Make Money Mondays

A lack of money scares me - Neal Froneman (CEO of Sibanye Stillwater)

Sibanye, from 2013, has increased gold miners’ wages by 65%... it’s starting to impact on sustainability… But I think we’ve arrived at a fair increase…

Neal Froneman, CEO - Sibanye Stillwater

Both of them [parents] came from poor families… My mom [stressed about money] more so than my dad… My mother controlled the purse strings…

Neal Froneman, CEO - Sibanye Stillwater

A lack of money scares me… Watching my parents battle… Not having enough money is a bit of a fear. I’m not obsessed with it [money] but it makes life much easier…

Neal Froneman, CEO - Sibanye Stillwater

Every week The Money Show’s Bruce Whitfield interviews a famous person about her or his attitude to money (hopes and fears, successes and failures, etc.) as part of his weekly “Make Money Mondays, Personal Edition” feature.

This week Whitfield interviewed Neal Froneman, CEO of Sibanye Stillwater, South Africa’s largest individual gold producer and one of the 10 most prominent in the world.

The company has been in the headlines of late as it is mired in a five-month strike at its gold operations where nine people have died.

Froneman trained as a mechanical engineer at the University of Witwatersrand.

He maintains his professional registration as an engineer.

He also holds a degree in Accounting Science from the University of South Africa.

He has a two-decade-long career in technical, operations management and corporate development positions at Gold Fields, Harmony Gold, JCI Limited.

In 2003 Aflease Gold appointed him as CEO out of which in 2005 he created Uranium One where he was CEO until 2008.

Neal was influential in building Aflease Gold into Gold One in 2009 through a sequence of reverse takeovers.

He was CEO of Gold One until his appointment as Executive Director and CEO of Sibanye on in January 2013.

Froneman is the Vice President of the South African Chamber of Mines.

  • What does he believe about money?

  • Does it keep him up at night?

  • Does he save compulsively?

  • How did his childhood experiences shape his views on money?

Listen to the interview in the audio below (and scroll down for more quotes from it).

We’ve got a very confident legal position [referring to the ongoing strike]… It’s a tough time for all of us… Between 14 000 and 15 000 [workers are striking]… We produce about 40% of what we normally do… We’re investing in a resetting of a relationship…

Neal Froneman, CEO - Sibanye Stillwater

Everyone is happy with remuneration until they learn what their neighbour earns…

Neal Froneman, CEO - Sibanye Stillwater

My dad was a company secretary who late in life went back to university [he became an auditor]… My mom was a hairdresser…

Neal Froneman, CEO - Sibanye Stillwater

I got good schooling at a government school…

Neal Froneman, CEO - Sibanye Stillwater

Investing and looking after your future is very complex… I know enough to know not to make decisions on my own. In my personal life, I use advisors…

Neal Froneman, CEO - Sibanye Stillwater

Wherever I’ve stepped into another business… I’ve invariably come short!

Neal Froneman, CEO - Sibanye Stillwater

I don’t think I have any bad habits other than spending a lot of money on my hobbies… I’m into long distance shooting… Having a variety of calibres to do that…

Neal Froneman, CEO - Sibanye Stillwater

I like modern cars…

Neal Froneman, CEO - Sibanye Stillwater

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