South African businessman Neal Froneman, a leading figure in the global precious metal mining industry, has experienced a significant decline in the market value of his holdings in Sibanye-Stillwater, a multinational precious metal mining company with operations in South Africa and the Americas.
Recent research by Billionaires.Africa reveals that Froneman’s shareholding in the mining group has diminished by R121.2 million ($6.7 million) since the start of the year, primarily due to a fall in the company’s shares on the Johannesburg Stock Exchange.
Sibanye-Stillwater, a prominent player in the gold and base metal mining sectors, has experienced a challenging market environment, leading to dampened investor sentiment and a decline in share prices.
Froneman, who played a key role in driving Sibanye-Stillwater’s transformation into one of the world’s leading primary producers of platinum, palladium, and gold, presently holds a 0.3-percent stake, or 8,382,849 ordinary shares, in the precious metal mining group.
Since the start of the year, the share price of Sibanye-Stillwater has declined by more than 30 percent, falling from more than 30 percent from R46.86 ($2.6131) on Jan. 1 to R32.40 ($1.8067) on June 23, thus pushing its market capitalization below $5.5 billion.
The sharp drop in Sibanye-Stillwater’s share value has significantly impacted Froneman’s stake, causing a staggering reduction from R392.82 million ($21.9 million) on Jan. 1 to R271.6 million ($15.1 million) at the time of this report.
This substantial decrease translates to a substantial loss of R121.2 million ($6.7 million) for the leading businessman, who ranks as one of the key players in South Africa’s mining sectors.
