Sibanye-Stillwater CEO Richard Stewart has stepped into the top job at a time when the company is printing money in its gold and PGM operations. But success during the favourable times in the cycle is driven by what a mining company does through the cycle.

From cost control measures through to strategic commodity investments, there are many strategies that Sibanye-Stillwater uses to create long-term shareholder value. In this excellent discussion, Richard gives us deeper insights into the operating environment and how the group positions itself over time.

This podcast deals with topics like:

• The reality behind Sibanye’s surge in EBITDA
• How the gold and PGM portfolios are structured (and why it matters)
• Synergies from consolidation and the economics of contiguous mining assets
• The shift from deep-level to shallow gold operations and what it means for margins
• Cost management, AISC, and building resilience through the cycle
• Mechanisation strategy in the US and its impact on productivity and costs
• Section 45X credits and the geopolitics of critical minerals
• South Africa’s “green shoots” vs persistent structural challenges
• Sibanye’s lithium strategy and positioning in EV supply chains
• The growing importance of recycling as a stabiliser in volatile markets
• Oil price impacts: what matters, what doesn’t, and what to watch
• The one factor that keeps the CEO up at night (hint: it’s not commodity prices)

Sibanye-Stillwater believes strongly in the value of Ghost Mail in the South African investment ecosystem. They have sponsored this podcast for readers, but I was allowed to ask whatever I wanted to ask. Please do your own research and do not treat this podcast as an endorsement of Sibanye-Stillwater as an investment.

Reeza Isaacs is the newly appointed CEO of SPAR. As hot seats go, this one is warmer than a freshly-baked bread at your local store.

With plenty of experience in difficult retail settings, Isaacs is excited for the challenge. He believes strongly in the independent retail model that forms the underpin of the SPAR wholesale business.

Through a focused strategy on Ireland and South Africa, SPAR is committed to getting the basics right and demonstrating the benefits of independent retail.

This podcast deals with topics like:

• Management stability and long‑term commitment at SPAR.
• Lessons from offshore activities and why Ireland is different.
• The strengths and trade-offs of SPAR's wholesale and independent retailer model.
• SAP implementation failures and risk mitigation strategies.
• Rebuilding retailer trust and loyalty, especially in KZN.
• Online, on‑demand retail, and SPAR’s pragmatic participation strategy.
• Margin recovery initiatives and operational self‑help levers.
• Growth adjacencies, including pharmacy, pet care, and private label.

SPAR believes strongly in the value of Ghost Mail in the South African investment ecosystem. They have sponsored this podcast for readers, but I was allowed to ask whatever I wanted to ask. Please do your own research and do not treat this podcast as an endorsement of SPAR as an investment.

In this episode of Ghost Stories, we get stuck into the world of fixed income - a space that retail investors often overlook in favour of equities.

Yusuf Wadee of Satrix concurs with The Finance Ghost's cricket analogy: fixed income returns act as the singles that keep the scoreboard ticking over. But that doesn't mean that investors should default to low-yield cash accounts.

Veteran fixed-income portfolio manager James Turp from Ninety One explains how his funds aim to optimise returns in the sweet spot between cash and bonds. And now, with the launch of the Satrix Income Actively Managed ETF (AMETF), investors have an easy way to access this expertise.

Topics covered in this podcast:

• How a balanced approach to equities and fixed income helps build an innings
• Diversification, volatility, and survivorship bias
• How most investors fall into “lazy cash” traps
• The structure and purpose of the Satrix Income AMETF
• How the partnership between Satrix and Ninety One works
• How James constructs an active fixed‑income portfolio
• Duration, interest‑rate cycles, and inflation dynamics
• Liquidity and accessibility of an actively managed ETF
• Tax‑free savings considerations for fixed‑income ETFs

Keen to learn more? Check out the Satrix Income AMETF (JSE: STXINC) here.

Please remember that nothing you hear on Ghost Stories should be treated as advice. You must always speak to your personal financial advisor.

Satrix Managers (RF) (Pty) Ltd a registered and approved Manager in Collective Investment Schemes in Securities. Collective investment schemes are generally medium- to long-term investments. With Unit Trusts, Exchange Traded Funds (ETFs) and Actively managed ETFs (AMETFs) the investor essentially owns a “proportionate share” (in proportion to the participatory interest held in the fund) of the underlying investments held by the fund. With Unit Trusts, the investor holds participatory units issued by the fund while in the case of an ETFs and AMETFs, the participatory interest, while issued by the fund, comprises a listed security traded on the stock exchange. ETFs and AMETF are registered as a Collective Investment and can be traded by any stockbroker on the stock exchange, LISP platforms and or via online trading platforms. ETFs and AMETFs may incur additional costs due to it being listed on the JSE. Past performance is not necessarily a guide to future performance, and the value of investments / units may go up or down. A schedule of fees and charges, and maximum commissions are available on the Minimum Disclosure Document or upon request from the Manager. Collective investments are traded at ruling prices and can engage in borrowing and scrip lending. Should the respective portfolio engage in scrip lending, the utility percentage and related counterparties can be viewed on the ETF and AMETF Minimum Disclosure Document. The index, the applicable tracking error and the portfolio performance relative to the index can be viewed on the ETF and AMETF Minimum Disclosure Document. International investments or investments in foreign securities could be accompanied by additional risks such as potential constraints on liquidity and repatriation of funds, macroeconomic risk, political risk, foreign exchange risk, tax risk, settlement risk as well as potential limitations on the availability of market information. AMETF are ETFs which are actively traded by a Portfolio Manager to adjust the AMETF holdings and asset allocation with the aim to outperform the benchmark. AMETF differ from ETFs which only track indices. The Manag...