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    Cipulele Mdudu

    Research Analyst at Matrix Fund Managers

    Siphelele Mdudu is an Investment Analyst at Matrix Fund Managers, specializing in fundamental equity analysis with a focus on the South African equity market. With 20 years of financial markets experience, he has analyzed and covered a range of JSE-listed companies, leveraging his expertise to inform portfolio decisions and support performance in both traditional and alternative investment funds. Mdudu began his career in the investment team of a leading local asset management firm, serving as an equity analyst before joining Matrix Fund Managers in 2021. He holds a B Com in Accounting, an M Com in Financial Management, and an MBA, grounding his finance expertise with a robust academic background.

    Cipulele Mdudu's questions to Sibanye Stillwater (SBSW) leadership

    Cipulele Mdudu's questions to Sibanye Stillwater (SBSW) leadership • H1 2025

    Question

    Cipulele Mdudu of Matrix Fund Managers expressed concern that the release of Sibanye's inventory buildup in H2 2025 could exert downward pressure on PGM prices, particularly if the broader industry also holds high inventories.

    Answer

    Richard Stewart, CEO Designate & Executive Director, responded that he does not anticipate a material impact on prices. He argued that recent price movements were driven more by investment buying and demand from China than by short-term supply fluctuations. He believes the inventory release is not significant enough to move the market, especially given the ongoing decline in primary supply from South Africa.

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