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South African mining group Sibanye-Stillwater has confirmed that Richard Stewart officially assumed the role of chief executive officer on Oct. 1, following the retirement of Neal Froneman, who led the mining group for 12 years and shaped it into one of the world’s most diversified metals producers.
Stewart’s appointment comes with another leadership addition. Former Public Investment Corporation executive Mduduzi Bhulose has joined Sibanye as executive vice president for business development, a position Stewart once held earlier in his career. Bhulose, a mining engineer with an MBA from the Gordon Institute of Business Science, is expected to play a key role in shaping new projects and partnerships as the company looks to strengthen its pipeline.
Stewart’s path to the top
Stewart, 49, joined Sibanye-Stillwater in 2014 and has since held senior roles that gave him deep exposure to both operations and strategy. Most recently, he was chief regional officer for Southern Africa, following stints as group chief operating officer and executive VP for business development. A geologist by training with a doctorate from the University of the Witwatersrand, Stewart has spent more than 25 years in South Africa’s mining and geological industries.
His earlier career included senior positions at Gold One, Goliath Gold, Uranium One, and consulting firm Shango Solutions. He also served as CEO of Goliath Gold and sat on the Gold One executive committee. Beyond Sibanye, he is vice president of the Minerals Council South Africa and a fellow of the Geological Society of South Africa.
Neal Froneman’s legacy and market response
Froneman leaves behind a company that started with three South African gold mines in 2013 and expanded into platinum group metals, battery minerals, and recycling. He owns a 0.12 percent stake in Sibanye, equal to 3.28 million shares.
Sibanye’s shares have rallied since the leadership change. The stock climbed nearly 17 percent this week, reaching a record $11.25 a share, helped by rising platinum and gold prices. Gold was last quoted at $3,759 an ounce, while platinum traded at $1,580.
Outlook and strategy
The company continues to cut energy costs through solar and wind projects, aiming to reduce emissions and secure long-term supply. In August, it completed the $129 million purchase of Metallix Refining in the U.S., expanding into precious metals recycling.
Sibanye also narrowed its first-half 2025 loss to R3.91 billion ($227 million), an improvement from the R7 billion ($407.5 million) loss a year earlier, reflecting progress in restructuring operations despite a weak market.
