Sibanye shelves projects ‘on antibusiness rhetoric’
CEO Neal Froneman warns shareholders in SA, China, the US and Europe have become increasingly unhappy with SA
Sibanye Gold would not invest in any new projects in SA because of the turmoil in government, policies and growing rhetoric against big business that was frightening off investors, CEO Neal Froneman said. Speaking just minutes after shareholders gave him approval on Tuesday for the $2.2bn cash purchase of the US palladium and platinum producer Stillwater Mining, Sibanye’s first investment offshore, Froneman said his shareholders in SA, China, the US and Europe had become increasingly unhappy with SA. Government's focus is shifting towards "radical economic transformation" and its ministers frequently lambast what they call "white monopoly capital", singling out business for criticism over a lack of transformation. The uncertainty caused by political upheavals and corruption had a detrimental effect on SA’s economy and shareholders would not give the board their backing for further large investments in the company’s domestic base, Froneman said. President Jacob Zuma removed Pravin Go...
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