Sibanye in the dark over regulations
CEO says the group has reviewed projects as the Mining Charter could raise costs of doing business in SA
Regulatory uncertainty, particularly about the third iteration of the Mining Charter, was one of the reasons for Sibanye Gold’s review of a number of large growth projects, Sibanye Gold CEO Neal Froneman said. Speaking on the sidelines of the Mining Indaba in Cape Town on Monday, Froneman said the charter had cost implications for Sibanye’s West Rand Tailings Retreatment project, its Burnstone gold mine and its UG2 processing plans. Sibanye said last week it had put these projects under review and they could be put into care and maintenance or delayed. It blamed rand strength, which was eroding profit margins. On Monday, Froneman said the delays in finalising the third iteration of the Mining Charter, which has been criticised by the industry for the extra cost and complexity it puts on mining companies in a difficult and volatile commodity market, and the long wait for the conclusion of the amendments to the Mineral Resources and Petroleum Development Act, were causing uncertainty ...
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