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to share the value created with all of our stakeholders . This shared value is signified by the tree ’ s seeds and fruits , which are the benefits our success brings to each of those stakeholders .”
The Group ’ s vision in that year was in fact “ to create superior value for all stakeholders ”– ahead of its time , differentiating Sibanye- Stillwater from its peers , who adopted stakeholder capitalism post 2015 . The Sibanye-Stillwater vision has since been expanded to ‘ be a leader in superior shared value for all stakeholders ’. Froneman noted , “ The strategic differentiators position us to work in unison with stakeholders with shared purpose and vision that create higher meaning for our business beyond the narrow confines of financial success . This recognises the need for more sustainable and responsible business practices , which we are busy implementing , and gives expression to the meaning of our Group ’ s name translated from isiXhosa – ‘ We are one ’.
Froneman cited a discussion held at a 2015 Joburg Indaba where mining stakeholder participants had jointly agreed on a definition of a “ modern mining ” industry . He quoted the consensus in the industry on that day : “ A modern mining industry will optimally extract and beneficiate the country ’ s natural resources , causing no harm to people or the planet . It benefits both the local community as well as the national economy . It procures locally , is a preferred employer of well-skilled people and creates appropriate riskadjusted returns for investors . Regulations , taxation and incentives are consistent , transparent and recognise mining as a long-term driver of economic growth .”
He was emphatic , that it is no longer sufficient to optimally extract resources per under the previous definition of a modern mining company , “ As miners , we have to go much further in making the world a better place through our activities . To secure recognition as a ‘ force for good ’, Sibanye-Stillwater aims to go well beyond being a responsible operator that conducts its business in a way that causes no harm , to actually adding value and contributing positively to society .”
Like many other mining companies in Africa , the company has transcended the modern mining definition substantially with significant value flowing to all stakeholders . As one of the biggest employers in South Africa , the company supports and provides employment for around 85 000 people , up from just over 36 000 in 2013 , with salaries and benefits increasing four-fold to R26- billion in 2026 from R6.2-billion in 2013 . “ The next challenge will be to secure acknowledgement and stakeholder support for this ,” Froneman added .
We have a unique opportunity to reposition mining in the world in its rightful place , as long as we do the right things . www . africanmining . co . za African Mining Publication African Mining African Mining • January 2024 • 59