South African businessman Neal Froneman has recorded significant gains thanks to his stake in Sibanye-Stillwater, as shares in the multinational precious metal mining group continue to deliver profits to shareholders following improved investor confidence in recent weeks.
Research conducted by Billionaires.Africa revealed that Froneman’s stake in Sibanye-Stillwater has risen in value by R63.21 million ($4.1 million) since the year began.
Sibanye-Stillwater is a multinational precious metal mining company, with South African holdings. The company has gold and base metals activities, as well as projects in South Africa and the Americas.
The mining organization has grown into the world’s largest primary producer of platinum, its second-largest primary producer of palladium and its third-largest producer of gold under the leadership of Froneman, who has a minority 0.074-percent stake in the company.
As of press time, Sibanye-Stillwater shares were trading at R79.2 ($5.14) a share, 7.61-percent higher than their opening price on the Johannesburg Stock Exchange this morning, as market participants continued to bid up the group’s equities.
The group’s share price has risen since the start of the year, from R49.1 ($3.19) a share on Jan. 1 to R79.2 ($5.14) as of the time of drafting this report. This amounted to a total gain of 61.3 percent for stockholders since the year began.
As a result of the price increase, the market value of Froneman’s share has risen from R103.1 million ($6.69 million) at the start of the year to R166.32 million ($10.79 million) at the time of writing.
This equates to a total gain of R63.21 million ($4.1 million) for the multimillionaire mining tycoon since the beginning of the year.
The recent jump in the miner’s shares can be attributed to its spectacular financial performance, as it achieved a record yearly profit as commodities prices rose.
As a consequence of the double-digit percentage increase in revenue, the group’s profit at the end of the term increased by 13 percent in 2021 to R33.1 billion ($2.16 billion).