South African mogul Neal Froneman’s Sibanye-Stillwater approves new fund to drive R&D

Sibanye-Stillwater, a South African mining company led by leading businessman Neal Froneman, has approved a new fund to drive R&D of new innovations and technologies in its broad base mining operation.

The leading multinational precious metal mining company revealed that the new BioniCCubE fund will be used to bring innovations and technologies to bear in its operations, as well as market development, by investing in and leveraging strategic partnerships.

With two initial investments made by Sibanye-Stillwater, the new fund will operate as a closed-end fund, fully funded by the mining giant, with a capital budget of up to 1.5 percent a year of group-adjusted earnings before interest, taxes, depreciation, and amortization for appropriate investments.

In a statement about the new fund, Froneman, CEO of Sibanye-Stillwater, said it will help the company embrace digital technology and become a climate-change-resilient business as a leading supplier of green metals and energy solutions.

“Our portfolio of metals is complemented by increasingly green production through recycling and tailings retreatment. Including gold, our ultimate aim is to build a comprehensive portfolio that is robust to global dislocations to promote sustainability and contribute to the reversal of climate change,” he said.

The first investment was made in the financial technology company, Glint Pay, which operates in the United Kingdom, while the second investment was made in the French industrial firm, Verkor.

Verkor intends to expand low-carbon battery manufacturing facilities in France and Southern Europe to meet Europe’s growing demand for electric mobility and stationary battery storage.

This strategic investment will pave the way for further technical and commercial cooperation, including Sibanye’s Keliber lithium project in Finland and the expansion of its Sandouville nickel refinery in France, which will target specific nickel battery metal products.

The recent strategic move will drive Sibanye-Stillwater expansion plans under Froneman, as the mining firm consolidates its position as the world’s largest primary producer of platinum, second-largest primary producer of palladium, and third-largest producer of gold.

Froneman owns a 0.074-percent stake in the company, which is worth more than $10 million.