Froneman to lead Formula 1 consortium post retirement

NEAL Froneman surprised mining investors on Tuesday declaring he would step into motorsport when he leaves Sibanye-Stillwater, the precious metals miner he founded in 2013.

Asked about his post-retirement plans, he told the London Indaba, a conference: “I’ll mention one because it’s completely off the wall, and that’s helping to bring a Formula One Grand Prix back to South Africa.

“It’s going to be difficult to be successful for many reasons, but it’s a group of very committed people that have done it before, run businesses, and like me, we’ve had one before,” he said.

He declined to say who his co-backers were, but later said in an interview he would work with Bobby Hartslief, COO of the US-based Boundless Motorsport. “I was asked is to chair a consortium consisting of people that have done this before,” said Froneman. “One is Bobby, who ran the last six Grand Prix in South Africa at Kyalami.”

Boundless Motorsports wants to build a track in Cape Town which will put Hartslief in competition with plans to reinstall FI at Kyalami in Gauteng. Froneman, who has a life-long passion for motor sport, said the Western Cape government was supportive.

Froneman would help make the plans for F1 in Cape Town financially sustainable, adding that the blueprint was for 450,000 spectators around the track and a massive real estate develoment that included accommodation, retail services and training centres.

The other advantage of building the track in Cape Town was to capitalise on its existing tourism which includes access to winelands and natural beauty. “Who wants to go to Gauteng,” said Froneman.

Sibanye-Stillwater announced the retirement of Froneman last week, effective September, and that Richard Stewart, currently COO of the group’s Southern African operations, would be CEO-designate from March.

Froneman said the handover of the business to Stewart was progressing well but he acknowledged the difficulty of letting the reins go of the business.

“It’s hard to let go, harder than I imagined. This is not a recent decision. I decided probably three years ago. So it was very analytical, research-orientated, but it does get difficult when you start actually using [implementing] it, and you have to let go.”