After more than three decades in mining and 13 years as CFO of Sibanye-Stillwater, Charl Keyter has learnt that resilience is more than weathering downturns. It is about making disciplined decisions, embracing change and staying the course when others lose confidence. Drawing on lessons from endurance sport and one of the world's most cyclical industries, he explains why today's CFO must be both strategist and stabiliser.
After 31 years in the mining industry, Charl Keyter has learnt that the challenge is not predicting the next cycle, but ensuring the business is prepared for it.
Commodity cycles rise and fall. Markets react to geopolitical uncertainty before settling into a new normal. Companies reinvent themselves, diversify and adapt. Through it all, the Sibanye-Stillwater CFO has remained remarkably consistent in his approach: focus on what you can control, remain disciplined through the cycle, protect the balance sheet and allocate capital to where it can create sustainable long-term value.
Now in his 13th year as CFO and more than three decades after beginning his career with what was then Gold Fields, Charl has witnessed the evolution of one of South Africa's largest mining companies from a collection of mature gold assets into a diversified global precious metals producer. Yet, he believes the defining characteristic of both his career and the business has been resilience.
“I've been in the mining industry for 31 years and in the CFO role for 13 years, so there isn't much that surprises me anymore,” he says. “Mining is inherently cyclical. You learn very quickly that there are factors you can control and factors you cannot. Commodity prices will always fluctuate, but what you can control is how disciplined you are in managing the business.”
That mindset has served Sibanye-Stillwater well through some of the industry's most turbulent periods, including the Covid-19 outbreak, volatile commodity markets and changing geopolitical conditions.
During the pandemic, Charl says, one of the lessons from that period was that resilience is not simply about having contingency plans. It is about having an organisation that can make decisions quickly, adapt when circumstances change and continue operating without losing sight of the long term.
“We were among the first industries to return to production under strict health protocols,” he recalls. “The sector showed that it could adapt quickly and safely. That ability to find solutions and keep moving forward is part of mining's DNA.”
Building for the long term
Mining is often judged quarter by quarter through commodity prices and production numbers, but Charl believes successful finance leadership requires looking much further ahead.
Rather than allowing buoyant commodity prices to dictate spending, Sibanye-Stillwater deliberately plans for more conservative scenarios.
"I always say don’t use the month you receive your bonus to set your monthly budget going forward", he says with a smile. "We plan conservatively because markets change. In a cyclical industry, you cannot allow today's commodity price to determine what you believe the sustainable economics of the business are. Our responsibility is to ensure that the business can remain resilient and generate appropriate returns through the cycle, not just when prices are favourable.”
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That disciplined approach extends beyond budgeting to one of the CFO's most important responsibilities: capital allocation. For Keyter, capital allocation is where strategy ultimately becomes tangible - deciding when to invest in existing operations, pursue growth, strengthen the balance sheet or return capital to shareholders.
“We focus on the things we can influence, operational performance, our cost base, capital allocation and the strength of the balance sheet. If we maintain discipline during the good times, we preserve the flexibility to make better decisions when markets inevitably soften.”
It is this philosophy that has underpinned Sibanye-Stillwater's transformation over the past decade.
When the company was formed in 2013, it inherited ageing deep-level gold mines that many believed had limited prospects. Today, those assets continue to operate beyond their original projected lives, while the business has expanded into platinum group metals and battery metals, positioning itself for the future of the global energy transition.
“When we started, many of our operations were expected to have relatively short lives. Through disciplined investment and diversification, we’ve extended those assets and built a global precious metals company. Looking back, diversification was absolutely the right decision,” says Charl.
Finance beyond reporting
Like many modern CFOs, Charl believes finance has moved well beyond its traditional reporting responsibilities.
Charl believes the most important evolution in finance is the move from reporting financial performance to interpreting the underlying health of the business. Historical financial information remains essential, but increasingly the CFO's role is to connect financial, operational, strategic and risk information to understand where the business is heading.
“Finance can no longer simply report what happened last month. The real value is helping management and the board understand what the numbers mean, what is likely to happen next and what we should do about it. A good finance function should identify changes in the health of the business before they become obvious in the financial statements.”
Technology - and increasingly AI - is central to that evolution. Charl believes its greatest opportunity for finance is not simply automating existing processes, but changing how finance uses information and supports decisions.
“Technology should reduce the amount of time finance spends collecting and assembling information and increase the amount of time we spend analysing it, challenging it and helping the business make better decisions. AI has enormous potential in that regard, but governance, data quality, judgement and accountability become even more important as the technology becomes more powerful.”
Lessons from endurance sport
Away from the boardroom, Charl is rarely standing still. The Sibanye-Stillwater CFO completed a full Ironman triathlon which is a long-distance race covering 3.88 km swim, 180.2 km bike, and 42.2 km run, in 2023 and this year crossed the finish line of his first Comrades Marathon. He runs between 50 and 80 kilometres every week, not simply to stay fit but because endurance sport mirrors many of the challenges he faces in business.
“I've always had a never-give-up attitude. Endurance sport teaches you that difficult moments don't last forever. You stay focused, trust your preparation and keep moving forward. Those lessons have shaped my leadership philosophy,” he says.
"When you're confronted with difficult decisions, you have to stay true to your values. Sometimes those decisions are uncomfortable, particularly in mining where operations eventually reach the end of their lives.”
For Charl, closing operations and affecting people's livelihoods is among the hardest decisions a leadership team can make. But avoiding a difficult decision today can ultimately put many more jobs and the sustainability of the broader business at risk. Transparency, he adds, becomes even more important during periods of uncertainty.
“If you're facing challenges, engage early with stakeholders. Whether it's lenders, investors or employees, people appreciate honesty. Problems rarely improve by waiting.”
Success without sacrificing family
Despite leading the finance function of one of South Africa's largest mining companies, Charl has never measured career success simply by the next title.
His reason has little to do with ambition and everything to do with family. Having lost his mother at the age of nine and growing up with a father whose work required frequent travel, Charl made an early promise to himself that he would never become an absent parent.
“I decided early in my career that I wanted to be present for my family. There are times when work demands everything you've got, but there are also times when family has to come first. I don't believe one is more important than the other. It's about recognising which needs you most at a particular moment. Success in one part of your life shouldn't require failure in another.”
That philosophy extends to the teams he leads and he measures performance by outcomes rather than hours spent behind a desk.
“I encourage people to work hard, but I also encourage them to find balance. Whether that's sport, reading or spending time with family, you need something outside work that helps you recharge.”
“If someone delivers the work expected and wants to leave early to watch their child play sport, they don't need to ask my permission. We employ capable people, and I trust them to manage their responsibilities. For me, accountability is about outcomes, not visibility. If you employ capable people, give them clear expectations and then trust them to manage their responsibilities,” he says.
Navigating uncertainty
The South African mining industry continues to grapple with rising costs, regulatory uncertainty and infrastructure challenges.
While electricity remains one of Sibanye-Stillwater's largest expenses after labour, Charl believes investment in renewable energy has helped reduce both operational risk and long-term costs. More concerning, however, is the country's shifting regulatory landscape.
“The rules of the game need certainty. Companies can price known risks into investment decisions, but uncertainty is much more difficult to price. When the regulatory framework changes repeatedly, investors require a higher return or allocate their capital elsewhere. Ultimately, regulatory uncertainty increases the cost of capital and reduces investment.”
Despite these challenges, he remains optimistic about both the company and the broader mining sector.
The recent improvement in Sibanye-Stillwater's credit rating reflects stronger commodity markets, disciplined cost management and a deliberate strategy to reduce debt while strengthening the balance sheet.
“Our focus now is extracting maximum value from the assets we already have. Growth remains part of our DNA, but capital allocation is also about sequencing. There are times when the highest-return decision is to strengthen the balance sheet, maximise the performance of the assets you already own and rebuild financial capacity before pursuing the next phase of growth. Not deploying capital is also a capital allocation decision,” explains Charl.
A career without regrets
Asked what lesson he wishes he had learnt earlier, Charl pauses and after reflecting on more than three decades in mining, he admits there is very little he would change.
It is an answer that neatly encapsulates both the man and the leader. In an industry defined by volatility, Charl has built a career on consistency. Whether navigating commodity downturns, transforming a global mining business or pushing through the final kilometres of the Comrades Marathon, his philosophy remains the same: prepare thoroughly, remain disciplined and never give up.
Asked for a piece of advice he says “Invest in your education as early as possible and if you can’t for whatever reason start somewhere, but persevere. I completed additional qualifications later in my career, but today I am glad I did. But beyond that, I don't have regrets.”
