREMENT PLANS

The group facilitates pension plans and provident funds substantially covering all employees. These are
composed of defined contribution pension plans, which are governed by the Pension Funds Act, 1956, and
defined contribution provident funds administered by employee organisations within the industries in which
members are employed.
The benefits provided by the defined contribution plans are determined by accumulated contributions and
returns on investment.
Members contribute between 5.0% and 7.5% and employers contribute between 6.2% and 20.0% of
pensionable salaries to the funds. Members’ contribution for the current year amounts to R192 million
(F2021: R187 million)
42. POST-RETIREMENT HEALTHCARE BENEFITS

The group has obligations to fund a portion of certain pensioners’ and retiring employees’ medical aid
contributions based on the cost of benefits in terms of a defined benefit plan. The anticipated liabilities arising
from these obligations have been actuarially determined using the projected unit credit method and a
corresponding liability has been raised.
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
The post-retirement healthcare benefits are provided
for in the following entity:
African Rainbow Minerals Limited 65 75 65 75
Machadodorp Works 11 10 11 10
76 85 76 85
104
42. POST-RETIREMENT HEALTHCARE BENEFITS continued

The liability is assessed at three-yearly intervals by an independent actuary. The assumptions used are as follows:
• A real discount rate of 2.1% per annum (F2021: 1.8% per annum)
• An increase in healthcare costs at a rate of between 8.3% and 8.5% per annum (F2021: 7% and 9% per annum)
• A 1% change in the healthcare inflation rate used is estimated to have an impact of plus 7% or less 6%
(F2021: plus 7% or less 8%) on the liability
• The normal retirement age was assumed to be 60 years. It was assumed that all members would become
entitled to full post-employment subsidies from normal retirement age, and the liabilities were assumed to be
fully accrued at retirement age.
The provisions raised in respect of post-retirement healthcare benefits amounted to R76 million (F2021: R85 million)
at the end of the year. For movements refer note 20.
The liabilities raised based on present values of the post-retirement benefit, have been recognised in full. An
actuarial valuation is carried out in respect of this liability at three-yearly intervals. No new employees get this
benefit and the liability is relatively stable. The last actuarial valuation was carried out in F2022.
At retirement members are given the choice to have an actuarially determined amount paid into their pension
fund to cover the expected cost of the post-retirement health cover. Alternatively the group will continue to fund
a portion of the retiring employee’s medical aid contributions.
43. SHARE-BASED PAYMENT PLANS

Equity-settled plan
The company uses plans to attract, retain, motivate and reward eligible employees who are able to influence the
performance of ARM on a basis which aligns their interest with those of the company’s shareholders.
Share options
Between F2008 and F2014 annual allocations of share options were made on a much reduced scale due to the
adoption of the share plan. No share options have been allocated since the end of F2014 (refer remuneration
report).
The company granted share options to certain employees under the share incentive scheme. The exercise price
of the options was equal to the market price of the shares on the date of the grant. Before July 2008 the options
started to vest one year after the grant date in three equal tranches over three years and from 1 July 2008 the
options vested after three years. Both schemes were subject to continued employment.
The contract life of each option is eight years from the grant date.
F2022 F2021 F2022 F2021

Share Share Average price Average price
options options cents cents
Outstanding at beginning of year 39 829 343 541 19 989 18 719
Forfeited/cancelled/lapsed – (68 482) – 18 255
Exercised during the year (39 829) (235 230) 19 989 18 745
Outstanding at end of year – 39 829 – 19 989
Exercisable at end of year – 39 829
Range of strike prices of options
exercised (cents) 19 114 to 20 075 16 837 to 20 075
Range of strike prices of outstanding
options (cents) 19 114 to 20 075
105
43. SHARE-BASED PAYMENT PLANS continued

Bonus shares
Bonus shares are conditional rights to shares which were allocated annually, which allocations were determined
according to a specified ratio of the annual cash incentive accruing to senior executives. Bonus shares vest and
are settled between three and four years, subject to continued employment. Other than bonus shares awarded
in terms of the bonus share/co-investment scheme method and the waived bonus method, no bonus shares have
been awarded since 2015. If a senior executive leaves due to a fault termination (eg resignation or dismissal), all
unvested awards are forfeited. If a senior executive leaves due to a no-fault termination (eg retirement), all bonus
shares awarded prior to December 2014 are settled in full (refer remuneration report).

The deferred bonus/co-investment scheme was implemented to closely align the interests of shareholders and
senior executives by rewarding superior performance and by encouraging senior executives to build up a
shareholding in the company, as well as to enhance the retention characteristics of the current reward of senior
executives. The company is of the view that the deferral of a portion of immediate cash bonuses demonstrates
a heightened commitment to performance and shareholder alignment, and promotes the retention of key
employees and enhances the performance and shareholder alignment characteristics of the share plan.
Senior executives are offered the opportunity, before the end of March each year, to elect that a portion of any
cash bonus calculated at the end of the performance year, be deferred and converted into an equivalent value
of deferred bonus shares.
To encourage senior executives to take up the deferral(s), the deferred bonus shares are matched with the
equivalent number of performance shares. The remainder of the deferred cash bonus, after any deferral,
will accrue to senior executives and be paid out in cash.
Scheme to F2016: Senior executives could defer 25%, 33% or a maximum of 50%.
Scheme with effect from F2018: Senior executives may defer 25%, 33%, 50%, 75% or 100%
(refer remuneration report).
The deferred bonus/co-investment scheme was discontinued in October 2019.
Waived bonus method

The waived bonus method was implemented to closely align the interests of shareholders and senior executives
by rewarding superior performance and by encouraging senior executives to build up a shareholding in the
company, and to enhance the retention characteristics of the current reward of senior executives.
In advance of the F2016 bonus being quantified or declared, and before any such bonus accrued, the executive
chairman elected to waive and receive delivery of 100% of the value of any cash bonus which might accrue to him
in respect of the F2016 performance year, on a pre-tax basis, in the form of 100% of the value of the waived F2016
bonus in bonus shares and the matching equivalent number of performance shares (refer remuneration report).
F2022 F2021
Bonus Bonus
shares shares
Outstanding at beginning of year 102 812 221 348
Forfeited/cancelled/lapsed – (449)
Shares vested (102 812) (118 087)
Outstanding at end of year – 102 812
Fair value (Rm) – 13
106

Performance shares method
Performance shares are conditional rights to shares which are typically awarded on an annual basis in order to
reduce the risk of unanticipated outcomes arising out of share price volatility and cyclical factors. Performance
shares vest and are settled between three and four years, subject to the achievement of pre-determined
performance criteria.
For awards made from May 2015, total shareholder return (TSR) in terms of the JSE Limited Resources 10 Index
(RESI 10) and the 20-day volume weighted average price (VWAP) were used to determine the number of
performance shares that vest. The RESI 10 was discontinued from December 2015, after which the number of
companies in the peer group was increased to 20 (excluding gold and diamond companies). From May 2017,
the performance measurement graph was clarified to provide for situations where there were less than 20 mining
companies in a peer group. The comparator groups for benchmarking were selected through a rigorous process
to ensure the overall competitiveness of ARM’s remuneration. Refer remuneration report.
F2022 F2021
Performance Performance
shares shares
Outstanding at beginning of year 102 812 1 359 602
Forfeited/cancelled/lapsed (3 375) (4 070)
Shares vested (99 437) (1 252 720)
Outstanding at end of year – 102 812
Fair value (Rm) – 16
Conditional share plan 2018

Awards of conditional shares are made to eligible participants (Paterson grade D to F band) under the 2018
conditional share plan. Conditional shares are settled after three years, subject to the company achieving
prescribed performance criteria over this period. Refer remuneration report.
F2022 F2021
Conditional Conditional
shares shares
Outstanding at beginning of year 1 768 428 1 400 873
Awarded during the year 419 694 459 554
Settled during the year (703 426) –
Closing balance 1 312 678 1 768 428
Fair value (Rm) 390 401
Cash-settled conditional share plan 2018

Awards of conditional shares are made to eligible participants (Paterson grade D to E band) under the 2018
cash-settled conditional share plan. Conditional shares are settled after three years, subject to the company
achieving prescribed performance criteria over this period. Refer remuneration report.
F2022 F2021
Cash-settled Cash-settled
conditional conditional
shares shares
Outstanding at beginning of year 807 617 633 172
Awarded during the year 204 828 196 834

Settled during the year (290 147) –

Closing balance 706 027 807 617
Fair value (Rm) 179 232
107

Modification
In order for retirees to enjoy the maximum benefit of their Unvested Awards without pro-rated vesting, they
agreed to waive and forfeit the Unvested Awards in exchange for receiving Conditional Replacement Cash-
Settled Awards. The accounting treatment is based on a modification and not cancellation.
This is seen as a replacement award, and the incremental fair value has been recognised for the replacement
award. The net incremental fair value recognised of R40 million was calculated as the difference between the
fair value of the replacement award and the fair value of the waived/forfeited award at the modification date.
Assumptions used were as follows:

The conditional share plan valuation was done using a Monte Carlo simulation on a comparator group of 20 mining
company shares (excluding gold and diamond shares), assuming no dividends on all shares.
All volatilities and correlation matrices were determined using historical data with no weighting applied.
The TSR performance curve used in these calculations is taken from the supplied “Illustrative Example” provided
in the share plan.
Under the accounting standards prescribed in IFRS 2 (2004), non-market-related performance conditions, such
as continued employment, are not taken into account when calculating the fair value of a share scheme.
Adjustments according to these performance conditions should be made afterwards, at each accounting date.
The following table lists the range of inputs to the models used on the grant date for the years ended 30 June 2022
and 30 June 2021:
F2022 F2021
Dividend yield %1 N/A N/A
Expected volatility % 44.50 44.77
Risk-free interest rate % 6.65 3.93
Expected life of performance shares (years) 1–3 1–3
Average share price (cents) 24 294 24 502
The effect on the statement of profit or loss was a charge of (R million) 263 220
Equity-settled expense 175 148
Cash-settled expense 88 72
1
No options granted anymore.
The cash settled liability for F2022 is R86 million (F2021: R117 million).
44. RELATED PARTY TRANSACTIONS

The company in the ordinary course of business enters into various sale, purchase, service and lease
transactions with subsidiaries, associated companies, joint ventures and joint operations.
Transactions between the company, its subsidiaries and joint operations relate to fees, insurances, dividends,
rentals and interest and are regarded as intra-group transactions and eliminated on consolidation.
A report on investments in subsidiaries, associated companies, joint ventures and joint operations, that indicates
the relationship and degree of control exercised by the company and balances owed by entities, appears on
pages 113 to 115.
For sales to related parties refer note 2.6.

108
Group Company
F2022 F2021 F2022 F2021
Rm Rm Rm Rm
44. RELATED PARTY TRANSACTIONS continued

Amounts accounted in the statement of profit or loss
relating to transactions with related parties
Joint operations
Glencore International AG – sales 2 627 884 2 627 884
Norilsk Nickel – sales – 1 507 – 1 507
Norilsk Nickel – management fees – 13 – 13
Glencore Operations SA – management fees 78 68 78 68
Joint venture
Assmang
– Management fees 1 478 1 770 1 478 1 770
– Dividends received 5 500 4 000 5 500 4 000
Subsidiaries
Impala Platinum – sales 9 416 11 992 – –
Rustenburg Platinum Mines – sales1 4 522 4 924 – –
Opilac Proprietary Limited – dividend received – – 406 216
Modikwa-related – dividend received1 – – 1 000 289
Modikwa-related non-controlling interest – dividend
declared1 255 72 – –
Two Rivers Platinum
– Dividend received – – 1 245 1 431
– Provision of services – – 14 13
Venture Building Trust Proprietary Limited – interest
received – – 1 1
ARM BBEE Trust – imputed interest – – 68 95
Associate
PCB – imputed interest – – 45 36
Amounts outstanding at year end (owing to)/
receivable by ARM on current account
Associate
PCB – loans and long-term receivables – – – 534
Joint venture
Assmang – trade and other receivables 985 1 156 985 1 156
Joint operations
Rustenburg Platinum Mines – trade and other
receivables1 1 526 1 755 – –
Norilsk Nickel – trade and other payables 2 – 2 –
Norilsk Nickel – trade and other receivables – 67 – 67
Glencore Operations SA – long-term borrowings – (707) – (707)
Glencore Operations SA – short-term borrowings (139) (307) (139) (307)
Glencore Operations SA – trade and other receivables 887 218 887 218
Glencore International AG – trade and other
receivables 376 120 376 120
Subsidiary
Impala Platinum – trade and other receivables 3 646 4 324 – –
Impala Platinum – dividend paid 1 060 1 219 – –

Modikwa-related non-controlling interest – dividend
payable1 143 77 – –
1
These transactions and balances for joint operations do not meet the definition of a related party as per IAS 24 but have been included
to provide additional information.
109
44. RELATED PARTY TRANSACTIONS continued

Key management personnel
Key management personnel are those persons having authority and responsibility for planning, directing and
controlling the activities of the entity and comprise members of the board of directors and senior management.
(refer to directors’ report).
F2022 F2021
Senior management compensation Rm Rm
Salary 36 43
Accrued bonuses 35 49
Pension scheme contributions 3 4
Reimbursive allowances 2 2
Total 76 98
Average
Number of price
Share options options cents
Held on 1 July 2020 48 896 18 686
Exercised during the year (35 086) 18 561
Lapsed during the year (4 571) 16 837
Held on 30 June 2021 9 239 20 075
Exercised during the year (9 239) 20 075
Held on 30 June 2022 – –
Number of Number of Number of Number of

bonus performance conditional conditional
Bonus and performance shares shares shares shares awards
Held on 1 July 2020 36 791 274 728 474 023 –
Granted/awarded during the year – – 190 847 16 445
Settled during the year (9 094) (252 355) – –
Staff movements – 5 324 – 15 791
Held on 30 June 2021 27 697 27 697 664 870 32 236
Granted/awarded during the year – – 152 339 –
Settled during the year (27 697) (27 697) (320 349) (8 385)
Held on 30 June 2022 – – 496 860 23 851
Details relating to directors emoluments and prescribed officers, share options and shareholdings in the
company are disclosed in the directors’ report.
Shareholders
The principal shareholders of the company are detailed in the shareholder analysis report.
ARM’s executive chairman, Dr Patrice Motsepe, is involved through shareholdings and/or directorships in various
other companies and trusts. The company rents office space from one of the entities as disclosed below.
Dr Motsepe’s director’s emoluments, share options, bonus shares, performance shares and shareholding in the
company are disclosed in the directors’ report.
F2022 F2021
Rm Rm
Rental paid for offices at 29 Impala Road, Chislehurston, Sandton 2 2

This rental is similar to rentals paid to third parties in the same area for similar buildings.
110
45. EVENTS AFTER THE REPORTING DATE

45.1 Subsequent to year end ARM received a dividend from Assmang of R3 500 million.
45.2 Harmony declared a final dividend of 22 cents per share, bringing their total dividend for F2022 to 62 cents per
share. At 30 June 2022 and at the date of this report, ARM owned 74 665 545 Harmony shares.
45.3 ARM declared a dividend of R20.00 per share on 1 September 2022.
45.4 Acquisition of Bokoni Platinum Mine Proprietary Limited (BPM)

On 20 December 2021 ARM entered into a sale and purchase agreement which provides for ARM Platinum,
a wholly owned subsidiary of ARM, to acquire all of the shares (100%) of BPM from Bokoni Platinum Holdings
Proprietary Limited (BPH), in turn owned by Rustenburg Platinum Mines Limited (RPM), a wholly owned
subsidiary of Anglo American Platinum Limited (AAPL), and Plateau Resources Proprietary Limited (Plateau),
a wholly owned subsidiary of Atlatsa Resources Corporation (Atlatsa), through a newly formed entity ARM
Bokoni Mining Consortium Proprietary Limited (ARM BMC), for a consideration of R3 500 million payable in cash.
The sale and purchase agreement included various conditions to the purchase becoming effective, most notably
approval for the transfer of the controlling interest in BPM to ARM BMC in terms of Section 11 of the Mineral and
Petroleum Resources Development Act 28 of 2002, as well as the approval of the acquisition by the Competition
Commission.
As at the date of authorising these financial statements, the significant conditions precedent in the sale and
purchase agreement had been fulfilled and the closing date was 1 September 2022.
ARM BMC transferred the consideration of R3 500 million in cash, on 1 September 2022. This was funded by ARM
through the subscription of an additional 99 000 shares in ARM Platinum. ARM Platinum thereafter subscribed for
254 900 ordinary shares and 175 000 preference shares in ARM BMC.
The following are the primary objectives of the transaction:

• Long-life ore body favourably impacting medium-term production. Adding a long-life operation greater than
24 years with significant opportunity for further value accretive growth
• Provides exposure to a high-grade UG2 resource that has an attractive prill split with high concentration
of palladium and rhodium, and favourable iridium and ruthenium contributions
• Improves ARM’s portfolio mix and competitiveness, with the addition of a mechanised underground operation
(in new mining areas) that is expected to lower ARM’s overall PGM cost curve position
• Provides for potential scale benefits and opportunities for operational optimisation, given its proximity to ARM’s
other Eastern limb PGM operations.
On 11 June 2022, approval was granted to transfer a controlling interest in BPM (the mining right holder)
to ARM BMC for which consent was obtained in terms of section 11 of the Mineral and Petroleum Resources
Development Act 28 of 2002 from the Department of Minerals Resources and Energy.
On 2 August 2022, the Competition Commission approved the proposed acquisition of BPM, pending
Competition Tribunal clearance. Competition Tribunal clearance was granted on 11 August 2022.
In terms of IFRS 3 Business combinations, ARM has concluded that the acquisition of BPM is considered
to be a “business combination” as defined in IFRS 3, with an acquisition date of 1 September 2022, in line
with transfer of control, being the effective date as per the sale and purchase agreement.
111
45. EVENTS AFTER THE REPORTING DATE continued

45.4 Acquisition of Bokoni Platinum Mine Proprietary Limited (BPM) continued
As a result of the timing of the Competition Tribunal clearance and the uncertainties associated with potential
directives which may have been issued by the Competition Commission in their consideration of the proposed
structure of the sale and purchase agreement, as well as the different mining approaches (conventional vs
mechanised) to be determined after the various feasibility studies are completed, the fair value for each major
class of assets acquired and liabilities assumed, cannot yet be accurately determined. The option analysis
(conventional vs mechanised) to restart the mine has an impact on the mine plan. The final mine plan and
resultant valuation of assets can therefore only be accurately determined once all the feasibility studies have
been completed. This is a complex process as it involves different sites, and an assessment of which option
will yield the best outcome.
ARM Platinum has appointed a valuator in order to conduct a fair value valuation of at-acquisition identifiable
assets and liabilities through a purchase price allocation (PPA) mechanism, at which point an amount of either
goodwill or gain on bargain purchase will be determined.
Since BPM is currently on care maintenance and not generating income from sale goods, the amounts of
revenue and profit or loss have not been disclosed. Included in operating expenditure (refer note 29), is an
amount of R28 million relating to the acquisition costs of Bokoni. These acquisition costs do not include
depreciation or amortisation of the Bokoni Platinum Mine or any of the assets which are being acquired.
45.5 Subsequent to year end, prices for iron ore, manganese ore and manganese alloys decreased which will
negatively impact the sales and debtors subject to provisional pricing and inventory net realisable values at
Assmang and ultimately the equity-accounted earnings. The financial impact will only be determined on actual
final pricing of sales and inventory realisation. This is considered a non-adjusting subsequent event.
No other significant events have occurred subsequent to the reporting date that could materially effect the
reported results or require further disclosure.
46. MAJOR SHAREHOLDERS AND SHAREHOLDER SPREAD

Please refer to major shareholders at 30 June 2022 on page 126 of the shareholder analysis at 30 June 2022
on page 123 of the shareholder analysis.
112
Principal subsidiary companies

Book value of the

company’s interests
Issued capital Direct interest Indebtedness
amount in capital Shares by/(to)
Rm % Rm Rm
Name Class F2022 F2021 F2022 F2021 F2022 F2021 F2022 F2021
African Rainbow Minerals Platinum
Proprietary Limited Ord – – 100 100 257 257 – –
African Rainbow Minerals Finance
Company SA Ord – – 100 100 1 296 1 296
Provision ARM Finance Company (1 129) (1 129)
Sub total 167 167
Atscot Proprietary Limited Ord 1 1 100 100 10 10 (23) (23)
Avmin Limited Ord – – 100 100 (17) (17)
Bitcon’s Investments Proprietary Limited Ord – – 100 100 2 2 (2) (2)
Jesdene Limited Ord – – 100 100 6 6
ARM Treasury Investments Proprietary
Limited Ord – – 100 100 35 35
Mannequin Insurance PCC Limited
(Cell AVL18)1 Ord 4 4 100 100 4 4
Opilac Proprietary Limited Ord – – 100 100 651 651
Two Rivers Platinum Proprietary Limited Ord 914 914 54 54 331 331
Teal Minerals (Barbados) Incorporated 13 13
Venture Building Trust Proprietary Limited Ord – – 100 100 1 1 14 14
Total value of unlisted investment
in subsidiaries2 1 471 1 471
Amounts owing to subsidiaries (42) (42)
Amounts owing by subsidiaries 20 20
Notes
Ord – Ordinary shares.
All these balances eliminate at group level.
Unless otherwise stated, all companies are incorporated and carry on their principal operations in South Africa. Interests are shown to the extent that this
information is considered material. A schedule with details of all other subsidiaries is available from the registered office.
1 Incorporated in Guernsey and has a March year end. June figures are consolidated.
2 The indirect subsidiary investment in Teal Minerals is included as part of joint operations.

113
Principal associate companies, joint ventures,
joint operations and other investments
Group
Number of Effective percentage Value of investment
shares held holding Rm
Name of company F2022 F2021 F2022 F2021 F2022 F2021
Associated companies
Unlisted
Glencore Operations South Africa
Proprietary Limited1
Non-convertible participating
preference shares 384 384 20.2 20.2 2 048 534
Investment in other companies
Listed
Harmony Gold Mining Company
Limited
Ordinary shares 74 665 545 74 665 545 12.1 12.1 3 881 3 940
On 12 July 2018 ARM acquired
a further 11 032 623 shares
Unlisted
Business Partners Limited 323 177 323 177 0.2 0.2 – –
Guardrisk Insurance Company
Limited Cell no 00298 1 1 100.0 100.0 9 36
Joint operations and partnerships
ARM Coal Proprietary Limited
(including Goedgevonden) 51 51 51 51 – –
Modikwa joint operation1 – – 41.5 41.5 – –
Nkomati joint operation2 – – 50 50 – –
Vale/ARM joint operation3 – – – –
– investment held directly by ARM
– investment held indirectly by
ARM (subsidiary)
Assmang Proprietary Limited
(including Cato Ridge Alloys joint
venture and Sakura Ferro Alloys
Sdn Bhd joint venture) – – 50 50 22 145 20 938
K2018259017 (South Africa)
Proprietary Limited4 5.01 6.08
Division
Machadodorp Works
Impairment
Sub total
Trust
ARM BBEE Trust (refer notes 11
and 17)5 – – – – – –
1 December year end, audited June figures are consolidated.
2 Eliminates on a company level, as Nkomati joint operation is an unincorporated joint operation.
3
ARM owns 16% indirectly and 34% directly in Teal Minerals (Barbados) Incorporated (amount above is after non-controlling interest). These amounts
are less than R1 million.
4
As part of the silicosis and tuberculosis class action settlement agreement, the Agent K2018259017 (South Africa) Proprietary Limited was set up to
administrate the founders’ interests in the Tshiamiso Trust claimants and their dependants.
5
February year end June figures are consolidated.
114
Company
Number of Value of investment Indebtedness
shares held Rm Rm
Name of company F2022 F2021 F2022 F2021 F2022 F2021

Associated companies
Unlisted
Glencore Operations South Africa
Proprietary Limited1
Non-convertible participating
preference shares 384 384 841 – – –
Investment in other companies
Listed
Harmony Gold Mining Company
Limited
Ordinary shares 74 665 545 74 665 545 3 881 3 940 – –
On 12 July 2018 ARM acquired
a further 11 032 623 shares
Unlisted
Business Partners Limited 323 177 323 177 – – – –
Guardrisk Insurance Company
Limited Cell no 00298 1 1 9 36 – –
Joint operations and partnerships
ARM Coal Proprietary Limited
(including Goedgevonden) 51 51 409 409 – –
Modikwa joint operation1 – – – – – –
Nkomati joint operation2 – – – – 650 650
Vale/ARM joint operation3 – – – – – –
– investment held directly by ARM – –
– investment held indirectly by
ARM (subsidiary) – – – –
Assmang Proprietary Limited
(including Cato Ridge Alloys joint
venture and Sakura Ferro Alloys
Sdn Bhd joint venture) 1 774 103 1 774 103 259 259 – –
K2018259017 (South Africa)
Proprietary Limited4 – –
Division
Machadodorp Works2 113 113 512 294
Impairment (113) (113)
Sub total – –
Trust
ARM BBEE Trust (refer note 11
and 17)5 610 791
1 December year end, audited June figures are consolidated.
2 Eliminates on a company level, as Nkomati joint operation is an unincorporated joint operation and Machadodorp Works is a division.
3
ARM owns 16% indirectly and 34% directly in Teal Minerals (Barbados) Incorporated (amount above is after non-controlling interest). These amounts
are less than R1 million.
4
As part of the silicosis and tuberculosis class action settlement agreement, the Agent K2018259017 (South Africa) Proprietary Limited was set up to
administrate the founders’ interests in the Tshiamiso Trust claimants and their dependants.
5
February year end June figures are consolidated.
115
Convenience translation into US dollars
For the benefit of international investors, the statement of financial position, statement of profit or loss, statement of
comprehensive income, statement of changes in equity and the statement of cash flows of the group presented in
South African rand and set out on pages 24 to 30, have been translated into United States dollars and are presented
on this page and pages 117 to 122. This information is only supplementary and is not required by any accounting
standard and does not represent US GAAP.
The statement of financial position is translated at the rate of exchange ruling at the close of business at 30 June each
year and the statements of profit or loss and statement of cash flows are translated at the average exchange rates for
the years reported, except for the opening and closing cash balances of cash flows which are translated at the rate
ruling at the close of business at 30 June each year.
The statement of comprehensive income is translated at the average rate of the years reported.
The statement of changes in equity is translated at the rate ruling at the close of business at 30 June each year.
The following exchange rates were used:

30 June 30 June
2022 2021
R/US$ R/US$
Closing rate R16.38 R14.27
Average rate R15.21 R15.39
The US dollar-denominated statement of financial position, statements of profit or loss, statement of comprehensive
income, statement of changes in equity and statements of cash flows should be read in conjunction with the
accounting policies of the group as set out on pages 31 to 49 and with the notes to the financial statements
on pages 50 to 112.
116
US dollar statement of financial position

at 30 June 2022
CONVENIENCE TRANSLATION
Group
F2022 F2021
Notes US$m US$m
ASSETS
Non-current assets
Property, plant and equipment 3 587 578
Investment properties 5 1 2
Intangible assets 6 4 5
Deferred tax assets 19 13 19
Loans and long-term receivables 7 – 3
Other financial assets 8 13 14
Investment in associate 9 125 37
Investment in joint venture 10 1 352 1 467
Other investments 11 251 295
Non-current inventories 12 3 –
2 349 2 420
Current assets
Inventories 12 21 33
Trade and other receivables 13 472 548
Taxation 37 7 5
Financial assets 14 51 37
Cash and cash equivalents 15 712 678
1 263 1 301
Total assets 3 612 3 721
EQUITY AND LIABILITIES

Capital and reserves
Ordinary share capital 16 1 1
Share premium 16 322 365
Treasury shares 17 (147) (169)
Other reserves 163 204
Retained earnings 2 480 2 415
Equity attributable to equity holders of ARM 2 819 2 816
Non-controlling interest 257 251
Total equity 3 076 3 067
Long-term borrowings 18 19 77
Deferred tax liabilities 19 197 208
Long-term provisions 20 121 132
337 417
Current liabilities
Trade and other payables 21 129 137
Short-term provisions 22 44 63
Taxation 37 16 11
Overdrafts and short-term borrowings – interest-bearing 23 2 4

– non-interest-bearing 23 8 22
199 237
Total equity and liabilities 3 612 3 721
117
US dollar statement of profit or loss
Group
F2022 F2021
Notes US$m US$m
Revenue 26 1 210 1 394
Sales 26 1 112 1 277
Cost of sales 27 (504) (513)
Gross profit 608 764
Other operating income 28 130 154
Other operating expenses 29 (213) (177)
Profit from operations before capital items 525 741
Income from investments 30 45 32
Finance costs 31 (19) (21)
Profit/(loss) from associate 9 61 (17)
Income from joint venture 10 437 487
Profit before taxation and capital items 1 049 1 222
Capital items 32 74 (1)
Profit before taxation 1 123 1 221
Taxation 33 (179) (217)
Profit for the year 944 1 004
Attributable to:
Equity holders of ARM
Profit for the year 817 819
Basic earnings for the year 817 819
Non-controlling interest
Profit for the year 127 185
Profit for the year 944 1 004
Earnings per share
Basic earnings per share (cents) 34 417 420
Diluted basic earnings per share (cents) 34 417 416
118
US dollar statement of comprehensive income

Available Share- Non-
for-sale Retained holders controlling
reserve Other earnings of ARM interest Total
Notes US$m US$m US$m US$m US$m US$m
Profit for the year to 30 June 2021 – – 819 819 185 1 004
Other comprehensive income that
will not be reclassified to the
subsequent periods
investment (72) – – (72) – (72)
Revaluation of listed investment 11 (93) – – (93) – (93)
may be reclassified to the
subsequent periods
reserve movement – (10) – (10) – (10)
Total other comprehensive loss (72) (10) – (82) – (82)
for the year (72) (10) 819 737 185 922
will not be reclassified to the
subsequent periods
investment (3) – – (3) – (3)
Revaluation of listed investment 11 (4) – – (4) – (4)
may be reclassified to the
subsequent periods
reserve movement – 6 – 6 – 6
Total other comprehensive
(loss)/income (3) 6 – 3 – 3
for the year (3) 6 817 820 127 947
119
US dollar statement of changes in equity
Financial
instru-
ments
at fair
value
through
Share other
capital compre- Share- Share- Non-
and Treasury hensive based Retained holders controlling
premium shares income payments Other profit of ARM interest Total
Notes US$m US$m US$m US$m US$m US$m US$m US$m US$m
Balance at 30 June 2020 286 (139) 193 51 8 1 449 1 848 117 1 965
Total comprehensive
(loss)/income for the year – – (72) – (10) 820 738 185 923
30 June 2021 – – – – 820 820 185 1 005
Other comprehensive
loss – – (72) – (10) – (82) – (82)
shares issued to
employees 17 – – (22) – – (5) – (5)
Dividend paid 16 – – – – – (216) (216) – (216)
non-controlling interests 34 – – – – – – – (84) (84)
expense – – – 10 – – 10 – 10
Translation adjustment 63 (30) 36 10 – 362 441 33 474
Balance at 30 June 2021 366 (169) 157 49 (2) 2 415 2 816 251 3 067
Total comprehensive
(loss)/income for the year – – (3) – 6 817 820 127 947
30 June 2022 – – – – – 817 817 127 944
Other comprehensive
(loss)/income – – (3) – 6 – 3 – 3
shares issued to
employees 4 – – (31) – – (27) – (27)
Dividend paid 16 – – – – – (412) (412) – (412)
non-controlling interests 34 – – – – – – – (86) (86)
expense – – – 12 – – 12 – 12
Translation adjustment (47) 22 (20) (5) – (340) (390) (35) (425)
Balance at 30 June 2022 323 (147) 134 25 4 2 480 2 819 257 3 076
120
US dollar statement of cash flows

Group
F2022 F2021
Note US$m US$m
CASH FLOW FROM OPERATING ACTIVITIES

Cash receipts from customers 1 192 1 117
Cash paid to suppliers and employees (633) (610)
Cash generated from operations 36 559 507
Translation adjustment (96) 89
Interest received 40 23
Interest paid (3) (3)
Taxation paid 37 (151) (149)
349 467
Dividends received from joint venture 10 362 260
Dividends received from investments – Harmony 3 5
714 732
Dividend paid to non-controlling interests (82) (79)
Dividend paid to shareholders 34 (412) (216)
Net cash inflow from operating activities 220 437
CASH FLOW FROM INVESTING ACTIVITIES

Additions to property, plant and equipment to maintain operations (114) (80)
Additions to property, plant and equipment to expand operations (30) (28)
Investments in financial assets (54) (20)
Proceeds from financial assets matured 8, 14 34 73
Net cash outflow from investing activities (164) (55)
CASH FLOW FROM FINANCING ACTIVITIES

Proceeds from exercise of share options – 3
Cash payments to owners to acquire the entity’s shares (15) –
Long-term borrowings raised – 17
Long-term borrowings repaid (6) (30)
Short-term borrowings repaid (1) (12)
Net cash outflow from financing activities (22) (22)
Net increase in cash and cash equivalents 34 360
Cash and cash equivalents at beginning of year 677 317
Cash and cash equivalents at end of year 15 711 677
Cash generated from operations per share (US cents) 34 285 260
121
Financial summary (US dollar)
Restated
F2022 F2021 F2020 F2019 F2018 F2017 F2016 F2015 F2014 F2013 F2012
US$m US$m US$m US$m US$m US$m US$m US$m US$m US$m US$m
Statement of profit or loss
Sales 1 112 1 277 743 623 634 600 563 809 966 831 2 256
Headline earnings 745 849 353 368 375 235 72 152 397 423 444
Basic earnings/(loss)
per share (US cents) 417 420 130 130 186 53 (18) 5 147 86 207
Headline earnings
per share (US cents) 381 435 182 192 197 124 34 70 183 197 208
Dividend declared after
year end per share
(US cents) 122 140 40 64 55 48 15 29 56 51 58
Statement of financial
position
Total assets 3 612 3 721 3 721 2 640 2 501 2 472 2 393 2 901 3 430 3 407 4 327
Cash and cash
equivalents 712 678 329 329 240 114 90 186 202 198 437
Shareholders’ equity 3 076 3 067 3 067 2 109 1 996 1 844 1 674 2 213 2 652 2 563 2 990
Statement of cash flows
Cash generated from
operations 559 507 507 149 151 118 85 219 200 177 768
Net cash outflow from
investing activities (164) (55) (55) (90) (30) (47) (54) (174) (118) (195) (525)
Net cash (outflow)/inflow
from financing activities (22) (22) (22) (83) (27) (137) (39) (26) (73) 54 22
JSE Limited performance
Ordinary shares
(US cents)
– high 2 012 1 995 1 233 1 325 1 098 933 790 1 773 2 316 2 367 2 561
– low 1 177 1 059 523 754 608 493 238 710 1 380 1 574 2 046
– year end 1 305 1 789 974 1 292 795 644 627 680 1 759 1 508 2 035
122
Shareholder analysis
as at 30 June 2022
SHARES HELD
Number of % of total Number of % of issued
holders shareholders shares capital
1 – 1 000 shares 8 580 86.83 803 337 0.36

1 001 – 10 000 shares 752 7.61 2 763 763 1.23
10 001 – 100 000 shares 420 4.25 13 804 826 6.14
100 001 – 1 000 000 shares 110 1.11 29 275 022 13.03
1 000 001 shares and above 20 0.20 178 020 830 79.24
Total 9 882 100.00 224 667 778 100.00
DISTRIBUTION OF SHAREHOLDERS
Excluding treasury shares Including treasury shares
Number of Number of
Category shares held % shares held %
Black economic empowerment 106 594 318 50.29 106 594 318 47.45
Pension funds 32 037 637 15.12 32 037 637 14.26
Unit trusts 27 677 607 13.06 27 677 607 12.32
Own shares* 12 717 328 5.66
Sovereign wealth 8 733 548 4.12 8 733 548 3.89
Mutual fund 8 690 834 4.10 8 690 834 3.87
Trading position 4 325 759 2.04 4 325 759 1.93
Exchange-traded fund 3 662 705 1.73 3 662 705 1.63
Private investor 3 343 705 1.58 3 343 705 1.49
Insurance companies 2 670 233 1.26 2 670 233 1.19
Custodians 847 824 0.40 847 824 0.38
Investment trust 643 976 0.30 643 976 0.29
Medical aid scheme 348 761 0.16 348 761 0.16
Corporate holding 287 804 0.14 287 804 0.13
Delivery by value (collateral) 281 940 0.13 281 940 0.13
Local authority 244 150 0.12 244 150 0.11
Hedge fund 159 711 0.08 159 711 0.07
Charity 116 970 0.06 116 970 0.05
University 105 932 0.05 105 932 0.05
Stock brokers 24 846 0.01 24 846 0.01
Remainder 11 152 190 5.26 11 152 190 4.96
Total 211 950 450 100.00 224 667 778 100.00
* Own shares refers to treasury shares held by the 100% ARM-owned subsidiary, Opilac (Pty) Ltd.
123
Shareholder analysis continued
as at 30 June 2022
INVESTMENT MANAGEMENT WITH MORE THAN 3% INTEREST

(INCLUDING OWN SHARES)
Number of
shares held %
African Rainbow Minerals & Exploration (Pty) Ltd 89 584 574 39.87
Public Investment Corporation (PIC) 19 854 561 8.84
ARM Broad-Based Economic Empowerment Trust 15 897 412 7.08
Opilac (Pty) Ltd* 12 717 328 5.66
Fairtree Asset Management (Pty) Ltd 7 692 247 3.42
Total 145 746 122 64.87
* Opilac (Pty) Ltd is a 100% held subsidiary of ARM.
BENEFICIAL INTEREST SHAREHOLDING MORE THAN 3% INTEREST

(INCLUDING OWN SHARES)
Number of
shares held %
African Rainbow Minerals & Exploration 89 584 574 39.87

Government Employees Pension Fund 20 935 824 9.32
ARM Broad-Based Economic Empowerment Trust 15 897 412 7.08
Opilac (Pty) Ltd* 12 717 328 5.66
Total 139 135 138 61.93
124
PUBLIC/NON-PUBLIC SHAREHOLDERS
Number of % of total Number of % of issued
holders shareholders shares capital
Public shareholders 9 872 99.90 104 204 670 46.38

Non-public shareholders* 10 0.10 120 463 108 53.62
ARM & Exploration Investment (Pty) Ltd 1 0.01 89 584 574 39.87
Botho-Botho Commercial Enterprises (Pty) Ltd 1 0.01 1 112 332 0.50
ARM Broad-Based Economic Empowerment Trust 1 0.01 15 897 412 7.08
Opilac (Pty) Ltd 1 0.01 12 717 328 5.66
Directors 6 0.06 1 151 462 0.51
Total 9 882 100.00 224 667 778 100.00
* Non-public shareholders consist of directors (whose interests are set out in the table on page 13 of the annual financial statements), the ARM
Broad-Based Economic Trust, Opilac (Pty) Ltd, African Rainbow Minerals & Exploration (Pty) Ltd (ARMI) and Botho-Botho Commercial Enterprises
(Pty) Ltd (BBCE). The shares of ARMI and BBCE are held indirectly by trusts, all of which, with the exception of The Motsepe Foundation, hold those
shares for the benefit of Dr Motsepe and his immediate family.
Geographical split of beneficial shareholders

%
South Africa 75.66

United States of America and Canada 11.32
United Kingdom 0.57
Rest of Europe 3.50
Rest of world 8.95

125
Shareholder analysis continued
as at 30 June 2022
TOP 20 SHAREHOLDERS
% of holding
Number of shares
shares held in issue
1 African Rainbow Minerals & Exploration (Pty) Ltd 89 584 574 39.87
2 PIC 19 854 561 8.84
3 ARM Broad-Based Economic Empowerment Trust 15 897 412 7.08
4 Opilac (Pty) Ltd* 12 717 328 5.66
5 Fairtree Asset Management (Pty) Ltd 7 692 247 3.42
6 Allan Gray (Pty) Ltd 6 739 406 3.00
7 BlackRock Inc. 5 253 180 2.34
8 The Vanguard Group Inc. 4 062 677 1.81
9 LSV Asset Management 4 048 363 1.80
10 Dimensional Fund Advisors 2 596 062 1.16
11 Marathon Asset Management Ltd 2 203 815 0.98
12 Acadian Asset Management 1 919 383 0.85
13 Sanlam Investment Management 1 849 976 0.82
14 State Street Global Advisors Ltd 1 702 667 0.76
15 Mellon Investments Corporation 1 701 143 0.76
16 GIC Asset Management Pte Ltd 1 617 127 0.72
17 Old Mutual Ltd 1 426 449 0.63
18 ABSA Capital Securities (Pty) Ltd 1 224 699 0.55
19 Botho-Botho Commercial Enterprises (Pty) Ltd 1 112 332 0.50
20 RMB Morgan Stanley (Pty) Ltd 1 106 570 0.49
126
Investor relations report
ARM’s primary listing is on the JSE Limited.
SHARE INFORMATION
Ticker code ARI
Sector General mining
Nature of business ARM is a diversified mining and minerals company with assets in
ferrous metals, platinum group metals, thermal coal and nickel.
ARM holds an interest in the gold mining sector through its 12.1%
shareholding in Harmony.
Issued share capital at 30 June 2022 224 667 778 shares
Market capitalisation at 30 June 2022 R48.02 billion
US$2.93 billion
Closing share price at 30 June 2022 R213.75
12-month high (1 July 2021 – 30 June 2022) R306.41
12-month low (1 July 2021 – 30 June 2022) R178.95
Average volume traded for the 12 months 464 445 shares per day
SHAREHOLDERS’ DIARY
Annual general meeting 1 December 2022
Financial year end 30 June 2023
Integrated annual report issued October 2023
Interim results announcement March 2023
Provisional results announcement August 2023
SHAREHOLDERS’ LIQUIDITY
Number of shares traded on the JSE Limited during F2022:
Month Volumes
June 2022 7 248 962

May 2022 7 986 325
April 2022 9 558 775
March 2022 12 990 428
February 2022 8 657 918
January 2022 6 104 855
December 2021 6 174 045
November 2021 8 551 822
October 2021 15 912 982
September 2021 14 347 606
August 2021 11 220 404
July 2021 7 357 137
Total 116 111 259

Source: JSE Limited.
127
Contact details
African Rainbow Minerals Limited Bankers

Registration number: 1933/004580/06 Absa Bank Limited
Incorporated in the Republic of South Africa FirstRand Bank Limited
JSE share code: ARI The Standard Bank of South Africa Limited
A2X share code: ARI Nedbank Limited
ISIN: ZAE000054045
Sponsors
Registered and corporate office Investec Bank Limited
ARM House
29 Impala Road Transfer secretaries
Chislehurston Computershare Investor Services Proprietary Limited
Sandton 2196 Rosebank Towers
15 Biermann Avenue
PO Box 786136, Sandton 2146 Rosebank 2196
Telephone: +27 11 779 1300
E-mail: [email protected] Private Bag X9000, Saxonwold 2132
Website: www.arm.co.za Telephone: +27 11 370 5000
E-mail: [email protected]
Group company secretary and governance officer Website: www.computershare.co.za
Alyson D’Oyley BCom, LLB, LLM
Telephone: +27 11 779 1300 Directors
E-mail: [email protected] Dr PT Motsepe (executive chairman)
MP Schmidt (chief executive officer)
Investor relations F Abbott*
Jongisa Magagula M Arnold**
Executive director: Investor relations and TA Boardman*
new business development AD Botha*
Telephone: +27 11 779 1507 JA Chissano (Mozambican)*
E-mail: [email protected] WM Gule*
B Kennedy*
Auditors AK Maditsi*
J Magagula
External auditor: Ernst & Young Inc.
TTA Mhlanga (finance director)
Internal auditors: Deloitte & Touche
HL Mkatshana
and BDO South Africa
PJ Mnisi*
DC Noko*
External assurance provider B Nqwababa*
IBIS ESG Consulting Africa Proprietary Limited Dr RV Simelane*
JC Steenkamp*
* Independent non-executive.
** Non-executive.
128
Forward-looking statements
Certain statements in this document constitute forward-looking statements that are neither reported financial
results nor other historical information. They include statements that predict or indicate future earnings, savings,
synergies, events, trends, plans or objectives. Such forward-looking statements may or may not take into account
and may or may not be affected by known and unknown risks, uncertainties and other important factors that
could cause actual results, performance or achievements of the company to be materially different from future
results, performance or achievements expressed or implied by such forward-looking statements. Such risks,
uncertainties and other important factors include: economic, business and political conditions in South Africa;
decreases in the market price of commodities; hazards associated with underground and surface mining; labour
disruptions; changes in government regulations, particularly environmental, health and safety and tax regulations;
changes in exchange rates; currency devaluations; inflation and other macro-economic factors; electricity supply
disruptions, constraints and cost increases; supply chain shortages and increases in the price of production
inputs; the unavailability of mining and processing equipment or transportation infrastructure; the impact of the
Covid-19 pandemic; and the impact of tuberculosis. The forward-looking statements apply only as of the date of
publication of these pages. The company undertakes no obligation to update publicly or release any revisions to
these forward-looking statements to reflect events or circumstances after the date of publication of these pages
or to reflect any unanticipated events.
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Directors’ responsibility for the annual

Chief executive officer and finance director’s

MP Schmidt TTA Mhlanga

Annual financial statements 2022

This report is provided by the audit and risk committee

of the company and group, and committee:

determination: status of the group and company

the period under review” to the extent deemed necessary,

Qualifications of audit and risk committee members1, 2, 3

meeting, available on the website.

Independence of external Recommendation The board subsequently approved

independence was not prejudiced company. On this basis, the audit

by any previous appointment as

Independent auditor’s report

current year due to the complexity and the significant

the degree of audit effort involved, including the

Other information consider whether the other Auditor’s responsibilities

annual financial statements, our is higher than for one resulting

information and, in doing so, collusion, forgery, intentional

• Obtain an understanding of underlying transactions and events in extremely rare circumstances, we

The directors have pleasure in presenting their

Nature of business all of which, except the Motsepe Review of operations

ARM’s partners at the various

financial statements fairly present

Borrowings and cash (1H F2021: 1 000 cents), amounting

shareholders liable to pay

30 June 2022 30 June 2021

HL Mkatshana 186 676 – – – 138 032 – – –

JC Steenkamp 275 651 – – – 275 651 – – –

Directors’ remuneration: Executive directors and prescribed officers (audited)

Executive directors and prescribed officers do not receive directors’ fees.

Executive director emoluments

A Joubert 4 882 560 – 11 322 5 775 4 825 10 600

8 No bonuses were deferred in F2022.

Executive director emoluments continued

director on termination of employment’, on page 172 of the 2021 ESG report.

7 Includes travel, UIF and risk benefits.

Conditional shares under the 2018 conditional share plan

Conditional shares: movements in F2022

Conditional awards under the 2018 cash-settled conditional share plan

Cash-settled conditional awards: movements in F2022

Closing conditional awards balance as at 30 June 20222 5 874 –

Total pre-tax cash value on settlement per award R316.94

Performance shares under the 2008 share plan

Performance shares: movements in F2022

Bonus shares under the 2008 share plan

Bonus shares: movements in F2022

Share option scheme

Share option awards: movements in F2022

Schedule of conditional shares vesting dates

Schedule of conditional awards vesting dates

Deferred bonus/co-investment scheme

Deferred bonus/co-investment scheme

Movements: Long-term share-based incentives

Conditional shares Conditional awards

Directors’ remuneration: Non-executive directors (audited)

Non-executive directors’ fees

7 Includes travel, UIF and risk benefits.

1. ACCOUNTING POLICIES continued When an acquisition is achieved in stages and

Temporary differences are differences between Value added tax (VAT)

Unlisted investments are carried at fair value with

1. ACCOUNTING POLICIES continued Gains and losses are recognised in the

he stripping activity asset is accounted for as an

Activities in relation to evaluating the technical Borrowing costs

1. ACCOUNTING POLICIES continued Fair value is measured using an option pricing

The related trade receivables are measured Cost of sales

Significant accounting judgements and Judgement is also required to identify a suitable