Neal Froneman, a prominent South African business executive within the global precious metal mining industry, has witnessed a substantial increase in the market value of his stake in Sibanye-Stillwater, after enduring significant losses during the year.
Froneman, who serves as the CEO of Sibanye-Stillwater, has seen the market value of his stake in the company surge by R63.37 million ($3.45 million) over the past 36 days, driven by the recent surge in the company’s shares on the Johannesburg Stock Exchange (JSE).
Sibanye-Stillwater shines bright: Surging share prices propel market cap above $4 billion
Sibanye-Stillwater, the Johannesburg-based mining giant, has cemented its position as a global leader in precious metals, boasting the world’s largest primary platinum production and ranking second in palladium and third in gold.
Under the leadership of Froneman, who holds a 0.3-percent stake in the mining group, Sibanye-Stillwater has experienced a remarkable surge in recent months. The recent price surge has cemented Froneman’s position as one of South Africa’s most affluent executives.
In recent times, the share price of Sibanye-Stillwater on the JSE has increased by 40.43 percent, rising from R18.70 ($1.019) on Nov. 21 to R26.26 ($1.431) at the time of writing, consequently pushing the group’s market capitalization above $4 billion.
Mining magnate Neal Froneman’s fortune skyrockets amidst Sibanye-Stillwater’s resurgence
According to data tracked by Billionaires.Africa, the recent surge has resulted in a notable increase in Froneman’s stake. Over the past 36 days, his stake has surged by R63.37 million ($3.45 million), rising from R156.76 million ($8.54 million) on Nov. 21 to R220.13 million ($11.99 million) at the time of drafting this report.
This increase follows a 51.2 percent slump in Sibanye-Stillwater shares between Jan. 1 and Nov. 2, attributed to declining precious metal prices and operational hurdles. During this period, the group announced changes in its mining operations in the United States and South Africa.
However, the recent surge in Froneman’s fortune further solidifies his position as one of the key figures in South Africa’s mining industry. His commitment and leadership continue to play a pivotal role in shaping the sector.