JOHANNESBURG (miningweekly.com) – The position of CEO of Sibanye-Stillwater is now officially taken up by Dr Richard Stewart, effective from Wednesday October 1, when former Public Investment Corporation (PIC) head of listed equities Mduduzi Bhulose also assumed office as executive VP business development – a position Stewart once held.

Since joining Sibanye-Stillwater in 2014, Stewart has contributed to the significant group growth of the Johannesburg- and New York-listed platinum, gold and green metals mining company and Bhulose has more than two decades of experience in the investment and mining industries, having held various roles at South Africa’s State-owned PIC, Anglo American, Rand Merchant Bank and the Ukhozi Group.

Stewart, 49, a doctor of geology from the University of the Witwatersrand (Wits), previously served as chief regional officer: Southern Africa from May 2022, following his tenure as group COO from December 2020.

Prior to these roles, Stewart was Sibanye-Stillwater’s executive VP business development and has more than a quarter century of experience in South Africa’s geological and mining industries.

The appointment of Bhulose is described in a release to Mining Weekly as one that will support Sibanye-Stillwater’s continued focus on value creation across the portfolio, as well as strategic partnerships, and disciplined growth.

Mining engineer Bhulose holds a BSc in mining engineering and a graduate diploma in engineering in mining from Wits, as well as a Master of Business Administration from the Gordon Institute of Business Science.

Within the South African mining sector as a whole, Stewart is VP of Minerals Council South Africa, Fellow of the Geological Society of South Africa, and a registered natural scientist.

Prior to joining Sibanye-Stillwater, Stewart served on the Gold One executive committee from 2009, where his last appointment was executive VP technical services.

Prior to that, he was CEO of Goliath Gold Limited, held management positions at the Council for Scientific and Industrial Research’s mining technology division, Dunrose 186 trading as Shango Solutions and Uranium One, and was an investment consultant for African Global Capital.

Stewart succeeds Neal Froneman, who retired as CEO and executive director on Tuesday September 30, following a 12-year tenure that transformed the group into a multinational mining and metals processing company.

“We extend our sincere thanks to Neal for his visionary leadership over the last 13 years, and welcome Mdu to Sibanye-Stillwater, to guide the next part of our journey, as we continue to deliver superior shared value for all stakeholders,” Stewart stated.

The share prices of Sibanye-Stillwater this week rose by 16.98% week-on-week to reach a fresh record high amid higher prices of platinum and gold.

Last Friday, the company climbed to a 52-week high of $11.25 a share after the spot price of gold rose by 0.28% and platinum by 3.37%. Spot prices of gold were at $3 759/oz and prices of platinum at $1 580/oz.

Meanwhile, on the cost front, Sibanye-Stillwater is lowering energy costs through the development of solar and wind projects, reducing carbon emissions and strengthening energy security.

Sibanye-Stillwater began in 2013 with three gold mines, expanding under Froneman's leadership into platinum group metals, battery metals, increased gold tailings reprocessing, and recycling.