Neal Froneman, a key figure in South African mining, has seen a positive turn in his finances. His stake in Sibanye-Stillwater, the Johannesburg-based mining company he leads, has gained more than $1.5 million, bringing its value close to $10 million. This uptick follows a recent drop that saw his stake fall below $8 million earlier this year.
The rise in Froneman’s wealth aligns with Sibanye’s shares bouncing back by double digits on the Johannesburg Stock Exchange (JSE). This resurgence is tied to renewed interest from investors, who are increasingly buying into the troubled mining giant.
In just 25 days, the surge in Sibanye’s share price boosted Froneman’s holdings by R29.47 million ($1.57 million), lifting its total value to R184.20 million ($9.78 million). This marks a reversal from earlier losses, during which Froneman saw his holdings decrease by $1 million between Jan. 1 and Feb. 4.
Sibanye-Stillwater bounces back: Market cap rebounds above $3 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.
Neal Froneman, who played a key role in driving Sibanye’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.
In recent times, Sibanye’s share price on the JSE surged by 19.05 percent, climbing from R18.22 ($0.967) on Mar. 5 to R21.69 ($1.151) today. This increase pushed the company’s market value above $3 billion, delivering gains to investors.
Neal Froneman’s wealth soars amid recent rebound in Sibanye shares
According to data tracked by Billionaires.Africa, the recent surge in Sibanye shares on the JSE has resulted in a notable increase in Neal Froneman’s stake.
Over the past 25 days, his stake in the Johannesburg-based mining giant has risen by R184.2 million ($9.78 million), from R154.73 million ($8.22 million) on Mar. 5 to R184.2 million ($9.78 million) at the time of drafting this report.
This upswing follows a tough financial year for the company in 2023. Sibanye reported a net loss of $2 billion, a stark contrast to the $1.1 billion profit in the prior year. The downturn was mainly due to a $2.52-billion impairment charge related to its U.S.-based palladium mine and the significant drop in platinum, palladium, and rhodium prices.
