South African mining tycoon Neal Froneman, known for his leadership in the industry, has witnessed a decline of over a million dollars in the value of his stake in Sibanye-Stillwater, a global precious metal mining company, since the beginning of the year.
According to data tracked by Billionaires.Africa, the market value of Froneman’s stake in Sibanye-Stillwater has decreased by R19.45 million ($1.03 million) over the past 33 days, as investors reduced their holdings in the group, leading to the recent slump in the group’s shares.
Sibanye-Stillwater shares slump by 9.3 percent, pushing market cap below $3.4 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.
Since the start of the year, Sibanye-Stillwater’s shares on the Johannesburg Stock Exchange have experienced a 9.32-percent decline, dropping from R24.9 ($1.32) per share to R22.58 ($1.195) per share at the time of this report. This dip has brought its market capitalization below the $3.4-billion mark.
Froneman’s stake falls below $15 million, marking $1.03-million decline
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.
As a result of the single-digit slump in the company shares – the market value of the stake held by Neal Froneman has decreased by R19.45 million ($1.03 million) over the past 33 days – falling from R208.73 million($11.05 million) on Jan.1 to R189.28 million($10.03 million).
Despite grappling with this recent financial setback, Froneman remains a pivotal figure within South Africa’s mining industry. His steadfast commitment and adept leadership continue to exert a significant influence in shaping the sector.