Once the best mining environments in the world, SA has become uncompetitive and has lost ground to other countries. Foreign investors are wary of our inscrutable regulatory environment with its opaque charters and empowerment rules. What can be done to build trust in the industry and ensure that SA does not again miss out on the next commodities boom? Neal Froneman insists that Sibanye Gold’s R29bn purchase of America’s largest platinum producer, Stillwater, is not a vote of no confidence in SA. "Any view that we went overseas to escape SA is nonsense," says the straight-talking, 56-year-old engineer who has risen to the top of mining’s corporate ladder. "The fact is there just aren’t platinum mines with decent cash flow and quality for us to buy locally. Stillwater is the most profitable platinum miner around. Nothing locally can match it." That may be true but the implications run deeper. Sibanye was spun out of Gold Fields in 2013 as the self-styled mining champion of SA. It was ...
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