Neal Froneman, the mastermind behind Sibanye-Stillwater’s transformation into a globally diverse mining conglomerate, has announced his retirement effective at the end of September 2025.
Richard Stewart, currently serving as the chief regional officer for southern Africa, will step into the CEO role, according to a succinct statement from the company.
Here’s a list of Froneman’s achievements and some of the challenges he faced:
Achievements
- Transformed Sibanye-Stillwater: Froneman took over as CEO in 2013 when Sibanye was spun off from Gold Fields with three struggling South African gold mines. He turned it into a global mining giant with operations across five continents, including gold, platinum group metals (PGMs), and battery metals like lithium.
- Major Acquisitions: He led significant deals, such as the R30-billion purchase of Stillwater Mining in the U.S. in 2016, which expanded Sibanye into PGMs, and acquisitions of Anglo American Platinum’s Rustenburg operations and Lonmin, boosting the company’s scale and profitability.
- Diversification into Green Metals: Froneman positioned Sibanye for the future by investing in lithium projects, like the Keliber project in Finland and Rhyolite Ridge in the U.S., aligning with the global shift to clean energy.
- Industry Leadership: He served as chairman of the World Gold Council and worked to fight crime and corruption in South Africa’s mining sector, enhancing his reputation as a respected leader.
Setbacks
- Unrealised Market Goals: Froneman aimed to double Sibanye’s market capitalisation but fell short of this ambition by the time of his retirement announcement.
- Stillwater Production Cuts: In 2023, production at the flagship Stillwater mine was halved to about 200,000 ounces of platinum and palladium due to financial pressures, abandoning earlier expansion plans.
- Financial Struggles: A R7.5-billion loss in the first half of 2024, driven by a R6.4-billion ($400-million) impairment in U.S. PGM operations, highlighted financial difficulties during his tenure.
Challenges
- Operational Costs in South Africa: Rising costs at South African gold operations, with all-in-sustaining costs reaching R1.4-million per kilogram in 2024, put pressure on profitability.
- Volatile Markets: Falling PGM prices and a tough economic environment, including a volatile inflationary period, challenged Sibanye’s financial stability.
- Regional Instability: In South Africa, crime, corruption, and labour unrest posed ongoing challenges, while skill shortages in North America, particularly Montana, affected operations.
- Debt Management: An indebted balance sheet required careful restructuring, especially in the U.S., to avoid using shares to refinance, a key concern in 2024.
Additional Details
- Retirement Context: Froneman announced his retirement on February 13, 2025, effective September 30, 2025, after 12 years as CEO. He cited a desire to spend more time with family and pursue personal interests, despite retaining enthusiasm for his role. He reached Sibanye’s mandatory retirement age of 65.
- Successor: Richard Stewart, the Chief Regional Officer for Southern Africa, will take over as CEO, ensuring a smooth transition with his experience in business development and operations since joining in 2014.
- Legacy: Froneman leaves behind a company in good financial and operational health, with over R25-billion ($1.4 billion) in liquidity and a clear strategy for the future, despite recent setbacks.