South African mining dealmaker Neal Froneman is contemplating retiring in two to 3 years time, however would first prefer to double the scale of Sibanye Stillwater.
Froneman constructed Johannesburg-based Sibanye into an organization with a market worth of greater than R182 billion by buying gold, platinum and palladium mines in southern Africa and the US Now the 61-year-old is in search of acquisitions in battery metals, earlier than handing over to a successor.
“I want to see the corporate’s measurement double to a $20 billion market capitalization plus earlier than I transfer on,” Froneman stated in an interview from his farm in South Africa’s Limpopo province. “Two to 3 years feels like an excellent innings and I believe we will ship rather a lot when it comes to our technique.”
Nicknamed Mr. Repair-It for turning round a few of South Africa’ ageing gold mines, Froneman has recognized alternatives in nickel, copper and lithium and will announce a deal this 12 months. The corporate can be seeking to purchase extra gold property, although excessive valuations are at the moment a deterrent, the CEO stated.
“M&A is what we’re good at,” Froneman stated. “We’ve got created worth and we’re going to proceed to create worth in the fitting manner on the proper time.”
Froneman re-jigged Sibanye’s administration construction final 12 months, appointing long-time ally Richard Stewart to a brand new place as chief operations officer. At 45, Stewart is the youngest member of Sibanye’s government crew, and the geologist helped forge the corporate’s platinum-group metals companies.
“Richard and I work properly, he’s entrepreneurial, he has received a stable technical background however it’s a broader crew that impacts our enterprise,” Froneman stated. “Richard is actually one of many potential successors however there are others.”
Stewart would possibly want time to realize government administration expertise, based on Mandi Dungwa, an analyst at Kagiso Asset Administration Ltd. in Cape City.
“They’re creating fairly a big world enterprise, that’s the place doubtlessly Richard would fall quick,” Dungwa stated. “However having a COO place in all probability provides him that have and if he is ready to do properly that will be an excellent indication to the board. Its like a gown rehearsal for the potential job.”
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